Titanium Dioxide Market Looks to Rapidly Expanding Construction Sector for Growth, Set to Rise to US$16.7 bn by 2023
The global titanium dioxide market is poised to expand at a modest 3.7% CAGR from 2015 to 2023, states Transparency Market Research in its latest report. The 163-page publication is titled “Titanium Dioxide Market – Global and China Industry Analysis, Size, Share, Growth, Trends and Forecast 2015 – 2023”. Based on the findings of the report, the value of the titanium dioxide market is projected to rise from US$12.1 bn in 2014 to US$16.7 bn by 2023.
Titanium dioxide is a solid, white colored, inorganic material that possesses poor solubility and high thermal stability. Manufactured via chloride and sulfate processes, titanium dioxide is being increasingly used to make vehicles as well as construction materials lighter in weight. This is a key factor driving the demand for titanium dioxide. The growing demand for high-efficiency photovoltaic installations presents lucrative opportunities for players within the global titanium dioxide market. In contrast, stringent environment regulations threaten to impede the growth of the overall market.
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The report employs a number of industry-standard research methodologies to collate the latest and most accurate information pertaining to the global titanium dioxide market. A SWOT analysis sheds light on the market’s strengths, weaknesses, opportunities, and threats. The Porter’s Five Forces analysis model highlights the bargaining power of suppliers and buyers, the threat of substitutes and new entrants, and the degree of competition in the titanium dioxide market.
The titanium dioxide market has been studied based on application and geography.
By application, the titanium dioxide market has been segmented into plastic, paints and coatings, paper, and others, including artificial fibers and inks. Among these, paints and coatings emerged as the leading application segment with a 55% share in 2014. Plastics is predicted to expand at the fastest pace from 2015 to 2023, driven mainly by the rising use of titanium dioxide in plastics to enhance their properties of color, opacity, and strength.
On the basis of geography, the market for titanium dioxide has been divided into Asia Pacific, Latin America, North America, Europe, and the Middle East and Africa. Accounting for a share of over 40% in 2014, Asia Pacific dominated the global titanium dioxide market in terms of volume. The region is anticipated to retain its lead throughout the forecast period and emerge as the most rapidly growing market for titanium dioxide from 2015 to 2023.
The Asia Pacific titanium dioxide market is driven primarily by the rapid growth of many end-use industries in China and India. An increasing number of producers have set up titanium dioxide production facilities in China, further propelling the market. The North America titanium dioxide market has been driven by the recovery of the construction sector and the rising demand for automobiles.
Tayca Corporation, Kilburn Chemicals Limited, KRONOS Worldwide, Inc., Evonik Industries Corporation, Cristal Global, Huntsman International LLC, Cinkarna Celje, Tronox Limited, Grupa Azoty Police, and The Chemours Company are some of the prominent companies operating in the global titanium dioxide market. These players have been profiled in the research report based on key attributes such as company overview, recent developments, business strategies, financial standing, and product portfolio.
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