The Global Titanium Dioxide Market is expected to reach USD 27.49 billion by 2024 owing to the increasing demand of titanium dioxide in paper, paint & coating, cosmetics, and plastic industries. In 2014, DuPont titanium technologies started a manufacturing facility in Alamira, Mexico having a capacity of 200,000 tons/year which will help in fulfilling the demand worldwide.
Rising demand for lightweight automobiles is expected to play a vital role in growth of global titanium dioxide market. Materials such as polycarbonates are used in manufacturing of lightweight automotive which have low scratch resistance value. Also, the product is used in various industries such as chemical intermediates, fiber, technical titanium, inks for printer and rubber.
Keeping these driving factors in mind, companies are ramping up their production capacity. In 2015, PPG International entered in a partnership agreement with Henan Billions Chemicals Co. LTD. to setup a new manufacturing unit for titanium dioxide which is expected to produce 100,000 metric tons per year to expand its footprint in Asia Pacific. Companies such as Argex Titanium are using unique patented CTL process which involves low cost feed stock material and solvent extraction method to produce high quality product.
Also, companies are focusing on increasing the applications of titanium dioxide int water treatment using techniques such as photo catalysis, in which titanium dioxide is used to speed up the solar disinfection process.
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PET dominated the global market contributing to USD 1.84 billion in 2016. The polymer was extensively used in rigid packaging on account of its high durability, transparency, and ease of moldability. Initiatives undertaken by companies such as Coca-Cola, P&G, and Heinz to use bio-based materials for packing beverages, sauces & spreads and cosmetics is expected to bolster the growth of the rigid packaging market.
Increasing demand for flexible packaging solutions on account of several benefits including size and weight particularly in food applications coupled with rising demand for biodegradable films is anticipated to boost the growth of the market. The segment is expected to grow at a volume CAGR of 20.6% from 2017 to 2024.
Food packaging accounted for 9% of the overall market share in 2016 and is likely to witness above average growth as a result of rising consumer requirement for eco-friendly packaging. Aesthetic attributes such as transparency, size, weight and presentation are expected to drive the growth of the segment over the projected period.
The growth of the global bioplastic packaging industry driven primarily by consumer demand is also likely to be favored by the implementation of stringent regulations for its synthetic counterparts. Despite the fall in crude oil prices, companies such as BASF, Arkema Dow, Solvay, and Braskem are continuing production at their facilities and focusing on R&D. These factors are likely to result in a tremendous growth of the global bioplastic packaging market growing at a revenue CAGR of 28.3% over the next seven years.
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