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 market for titanium dioxide 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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Moreover, the rapid shift toward self-cleaning technologies from conventional cleaning technologies, primarily for windows and smartphones, will escalate the usage of titanium dioxide in the coming years. Self-cleaning technologies deploy titanium dioxide nanomaterials, which offer resistance to dirt by initiating a reaction that breaks it down. Additionally, the compound in its photocatalyst form triggers an electrochemical reaction that activates it by producing free radicals. These free radicals can deactivate viruses, fungi, and bacteria and decompose pollutants, before dissipating, thereby offering self-cleaning properties.
Thus, the amplifying usage of the compound has encouraged the titanium dioxide market players, such as The Chemours Company, Venator Materials PLC, Tayca Corporation, Lomon Billions Group, Tronox Limited, and NL Industries, to merge with or acquire others, to widen their customer reach. For example, The Chemours Company acquired Southern Ionics Minerals LLC in August 2019. The latter is a manufacturing, mining, and mineral exploration company involved in the mining and processing of zirconium and titanium mineral sands.
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.
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