The global titanium dioxide market has been anticipated to exhibit a considerably consolidated characteristic with leading participants reserving a significant percentage of share. Suppliers from China, however, could account for a lower share compared to the consolidated share of top global players in the industry, according to Transparency Market Research (TMR). Nevertheless, companies operating in the China titanium dioxide market are envisaged to increase their shares globally because of the dominating presence of the country on an international platform.
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With a view to work toward achieving the qualitative and quantitative requirements of end users in the global and China titanium dioxide market, players could look to employ proprietary manufacturing technologies to up their product standards. Tronox Limited, Kronos Worldwide Inc., CRISTAL, and The Chemours Company have been expected to be some of the important players in the titanium dioxide market.
As per a market intelligence report authored by TMR, the world titanium dioxide market has been expected to secure a revenue of US$16.79 bn by 2023 while growing at a 3.7% CAGR for the forecast period 2015–2023. Paints and coatings could be a larger application whereas Asia Pacific has been expected to grow faster in the world titanium dioxide market.
Demand for Lightweight Vehicles Conforming to Environmental Regulations Bodes Well
The global titanium dioxide market has been predicted to witness an escalating growth due to a surging expansion of the construction sector and lightweight automobiles attracting a high demand. The increasing preference for environment-friendly vehicles on account of elevating environmental concerns worldwide could boost the need for lightweight automobiles. This could aggravate the demand in the global titanium dioxide market since the inorganic material is extensively employed for coating polycarbonates utilized for manufacturing lightweight automobiles.
With Asia Pacific envisioned to be the epicenter of the boom in the construction sector, the China titanium dioxide market could rake in an impressive revenue valuation in the near future due to reliable investments. The construction growth has also been foretold to stimulate demand in the China titanium dioxide market from other industries such as paints and coatings.
Other factors that could significantly contribute toward the growth of the global and China titanium dioxide market are application in plastic production for enhancing strength, color, and opacity characteristics coupled with efficiency and moderate demand from the paper and packaging sector.
Tighter Government Regulations Regarding Production Wastes Pose Challenge
The expansion of the global and China titanium dioxide market could be delayed owing to the fact that the production process includes the release of a number of harmful acid and solid wastes. Especially in the developed regions of the global titanium dioxide market, there could be a strict implementation of regulations pertaining to the disposal and emission of such wastes. The sulfate process of producing titanium dioxide releases large amounts of solid waste.
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However, although the sulfate process is widely used across the globe, the chloride process has been foreseen to attract a preferential shift due to advantages such as better performance. In order to work in conformity with government regulations, most manufacturers in the China titanium dioxide market have been projected to adopt alternative production processes. Besides this, the China titanium dioxide market has been prognosticated to improve its annual output on the back of a rebounding progress and increasing product prices.