Titanium dioxide is an opaque, white, naturally occurring mineral that exists in crystalline form. This mineral is primarily used for paper filling or coating systems for increasing opacity. The small particle size, high light reflectivity, and low light absorption property of titanium dioxide make them ideal for obtaining exceptional opacity. Due to this reason, huge quantities of titanium dioxide are used in the paints and coatings industry. Thus, the surging sales of paints and coatings, due to the flourishing automobile industry, booming urban population, and rising construction expenditure, will boost the adoption of this mineral in the coming years.
Additionally, the increasing adoption of lightweight vehicles will drive the titanium dioxide market at a CAGR of 4.5% during the forecast period (2020–2030). According to P&S Intelligence, the market will generate $24,026.1 million revenue by 2030. The mounting sales of lightweight vehicles can be attributed to the escalating concerns being raised over vehicular emissions, fuel efficiency of automobiles, and the surging carbon footprint. To meet the demand for such vehicles, automakers are using titanium dioxide-based coatings on polycarbonate structures in automobiles, as the compound can impart durability, scratch resistance, and stability to such structures.
Currently, titanium dioxide manufacturers are focusing on mergers and acquisitions to reach out to more customers. For instance, in May 2020, Tronox Holdings acquired the TiZir Titanium and Iron ("TTI") business from Eramet S.A. for nearly $300 million. With this acquisition, Tronox Holdings aims to offer better service to its pigment customers, with a secure supply of the compound and low-cost titanium. Other companies focusing on mergers and acquisitions are Lomon Billions Group, The Chemours Company, Tronox Limited, Venator Materials PLC, Tayca Corporation, and NL Industries.
Titania extracted through sulphate and chloride processes are used in the production of plastics, inks, paints and coatings, paper, catalysts, textiles, ceramics, rubber, roofing granules, and floor coverings. Due to the wide application base of the compound, titanium dioxide manufacturers are preferring self-cleaning technologies to conventional cleaning technologies to extract a large volume of the compound in an environment-friendly manner. The presence of titanium dioxide nanomaterials in such self-cleaning technologies offers high resistance to dirt by initiating a chemical reaction that breaks down the dirt particles.
Geographically, Asia-Pacific (APAC) is expected to dominate the titanium dioxide market during the forecast period, owing to the presence of a booming construction industry and the establishment of numerous manufacturing facilities in the region. The growth of the construction sector in APAC, on account of the mushrooming population and accelerating urbanization rate, is pushing up the requirement for paints and coatings, which is, in turn, creating a huge demand for titanium dioxide. Due to these factors, the APAC market will also witness the fastest growth throughout the forecast period.
Thus, the burgeoning demand for paints and coatings and rising shift toward lightweight vehicles will augment the consumption of titanium dioxide in the forthcoming years.
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