Titanium Dioxide Market size was valued at USD 22.4 Billion in 2023 and is poised to cross USD 50.5 Billion by the end of 2036, expanding at more than 6% CAGR during the forecast period i.e., between 2024-2036. In the year 2024, the industry size of titanium dioxide is estimated at USD 23.7 Billion.
The market is driven by the increased consumption of paints & coatings in various end-use industries. According to the American Coatings Association, more than half of all coatings manufactured annually in the US are generated in the architectural coatings sector, which is both the largest and most concentrated area of the paint business. The architectural coatings business exported about USD 14 billion worth of products in 2021.
Growth Drivers
Challenges
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Base Year |
2023 |
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Forecast Year |
2024–2036 |
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CAGR |
6% |
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Base Year Market Size (2023) |
USD 22.4 Billion |
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Forecast Year Market Size (2036) |
USD 50.5 Billion |
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Regional Scope |
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Grade (Rutile, Anatase)
Rutile segment is poised to capture over 62% titanium dioxide market share by 2036. The segment growth can be attributed to the growing construction industry. The most prevalent naturally occurring type of titanium dioxide (TiO2) is rutile pigment, which has better weathering and concealing qualities than anatase.
In paint applications, rutile grade TiO2 is utilized as a carrier to provide white color in plastics and stop color fading in paper. For instance, in January 2023, Ti-PureTM TS-1510, an extremely effective rutile titanium dioxide pigment, was unveiled by The Chemours Company, a global chemistry company with leading market positions in Titanium Technologies, Thermal & Specialized Solutions, and Advanced Performance Materials. TiO2 is intended to improve processing performance in plastics applications, including polyolefin masterbatch.
Process (Chloride, Sulfate)
Sulfate segment in the titanium dioxide market is estimated to reach USD 560.3 million by the end of 2036. The segment growth can be credited to the cost efficiency provided by sulfate to produce titanium dioxide. TiO2 is being used extensively in paints and coatings because of the expanding demand from the building and automotive industries. Because low-grade raw materials are used with less environmental impact and more affordable production machines are developed, technological improvement is helping to promote market expansion.
Application (Paints & Coatings, Plastics, Papers, Inks)
Paints & coatings segment in the titanium dioxide market is set to exhibit CAGR of around 4.3% from 2024 to 2036. The segment is growing due to the growing adoption of paints and coatings in automobiles and the construction industry. Also, the growing demand for automotive paint is influencing the growth of the segment.
This material has excellent durability, scratch resistance, and corrosion resistance when used as pigments in paints and coatings. Due to these qualities, the compound is used extensively in the construction and automotive industries, which is expected to fuel market expansion.
Our in-depth analysis of the global market includes the following segments:
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Grade |
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Process |
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Application |
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APAC Market Statistics
Titanium dioxide market share for Asia Pacific region is projected to cross 42% by the end of 2036. The market growth in the region is also expected on account of growing construction activities which have increased demand for paints & coatings in the region. Also, swift industrialization and recent economic growth in the Asia Pacific have fueled the market for titanium dioxide. Furthermore, it is anticipated that the region's automobile consumption will rise as a result of the region's automakers' increased expenditures on electric vehicle technology. In automobile coatings, titanium dioxide serves as a dispersive agent and offers excellent chalk resistance and optimum gloss retention.
Paints and coatings are in greater demand in China as a result of the country's expanding building industry. According to the International Trade Administration, an estimated USD 4.2 trillion will be invested altogether in new infrastructure during the 14th Five-Year Plan period (2021–2025). It is anticipated that this will have a favorable effect on the market in the coming years. Therefore, increasing investment in infrastructure is propelling the growth of the market in China.
In Korea, industrial activity and economic expansion are driving up the usage of titanium dioxide as a whitening, flocculant, and dispersion agent. The chemical titanium dioxide is used as a dispersive agent with excellent chalk resistance and glass retention in automotive coatings.
North America Market Analysis
North America region in titanium dioxide market is set to account for more than 27% revenue share by the end of 2036. This growth is owing to the increased building and construction activities in this region. According to a report, in the first quarter of 2023, there were over 919,000 construction establishments in the United States.
It is anticipated that the construction sector in North America will experience notable expansion in the upcoming years. The North American construction business has grown as a result of the strong demand for non-residential construction projects, such as hospitals, offices, and colleges.
Hospitals and multispecialty clinics make up the healthcare infrastructure in the United States. The market is anticipated to rise due to the growing demand in the construction sector. The building of more hospitals and healthcare facilities should increase demand for decorative and architectural paints and coatings in the region. According to the American Hospital Association, the United States has 6,120 hospitals. Over the course of the projection period, this is expected to boost demand for titanium dioxide (TiO2) across the paint and coatings industry.
The market in Canada is expected to grow majorly during the forecast timeframe. The primary factors propelling the market expansion are the rising customer desire for lightweight and affordable cars and the rise in new construction and renovation projects. The TiO2 market is being driven by this as well as increased trade activity, such as exports from the region. Additionally, a motivating aspect has been the growing demand from the healthcare sector throughout the worldwide epidemic.
Prominent corporations are prioritizing regional expansion using diverse business approaches. Through mergers and joint ventures, as well as partnerships with exploration and mining companies, major participants in the titanium dioxide market are discovering new sources of titanium dioxide.
Author Credits: Rajrani Baghel
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