Westford, USA, Jan. 25, 2023 (GLOBE NEWSWIRE) -- Growing demand for titanium dioxide in end-use sectors such as paint and coatings, plastics, and others is one of the primary growth drivers for this market. Furthermore, the titanium dioxide market is anticipated to benefit from technological advancements that enhance production processes to boost product yield with higher quality. In addition, the titanium dioxide demand is set to remain high due to increasing disposable income, rising housing and car demand, and shifting consumer preferences in emerging countries for residential and commercial renovations.
Titanium Dioxide (TiO2) is a non-toxic white inorganic compound with the chemical formula TiO2. Titanium dioxide has UV-resistant properties, so it is commonly used in the production of sunscreens. In addition, titanium Dioxide (TiO2) is a widely used pigment in the cosmetics industry because it provides high color context, aids in the absorption of oils released by the skin, and provides ultraviolet protection to the skin, making it ideal for sun care products.
Paints and coatings are used in the automotive industry in the interior and exterior of vehicles to provide protection and appeal. Titanium dioxide is widely used in paints and coatings. According to SkyQuest's global research, in 2021, automotive production increased by about 12% to 59.27 million units. In addition, car sales increased by approximately 36% in the first half of 2022 in comparison with the sales from the same time frame in 2021.
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Anatase Grade Segment to Account for Largest Revenue Share owing to Rising Usage in Paper Manufacturing
The anatase grade segment of titanium dioxide is anticipated to contribute the highest revenue share accounting for 57% by 2028 due to its widespread application in interior paints and paper manufacturing. Anatase makes up almost 75% of the weight of pure TiO2, while rutile makes up 25%. Rising demand for TiO2-based cosmetics is expected to boost anatase TiO2 demand. Anatase titanium dioxide has increased usage in numerous products, such as lithium batteries, solar cells, gas sensors, and photocatalysts. The broad application scope is attributed to its high photocatalytic effect and wide specific surface.
The growth of the titanium dioxide market is fueled by rising consumer demand for sunscreens with improved UV protection, expansion in the automotive industry, and the presence of major market participants in the North American region. In addition, the increasing demand for non-residential construction projects, including hospitals, office buildings, and colleges, has aided the development of the North American construction sector.
The report on the titanium dioxide market examines the economic and legal framework in which the market functions. It contains data on governmental rules that could affect the market and monetary conditions that could affect consumer spending. Information on technical advancements and trends that could impact the industry in the future is also included in the research report.
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Paints and Coating Industry to Propel Huge Sales Prospects for Titanium Dioxide
As per research insights by SkyQuest, the paint and coatings sector was the primary consumer of the white pigment, accounting for 56% of volume and 3.6 million tonnes in 2020. Furthermore, this volume is predicted to reach 10 million tonnes by 2025. In the paint and coatings industry, titanium dioxide is primarily utilized to create architectural paints, emulsions, lacquers, sun protection coatings, wood care varnishes, and garden paints, among other products. Therefore, the expansion of the packaging, commercial building, and residential housing markets globally are all closely tied to the growth of the titanium dioxide market.
The titanium dioxide market in the Asia Pacific is set to witness exponential growth in the coming years. China is the leading producer and exporter of titanium dioxide globally. They shipped 1.13116 million tonnes of titanium dioxide in 2021, up 8.26% over the previous year. China's titanium dioxide sector produces 42 full-process types under standard manufacturing settings.
The latest research report on the titanium dioxide market is prepared after extensive multi-level research conducted by research experts. As a result, all the industry insights, statistics, patterns, and projections are validated through advanced research tools and trusted industry sources. In addition, the report helps find the market's pulse by going through the key details, such as significant drivers, major challenges, emerging trends, and future prospects.
Key Developments in Titanium Dioxide Market
- PPG Industries Inc. has invested USD 13 million in an expansion plan for its unit in China, including eight new powder coating production lines and an enlarged powder coatings technology center. This extension is projected to enhance capacity by more than 8,000 metric tonnes annually.
- LB Group announced the investment of CNY 1 billion (USD 157.6 million) at the Xiangyang site to construct a new 200ktpa titanium dioxide (TiO2) pigment finishing plant. Two TiO2 pigment finishing lines will resume, each with the ability to process 100ktpa TiO2 pigment intermediate product.
- A new 200ktpa titanium dioxide (TiO2) pigment finishing plant will operate at the Xiangyang site thanks to an investment of CNY 1 billion (USD 157.6 million) by LB Group. In addition, the construction of two TiO2 pigment finishing lines with a combined processing capacity of 100ktpa TiO2 pigment intermediate product is planned for the near term.
The titanium dioxide market report provides insightful and detailed information about the market's various key players, their financials, technological innovations, acquisitions & mergers, supply chain trends, key developments, product portfolio, product pipeline, and market footprint. All these details are crucial for market participants to know how leading players are designing their strategies to gain maximum advantage.
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Key Questions Answered in the Titanium Dioxide Market Report
- What are the major global trends and growth patterns in the global market?
- Which factors are contributing to the market's exponential growth in recent years?
- What are the key strategic developments globally making an impact on the market?
- Which regions are expected to dominate the industry in terms of revenue share?
Prominent Players in the Titanium Dioxide Market
- Lomon Billions Group
- The Tronox Holdings PLC
- The Kerala Minerals & Metals Limited
- Huntsman Corporation
- Tayca Corporation
- Venator Materials PLC
- The Chemours Company
- Kronos Worldwide Inc.
- Precheza
- Ishihara Sangyo Kaisha Ltd.
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