The global titanium dioxide market size is expected to reach USD 26.87 billion by 2028, according to a new report by Grand View Research, Inc. It is expected to expand at a CAGR of 6.0% from 2021 to 2028. The expanding application scope of titanium dioxide (TiO2) as specialty coating materials in the automotive industry and photovoltaic systems is likely to fuel the growth of the market during the forecast period.
Market Growth & Trends
The paints and coatings industry has been witnessing significant growth in recent years, mainly on account of the increasing consumption in key end-use verticals, including construction, automotive, aerospace, and energy and power. The growing scope of the product as whitening pigments in paints and coatings is expected to have a positive impact on the future growth of the industry.
The paints and coatings application segment is expected to expand at the highest revenue-based CAGR over the forecast period. The performance attributes of the paints, including weatherability, whiteness, and opacity, play a major role in the quality and effectiveness of paints & coatings.
Titanium Dioxide Market Report Highlights
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The market is driven by the expanding application scope of the product in plastics, paints and coatings, and cosmetics industries
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The rutile grade segment led the market in terms of revenue in 2020 owing to its utilization as a carrier in paint applications, producing white color in plastics, and preventing fading of the color in papers. The rapidly growing construction industry is anticipated to fuel the demand for rutile grade of TiO2 during the forecast period
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The sulfate production process segment is expected to expand at the fastest revenue-based CAGR during the forecast period. The segment is driven by the growing demand for lightweight paints for the reduction of the overall weight of the vehicle from the automotive industry
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The Asia Pacific region accounted for the largest revenue share of more than 40.0% in 2020, which can be attributed to the rapid growth of the application industries, including paints and coatings, plastics, and cosmetics, in key economies of the region
View All Titanium Dioxide Grades
Source: Grand View Research