The global titanium dioxide market is prognosticated to expand at a moderate pace within the forecast period from 2015 to 2023. The market appears to be immensely consolidated owing to the existence of various well-known players in the market. These players account for the maximum share in the global market. Leading firms are investing in the growth of production capacity in order to cope up with the rising demand from end-use sectors. The competition is majorly dependent on quality or product, price, the availability of high-end pigments, and technical service.
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CRISTAL, Chemours, Huntsman International, Tronox, and KRONOS Worldwide are some of the leading players in the market. Some or important vendors in the global titanium dioxide market are Evonik Industries, CINKARNA Celje, Grupa Azoty Police, Kemira, Ishihara Sangyo Kaisha, Kilburn Chemicals, Precheza, Louisiana Pigment, and Tayca.
According to a recent report by Transparency Market Research (TMR), the global titanium dioxide market is likely to experience a growth at a speed of 3.7% CAGR within the forecast period from 2015 to 2023. The titanium dioxide market was valued around worth of US$12.18 bn in year, 2014. This value is expected reach around worth of US$16.79 bn by the end of 2023.
Based on application, the market is segmented into paper, paints and coatings, plastics, and others. Among these, paints and coatings segment is foreseen to grow at a whooping pace, leading the global market by 2023. This is so due to high usage of titanium dioxide in making of paints and coatings, along with rise in construction activities. On the basis of geography, the global titanium market is dominated by Asia Pacific region, with highest amount of revenue by the end of 2023. The increased demand for titanium dioxide in the country such as China, along with several key players investing heavily in production facilities in the nation is anticipated to fillip the market demand for titanium dioxide market.
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Rise in Construction Industry to Propel Growth in Titanium Dioxide Market
The revamp of the construction sector in developed nations after the financial decline in the past few years is giving a critical push to the titanium dioxide makers. Other than this, the significant growth of the construction industry in developing regions is stirring the development of the global titanium dioxide market. The growing demand for lightweight vehicles, inferable from the rising concerns with respect to dangerous gas emission and tilt towards nature-friendly options, is likewise working in the favor of market growth.