The titanium dioxide market is growing due to the increasing demand for paints & coatings and rising sales of lightweight vehicles. As a result, the sale of this compound is expected to fetch $24,026.1 million in 2030 compared to $15,020.1 million in 2019. Moreover, the industry will display a CAGR of 4.5% between 2020 and 2030 (forecast period). Represented as TiO2, it is an extremely white and bright metallic salt, which finds applications in a variety of end-use sectors.
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Chloride and sulphate are the bifurcations of the titanium dioxide market, on the basis of process. Of these, the sulphate bifurcation held the larger share during the historical period (2014–2019), because with it, the chemical can be extracted from the ilmenite, rutile, and titania slag ores. In contrast, using the chloride method, TiO2 can only be produced from rutile. Moreover, this process is simpler and utilizes equipment that is corrosion-resistant and easy to use.
A major driver for the titanium dioxide market is the rising usage of paints and coatings, which is itself owing to the increasing construction activities, automotive sales, urban population, and household expenditure. The usage of the metallic salt in such products results in opaqueness, whiteness, and the ability to completely hide the surface being painted. Additionally, titanium dioxide has a high refractive index, which allows paints and coatings to scatter and bend light.
The highest revenue in the titanium dioxide market is presently generated by Asia-Pacific (APAC), which would also witness the highest CAGR in the industry during the forecast period. With the rapid urbanization, the demand for residential units, factories, and commercial properties is burgeoning in the region. This is driving construction activities, which are, in turn, leading to a rising demand for paints and coatings, a lot of which contain TiO2. Similarly, APAC is also a major market for automobiles, and due to air pollution, the focus on energy-efficient vehicles is rising.
Therefore, as industries grow, the rising demand for paints and coatings would drive titanium dioxide sales.