The global titanium dioxide market size is predicted to attain a revenue of $24,026.1 million by 2030, advancing at a 4.5% CAGR during the forecast period (2020–2030), according to a report by P&S Intelligence. The increasing demand for paints & coatings is a major factor driving the growth of the market. The increasing need for protecting equipment and machinery from corrosion and rust and growing investments for the construction of apartments, hotels, retail centers, offices, and civic infrastructure are resulting in the rising demand for paints and coatings.
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The industrial and architectural coatings accounted for 29% and 53% of the worldwide consumption of paints and coatings in 2019, owing to the above-mentioned factors, as stated by the World Paint & Coatings Industry Association. Since titanium dioxide is a key ingredient for formulating paint and coating pigments, its demand is on the rise as well.
In terms of application, the titanium dioxide market was dominated by the paints & coatings application during 2014–2019. The application id further predicted to account for the largest share of the market in the coming years as well, owing to the fact that the non-reactive, non-toxic, and luminous properties of titanium dioxide increase the brightness and whiteness of paints and coatings. Moreover, pigments that contain titanium dioxide have reflective qualities that absorb and scatter UV rays when utilized in industrial and architectural paints.
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Geographically, the titanium dioxide market was led by the Asia-Pacific region in 2019 due to the rising demand for paints & coatings. The growth of the automotive, construction, manufacturing, and aerospace industries are creating demand for paints & coatings in the region. Moreover, the increasing population, growing urbanization rate, increasing disposable income, and surging infrastructure development activities in APAC are resulting in the expansion of the regional domain.
Titanium dioxide Market Size Breakdown by Segment
- Paints & Coatings
- North America
- South Korea
- Latin America
- Middle East and Africa
- Saudi Arabia
- South Africa
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