Titanium Dioxide Market worth $24.41 billion by 2029 - Exclusive Report by MarketsandMarkets™

Oct 11, 2024, 06:30 ET

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DELRAY BEACH, Fla., Oct. 11, 2024 /PRNewswire/ -- The report "Titanium Dioxide Market by Grade (Rutile, Anatase), Process (Sulfate, Chloride), Application (Paints & Coating, Plastics, Paper, Inks), & Region (North America, Europe, Asia Pacific, MEA, South America) - Global Forecasts Up to 2029", size is projected to grow from USD 20.72 billion in 2024 and is projected to reach USD 24.41 billion by 2029, at a CAGR of 3.33%.

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Titanium Dioxide is most commonly used in paints and coatings. Titanium dioxide is a naturally occurring oxide of titanium. It has the highest refractive index and is one of the whitest materials on the planet. Titanium dioxide's properties include a high melting and boiling point, the ability to scatter light, non-toxicity, chemical inertness, photocatalytic activity, opaqueness, and UV resistance, which is why it is widely employed in the paint and coatings industry. Paints and coatings are used extensively in the construction and automotive industries. Growth in these industries drives up demand for titanium dioxide. Rapid urbanization and industrialization, an increase in purchasing power parity (PPP), rising standard of living, and rising disposable income all contribute to the construction industry's expansion. The Asia Pacific region is the biggest market for the construction industry, with China, India, and other Southeast Asian countries in the forefront of construction activity. Aside from the building industry, titanium dioxide is in high demand in industries such as industrial and automotive coatings.

By application, Paints & Coatings account for the largest share of the Titanium Dioxide market

The global construction industry, which includes both residential and non-residential infrastructure, is driving the rise of paints and coatings. Titanium dioxide is widely used in architectural paints and coatings. Architectural paints must be UV and water-resistant properties, while some specialist coatings must be chemically and corrosion resistant. Titanium dioxide provides long-lasting coating that can resist UV radiation from the sun while maintaining a freshly painted appearance for an extended period of time. Titanium dioxide is used in exterior paints and coatings to prevent color fading, chalking, and cracking. It also possesses photocatalytic properties, which allow it to self-clean and guard against germs, algae, fungi, and pollutants. The use of titanium dioxide in paints and coatings allows for easy application.

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Sulfate Process account for the largest share of the Titanium Dioxide market by process

The sulfate process is a batch technique that uses sulfuric acid to extract titanium dioxide from Ilmenite or titanium slag. The sulfate process for producing titanium dioxide is widely used in the Asia Pacific region, particularly in China. The sulfate process is more cost-effective because it uses lower-grade and less expensive ores, such as Ilmenite, and simpler titanium dioxide manufacturing technology. The sulfate method produces both anatase- and rutile-grade titanium dioxide.

Asia Pacific accounted for the largest share in the global Titanium Dioxide market

Asia Pacific is occupying the largest share of the Titanium Dioxide market in 2023, followed by North America and Europe. This dominance in the titanium dioxide market is driven by various factors including increasing urbanization, improving living standards, a booming automotive sector, increased investments in infrastructure development projects, and high economic growth. Asia Pacific is considered to be world's largest market for paints & coatings. This huge paints & coatings industry in Asia Pacific is attributed towards China and India's growing populations and rapid urbanization coupled with hughe infrastructual development. China is one of the world's largest producer and consumer of paints and coatings and Plastics, with several major companies investing in the nation to establish new manufacturing plants. Foreign investments, as well as the availability of low-cost raw materials and labor, are driving the expansion of China's industrial coatings market. Furthermore, the country is a major exporter of paints and coatings around the world. Titanium dioxide is an essential constituent in paints & coatings applications. The growth in paints & coatings applications expects to further drive the market for titanium dioxide in the region.

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The report profiles key players such as The Chemours Company (US), Tronox Holdings Plc (US), LB Group (China), Kronos Worldwide, Inc. (US), Venator Materials PLC (UK), INEOS Group Limited (UK), CNNC Huayuan Titanium Dioxide Co., Ltd. (China), Cinkarna Celje d.d. (Slovenia), Evonik Industries AG (Germany), and Tayca Corporation (Japan).

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