Titanium Dioxide Market is anticipated to grow at a 5.2% CAGR from 2019 to 2030
Market Industry Reports (MIR) has published a new report titled “Titanium Dioxide Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2019–2030.” According to the report, the global titanium dioxide market was valued at over US$ 14.0 Bn in 2018 and is anticipated to grow at a CAGR of 5.2% from 2019 to 2030.
Rising demand from various end use industries such as automotive, construction, plastics, and cosmetics and growing demand for lightweight vehicles are some of the pivotal factors augmenting the market growth.
Escalating Demand for Lightweight Vehicles
Titanium dioxide market is driven by growing demand for lightweight vehicles. Owing to stringent norms related to automotive emission control across the globe, increasing concerns regarding fuel efficiency and reduction in carbon footprint, manufacturers are focusing on reducing the weight of the vehicle. Titanium dioxide is used for coating polycarbonate structures which is use in manufacturing of automobiles. It provides stability, scratch resistance, and durability to the product. Globally flourishing automotive industry is expected to favorably impact the demand for titanium dioxide in the coming years.
Browse key industry insights spread across 150 pages with market data tables & figures & charts from the report, Titanium Dioxide Market by Application (Paints & coatings, Plastic, Pulp & paper, Cosmetics and Others) - Global Analysis & Forecast, 2019-2030 in detail along with the table of contents:https://www.marketindustryreports.com/titanium-dioxide-market/59
Growing Demand from the Cosmetics Industry
Surging demand for cosmetics products is another factor driving the market growth. The cosmetic market is witnessing growth owing to rise in purchasing power of the consumers, and increasing awareness regarding self-grooming. Titanium dioxide is used as a pigment and thickener in face creams. Moreover, owing to its UV absorption characteristics it is also used in sunscreen products. With growing cosmetic industry, the demand for titanium dioxide is also expected to rise concomitantly.
Due to its carcinogenic effects titanium dioxide is highly regulated. Stringent government guidelines are one of the critical factors hindering the market growth. Income Recognition and Asset Classification (IRAC) has classified it under 2B carcinogens category. Furthermore, high cost of titanium dioxide is another major factor curbing the market growth across the globe.
Kronos Worldwide, Inc., The Chemours Company, Tronox Limited, and Huntsman Corp., are the dominant players operating in this market. Evonik Industries, Cristal and E. I. du Pont de Nemours and Company are some of the other prominent players operating in the market. Partnerships and mergers and acquisitions are the two key strategies adopted by the players present in this market.
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