Study predicts titanium dioxide market to reach EUR 15.31 billion by 2020
According to a new market report, the global titanium dioxide market was valued at EUR 11.75 billion in 2013 and is anticipated to reach EUR 15.31 billion by 2020, expanding at a CAGR of 3.8 percent from 2014 to 2020.
The report, Titanium Dioxide Market – Global Industry Analysis, Size, Share, Growth, Trends and Forecast, 2014 – 2020, by Transparency Market Research comprises in-depth analysis and forecast of the titanium dioxide market on a global as well as regional level. Major raw materials used in the production of titanium dioxide include mineral sources such as ilmenite and rutile. Major processes used in the manufacturing of titanium dioxide include sulfate and chloride.
Coating polycarbonate with TiO2
Demand for lightweight vehicles has increased due to rising demand for fuel-efficient vehicles. This trend is estimated to continue during the forecast period. Polycarbonate, a thermoplastic, is used as a substitute for metal- and glass-based automotive parts in lightweight materials. However, low scratch resistance of polycarbonate has restrained its market growth. Titanium dioxide is one of the major coating materials used to coat polycarbonate. Therefore, rising demand for lightweight vehicles coupled with increasing demand for polycarbonate has been a major factor driving the market for titanium dioxide. Demand for titanium dioxide nanoparticles has increased in the recent times and is projected to also drive growth of the titanium dioxide market during the forecast period. There has been an increase in the number of stringent regulations in the titanium dioxide market due to environmental and health hazards associated with the product, and is one of the major factors hampering the market. Rising demand for coatings in photovoltaic modules that will increase their efficiency is likely to offer high growth opportunities in the market for titanium dioxide.
Paints and coatings as largest application
Based on application, demand for titanium dioxide has been segregated into four major segments: paints and coatings, plastic, paper, and others. Paints and coatings was the largest application segment for titanium dioxide in 2013 and accounted for over 50 percent of the market share in that year. This trend is expected to continue during the forecast period. Plastic is anticipated to be the fastest growing application segment owing to high growth in end-user industries such as packaging and automotive. Other application segments include niche application segments such as artificial fibers and inks.
Asia Pacific dominated global market
Asia Pacific dominated the global titanium dioxide market with a share of over 40 percent in 2013. This trend is estimated to continue during the forecast period. Asia Pacific is projected to be the fastest-growing region in the next few years due to high growth in several end-use industries in India and China. The titanium dioxide market is consolidated in nature; and the top four players constituted over 50 percent of the global market share in 2013. Major players in the titanium dioxide market include DuPont, Cristal Global, Kronos Worldwide and Tronox Ltd.
