According to a new report by Grand View Research, the global titanium dioxide market size is expected to reach USD 32.41 billion by 2028, registering a CAGR of 8.9 percent over the forecast period.
The increasing application scope of the product as specialty coating materials in the automotive industry and photovoltaic systems is slated to drive the growth of the market during the forecast period.
Growing Product Consumption
The growing awareness among consumers of emerging economies, such as the BRICS nations, regarding personal hygiene and care has led to considerable growth of the cosmetics industry. The growing consumption of the product as a
UV filter and whitening agent in cosmetic goods is expected to drive the overall market during the forecast period.
The paints & coatings industry has been witnessing significant growth in recent years, mainly on account of the increasing consumption in key end-use verticals, including construction, automotive, aerospace, and energy & power. The growing product application scope as whitening pigments in paints & coatings is expected to have a positive impact on the titanium dioxide (TiO
2) market growth.
The plastics vertical is expected to witness the highest growth rate over the forecast period, in terms of revenue. The performance attributes of the product, including weather ability, whiteness, opacity, and lacing resistance, play a major role in the quality and effectiveness of plastic commodities.
Source: Grand View Research