TAGS: Automotive Coatings Architectural Coatings
The global titanium dioxide market size is expected to reach USD 28.19 billion by 2025 registering a CAGR of 8.7%, according to a new report by Grand View Research, Inc.
Paints & Coatings Segment Drives Growth
Rise in demand for paints & coatings due to expanding construction and automotive sectors across the globe will augment the TiO2 market growth over the forecast period. Growing automotive industry due to technological advancements in the sector coupled with rising demand for lightweight vehicles has also contributed to the industry expansion.
Lightweight materials used in the automotive industry contain specific amounts of carbon fiber, which is a cost- and fuel-efficient as it helps reduce the carbon footprint. These materials are malleable, remolded, and reshaped, which results in low-cost production.
These factors are expected to boost the market growth in the next few years. The photovoltaic method converts solar energy into direct current electricity using materials, such as TiO2 and amorphous silicon. Energy generated from the solar PV is considered as sustainable energy and renewable source making it cost-effective.
The demand for electricity is increasing rapidly with the rising world population. In developing countries like China, India, Indonesia, and Malaysia, the demand for energy conservation is high due to urbanization and industrialization. Increasing demand for sustainable energy sources is expected to have a positive impact on the market in the next couple of years.
Wide Application Scope of Titanium Dioxide
Titanium dioxide particles have wide application scope due to their high stability, photocatalytic properties, and anti-corrosive nature and are manufactured from anatase. They are used in consumer products, such as sunscreens, and as components for articulating implants for the hip and knee.
These nanoparticles are also used as catalyst in semiconductor photocatalysis, water treatment plants, and as a photoactive material in nanocrystalline solar cells. Other applications in self-cleaning tiles, textiles, windows, and anti-fogging car mirrors are expected to support the market growth over the forecast period. However, dust particles of the product are grouped under 2B carcinogens by IRAC. Thus, stringent regulations are projected to have a negative impact on the market growth
Source: Grand View Research