Titanium dioxide is expected to witness a rise in demand owing to increased use as a specialty coating in automotive and photovoltaic (PV) modules. In addition, growing demand for whitening pigments in paints & coatings industry is expected to fuel market growth over the forecast period. Ilmenite was the major feedstock used for manufacturing titanium dioxide and accounted for over 45% of the total market volume in 2013. Availability of other new feedstock such as rutile, upgraded slag and synthetic rutile is estimated to improve production scenario in the near future.
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Paints & coatings was the largest application segment of titanium dioxide in 2013, followed by paper and plastics. Together these applications accounted for over 75% of the global titanium dioxide market by volume. Growth of these application sectors coupled with rising demand from other niche segments such as specialty coatings for automotive and PV modules is estimated to drive the global market over the forecast period.
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Asia Pacific was the largest consumer of titanium dioxide and is likely to gain market share during the forecast period on account of surging demand from paint pigments and paper industries. In addition, titanium dioxide is anticipated to witness notable demand from economies such as Brazil and Spain on account of growing demand for PV modules.
Global titanium dioxide market is moderately consolidated with top four players comprising DuPont, Kronos Worldwide, Tronox Limited and Cristal Global, accounting for over 50% of the net production volumes. Other significant titanium dioxide manufactures include Huntsman, Argex Titanium Inc and Evonik.
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