The rapid expansion of the paints and coatings industry is one of the biggest factors responsible for the ballooning demand for titanium dioxide across the world. As per the observations of the World Paint & Coatings Industry Association, in 2019, the total value of the worldwide paint and coatings sales was $172.8 billion. This was mainly because of the high construction expenditure, thriving automotive industry, the presence of a large urban population, and better economic conditions in various countries.
The escalating requirement for paints and coatings is pushing up the sales of titanium dioxide. This is because this compound is an integral component of various paints and coatings pigments. Besides this factor, the growing deployment of lightweight vehicles, on account of the rising concerns being raised over automotive emissions, fuel efficiency, and carbon footprints, is also fueling the titanium dioxide market boom. This compound is extensively used in the coatings, which are applied on several polycarbonate structures.
These structures are heavily used in lightweight automobile manufacturing. Titanium dioxide-based coatings are applied on the polycarbonate structures for impacting stability, durability, and scratch resistance to them. Apart from these factors, the low haze and price and the ability of the material to easily blend with various solvents such as water, alcohol, and oil, which is very advantageous for the paints and coatings industry, are also fueling the surging sales of the material.
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This is subsequently causing the boom of the global titanium dioxide market. As a result, the industry valuation is predicted to grow from $15,020.1 million to $24,026.1 million from 2019 to 2030. Furthermore, the market is predicted to advance at a CAGR of 4.5% between 2020 and 2030. Depending on process, the market is bifurcated into chloride and sulphate. Between the two, the sulphate category recorded higher growth in the market in the past years.
This is because the sulphate process allows the extraction of the compound from all ores— rutile, titania slag, and ilmenite, unlike the chloride process, which only allows the extraction of the compound from rutile ores. Additionally, the sulphate process uses mature and simpler technology for the extraction. Moreover, the equipment and devices used during sulphate-based extraction processes are highly resistant to corrosion and easy to use. Because of these reasons, the sulphate category will register higher growth in the future.
Geographically, the titanium dioxide market is currently recording the highest growth in the Asia-Pacific (APAC) region, as per the findings of P&S Intelligence, a market research company based in India. This is credited to the rapid setting up of various production plants and facilities and the presence of a flourishing construction industry, on account of the increasing migration of people to cities and towns and the surging population, in the regional countries.
Hence, it is safe to say that the demand for titanium dioxide would explode all around the world in the coming years, mainly because of the growing requirement for the compound in the paints and coatings and automobile industries.