The global titanium dioxide market size is anticipated to grow at a progressive rate owing to the increasing demand for this chemical compound in the automotive industry, observes Fortune Business Insights™ in its report, titled, “Titanium dioxide Market Size, Share COVID-19 Impact Analysis, By Process (Sulfate, and Chloride), By Application (Paints coatings, Plastics, Paper, and Others), and Regional Forecast, 2020-2027.”
The global titanium dioxide market size reached USD 16,640.4 million in 2019 and is anticipated to reach USD 24,092.5 million by 2027, exhibiting a CAGR of 6.0% during the forecast period.
Underperforming Automotive Industry amid COVID-19 to Limit Demand
The global factory shutdowns amid the COVID-19 outbreak have crippled the already stumbling global automotive industry. This is affecting the demand for TiO2 on a negative scale as the former is the key application area of the latter. Key players operating in the market are finding new opportunities to counter this issue. At Fortune Business Insights, we are offering comprehensive reports to offer you customized solutions to such challenges.
Highlights of the Report:
The report includes a detailed company profile of key players and in-depth analysis of various market segments. It also includes close study of the various drivers and restraints that drive the market along with comprehensive understanding of the positive and negative impacts of regional developments on the market.
Increasing Demand for Light-weight Vehicles to Drive Growth
According to the Office of Energy Efficiency and Renewable Energy, by reducing the weight of the vehicle by 10%, its fuel efficiency can be enhanced by 6%-8%. Stringent regulations from governments across the world regarding emission are driving manufacturers to adopt lightweight materials and components, such as alloys and polymer composite, for making fuel-efficient vehicles. This is projected to spurthe growth of the global market. In addition, growing applications of the material in the construction industry is anticipated to further enhance growth. However, the evident decrease in the supply of titanium dioxide owing to the prolonged shutdown of production units is anticipated to hinder its growth.
Extensive Utilization in Automobile Space to Help Paints and Coatings Segment Flourish
On the basis of application, the paints and coatings segment dominated the by holding the largest share in 2019. This is attributed to increasing application in automobiles and growing construction activities. The plastics segment showed impressive growth by holding 26.09% share of the market.
Rising Demand for Titanium dioxide from End-user Industries to Aid Growth in Asia Pacific
Asia Pacific is estimated to dominate the global titanium dioxide market with a share of USD 7,575.7 million in 2019. Rising demand for the chemical compound from various end-use industries in the region including automobile, construction, plastic, and papers is one of the major factors driving the growth of this market. In addition, improving economic stability in major countries of the region including India and China and the resultant expenditure on infrastructure are increasing the demand from the construction industry.
The market in North America is anticipated to grow potentially in the projected timeline. The increasing technological advancement in the construction space coupled with the high disposable income of consumers is expected to enhance the growth of titanium dioxide in the region.
Business Expansion to Help Key Players Gain Competitive Edge
Key players operating in the global titanium dioxide market comprise manufacturers and developers that are currently focused on business expansion. For example, DuPont recently improved its production capacity in order to gain competitive advantage over other players. The company constructed a new plant to produceTiO2 in Mexico and upgraded the existing one.
· In March 2019, INEOS Enterprises signed a USD 700 million agreement to acquire Titanium Dioxide Company Limited (Cristal) from Tronox Limited. The company currently owns two plants that are located in Ashtabula Ohio, the U.S.
A List of Key Manufacturers Operating In the Global Market:
· Tronox Holdings plc (Connecticut, U.S.)
· The Chemours Company (Delaware, U.S.)
· Argex Titanium Inc. (Québec, Canada)
· Evonik Industries (Essen, Germany)
· The Kish Company, Inc. (Ohio, U.S.)
· Ishihara Sangyo Kaisha Ltd. (Osaka, Japan)
· Venator Materials PLC. (Texas, U.S.)
· Tayca Corporation (Osaka, Japan)
· Huntsman Corporation (Texas, U.S.)
· NL Industries, Inc. (Texas, U.S.)
· INEOS (Maryland, U.S.)
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