The Global Titanium Dioxide Market share is anticipated to grow at a progressive rate owing to the increasing demand for this chemical compound in the automotive industry, observes Fortune Business Insights™ in its report, The globalTiO2 market size reached USD 16,640.4 million in 2019 and is anticipated to reach USD 24,092.5 million by 2027, exhibiting a CAGR of 6.0% during the forecast period.Rising demand for the chemical compound from various end-use industries in the region including automobile, construction, plastic, and papers is one of the major factors driving the growth of this market.
Salient Features of the Report
The Titanium Dioxide Market report includes a detailed company profile of key players and in-depth analysis of various market segments. It also includes close study of the various drivers and restraints that drive the market along with comprehensive understanding of the positive and negative impacts of regional developments developments on the market.
Market Segmentation
Extensive Utilization in Automobile Space to Help Paints and Coatings Segment Flourish
On the basis of application, the paints and coatings segment dominated the by holding the largest share in 2019. This is attributed to increasing application in automobiles and growing construction activities. The plastics segment showed impressive growth by holding 26.09% share of the market.
The Titanium Dioxide Market report includes a detailed company profile of key players and in-depth analysis of various market segments. It also includes close study of the various drivers and restraints that drive the market along with comprehensive understanding of the positive and negative impacts of regional developments on the market.
Driving Factor
Increasing Demand for Light-weight Vehicles to Drive Growth
According to the Office of Energy Efficiency and Renewable Energy, by reducing the weight of the vehicle by 10%, its fuel efficiency can be enhanced by 6%-8%. Stringent regulations from governments across the world regarding emission are driving manufacturers to adopt lightweight materials and components, such as alloys and polymer composite, for making fuel-efficient vehicles. This is projected to spurthe growth of the global market. In addition, growing applications of the material in the construction industry is anticipated to further enhance growth. However, the evident decrease in the supply of titanium dioxide owing to the prolonged shutdown of production units is anticipated to hinder its growth. thereby driving the Titanium Dioxide Market growth during the forecast period.
Industry Developments-
In March 2019, INEOS Enterprises signed a USD 700 million agreement to acquire Titanium Dioxide Company Limited (Cristal) from Tronox Limited. The company currently owns two plants that are located in Ashtabula Ohio, the U.S.
Information source:
https://www.fortunebusinessins....ights.com/titanium-d
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