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Increase in demand for cosmetics such as sunscreens and mineral makeup has led to an increase in the share of TiO2 in the cosmetics industry
NEW YORK CITY, NEW YORK, UNITED STATES, July 22, 2022 /EINPresswire.com/ -- The global Titanium Dioxide (TiO2) Market is anticipated to grow at a rate of 4.2 % by 2028 in terms of value, to reach USD 30.72 Billion in 2028 from USD 22.10 Billion in 2020. The increasing application of the product for automotive paints and coating is a crucial factor influencing demand. Major automotive and aerospace manufacturers prefer TiO2 enriched paints for their vehicles for imparting a brighter and durable color. The product is the whitest and brightest of all known pigments that give a unique brightness and resilience to all types of vehicles such as cars, trucks, buses, cruise ships, trains, and airplanes.
North America is expected to be one of the key revenue generating regions in the forecast period and grow at a CAGR of 3.9% in the forecast period. North America accounts for around 25 percent of the total global beauty industry. The cosmetics industry in the region is characterized by increasing demand for portable compact beauty products. Growing awareness of health has led to an increase in the demand for products, which are easy to carry and are natural or contain very few chemicals. Additionally, the consumers demand multi-functional products i.e. products that perform functions of several products in one have also witnessed an increase. In such a scenario, compact powders, crayon lipsticks and sunscreens have gained a huge share.
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Major companies Tayca Corporation, Huntsman Corporation, The Chemours Company, Tronox Limited, Kronos Worldwide Inc., Evonik Industries AG, Cristal Global and Lomon Billions Group.
Key Trends of the Titanium Dioxide Market Titanium Dioxide market is projected to grow at a CAGR of 4.2% in terms of value and reach USD 30.72 Billion in 2028. Increasing adoption of the product across various applications globally is a key factor influencing growth. Industries such as paints and coatings and cosmetics account for a significant share of the total demand. The physical property of TiO2 is best suited to provide opacity, aesthetic appeal and durability in paints and coatings formulations. It provides longevity of the paint and the continued protection of the substrate. Its ability to hide underlying surface, is the primary factor for stable industrial demand for the paint and coating segment, across the globe. Increase in demand for cosmetics such as sunscreens and mineral makeup has led to an increase in the share of TiO2 in the cosmetics industry. For instance: Increasing incidence of skin cancer has led to increased adoption of sunscreens. Sunscreens play an important role in protecting the skin from UVA and UVB rays. While the UVA rays are responsible for pre-mature aging, UVB rays are significant contributors to sunburn. Studies have proven that adoption of sunscreens may help in the reduction of incidence of melanoma. North America is expected to be a key revenue generating region in the forecast period. In North America, titanium dioxide pigment is produced by four companies located in five facilities in the U.S (that holds 18.6% of global production capacity) and Canada (that holds 1.4% of global production capacity), as of 2017.
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Segments covered in the report:
This report forecasts volume and revenue growth at a global, regional & country level, and provides an analysis on the industry trends in each of the sub-segments from 2018 to 2028. For the purpose of this study, Reports and Data have segmented the Titanium Dioxide market on the basis of grade, process, application, end-user, cosmetic form, cosmetic products, cosmetics application and region:
Process Outlook: Chloride Process Sulfate Process
Application Outlook: Paints and Coatings Plastics Pulp & paper Cosmetics Others
End-users Outlook: Automotive Personal Care Pharmaceuticals Food & Beverage Construction Others
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North America Europe Asia Pacific Latin America Middle East & Africa
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