The product has an increasing application scope in printing inks, rubber, and chemical fibers. In printing inks, it is used in flexographic, lamination, screen printing, UV-cured, and metal decorative inks. Rapidly expanding construction sector, especially in the U.S., is projected to contribute to the product demand in the years to come.
Thus, the rising number of residential and non-residential construction projects is augmenting the demand for paints & coatings, thereby boosting overall market growth. In addition, the high demand for anti-corrosive architectural coatings in the pigments has increased the demand for titanium dioxide.
The product prices in the U.S. are projected to be affected by the demand-supply imbalance in the country Furthermore, natural disasters in Florida and other parts of the country are anticipated to boost the construction market, thereby augmenting the titanium dioxide market growth.
Paints & coatings application segment led the market in 2018. TiO2 is being increasingly utilized in vehicle paints owing to its resilience and brightness. Also, its high refractive index makes it suitable for pigments in vehicles. Titanium dioxide, which is used as a filler material in the paper mill industry, has wide application scope in decorative foils, decor papers, and various print-based applications. The product used in magazine papers provides gloss making it more attractive. Rising use of fillers by papermakers is expected to fuel the segment growth over the forecast period.
Increasing investment for infrastructure development in emerging countries has been a dominant factor driving the demand for anticorrosion coatings, which in turn is expected to spur the market growth. Rising product usage as a whitening agent in the redecoration market is also expected to contribute to the industry growth over the forecast period. In the plastics industry, the product is widely used for making masterbatches. However, a rise in product prices is projected to increase the utilization of substitutes, such as antimony oxide, zinc oxide, carbonates, and lithopone. This is expected to challenge the market growth over the forecast period.
Asia Pacific is expected to remain the largest market in the next few years. Growing commercial and residential construction sector coupled with increasing investments in infrastructure development in the region is anticipated to augment the demand for TiO2. Europe is projected to witness a lucrative growth owing to the presence of numerous automobile manufacturers in countries, such as France and Germany.
Rising preference lightweight and Electric Vehicles (EVs) in the region is likely to assist the market growth further. As per statistics of OICA, the regional market observed growth of 3.1 percent in automotive production for the period 2016 to 2017. North America region accounted for 15.8 percent of market share in 2018, in terms of volume. Growing demand for paints & coatings from the infrastructure sector in the region is expected to spur the market over the next few years.
The product is used as an interior and exterior coating in various end-use applications. In Central and South America, the demand is expected to increase due to growing Photovoltaic (PV) installation market.