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Titanium Market
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The global titanium dioxide market size 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, titled, “Titanium dioxide Market Size, Share &COVID-19 Impact Analysis, By Process (Sulfate, and Chloride), By Application (Paints & coatings, Plastics, Paper, and Others), and Regional Forecast, 2020-2027.” 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.
Impact of COVID-19 on this market:
The global factory shutdowns amid the COVID-19 outbreak have crippled the already stumbling global automotive industry. This is affecting the demand for TiO2 on a negative scale as the former is the key application area of the latter. Key players operating in the market are finding new opportunities to counter this issue. At Fortune Business Insights, we are offering comprehensive reports to offer you customized solutions to such challenges.
Report Coverage-
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 FACTORS
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.
Competitive Landscape-
Business Expansion to Help Key Players Gain Competitive Edge
Key players operating in the global titanium dioxide market comprise manufacturers and developers that are currently focused on business expansion. For example, DuPont recently improved its production capacity in order to gain competitive advantage over other players. The company constructed a new plant to produceTiO2 in Mexico and upgraded the existing one.
Information Source:
https://www.fortunebusinessinsights.com/titanium-dioxide-tio2-market-102390
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