Titanium Dioxide Market Growth & Trends

The global titanium dioxide (TiO₂) market is projected to attain a total valuation of USD 31.79 billion by 2030, expanding at a compound annual growth rate (CAGR) of 6.6% over the forecast period, according to a new study by Grand View Research, Inc. This market growth is largely driven by the rising consumption of titanium dioxide in industrial coatings, where it plays a crucial role in enhancing durability, opacity, brightness, and tinting strength. These properties make it an essential ingredient in coatings used for both residential and commercial interior and exterior surfaces.

Titanium dioxide is widely used in a variety of coating applications including those for aircraft, automobiles, household appliances, machinery, as well as traffic paints and other special-purpose coatings. The volume of titanium dioxide required in these paints and coatings can vary significantly depending on the desired color intensity, level of opacity, and the quality of the end product. In general, the higher the opacity demand, the greater the quantity of titanium dioxide that is incorporated into the paint or coating formulation.

Manufacturing Process & Raw Materials

Titanium dioxide is primarily produced using two manufacturing techniques: the sulfate process and the chloride process. The core raw materials employed in these processes include rutile ore, ilmenite ore, or titanium slag. Additionally, chemicals such as sulfuric acid, chlorine, and carbon are integral to the production process.

Rutile, a naturally occurring mineral form of titanium dioxide, is found in metamorphic, sedimentary, and igneous rocks. It is commonly used for manufacturing titanium metal as well as titanium dioxide pigments. When rutile is crushed into a fine white powder, it becomes suitable for use as a pigment in a wide range of products including paints, plastics, paper, food, and more. Both ilmenite and rutile are considered essential raw materials in the global production of titanium dioxide.

Market Drivers

One of the significant factors boosting the titanium dioxide market is the growing government support for the electric vehicle (EV) industry. This trend is positively influencing the automotive sector, thereby increasing the demand for titanium dioxide in automotive paints, coatings, and plastic components. For instance, the U.S. federal government provides a USD 7,500 consumer tax credit for the purchase of the first 200,000 electric vehicles sold by each automaker. Such policies are expected to drive growth in TiO₂ applications across EV manufacturing.

Competitive Landscape

The market features a combination of global giants and regional small and medium-sized enterprises (SMEs). Prominent industry participants include:

• The Chemours Company
• Tronox Holdings plc
• LB Group
• Venator
• Kronos Worldwide Inc.

These companies play a crucial role in shaping the global titanium dioxide landscape through continuous innovations and expansive supply chains.

Raw Material Pricing Impact

The prices and availability of key raw materials—particularly ilmenite and rutile ores—have a direct influence on the production costs and market price of titanium dioxide. For example, according to ScrapMonster, the price of ilmenite ore with a 50% concentration of TiO₂ surged by USD 1255 per metric ton (MT) as of March 22, 2023. Likewise, ilmenite ore with a 46% concentration of TiO₂ saw an increase of USD 961.16 per MT on the same date. These price hikes have significantly impacted the cost structure of titanium dioxide globally.

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Titanium Dioxide Market Report Highlights

• Rutile Grade Titanium Dioxide: This segment led the market with a 76.4% revenue share in 2023, due to its superior weathering resistance compared to the anatase grade. Rutile TiO₂ offers better performance in terms of hiding power and stability under high-temperature conditions. Notably, anatase TiO₂ tends to convert into rutile TiO₂ when exposed to elevated temperatures.
• Sulfate Process Dominance: The sulfate carrier production process was the most commonly used, accounting for 78.0% of the market revenue in 2023. This method involves treating iodine powder with concentrated sulfuric acid (H₂SO₄) to generate titanyl sulfate, which is subsequently hydrolyzed to produce metatitanic acid. This intermediate is then calcined and pulverized to yield white titanium dioxide powder.
• Paints & Coatings Application: This segment dominated the titanium dioxide market with a 44.2% share in 2023, driven by the widespread use of TiO₂ as a white pigment. Titanium dioxide is especially valued in this sector for its strong light-scattering properties, which contribute to the whiteness, brightness, and opacity of coatings.
• Asia Pacific Leadership: The Asia Pacific region emerged as the largest market, capturing 42.6% of the global revenue in 2023. The region's leadership is primarily attributed to rapid construction activity and an increase in demand from the automotive industry in emerging economies like India, Japan, and South Korea. These countries are experiencing robust industrialization and urban development, further propelling market expansion.

Titanium Dioxide Market Segmentation

Grand View Research has segmented the titanium dioxide market based on grade, carrier production process, application, and region:

Grade Outlook (Volume, Kilotons, Revenue, USD Million; 2018 - 2030)

• Anatase
• Rutile

Carrier Production Process Outlook (Volume, Kilotons, Revenue, USD Million; 2018 - 2030)

• Sulfate
• Chloride

Application Outlook (Volume, Kilotons, Revenue, USD Million; 2018 - 2030)

• Paints & coatings
• Plastics
• Inks
• Paper and Pulp
• Cosmetics
• Other Applications

Region Outlook (Volume, Kilotons, Revenue, USD Million; 2018 - 2030)

• North America
  • US
  • Canada
  • Mexico
• Europe
  • Germany
  • UK
  • France
  • Italy
  • Spain
• Asia Pacific
  • China
  • India
  • Japan
  • South Korea
  • Austalia
• Central & South America
  • Brazil
  • Argentina
• Middle East & Africa
  • Saudi Arabia
  • South Africa

Key Players in the Titanium Dioxide Market

• The Chemours Company
• The Tronox Holdings plc
• LB Group
• Venator Materials PLC
• KRONOS Worldwide Inc.
• Evonik Industries AG
• Ishihara Sangyo Kaisha, Ltd.
• CNNC HUAN YUAN Titanium Dioxide Co., Ltd.
• The Kerala Minerals & Metals Limited
• CATHAY INDUSTRIES
• TOR Minerals International, Inc.

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