International. The global titanium dioxide market is forecast to expand at a moderate pace within the forecast period between 2015 and 2023. The market appears to be immensely consolidated due to the existence of several well-known players in the market, according to the Transparency Market Research report.
According to the report, the global titanium dioxide market is likely to experience growth at a rate of 3.7% CAGR within the forecast period of 2015 to 2023. This market was valued at around US$12.18 billion in the year, 2014. This value is expected to reach an approximate value of US$16.79 thousand by the end of 2023.
By segment, paints and coatings are projected to grow at a breakneck pace, leading the global market by 2023.
This is due to the high use of titanium dioxide in the manufacture of paints and coatings, along with an increase in construction activities. On the basis of geography, the global titanium market is dominated by the Asia Pacific region, with the highest amount of revenue by the end of 2023. Increasing demand for titanium dioxide in countries such as China, along with several key players investing heavily in production is anticipated that the nation's facilities will fill the market demand for titanium dioxide in the market.
The modernization of the construction sector in developed nations after the financial decline in recent years is giving a critical boost to titanium dioxide manufacturers. Apart from this, the significant growth of the construction industry in the developing regions is awakening the development of the global titanium dioxide market. The growing demand for light vehicles, deductible from growing concerns regarding the emission of hazardous gases and the inclination towards nature-friendly options, is also favoring the growth of the market.
On the other hand, the stimulating growth of the market is blocked by strict environmental rules and regulations. Hazardous waste and unsafe acids produced during the manufacture of titanium dioxide are convincing governments around the world to impose strict rules. The effect of this factor is particularly high in developed nations.
Be that as it may, in China, manufacturers are adopting several new and other production methods to control the unfavorable impacts caused by titanium dioxide. The approach of such procedures is anticipated to make several areas of development in the future for the titanium dioxide market.
