Due to the large-scale use of industrial and architectural coatings, on account of the soaring investments being made in the construction of apartments, retail centers, civic infrastructure, and hotels, and the growing need for protecting equipment and machinery from corrosion and rusting in industries, the global titanium dioxide market is predicted to exhibit a CAGR of 4.5% from 2020 to 2030 and reach a revenue
of $24,026.1 million by 2030.
The surging requirement for paints and coatings is one of the major market growth drivers. This is ascribed to the fact that titanium dioxide is a critical ingredient of paint and coating pigments. As per the World Paint & Coatings Industry Association, the worth of global sales of paint and coatings stood at $172.8 billion in 2019. The high sales of paints and coatings are credited to the expanding automotive industry, growing household expenditure, rapid economic progress of many countries, mushrooming urban population, and growing construction expenditure of several countries.
Moreover, the low cost, ability to easily blend with several kinds of solvents, such as alcohol and water, and low haze of titanium dioxide also contributed to its widespread use in paints and coatings. Besides, the growing deployment of lightweight vehicles, on account of the surging concerns being raised over the escalating automotive emissions, is also fueling the growth of the titanium dioxide market. The soaring adoption of the compound in the coatings applied on the polycarbonate structures which are used in lightweight vehicles because of the ability of the coatings to impart stability, scratch resistance, and durability to these structures, is propelling the demand for the compound.
Depending on process, the titanium dioxide market is classified into sulphate and chloride categories. Of these, the sulphate category contributed higher revenue to the market in the years gone by. This was because of the greater popularity of the sulphate extraction process, on account of the fact that unlike the chloride process which can easily extract titanium dioxide from rutile ores, the sulphate process facilitates the extraction of the compound from all ores, including ilmenite, titania slag, and rutile.
Geographically, the Asia-Pacific (APAC) region will demonstrate the fastest growth in the titanium dioxide market in the coming years, as per the estimates of the market research company, P&S Intelligence. This is credited to the development of several production facilities and the existence of a flourishing construction industry, on account of the rising urbanization rate and booming population in the region. The region is witnessing a sharp surge in the construction of hotels, commercial facilities, and residential buildings. Moreover, the soaring consumption of paints and coatings is also predicted to propel the demand for titanium dioxide in the region in the forthcoming years.
Hence, the demand for titanium dioxide will soar all over the world in the years to come, mainly because of the rising requirement for paints and coatings, surging construction and infrastructure development activities, and growing deployment of lightweight vehicles.