The global TiO2 market is expected to grow at a CAGR of more than 4% during the forecast period.
Procurement market intelligence analysts have announced its latest market research report on TiO2 for the period 2016-2020. This market analysis discusses the major drivers and key emerging trends that will influence the growth of the global TiO2 market during the forecast period. Some of the top vendors listed in this industry analysis include Chemours, Cristal Global, Tronox, Huntsman, and Kronos.
In terms of geographical segmentation, APAC will be the fastest-growing region in the TiO2 market and is expected register a CAGR of about 4% during 2016–2021. Much of the region’s growth comes from the increased demand from the construction industry in countries such as China and India.
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According to Angad Singh, a category specialist at Technavio for research on category spend intelligence, “Vendors of TiO2 are anticipated to meet the growing quantitative and qualitative demand by integrating technological innovations in manufacturing processes to improve efficiency and enable the production of high-grade TiO2. The increased demand for high-quality TiO2 and technological assistance from the leading vendors in the market have led to a preferential shift toward the chloride process among manufacturers in growing economies. Though expensive, this chlorine-based technique guarantees high quality, faster production rates, and reduction in emissions.”
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The new procurement market intelligence report analyzes some of the key drivers and trends responsible for the growth of this market and its sub-segments.
Growth of construction industry
The construction industry in APAC is predicted to post the fastest growth due to massive investments in construction activities in countries such as India, China, and Indonesia. Also, the increase in construction activities on a global scale owing to factors such as increased urbanization and economic growth is expected to drive the demand for paints and coatings in the coming years. As paints and coatings are the largest end-user segment of TiO2, accounting for over 55% of the global consumption, an increase in the demand for paints and coatings will have a significant impact on the growth of the TiO2 market.
Increased use of lightweight automobiles
The growing requirement for fuel efficiency and reduction in vehicular emissions has resulted in an increased demand for lightweight automobiles. Lightweight automobiles employ polycarbonate parts that use TiO2 coatings to improve their scratch resistance properties. With the surging number of lightweight cars worldwide, the demand for TiO2 will also rise considerably during 2016–2020.
Increased use of plastics and paper in packaging industry
The rising need for convenient and disposable packaging has led to the increased use of plastics and paper in the packaging industry. TiO2 finds extensive application in the plastics industry because of its ability to improve the opacity, color, and strength of the plastic. It also enhances the resistance of paper. Moreover, the photocatalytic property of TiO2 has augmented its application in food packaging, due to its ability to prevent the growth of harmful microorganisms.
Increasing preference for personal care products
The increased awareness about personal grooming and evolving lifestyle preferences have accelerated the consumption of personal care products such as sunscreens and body lotions. The distinctive properties of nanoscale TiO2, such as high UV light absorption and high refractive index have resulted in their increased use in several personal care products such as sunscreen lotions, thereby increasing the demand for TiO2.
A more detailed analysis is available in the procurement market intelligence report titled, ‘Global TiO2 Market – Procurement Market Intelligence 2017.’
