Titanium Dioxide Market Analysis By Application (Paints & Coatings, Plastics, Paper & Pulp, Cosmetics) And Segment Forecasts To 2022

Published: January 2016 | Report Code: 978-1-68038-705-6 | Report Format: Electronic (PDF)

Industry Insights

Global titanium dioxide market size was estimated at USD 15.17 billion in 2014 and is expected to witness significant growth over the next seven years owing to increasing demand from various industries including cosmetics, paints & coatings, and plastics. It is also employed as an intermediate in the manufacturing of numerous pigments, which is expected to propel industry growth over the forecast period.

Increasing disposable income along with growing consumption of paints & coatings particularly in the automotive and construction industry will augment industry growth in Asia Pacific. Furthermore, growing use of cosmetic products in Latin America and the Middle East will increase consumption over the forecast period.

Rising use as coating materials for lightweight plastics including polycarbonates is expected to propel demand over the forecast period. Stringent regulations about vehicular emissions have resulted in high usage of lightweight materials for automobile manufacturing which is expected to positively impact market growth. However, the low scratch resistance associated with polycarbonate is expected to restrict market demand over the forecast period.

Technological innovations aimed at improving manufacturing processes in order to increase product yield with high quality will have a positive impact on the industry over the forecast period. Stringent regulations by agencies in various regions on account of its carcinogenic properties may hamper industry growth over the next seven years.

U.S. titanium dioxide market revenue by application, 2012-2022, (USD Million)

U.S. titanium dioxide market

Application Insights

Titanium dioxide finds applications in various sectors including paints & coatings, plastics, paper and pulp, cosmetics and others including printing ink, rubber and chemical fibers. Paints & coatings were the largest application segment in 2014 accounting for over 55.0% of global revenue and is expected to grow significantly owing to its high refractive index and degree of transparency. Robust cosmetic manufacturing base coupled with growing domestic demand from U.S., China, Germany, Saudi Arabia, Italy, Mexico, Brazil, France and the UK is expected to augment industry growth over the forecast period.

Product use in the plastics sector is expected to grow at CAGR of over 4.5% from 2015 to 2022 in terms of volume in light of high demand for lightweight vehicles in China and India. Increasing product consumption in the manufacturing of toys account of superior properties such as plastic filming, high tinting strength, and the low insulating effect is expected to have a positive impact on the market over the next seven years. In PVC products, titanium dioxide improves light, heat and weathering properties and protects it from UV light. Also, it improves mechanical strength and electrical properties in the cable material thus improving performance.

Regional Insights

Asia Pacific was the dominant market and is expected to witness significant rise at a CAGR of over 4.0% from 2015 to 2022 in terms of volume on account of growing cosmetic sector in China, India, Indonesia, Malaysia Philippines, Singapore, Thailand and Vietnam. High investment by foreign players including Elizabeth Arden, Inc., The Campana Company, and Burt's Bees will promote industry growth over the next seven years. Rising consciousness regarding personal grooming among Chinese consumers, coupled with increasing spending power is expected to propel cosmetic demand in the country thereby fuelling product growth.

Europe was the second largest market in 2014, accounting for over 25.0% of the global volume share and will witness high growth on account of rising need for cosmetic products in Germany, Italy, France and UK. Urbanization, higher spending power and growing awareness regarding appearance and grooming are expected to propel cosmetic industry in the region thereby driving the industry over the forecast period.

Increasing demand in Europe for architectural paints, automotive coatings, industrial coatings and coil coatings is expected to have a positive impact on the industry. In addition, the product is being incorporated in the manufacturing of attractive plastic toys and other plastic products over the past few years. However, stringent regulations for product manufacturing and use are expected to hamper the market growth over the next seven years.

Competitive Insights

Global titanium dioxide industry is moderately consolidated with top four players comprising 50.0% of the net production volumes. DuPont, Kronos Worldwide, Tronox Limited and Cristal Global are key manufacturers. Other producers include Huntsman, Argex Titanium Inc, and Evonik.

A few players in this market are integrated across various stages of the value chain. Companies including Kronos Worldwide Inc., Travancore, and Tronox manufacture raw materials such as ilmenite, rutile and anatase mine, which are consumed for production of titanium dioxide. Companies such as AkzoNobel and BASF manufacture titanium dioxide employed in paints & coatings. Integration across numerous stages of the value chain results in continuous raw material supply as well as low manufacturing cost. 

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