Global Titanium Dioxide Market: Size & Forecast Impact Analysis of COVID-19 and Forecast up to 2028

DELHI, India - Oct. 4, 2023 - PRLog -- Titanium dioxide (TiO2) is a naturally occurring compound primarily used as a white pigment in various industrial and consumer applications. It is renowned for its exceptional opacity, brightness, and ability to reflect light, making it a crucial ingredient in products like paints, coatings, plastics, papers, cosmetics, and food items. The global titanium dioxide market in 2022 was valued at US$19.87 billion and is expected to reach US$27.03 billion by 2028, growing at a CAGR of 5.26%, during the forecast period of 2023-2028.

The global titanium dioxide pigment market production capacity reached 9.47 million tons in 2022. The booming construction and automotive sectors have escalated the demand for paints, coatings, and plastics, thereby increasing the need for TiO2 as a critical component. While there is an abundant geological reserve of titanium dioxide, the current production capacity falls short of satisfying future demand. This adjustment is also expected to encourage the development of new projects that are currently in progress or still in the planning stages. Consumption tends to parallel general economic trends for the end-use applications. Ultrafine grades of titanium dioxide (particle sizes between 1nm - 150nm) are used as catalysts, UV blockers, color pigment precursors, and electroceramics. This area is growing but is still relatively small.

The top four players accounted for more than 50% of the total production volume for titanium dioxide in 2022. Prominent players are adopting strategies such as expansion, mergers & acquisitions, and partnerships to strengthen their market presence in various regions.

Key players of the titanium dioxide market are:

Ineos Group
Tronox Holdings Plc.
Kronos Worldwide, Inc.
The Chemours Company
Evonik Industries AG
Iluka Resources Limited
Venator Materials PLC
LB Group (Lomon Billions)
Ishihara Sangyo Kaisha, Ltd.
Kerala Minerals and Metals Ltd.
CNNC Hua Yuan Titanium Dioxide Co., Ltd

Companies in the industry continuously invest in research and development to improve their production processes, enhance product quality, and develop new applications. In January 2022, LB Group announced the investment of US$157.6 million at the Xiangyang site to construct a new 200ktpa titanium dioxide (TiO2) pigment finishing plant. Two TiO2 pigment finishing lines would be built, each with the ability to process 100ktpa TiO2 pigment intermediate product.

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