Wilmington, Delaware, United States, Jan. 12, 2023 (GLOBE NEWSWIRE) -- Transparency Market Research Inc. - According to a study published by Transparency Market Research, the global titanium dioxide market is anticipated to grow at a compound annual growth rate (CAGR) of 3.7% during the forecast period from 2021 to 2031.
Titanium dioxide is a semiconducting, odorless product used extensively as a pigment to improve the opacity and whiteness of any product. Titanium dioxide is chemically inert and displays photocatalytic activity when exposed to light. It is cost-effective and can be manufactured in large quantities and used in different application areas such as paints & coatings, plastic, and paper,
New product launches are helping leading market players in generating new revenue streams and in gaining an edge over competitors. For instance, in November 2019, The Chemours Company announced the launch of a new titanium dioxide pigment which has helped improve the performance of printing inks.
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Key Findings of Market Study
- Increase in Product Usage in Paints & Coatings: In terms of application, the global market has been trifurcated into paints & coatings, plastic, and paper. Paints & coatings is expected to emerge as the dominant segment during the forecast period. Titanium dioxide is extensively used in different paints and coatings such as automotive OEM coatings, architectural coatings, powder coatings, protective coatings, wood finishes, and waterborne paints. The use of titanium dioxide has helped in improving brightness, whiteness, durability, and opacity of paints and coatings and impacts the growth of the segment.
- Rise in Usage in Coatings for Ships and Buildings: Titanium dioxide is extensively used in coatings for ships, buildings, and toys. Titanium dioxide offers low solubility and high thermal stability which makes them suitable for use in these products. Increase in usage of titanium dioxide in coatings for buildings, ships, and toys, is triggering industry growth.
Titanium Dioxide Market-Key Drivers
- Surge in usage of titanium dioxide as a bleaching agent in porcelain enamels is one of the factors driving the global market
- Rise in disposable income encourages consumers to renovate their residences, which has fueled the demand for paints and coatings, in turn propelling the titanium dioxide market
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Titanium Dioxide Market-Regional Insights
The market in Asia Pacific is expected to hold dominant share during the forecast period. Rise in product demand from different end-use industries such as paints & coatings, paper, and plastic in India and China is projected to help drive market growth in the region during the forecast period. Additionally, the ease of availability of resources such as land and labor could help well-established market players to establish research and development centers in Asia Pacific countries, which could help market growth in the region in future.
Titanium Dioxide Market-Key Players
The global market is competitive due to the significant presence of international and local players. Entry of new players is anticipated to intensify competition in the market during the forecast period.
Prominent titanium dioxide market players are investing in research and development activities to produce improved products which would meet customer requirements in different application areas.
Some of the key companies active in the market are CRISTAL, The Chemours Company, Huntsman International LLC, Evonik Industries AG, Tronox Limited, and Tayca Corp.
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The global titanium dioxide market is segmented as follows:
Application
- Paints & Coatings
- Plastic
- Paper
Regions Covered
- North America
- Europe
- Asia Pacific
- Middle East & Africa
- Latin America
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