- July 28, 2021
-- Titanium dioxide is an opaque, white, naturally occurring mineral that exists in crystalline form. This mineral is primarily used for paper filling or coating systems for increasing opacity. The small particle size, high light reflectivity, and low light absorption property of titanium dioxide make them ideal for obtaining exceptional opacity. Due to this reason, huge quantities of titanium dioxide are used in the paints and coatings industry. Thus, the surging sales of paints and coatings, due to the flourishing automobile industry, booming urban population, and rising construction expenditure, will boost the adoption of this mineral in the coming years.
Additionally, the increasing adoption of lightweight vehicles will drive the titanium dioxide market at a CAGR of 4.5% during the forecast period (2020–2030)
. According to P&S Intelligence, the market will generate $24,026.1 million revenue by 2030. The mounting sales of lightweight vehicles can be attributed to the escalating concerns being raised over vehicular emissions, fuel efficiency of automobiles, and the surging carbon footprint. To meet the demand for such vehicles, automakers are using titanium dioxide-based coatings on polycarbonate structures in automobiles, as the compound can impart durability, scratch resistance, and stability to such structures.
Geographically, Asia-Pacific is expected to dominate the titanium dioxide market (https://www.psmarketresearch.com/market-analysis/titanium...
) during the forecast period, owing to the presence of a booming construction industry and the establishment of numerous manufacturing facilities in the region. The growth of the construction sector in APAC, on account of the mushrooming population and accelerating urbanization rate, is pushing up the requirement for paints and coatings, which is, in turn, creating a huge demand for titanium dioxide. Due to these factors, the APAC market will also witness the fastest growth throughout the forecast period.
Thus, the burgeoning demand for paints and coatings and rising shift toward lightweight vehicles will augment the consumption of titanium dioxide in the forthcoming years.