Titanium Dioxide Market to Grow with a CAGR of 4.91% through 2028
Growth in automotive industry are expected to drive
the Global Titanium Dioxide Market growth in the forecast period, 2024-2028.
According to TechSci Research report, “Titanium Dioxide
Market – Global Industry Size, Share, Trends, Competition Forecast &
Opportunities, 2028”, the Global Titanium Dioxide Market stood at USD21.74 billion in 2022 and is anticipated to grow with a CAGR of 4.91% in the forecast
period, 2023-2028. The initiatives taken by government based on titanium dioxide
has led to favorable market conditions for the Global Titanium Dioxide Market.
Several factors contribute to the growth of various titanium dioxide products.
In the United States, the Food and Drug Administration
(FDA) is currently reviewing petitions to revoke regulations on the uses of
titanium dioxide in food and drugs1. This review process has been initiated
after the FDA reaffirmed its position on the safety of titanium dioxide as a
color additive exempt from certification.
Despite the FDA's stance, various public health groups
have been urging the agency to cancel the approval of titanium dioxide in food,
arguing that the FDA's decision was based on the assumption that titanium
dioxide does not accumulate in the body.
Furthermore, in the state of California, there is a
new bill titled AB-418 Food product safety which goes beyond Proposition 65 warning
labels. This bill aims to ban not only titanium dioxide but also four
additional ingredients from being used in food products. The proposed ban
reflects growing concerns regarding the potential health risks associated with
titanium dioxide consumption and its presence in food items.
The ongoing review by the FDA and the introduction of
legislation in California highlight the increasing attention and debate
surrounding the use of titanium dioxide in the food industry. As discussions
continue, stakeholders are closely monitoring these developments to better
understand the potential implications for food safety and regulation.
Browse over XX market data Figures spread
through XX Pages and an in-depth TOC on "Global Titanium
Dioxide Market”
The expansion of the automotive industry has had a
profound impact on the titanium dioxide market. As the production of
automobiles increases worldwide, there is a corresponding surge in the demand
for titanium dioxide. This versatile compound is widely used in automotive
coatings due to its exceptional properties, such as high opacity, brightness,
and UV resistance.
The rising demand for automotive coatings is expected
to drive the growth of the titanium dioxide market even further. As
manufacturers strive to meet the growing demand for durable and aesthetically
appealing coatings, the use of titanium dioxide becomes indispensable. Not only
does it provide excellent color retention and weather resistance, but it also
contributes to the overall sustainability of the automotive industry by
reducing the need for frequent repainting.
Furthermore, the trend towards lightweight vehicles
has further augmented the demand for titanium dioxide. As automakers explore
innovative ways to improve fuel efficiency and reduce carbon emissions, the use
of lightweight materials becomes paramount. Titanium dioxide plays a crucial
role in this aspect as well. Lightweight vehicles often require more complex
paint systems to ensure durability and corrosion resistance, and titanium
dioxide is a key component in these systems.
In conclusion, the automotive industry's expansion and
the concurrent demand for automotive coatings have significantly influenced the
titanium dioxide market. This versatile compound not only enhances the
aesthetic appeal and durability of coatings but also contributes to the overall
sustainability and fuel efficiency of lightweight vehicles. As the automotive
industry continues to evolve, the demand for titanium dioxide is expected to
grow steadily, driving further advancements in this dynamic market.
The Global Titanium Dioxide Market is segmented into grade,
application, regional distribution, and company.
Based on its grade, the anatase segment held the
largest share in the market. Extensive use of anatase grade in indoor paints
and paper manufacturing is driving the product growth for this segment. The
high photocatalytic effect and wide specific surface area of anatase titanium
dioxide have promoted its use in various applications, including
photocatalysts, air purifiers, solar cells, gas sensors, and lithium batteries.
These versatile applications not only contribute to the segment's revenue
growth but also enhance the overall demand for anatase titanium dioxide.
Furthermore, the anatase pigment finds significant
usage in fibers, ceramics, cosmetics, and pharmaceuticals, along with the
manufacturing of enamels and welding electrodes. Its unique properties and
composition, with nearly 80% anatase content by weight and a smaller portion of
rutile (20%), make it an ideal choice for various industries.
Moreover, the increasing demand for TiO2-based
cosmetics is anticipated to further propel the demand for anatase titanium
dioxide during the forecast period. As consumers seek high-quality and
innovative cosmetic products, the superior properties of anatase TiO2 make it a
preferred ingredient in the formulation of cosmetics.
In summary, the multifaceted applications, and
advantageous characteristics of anatase titanium dioxide position it as a key
driver for growth in various sectors, offering immense potential for the
future.
Based on region, North America segment is expected to
grow during the forecast period.
The growth of the titanium dioxide market is driven by
various factors. Firstly, there is an increasing investment in infrastructure
development projects, which is fueled by rapid urbanization and improved living
standards. Additionally, the growing automobile industry and high economic
growth further contribute to the expansion of the market.
Moreover, the demand for titanium dioxide is also
influenced by consumer preferences. As the demand for sunscreens with enhanced
UV protection rises, the market experiences a boost. Furthermore, the
automotive sector plays a significant role in driving the growth of the market,
with its increasing expansion.
Furthermore, the presence of key market players in the
region also contributes to the growth of the titanium dioxide market. Their
expertise and market influence help in driving the market forward.
Lastly, the construction industry in North America
plays a crucial role in the growth of the titanium dioxide market. The high
demand for non-residential construction projects, such as hospitals, commercial
buildings, and colleges, significantly contributes to the overall growth and
demand for titanium dioxide in the region.
Major companies operating in Global Titanium Dioxide
Market are:
- The Chemours Company
- The Tronox Holdings plc
- LB Group Co., Ltd.
- Venator Materials Plc
- KRONOS Worldwide Inc.
- Evonik Industries AG
- ISHIHARA SANGYO KAISHA, LTD.
- CNNC HUAN YUAN Titanium Dioxide Co.,
Ltd.
- The Kerala Minerals & Metals Limited
- TOR Minerals International, Inc.
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“Growing application of titanium dioxide in various
end user industries are key drivers of the titanium dioxide market. Growth in
competitive landscape and presence of well-established companies in the market
who are dedicated to enhance their productivity of titanium dioxide with every
passing year are anticipated to register an impressive growth to Global
Titanium Dioxide Market in the forecast period.,” said Mr. Karan Chechi,
Research Director with TechSci Research, a research-based management consulting
firm.
“Titanium Dioxide Market By Grade (Anatase, Rutile),
By Application (Paints & Coatings, Plastics, Pulp & Paper, Cosmetics,
Others), By
Region, By Competition Forecast
& Opportunities, 2018-2028F”, has evaluated the future growth potential of Global
Titanium Dioxide Market and provides statistics & information on market
size, structure and future market growth. The report intends to provide
cutting-edge market intelligence and help decision makers take sound investment
decisions. Besides, the report also identifies and analyzes the emerging trends
along with essential drivers, challenges, and opportunities in Global Titanium
Dioxide Market.
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