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IN THE NEWSFebruary, 2021: Venator Materials PLC to increase the price for all its titanium dioxide pigments for coatings, plastics, inks and paper applications, effective from April 1, 2021.
The global titanium dioxide nanoparticles market is estimated to grow at a CAGR of ~14% over the forecast period, i.e., 2022 – 2030. The growth of the market can be attributed to the increasing applications of titanium dioxide nanoparticles in various industries, such as, chemical, petrochemical, paper, and others. Titanium dioxide nanoparticles possess different physiochemical properties than its fine particles, such as, higher bioactivity, which is estimated to boost the demand for nanoparticles over other forms of titanium dioxide. Increasing use of these particles in the pharmaceutical industry as pigment for gelatin capsules and tablet coatings, is also expected to boost the market growth. The pharmaceutical industry was valued over USD 1.2 trillion in 2019, and has experienced tremendous growth in 2020-21, which is anticipated to positively influence the market growth. Moreover, the growth in the construction industry is also expected to boost the market growth, owing to the growing usage of titanium dioxide nanoparticles for paints and coatings.
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The market is segmented by application into paints & coating, pharmaceuticals, plastics, inks, and others, out of which, the paints & coatings segment is anticipated to hold the largest share in the global titanium dioxide nanoparticles market over the forecast period on account of increasing use of titanium dioxide nanoparticles in the paint & coating industry, as it provides higher opacity and brightness to the paint. The high refractive index of these particles makes the paint brighter, opaque and provides better coverage. Moreover, the paint with added titanium dioxide nanoparticles is more durable, which is estimated to boost the segment growth.
The chemical industry is a major component of the economy. According to the U.S. Bureau of Economic Analysis, in 2020, for the U.S., the value added by chemical products as a percentage of GDP was around 1.9%. Additionally, according to the World Bank, Chemical industry in the U.S. accounted for 16.43% to manufacturing value-added in 2018. With the growing demand from end-users, the market for chemical products is expected to grow in future. According to UNEP (United Nations Environment Programme), the sales of chemicals are projected to almost double from 2017 to 2030. In the current scenario, Asia Pacific is the largest chemical producing and consuming region. China has the world’s largest chemical industry, that accounted for annual sales of approximately more than USD 1.5 trillion, or about more than one-third of global sales, in recent years. Additionally, a vast consumer base and favourable government policies have boosted investment in China’s chemical industry. Easy availability of low-cost raw material & labour as well as government subsidies and relaxed environmental norms have served as a production base for key vendors globally. On the other hand, according to the FICCI (Federation of Indian Chambers of Commerce & Industry), the chemical industry in India was valued at 163 billion in 2019 and it contributed 3.4% to the global chemical industry. It ranks 6th in global chemical production. This statistic shows the lucrative opportunity for the investment in businesses in Asia Pacific countries in the upcoming years.
On the basis of geographical analysis, the global titanium dioxide nanoparticles market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region. The market in North America region is estimated to witness noteworthy growth over the forecast period on the back of growing technical research in the region, with high investment in the R&D for advanced technological innovations in the field of medicines. Moreover, presence of major pharmaceutical companies in the countries, such as, Canada and United States, is estimated to boost the market growth.
The market in the Asia Pacific is estimated to garner significant share over the forecast period owing to the increasing investment in the pharmaceutical companies and growing generic drugs industry in countries, such as, China, and India. For instance, according to the data by the India Brand Equity Foundation (IBEF), the pharmaceutical market in India exported vaccines and generic drugs worth USD 24.44 billion in FY21. Moreover, APAC region is the nucleus of chemical industry, which is estimated to further fuel the market growth.
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The global titanium dioxide nanoparticles market is further classified on the basis of region as follows:
Our in-depth analysis of the global titanium dioxide nanoparticles market includes the following segments:
FREQUENTLY ASKED QUESTIONS
Various applications of titanium dioxide nanoparticles is the major growth factor for the market.
The market is anticipated to attain a CAGR of ~14% over the forecast period, i.e., 2022 – 2030.
High investment cost is estimated to hamper the market growth.
The market in the North America region is estimated to gain largest market share owing to the presence of major pharmaceutical companies.
The major players in the market are LB Group, TAYCA, Iluka Resources Limited, Evonik Industries AG, CINKARNA Celje d.d., KRONOS Worldwide, Inc., and others.
The company profiles are selected based on the revenues generated from the product segment, geographical presence of the company which determine the revenue generating capacity as well as the new products being launched into the market by the company.
The market is segmented by form, application, and by region.
The paint & coating segment is anticipated to hold largest market size over the forecast period and display significant growth opportunities owing to the growing use in paints, backed by brightness and opacity provided by the particles.
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