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 between 2016 and 2021.
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.
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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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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.
New product launches and mergers & acquisitions are the most widely used strategy by these players. Market players are concentrating on increasing their production capacities and developing cost-effective technologies. Major companies are investing to upgrade their units for enhanced production of titanium dioxide. All these developments meet the increasing demand for titanium dioxide from a variety of applications such as paints & coatings, pulp & paper, and plastics.
The key companies profiled in this report include 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), Lomon Billions (China), and Ishihara Sangyo Kaishal Ltd. (Japan). The growing demand for titanium dioxide has encouraged companies such as Huntsman Corporation and Tronox Ltd to adopt several business strategies to retain their competitiveness in the global market.