Titanium dioxide, also known as titania, refers to finely divided white powders which are chemically unreactive or inert, in contrast to the commonly used substances for coating and paper filling systems. This naturally occurring crystalline mineral is used for obtaining high opacity in the pulp and paper industry, owing to the high light reflectivity, small particle size, and low light absorption properties of this substance. In their finely divided form, titanium dioxide pigments are extremely white, even at low concentration levels. Owing to this feature, such pigments are being increasingly used for enhancing the brightness of paper.
Additionally, the rising consumption of titania in the paints and coatings industry, owing to the mineral’s low haze and low-cost , will also drive the titanium dioxide market at 4.5% CAGR during the forecast period (2020–2030). Thus, the surging sales of paints and coatings, due to the rapidly improving economic conditions, a spike in the urban population, extensive household spending, and huge construction expenditure in numerous countries will aid the market in generating a revenue of $24,026.1 million by 2030.
In recent years, titanium dioxide manufacturers such as Alchemy Heavy Metals Pvt. Ltd., Lomon Billions, China Northern Rare Earth Group High-Tech Co. Ltd., Travancore Titanium Products Ltd., Huntsman International LLC, PRECHEZA a.s., Venator Materials PLC, TAYCA CORPORATION, Titanos Group, The Chemours Company, Kilburn Chemicals Ltd., and Tronox Incorporated have been opting for mergers and acquisitions to cater to the pulp and paper, construction, and automotive industries, which use this compound in huge quantities. For instance, The Chemours Company completed the acquisition of Southern Ionics Minerals LLC, a mineral exploration, mining, and manufacturing company, in August 2019.
Globally, the Asia-Pacific (APAC) titanium dioxide market is expected to generate the highest revenue and demonstrate the fastest growth during the forecast period. This can be attributed to the surging number of production units and flourishing construction industry, owing to the escalating urbanization rate and soaring population, in the region. Moreover, the rising construction of hotels, offices, residential apartments, retail centers, and civic infrastructure, due to the growing infrastructure sector, will also support the market growth in the forecast years.
Thus, the increasing demand for paints and coatings from the construction sector and rising adoption of lightweight vehicles will fuel the consumption of titania in the foreseeable future.