The $20.1 billion titanium dioxide is one of the potential growth markets in the specialty chemicals industry with a planned growth rate (CAGR) of 7.2% between 2021 and 2028 to reach a $35.1 billion market size.
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Titanium dioxide (titania, TiO2) is a widely used chemically inert and naturally occurring oxide of titanium. It is capable of efficiently scattering visible light to impart whiteness, brightness, and opacity and finds a wide range of applications across end user industries.
In particular, paints and coatings, paper and pulp, inks, plastics, and food colors, medical textiles, cosmetics find wide applications of the metal oxide. Of these, the paints and Coatings application dominates the titanium Dioxide market with around $12 billion market size.
Due to its proven safety in humans and chemicals, the application verticals of titanium dioxide are increasing rapidly. Key applications include paints, varnish, coatings, printing inks, sunscreen, toothpaste, paper and pulp, fibers, food colors, ceramics, catalysts, medical textiles, cosmetics, and others. Titanium dioxide nanoparticles are also being developed worldwide to cater to the widening applications across markets.
Further, the role of Titanium Dioxide in green hydrogen generation, energy efficiency, modern pharmaceuticals, water purification systems, self-cleaning smartphones, batteries and sustainable chemical production will strengthen the market outlook.
Titanium Dioxide Market Size Outlook (Rutile and Anatase), and Application (Paints and coatings, plastics, paper, inks)
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Titanium dioxide is used as the active ingredient in the manufacture of anti-microbial coatings. The huge potential of the non-toxic anti-microbial chemical to disable surface microbes like bacteria, viruses, mold spores, and other organic compounds encourages its wide adoption in disinfectants and anti-microbial coatings. Further, the specialty chemical is also widely used in air purification applications.
The global anti-microbial coatings market is set to grow at 14% CAGR over the forecast period from 2021 to 2030. In particular, the current COVID-19 pandemic is resulting in huge demand for anti-microbial coatings and disinfectants. Such a strong growth outlook for anti-microbial coatings will support the demand for titanium dioxide consumption in the forecast period.
During the first quarter of 2021, the global demand for titanium dioxide stood strong driven by demand from antimicrobial coating applications and recovering economic conditions. The supply is tight and accordingly, the prices may continue to increase through the year 2021. Most of the leading vendors reported revenue growth for the first quarter, demonstrating a positive market outlook.
On the other hand, the demand-supply gap conditions often observed in the industry, shortage of raw materials, the threat of substitutes often result in fluctuations in Titanium Dioxide prices. The pricing variations have a direct impact on the companies operating in the industry.
During May 2021, the EFSA updated its safety assessment on titanium dioxide and announced that a safe level of daily intake of Titanium Dioxide as the food additive could not be established in its genotoxicity study. These results can significantly reduce the attractiveness of TiO2 in food applications. However, organizations like the Titanium Dioxide Manufacturers Association (TDMA) are focusing on addressing these concerns.
The Titanium dioxide production by chloride process (use of chlorine) dominated the global markets in both value and volume terms. The Chloride route produces pure grade Titanium Dioxide, involves low costs of production, and is environment friendly. The production of Titanium Dioxide in the Chloride process involves two main stages- Dry ore to produce titanium chloride and then the titanium chloride is oxygenated to produce titanium oxide solid. However, the process involves high initial capital expenditure as compared to sulphate process (uses sulphuric acid).
Robust demand from end-user application markets in China, India, South East Asia, and other markets during 2020 resulted in the Asia Pacific reporting the highest market share in Titanium Dioxide market size. In particular, strong growth in infrastructure and manufacturing sectors, rapid urbanization trends coupled with recent demand surge in usage across anti-microbial coatings is set to drive the Titanium Dioxide market growth forecasts.
Titanium Dioxide imparts ultra-white color, and offers UV resistance, which supports its applications in paints, varnish, coatings, and plastics industries. The strong demand outlook from these end-user industries in the Asia Pacific is encouraging companies such as LB Group, ISK (Ishihara Sangyo Kaisha), Tayca, and other companies to significantly expand their operations in the region.
Types
Anatase
Rutile
Applications
Paints and Coatings
Plastics
Paper
Inks
Others (Food, Medical Textiles, Cosmetics)
Process
Sulphate Process (Sulphuric acid)
Chloride Process (Chlorine)
Geography
Asia Pacific
Europe
Middle East and Africa
North America
South and Central America
Titanium Oxide Market
Types
Anatase
Rutile
Applications
Paints and Coatings
Plastics
Paper
Inks
Others (Food, Medical Textiles, Cosmetics)
Process
Sulphate Process (Sulphuric acid)
Chloride Process (Chlorine)