Construction Boom Worldwide Drives Global Titanium Dioxide Market
The global titanium dioxide market has a consolidated landscape with a few well-entrenched and well-known names dominating it. Together, these leading players account for most of the share in the market. This, however, does not mean competition is moderate. If anything, it is healthy with giants trying to increase their production capacities to cater to the ever surging demand in the global titanium dioxide market. Such prominent players are also seen competing on the basis of price, product, technical service, and offering of high-end pigments.
Mainly fuelling the global titanium dioxide market is the flourishing construction sector worldwide. They are used to coat buildings and structures to prevent them from being affected by smog. Further, demand for vehicles lighter in weight too is providing a major boost to the global titanium dioxide market since it is used for coating those.
Posing a challenge to the global titanium dioxide market, on the other hand, are the stringent environmental rules being framed. Toxic solid waste is a by-product of titanium dioxide production. This has particularly affected its production in developed nations where environmental regulations are particularly strict. To overcome the hurdle, manufacturers in China are seen opting for other newer and better methods that have a limited fallout on the environment.
Transparency Market Research’s report on the global titanium dioxide market finds that it would rise at a steady 3.7% CAGR from 2015 to 2023. At this pace, the market which was worth US$12.18 bn in 2014 would likely become worth US$16.79 bn by 2023-end.
Paints and Coatings Application Generating Maximum Revenue in Global Titanium Dioxide Market
Titanium dioxide finds application in different areas such as paper, coatings, plastic, and others. Paints and coatings among them is driving most of the demand at present. In the next few years, it is expected to generate most of the income as construction and automobile manufacturing soars with rising incomes of people. Currently, paints and coatings use up almost half the titanium dioxide produced in the world.
In the near future, its usage in plastics is set to rise at a breakneck pace thereby providing a major fillip to the global titanium dioxide market. Titanium dioxide find application in bettering numerous characteristics of plastics such as color, opacity, and strength. And with the ever-surging demand for plastic on account of the burgeoning world trade, the global titanium dioxide market growth it expected to remain supported.
Asia Pacific Market, Powered by China, Seeing Swift Growth
Geographically, the global titanium dioxide market is spread across Europe, North America, Latin America, Asia Pacific, and the Middle East and Africa. Among them, Asia Pacific titanium dioxide market is predicted to play a pivotal role, driven by China mainly. This is because of the large-scale manufacturing of various consumer goods such as automobiles in the nation. An exploding construction sector too is lending support to demand. Further, plastic manufacture and usage is the largest in the nation. All these are because of the low cost land and labor that has drawn numerous manufacturing companies to set shop there.
North America and Europe trail Asia Pacific closely with respect to revenue generation. The regions are seeing soaring demand and sales of titanium dioxide owing to strong demand for automobiles and the construction sector regaining steam post the 2008 economic meltdown that rattled their economies.
CRISTAL, Chemours, Huntsman International, Tronox, and KRONOS Worldwide are some of the leading players in the market.