Transparency Market Research has published a new market report titled “Titanium Dioxide Market for Paints & Coatings, Plastic, Paper, and Other Applications – Global and China Industry Analysis, Size, Share, Growth, Trends and Forecast, 2015–2023.” According to the report, the global titanium dioxide market was valued at US$12.18 bn in 2014 and is anticipated to reach US$16.79 bn by 2023, expanding at a CAGR of 3.7% between 2015 and 2023.
Titanium dioxide is a white colored, inorganic solid material with high thermal stability and poor solubility. It is produced from raw materials such as ilmenite and rutile. Titanium dioxide is used extensively in various end-user industries across the globe. Global demand for titanium dioxide is primarily driven by increase in the manufacture of lightweight automobiles across the globe. Furthermore, rise in construction activities is estimated to fuel the global titanium dioxide market. Limitations pertaining to environmental regulations are projected to offer key challenges to market players.
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In terms of demand, paints & coatings was the dominant application segment of the titanium dioxide market, accounting for over 55% share in 2014. Demand for titanium dioxide in paints & coatings is likely to rise significantly in the next few years due to their increasing usage in automotive and construction industries across the globe. Plastics is anticipated to be the fastest growing application segment during the forecast period.
Asia Pacific constituted more than 40% share of the global titanium dioxide market in 2014. It was followed by North America and Europe. Asia Pacific is estimated to be the fastest-growing region in terms of production and consumption of titanium dioxide products. This can be ascribed to increase in industrial and construction activities in the region. Asia Pacific has emerged as a key destination for titanium dioxide producers due to economic development and high demand for titanium dioxide in various end-user industries. This has encouraged manufacturers to establish new capacities in the region. Most of the major titanium dioxide producers have undertaken capacity expansions in China in order to take advantage of low manufacturing costs. North America is another key region, where demand for titanium dioxide products was high in 2014. In terms of volume, the market for titanium dioxide in North America is likely to expand at a CAGR of over 3% from 2015 to 2023.
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Major players in the titanium dioxide market include The Chemours Company, CRISTAL, Kronos Worldwide Inc., and Tronox Limited.
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