According to the market research report published by Zion Research, the global titanium dioxide market value in 2014 was 13.5 billion U.S. dollars, and it is expected to reach 17 billion U.S. dollars by 2020, and the compound annual growth rate from 2015 to 2020 will be 3.5%.
Titanium dioxide is a white crystalline powder pigment whose main raw materials are ilmenite and rutile, and the production process is mainly divided into sulfuric acid method and chlorination method. Some organic and inorganic compounds in nature are used in combination with titanium dioxide to impart different colors to the product.
Titanium Dioxide is commonly used as a white pigment in paints and coatings applications. In 2014, titanium dioxide production was around 6 million tons globally.
The main driving force for the growth in global titanium dioxide market demand is the increase in demand for paint products driven by the increase in demand for light vehicles in the automotive industry, especially in developed countries such as the United States, Germany, and France. Strict environmental regulations are the main factor limiting the growth of the global titanium dioxide market.
The most basic applications of titanium dioxide products include paints and coatings, plastics industry, paper industry, ceramics industry, man-made fibers, and inks. Among them, the paint and coating industry is the largest application field of titanium dioxide. In 2014, it accounted for more than 50% of the total titanium dioxide consumer market share. In the future, the rapid growth of the construction industry will drive the growth of demand for paints and coatings, which in turn will drive demand for titanium dioxide products. The plastics industry will be another rapidly growing application area. The market growth of titanium dioxide mainly benefits from its own characteristics such as excellent strength, high hiding power, vivid colors and excellent transparency.
The Asia Pacific region has dominated the global market for titanium dioxide, which accounted for more than 40% of the overall market share in 2014, and this trend will continue. Driven by the development of multiple terminal applications, Asia Pacific is expected to be the fastest growing region in the future titanium dioxide market, especially emerging economies such as India and China. North America will follow closely, while Europe is the third largest market.
The current major producers in the global titanium dioxide industry include Chemours, CRISTAL, Kronos, Huntsman, Argex, Panzhihua Titanium, and Tronox.
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