International. The global titanium dioxide market is expected to reach $31.19 billion by 2022, according to a new report from Grand View Research, Inc. The company also estimates that the titanium dioxide market will witness growth due to the increased use of it as a special coating material in automobiles and photovoltaic systems.
Paints and coatings was the segment with the highest estimated revenues of more than US$8.00 billion in 2014. Increased consumption of bleaching pigments in the paints and coatings industry is expected to drive growth in the forecast period.
The study analyzes that increased cosmetic spending in emerging BRICS economies is expected to account for growing awareness about personal hygiene to drive demand for products in the forecast period. In addition, the growing demand in the lightweight automotive sector, especially in developed countries, is expected to have a positive impact on the sector over the next seven years.
Ilmenite is mainly used in the manufacture of titanium dioxide, accounting for 45.0% of the total market in 2014. The emergence of new raw materials including rutile, synthetic rutile, and improved slag along with the wide availability is expected to result in the supply of raw material continuing to drive the growth of the market over the forecast period.
