The paints and coatings industry uses a large volume of titanium oxide as a major component in paint and coating pigments. This is because pigments containing titanium dioxide add a reflective feature to industrial and reflective paints, as they can scatter and absorb ultraviolet (UV) rays. Additionally, the compound possesses luminous, non-reactive, and non-toxic properties, which is why it increases the brightness and whiteness of paints and coatings. For instance, titanium-dioxide-based coatings for wind turbines offer protection from UV rays and a suitable white color to the structure.
Additionally, the rising adoption of lightweight vehicles, on account of the mounting concerns regarding automobile emissions, fuel efficiency, and carbon footprint, will amplify the usage of titanium dioxide. This compound is used in coatings that are applied on polycarbonate structures that are used in the production of lightweight automobiles, as these coatings provide stability, durability, and scratch resistance. This will, therefore, accelerate the titanium dioxide market at a CAGR of 4.5% during 2020–2030. The market stood at $15,020.1 million in 2019, and it will reach $24,026.1 million in 2030.
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According to P&S Intelligence, the Asia-Pacific region will register the maximum consumption of titanium dioxide in the foreseeable future. This can be attributed to the setting up of numerous production facilities and expanding construction sector, on account of the migration to urban areas and population growth. Moreover, an increase in the construction of infrastructure facilities, such as retail centers, hotels, offices, apartments, and civic service units, will boost the application of titanium-dioxide-based paints and coatings. Furthermore, the compound also finds wide application in the inks and paper, cosmetics, and plastics industries of the region.
Therefore, with the growing usage of paints and coatings in the construction and automotive industries, the demand for titanium dioxide will surge in the future.
Read More: https://www.psmarketresearch.com/market-analysis/titanium-dioxide-market
