Titanium Dioxide Market Regional Analysis:
APAC Market Insights
Asia Pacific industry is likely to account for largest revenue share of 42% by 2035. 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 Insights
North America region in titanium dioxide market is set to account for more than 27% revenue share by the end of 2035. 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.
