Stringent emission control norms and concerns regarding low fuel efficiency have compelled manufacturers to take measures for reducing vehicle weight considerably, thereby, propelling the demand for lightweight vehicles. Vehicle weight can be reduced by substituting steel components that are used in manufacturing vehicles. Polycarbonates can be used as a replacement for steel structures. There are, however, a few drawbacks of polycarbonates such as low scratch resistance. Titanium dioxide is widely used to coat polycarbonate to achieve high scratch resistance. Therefore, the rising need for lightweight vehicles and subsequent increase in demand for polycarbonate has been a major factor driving the market for titanium dioxide.
The global market for titanium dioxide is projected to reach USD 14.12 billion by 2021, at a CAGR of 5.8% during the forecast period. The increase in per capita consumption of pigments across the globe, coupled with the growing demand for titanium dioxide from various end-use industries, is expected to drive the global titanium dioxide market.
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Titanium dioxide is manufactured using two process, the sulphate process and the chloride process. Among these two, the sulphate process leads to large quantities of solid waste. Growing environmental concerns in Europe have led to the introduction of titanium dioxide regulations by Orsolya CSORBA European Commission DG Environment, which is expected to hamper the growth of the titanium dioxide market.
The paints & coatings segment is the largest application of the global titanium dioxide market. Paints and coatings are used in various interiors and exteriors in houses as well as in the automobile industry. This application segment is expected to be the fastest-growing segment between 2016 and 2021.
The Asia-Pacific titanium dioxide market is projected to grow at the highest CAGR between 2016 and 2021, owing to the increase in population and rise in per capita consumption of pigments in emerging economies, such as China and India, of the Asia-Pacific region. This dominance is expected to continue between 2016 and 2021 owing to the rising consumer spending. Moreover, the high economic growth rate, coupled with heavy investments across industries such as automotive and building & construction, is driving the demand for titanium dioxide in the region.
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Some of the key players operating in the global titanium dioxide market are Tayca Corporation (Japan), Huntsman Corporation (U.S.), Cabot Corp (U.S.), The Chemours Company (U.S.), Tronox Limited (U.S.), Kronos Worldwide Inc. (U.S.), Cristal (Kuwait), Evonik Industries AG (Germany), Cinkarna Celje (Slovenia), Lomon Billions (China), and Ishihara Sangyo Kaishal Ltd. (Japan), among others. Most of the companies have adopted new product launches and acquisitions as their development strategies to strengthen their position in the global titanium dioxide market and increase their market shares.
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