Titanium Dioxide Market Size
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| CAGR | > 4.00 % |
| Fastest Growing Market | Asia Pacific |
| Largest Market | Asia Pacific |
| Market Concentration | High |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Titanium Dioxide Market Analysis
The titanium dioxide market is estimated to reach over 6 million tons by the end of this year. The market is projected to register a CAGR of more than 4% during the forecast period.
The market was negatively impacted due to COVID-19 in 2020. The manufacturing activities and construction work were halted due to supply chain disruptions and labor shortages during the pandemic, thus affecting the demand from various application sectors, such as paints and coatings, plastics, cosmetics, and others. For instance, L'Oréal, the largest cosmetics company globally, registered a loss of EUR 1,735 million (USD 2,024.52 million) during the first half of 2020 compared to the same period in 2019. However, the condition recovered in 2022, restoring the market's growth trajectory.
- Over the short term, rapidly increasing demand from the paints and coatings industry will likely be the major factor driving the market's growth.
- On the flip side, the toxicity of titanium dioxide is expected to hamper the market's growth.
- Increased use of ultrafine particles of titanium dioxide in cosmetics and construction industries is expected to offer opportunities during the forecast period.
- The Asia-Pacific region dominated the market worldwide. It is also expected to register the highest growth rate during the forecast period due to increasing consumption from China and India.
Titanium Dioxide Market Trends
This section covers the major market trends shaping the Titanium Dioxide Market according to our research experts:
Paints and Coatings Segment is Expected to Dominate the Market
- Titanium dioxide is the most widely used white pigment material in the paints and coatings industry. When incorporated into a coating, it efficiently scatters visible light and imparts whiteness, brightness, and opacity, making it widely used in the paints and coatings industry.
- The paints and coatings industry is experiencing a boom with the rapid growth of the building, construction, and automotive end-user industries.
- Various expansions in the paints and coatings industry may augment the titanium dioxide market in the coming years. For reference, in May 2021, PPG Industries Inc. invested USD 13 million to expand its paints and coatings unit in China, which includes eight new powder coating production lines and an expanded powder coatings technology center. This expansion is anticipated to increase the capacity by more than 8,000 metric tons annually.
- In the automotive sector, paints and coatings are used in the interior and exterior parts of the vehicle, as they impart protection and appeal to vehicles. They are used in metallic parts and plastic vehicle components of automobiles.
- According to OICA data, global automotive production increased by around 3% and reached 80.14 million units in the 2021 compared to million units in the same period in 2020. The car sales increased by around 29% in the first half of 2021 compared to 2020, reaching 44.40 million units. This factor is likely to drive the market during the forecast period.
- The demand for paints and coatings for electric cars is increasing as car manufacturers strive to reduce their carbon footprint. The paints and coatings used must be designed to withstand the harsh, high-voltage environment created by electric vehicular systems and to protect the car's body from corrosion. These coatings must also ensure the durability of the vehicle's surface and provide a range of aesthetic options. Additionally, global battery electric car sales increased by 135%, with 4.7 million units by the end of 2021.
Asia-Pacific to Dominate the Market
- The Asia-Pacific region dominates the overall market. With the rising production in industries such as cosmetics, paints and coatings, and plastics, the consumption of titanium dioxide is projected to increase noticeably during the forecast period.
- China is one of the world's largest producers and consumers of titanium dioxide products. Furthermore, the demand for TiO2 for paints and coatings will likely increase in the construction industry. According to the National Bureau of Statistics of China, in 2021, the Chinese construction industry generated an added value of approximately CNY 8 trillion (USD 0.15 trillion).
- In November 2021, Asian Paints announced plans to invest USD 127 million in the Gujarat plant, India, to expand the paints manufacturing capacity from 130,000 kiloliters to 250,000 kilotons in the next two to three years.
- In addition, the plastic industry is expected to grow in China and India. The Chinese plastic industry is growing at a high rate due to the availability of cheaper raw materials and massive demand from developing economies.
- According to the National Bureau of Statistics of China, about 80.04 million metric tons of plastic products was produced in 2021, compared to 76.03 million metric tons in 2020.
- According to the Plastics Export Promotion Council (PLEXCONCIL), India's plastics export increased by 11.1% to USD 295.3 billion (cumulative value) from April to November 2022 compared to USD 265.8 billion in April-November 2021.
- The Asia-Pacific region is also witnessing strong growth in the demand for cosmetic products, leading to increased usage by teenagers and increased hygiene awareness, thus augmenting the market studied.
Titanium Dioxide Industry Overview
The titanium dioxide market is a consolidated market, with a few major players holding a significant share of the market. Some of the major players (not in any particular order) in the market include The Chemours Company, Tronox Holdings PLC, Venator Materials PLC, KRONOS Worldwide Inc., and LB Group.
Titanium Dioxide Market Leaders
The Chemours Company
Venator Materials PLC
LB Group
Tronox Holdings PLC
KRONOS Worldwide Inc.
*Disclaimer: Major Players sorted in no particular order
Titanium Dioxide Market News
- In August 2022, Chemours started mining at its newest sand mine in Florida, which will increase the company's titanium oxide production. Chemours will get ilmenite from the mine, which will be used in their chloride-based TiO2 synthesis process. The site's mining life should be eight years.
- In January 2022, LB Group announced the investment of CNY 1 billion (USD 157.6 million) at the Xiangyang site to construct a new 200ktpa titanium dioxide (TiO2) pigment finishing plant. Two TiO2 pigment finishing lines will be built, each with the ability to process 100ktpa TiO2 pigment intermediate product.
Titanium Dioxide Market Report - Table of Contents
1. INTRODUCTION
1.1 Study Assumptions
1.2 Scope of the Study
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET DYNAMICS
4.1 Drivers
4.1.1 Rapidly Increasing Demand for Paints and Coatings
4.1.2 Other Drivers
4.2 Restraints
4.2.1 Toxicity and Stringent Environmental Policies of Titanium Dioxide
4.2.2 Other Restraints
4.3 Industry Value Chain Analysis
4.4 Porter's Five Forces Analysis
4.4.1 Bargaining Power of Suppliers
4.4.2 Bargaining Power of Consumers
4.4.3 Threat of New Entrants
4.4.4 Threat of Substitute Products and Services
4.4.5 Degree of Competition
4.5 Trade Analysis
5. MARKET SEGMENTATION (Market Size in Volume)
5.1 Grade
5.1.1 Rutile
5.1.2 Anatase
5.2 Application
5.2.1 Paints and Coatings
5.2.2 Plastics
5.2.3 Paper and Pulp
5.2.4 Cosmetics
5.2.5 Other Applications (Leather, Textiles)
5.3 Geography
5.3.1 Asia-Pacific
5.3.1.1 China
5.3.1.2 India
5.3.1.3 Japan
5.3.1.4 South Korea
5.3.1.5 Rest of Asia-Pacific
5.3.2 North America
5.3.2.1 United States
5.3.2.2 Canada
5.3.2.3 Mexico
5.3.3 Europe
5.3.3.1 Germany
5.3.3.2 United Kingdom
5.3.3.3 France
5.3.3.4 Italy
5.3.3.5 Rest of Europe
5.3.4 South America
5.3.4.1 Brazil
5.3.4.2 Argentina
5.3.4.3 Rest of South America
5.3.5 Middle-East and Africa
5.3.5.1 Saudi Arabia
5.3.5.2 South Africa
5.3.5.3 Rest of Middle-East and Africa
6. COMPETITIVE LANDSCAPE
6.1 Mergers and Acquisitions, Joint Ventures, Collaborations, and Agreements
6.2 Market Share (%)**/Ranking Analysis
6.3 Strategies Adopted by Leading Players
6.4 Company Profiles
6.4.1 Argex Titanium Inc.
6.4.2 Evonik Industries AG
6.4.3 Grupa Azoty
6.4.4 INEOS
6.4.5 Kemipex
6.4.6 KRONOS Worldwide Inc.
6.4.7 LB Group
6.4.8 Precheza
6.4.9 TAYCA
6.4.10 The Chemours Company
6.4.11 The Kish Company Inc.
6.4.12 Tronox Holdings PLC
6.4.13 Venator Materials PLC
- *List Not Exhaustive
7. MARKET OPPORTUNITIES AND FUTURE TRENDS
7.1 Increased Use of Ultrafine Particles of Titanium Dioxide in Cosmetics and Construction Industries
Titanium Dioxide Industry Segmentation
Titanium dioxide is one of the whitest materials on the earth. It is used extensively as a white pigment to add whiteness and opacity in various applications, such as paints and coatings, cosmetics, food, and other applications.
The titanium dioxide market is segmented by grade, application, and geography. By grade, the market is segmented into rutile and anatase. By application, the market is segmented into paints and coatings, plastics, paper and pulp, cosmetics, and other applications. The report also offers market size and forecast for 15 countries across major regions. For each segment, market sizing and forecast have been done based on volume (kiloton).
| Grade | |
| Rutile | |
| Anatase |
| Application | |
| Paints and Coatings | |
| Plastics | |
| Paper and Pulp | |
| Cosmetics | |
| Other Applications (Leather, Textiles) |
| Geography | |||||||
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Titanium Dioxide Market Research FAQs
What is the current Titanium Dioxide Market size?
The Titanium Dioxide Market is projected to register a CAGR of greater than 4% during the forecast period (2024-2029)
Who are the key players in Titanium Dioxide Market?
The Chemours Company, Venator Materials PLC, LB Group, Tronox Holdings PLC and KRONOS Worldwide Inc. are the major companies operating in the Titanium Dioxide Market.
Which is the fastest growing region in Titanium Dioxide Market?
Asia Pacific is estimated to grow at the highest CAGR over the forecast period (2024-2029).
Which region has the biggest share in Titanium Dioxide Market?
In 2024, the Asia Pacific accounts for the largest market share in Titanium Dioxide Market.
What years does this Titanium Dioxide Market cover?
The report covers the Titanium Dioxide Market historical market size for years: 2019, 2020, 2021, 2022 and 2023. The report also forecasts the Titanium Dioxide Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.
How is the Titanium Dioxide Market segmented by applications?
By application the Titanium Dioxide Market is segmented by a) Paints and Coatings b) Plastics c) Paper and Pulp d) Cosmetics
What are the major opportunities in the Titanium Dioxide Market?
The major opportunities in the Titanium Dioxide Market are a) Increased use of ultrafine particles of titanium dioxide in cosmetics and construction industries b) Rapidly Increasing Demand for Paints and Coatings
Titanium Dioxide Industry Report
The global titanium dioxide (TiO2) market is experiencing a significant surge, driven by the dynamic construction sector and escalating demand across vital sectors such as paints & coatings, plastics, paper, and cosmetics. Classified by grade, process, application, and region, the market sees the paints & coatings segment at the forefront, attributed to its extensive use in both construction and automotive industries. The Asia-Pacific region, led by powerhouses China and India, stands as the market's largest and fastest-growing segment, fueled by rapid urbanization, industrialization, and a thriving construction sector. However, the titanium dioxide industry encounters challenges, including stringent environmental regulations in the APAC and EU regions and the volatility of raw material costs. Yet, opportunities abound with the growing utilization of ultrafine TiO2 particles in the cosmetics and construction industries, prized for their exceptional UV protection and self-cleaning features. With a positive market outlook underscored by technological advancements and expanding applications across various industries, the TiO2 market is poised for continued growth. This overview, supported by statistics for market share, size, and revenue growth rate provided by Mordor Intelligence™ Industry Reports, offers a comprehensive forecast and historical analysis of the titanium dioxide market. For a deeper dive into this industry analysis, a free report PDF download is available.
