TITANIUM DIOXIDE MARKET SIZE & SHARE ANALYSIS - GROWTH TRENDS & FORECASTS (2023 - 2028)

 

Titanium Dioxide Market Analysis:

The titanium dioxide market is anticipated to exceed 6 million tons by the conclusion of the current year. Furthermore, it is projected that the market will exhibit a compound annual growth rate (CAGR) of more than 4% throughout the forecast period.

The COVID-19 pandemic had an adverse impact on the market in 2020. The pandemic caused supply chain disruptions and labor shortages, which led to the suspension of manufacturing activities and construction work. Consequently, the demand from various application sectors, including paints and coatings, plastics, cosmetics, and others, was affected. For instance, L’Oréal, the world’s largest cosmetics company, incurred a loss of EUR 1,735 million (USD 2,024.52 million) during the first half of 2020 compared to the same period in 2019. However, the market’s growth trajectory was restored in 2022.

In the short term, the market’s growth is expected to be primarily driven by the rapidly increasing demand from the paints and coatings industry. Conversely, the toxicity of titanium dioxide is anticipated to impede the market’s growth. The use of ultrafine particles of titanium dioxide in the cosmetics and construction industries is expected to create opportunities during the forecast period.

The Asia-Pacific region dominated the global market and is expected to register the highest growth rate during the forecast period due to the rising consumption from China and India.

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