Titanium Dioxide Market Overview
The global Titanium dioxide market is anticipated to experience a CAGR of 4% between 2023 and 2032. This growth is expected to propel the market valuation from the current USD 19.4 billion to cross USD 31 billion by 2032. The primary driving force behind the global demand for Titanium dioxide is the increasing consumption of Titanium dioxide in the paints and coatings industry, where it serves as a crucial white pigment.
Global Titanium Dioxide Demand Supply Analysis, 2032 (Kilotons)
Source: Secondary & Primary Research and Prismane Consulting estimates
Titanium Dioxide is a white substance widely used in paints & coatings owing to its excellent ultraviolet (UV) resistance and UV absorbent qualities. Titanium dioxide is manufactured by processing a mixture of titanium-containing minerals such as ilmenite and rutile.
Titanium Dioxide Demand Overview
In terms of Titanium Dioxide consumption by applications, the global market is segmented into Paints & Coatings, Plastics, Pulp & Paper, Inks, and Others. Paints & Coatings accounted for the largest share of around 75% in the
global Titanium Dioxide market. Titanium dioxide is most used as a white pigment in the coatings industry as it efficiently scatters visible light which helps in imparting brightness, opacity, and whiteness when mixed into a coating.
Global Titanium Dioxide Demand, By Application. 2032 (Kilotons)
Source: Secondary & Primary Research and Prismane Consulting estimates
Titanium Dioxide is mixed with plastics to improve heat resistance, weather resistance, and light resistance to protect plastic products from UV rays and improve the electrical and mechanical properties of plastic products.
Global Titanium Dioxide Demand, By Region. 2022 (Kilotons)
Source: Secondary & Primary Research and Prismane Consulting estimates
Titanium Dioxide Demand, by region
Asia-Pacific (specifically China) is the major consumer of titanium dioxide followed by Western Europe and the United States. Titanium dioxide used in coatings forms a compatible bond with polycarbonate used in automotive and thus, growth in lightweight vehicles will usher the growth of titanium dioxide. Rapid growth in the automotive sector in countries like China and India has led to the
growth of titanium dioxide consumption.
Asia-Pacific will see the strongest level of demand growth spurred on by China. The titanium dioxide demand in China has been increasing, mainly because of increasing demand from its coatings end-use industries like polymers, automotive and others. The country has the largest and most diverse manufacturing sector and remains one of the attractive locations for manufacturing. The chemicals and petrochemicals industry along with the increasing expansions and industrialization will create opportunities for paints & coatings which in turn will boost the titanium dioxide demand.
Titanium Dioxide Demand in India
In Asia Pacific, India is projected to witness robust growth in the Titanium dioxide market during the forecast period owing to strong growth in end-use industries. In terms of volume, India's Titanium dioxide market is anticipated to grow from 292 kilotons in 2022 to cross 450 kilotons by 2032 at a CAGR of 4.5% during 2023-2032. Kerala Minerals & Metals (KMML), Travancore Titanium Products (TTPL), Meghmani Organics (Kilburn Chemicals Limited), V.V.Titanium Pigments, and Kolmark Chemicals are some of the leading Titanium dioxide producers in India.
Key Titanium Dioxide manufacturers
Chemours Company, Cristal, Tronox Limited, Kronos Worldwide, Kerala Minerals & Metals (KMML), Travancore Titanium Products (TTPL), V.V.Titanium Pigments, Kolmark Chemicals, Tronox, Louisiana Pigment, Meghmani Organics and Lomon Billions are some the key Titanium Dioxide manufacturers. The global titanium dioxide capacities have seen an average growth of 22% in the last 5 years.
Around 40% of titanium dioxide is manufactured in China with currently more than 50 manufacturers in the country. The remaining manufacturers are distributed in the United States, Germany, United Kingdom, Slovenia, Japan, etc.
Titanium Dioxide Market Dynamics
Driver: Rising demand for Paints & Coatings
The rising demand for Paints & Coatings will boost the Titanium Dioxide market in the forecast period. Titanium dioxide is widely used as a white pigment material in end-use industries such as Paints & Coatings, Plastics, Pulp & Paper, etc. There have been several expansions in the Construction industry which will boost the Titanium Dioxide market. For instance:
In May 2021, PPG Industries invested USD 13 million to expand the paints & coatings industry in China which includes new production lines and expanded powder coatings technology center.
In India, Asian Paints announced a MoU with the Gujarat government to set up a paint manufacturing unit in Dahej, Gujarat.
Furthermore, China is the largest construction market and the country’s 14th Five-Year Plan emphasizes new infrastructure projects in transportation, energy, and new urbanization which will positively boost the Titanium dioxide market in the coming years.
In addition, the plastic industry is estimated to witness strong growth in China and India. The Chinese plastic industry is growing at a high rate due to the availability of cheaper raw materials and
massive demand from developing economies.
Restraint: Rising Environmental Concerns
The primary environmental concern associated with titanium dioxide is the production process. Titanium dioxide is manufactured by sulfate and chloride processes which produces a large amount of waste such as chlorinated organic compounds and other pollutants into the air and water.
Titanium Dioxide is derived from the minerals, ilmenite or rutile and the extraction of these minerals involves mining which can lead to soil disruption and impacts on the local ecosystem.
Pharmaceutical industries are planning to propose a ban to the European Medicines Agency (EMA) on the use of titanium dioxide in Europe as it is prone to have a negative impact on human health.
Recent Development in the Titanium Dioxide Market
In June 2023, Chemours decided to close its Titanium Dioxide manufacturing facility located in Kuan Yin, Taiwan by August 2023 owing to the declining demand for white pigment mainly in Europe and China.
In March 2023. Venator’s CEO made an announcement regarding the closure of sulfate-based titanium dioxide plants in Scarlino, Italy, (80 kilotons) and Duisburg, Germany (50 Kilotons). The company has suspended production and placed most of its employees on leave for the last quarter of 2022 and early 2023.
In India, Meghmani Organics Ltd (MOL) is planning to expand its titanium dioxide facility from 16.5 kilotons to around 33 kilotons by the end of 2023. This move is aimed at promoting import substitution, aligning with the Government's Make in India and Atmanirbhar Bharat vision.
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