Global titanium dioxide market is expected to reach USD 31.19 billion by 2022, according to a new report by Grand View Research, Inc. The titanium dioxide market is expected to witness growth owing to increasing use as specialty coating material in automobiles and PV systems. Growing consumption of whitening pigments in paints & coatings industry is expected to fuel growth over the forecast period.
Increasing spending on cosmetics in emerging economies of BRICS on account of growing awareness regarding personal hygiene is expected to drive product demand over the forecast period. In addition, increasing lightweight automotive demand particularly in developed countries is expected to have a positive impact on the sector over the next seven years.
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Ilmenite was primarily used in titanium dioxide manufacturing, accounting for 45.0% of the total market in 2014. Emergence of new raw materials including rutile, synthetic rutile and upgraded slag along with ample availability is expected to result in continuous feedstock supply thus driving market growth over the forecast period.
Further key findings from the report suggest:
Paints & coatings was the largest segment with revenue estimated over USD 8.00 billion in 2014. Titanium dioxide is used for interior architectural paint & coatings application on account of maximum hiding power. Exterior applications require gloss and tint retention, self-cleaning ability and sustainability of atmospheric conditions. The product is increasingly used in industrial coatings on account of opacity, exterior durability, acid-catalyzed coatings and film curing properties. Increasing demand from paints & coatings sector is expected to augment industry growth over the forecast period.
Plastics application demand was estimated over 1.5 kilo tons in 2014. Increasing use in the manufacturing of doors and windows is expected to have a positive impact on the market over the next seven years.
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Asia Pacific is expected to witness fastest growth in terms of revenue at a CAGR of 10.0% from 2015 to 2022 on account of surging demand from paint & coatings and pulp & paper industries. Growing popularity of multinational brands including Avon, Aveda and Revlon in China and India is expected to augment demand over the next seven years. In addition, increasing popularity of personal care products for male population is expected to propel industry growth over the forecast period.
Global industry is consolidated on account of presence of few major players comprising over 50.0% of the global market. These companies highly invest in R&D for introduction of new cost effective manufacturing routes. In January 2014, Cristal formed a joint venture with Toho Titanium Company Ltd. to produce titanium sponge at a competitive cost resulting in integration across the value chain.
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