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Report
North America Titanium Dioxide - Market Share Analysis, Industry Trends & Statistics, Growth Forecasts 2019 - 2029
Market Report I 2024-02-17 I 100 Pages I Mordor Intelligence
The North America Titanium Dioxide Market size is estimated at 2.16 Million tons in 2024, and is expected to reach 2.58 Million tons by 2029, growing at a CAGR of 3.61% during the forecast period (2024-2029).
The COVID-19 pandemic majorly affected countries across the region, resulting in severe lockdowns, confining millions of people in their homes, and shutting down businesses, production, and manufacturing facilities, resulting in no economic activity. However, the market retained its growth trajectory in 2022.
Key Highlights
-The major factor driving the studied market is the growing construction industry in the region. Moreover, the rising automotive production is expected to fuel the growth of the market. On the flip side, toxicity and stringent environmental policies of titanium dioxide are expected to hinder the market's growth.
-Nevertheless, the increasing usage of ultrafine particles of titanium dioxide in cosmetics and construction industries is expected to act as an opportunity in the future. The United States dominated the North American titanium dioxide market and is expected to continue doing so in the coming years.
North America Titanium Dioxide Market Trends
Paints and Coatings to Dominate the Market
- Titanium dioxide is an effective white pigment for achieving high whiteness and hiding power in paints and coatings. It delivers optimal whiteness and opacity when used in paints. It offers paint a strong hiding power, allowing it to mask or hide the substrate beneath.
- Today, titanium dioxide pigment is by far the most essential ingredient utilized for whiteness and opacity in the paint industry. This is due to its high refractive index and ability to transmit visible light. Titanium dioxide is particularly appealing because of its spherical shape, appropriate particle size, and availability of a variety of post-treatment alternatives.
- According to the American Coatings Association, in 2022, architectural coating made up 51% of the total United States paints and coatings market, while original equipment manufacturer (OEM) and special purpose coatings made up 29% and 20% each. In 2023, the paints and coating market in the United States is forecasted to reach USD 33.44 billion by the association.
- Canada has around 260 paint and coatings manufacturers. The Canadian domestic paint and coating manufacturing industry is very small compared to its neighbor, the United States, and contributes less than 0.5% to its annual GDP. Some of the major companies that provide paints and coatings in the country include Akzo Nobel, Axalta, Behr, and Cloverdale Paint.
- In August 2022, PPG announced that it would invest USD 11 million to double the production capacity of its powder coating plant in San Juan del Rio, Mexico. The expansion project is expected to be completed by mid-2023 and will allow the plant to meet the expected demand for powder coatings in Mexico.
- Hence, owing to such factors, the paints and coatings sector is expected to dominate the North American titanium dioxide market.
United States to Dominate the Market
- In North America, the United States dominates the titanium dioxide market. With the rising production in industries such as cosmetics, paints and coatings, and paper, the consumption of titanium dioxide is projected to increase noticeably during the forecast period.
- As of October 2022, Sherwin-Williams plans to expand 36,000 square feet to its existing 200,000 square foot manufacturing facility and a new 800,000 square foot distribution and fleet transportation center in Statesville, North Carolina. The on-site facility upgrade will add millions of gallons of annual production capacity and help the company meet the growing demand for architectural paints and coatings. Sherwin-Williams plans to invest at least USD 300 million in the project, and the project will be completed by the end of 2024.
- Further, the growing demand for paints and coatings from the construction and automotive industries in the country is driving the titanium dioxide market.
- According to the United States Census Bureau, the annual value for new construction put in place in the United States accounted for USD 1.79 trillion in 2022, compared to USD 1.63 trillion in 2021. Moreover, the annual value of residential construction put in place in the United States was valued at USD 908 billion in 2022, which is an increase of 13%, as compared to USD 803 billion in 2021.
- The United States is one of the largest markets for the beauty and cosmetic industry. The country ranks as the largest consumer market for beauty and cosmetics products, representing a share of approximately 20% of the total global market and generating around USD 50 billion annually in cosmetic sales.
- According to a study conducted by Groupon, American women spend close to USD 3,700 on various beauty products and services every year, signifying the considerably high expenditure on such products.
- The United States has the second-largest pulp and paper industry in the world. Several major paper manufacturers, like International Paper, Georgia-Pacific, Westrock, etc., operate in the country.
- Hence, with the rapidly growing end-user industries in the country, the United States is expected to dominate the titanium dioxide market during the forecast period.
North America Titanium Dioxide Industry Overview
The North America Titanium Dioxide Market is consolidated in nature. Some of the major players (not in any particular order) include The Chemours Company, Tronox Holding plc, Kronos Worldwide, Inc., INEOS, and LB Group, among others.
Additional Benefits:
- The market estimate (ME) sheet in Excel format
- 3 months of analyst support
1 INTRODUCTION
1.1 Study Assumptions
1.2 Scope of the Study
2 RESEARCH METHODOLOGY
3 EXECUTIVE SUMMARY
4 MARKET DYNAMICS
4.1 Drivers
4.1.1 Growing Construction Industry
4.1.2 Rising Automotive Production
4.1.3 Other Drivers
4.2 Restraints
4.2.1 Toxicity and Stringent Environmental Policies of Titanium Dioxide
4.2.2 Fluctuations in the Price of Titanium Dioxide
4.3 Industry Value Chain Analysis
4.4 Porter's Five Forces Analysis
4.4.1 Threat of New Entrants
4.4.2 Bargaining Power of Buyers
4.4.3 Bargaining Power of Suppliers
4.4.4 Threat of Substitute Products and Services
4.4.5 Degree of Competition
5 MARKET SEGMENTATION (Market Size in Volume)
5.1 Grade
5.1.1 Rutile
5.1.2 Anatase
5.2 Application
5.2.1 Paints and Coatings
5.2.2 Plastics
5.2.3 Pulp and Paper
5.2.4 Cosmetics
5.2.5 Other Applications (Leather, Textiles, Pharmaceuticals, Food Colorants, etc.)
5.3 Geography
5.3.1 United States
5.3.2 Canada
5.3.3 Mexico
6 COMPETITIVE LANDSCAPE
6.1 Mergers and Acquisitions, Joint Ventures, Collaborations, and Agreements
6.2 Market Share (%)**/Ranking Analysis
6.3 Strategies Adopted by Leading Players
6.4 Company Profiles
6.4.1 Evonik Industries AG
6.4.2 ILUKA RESOURCES LIMITED
6.4.3 INEOS
6.4.4 Kronos Worldwide, Inc.
6.4.5 LB Group
6.4.6 Splendor Titanium Inc.
6.4.7 TAYCA
6.4.8 The Chemours Company
6.4.9 The Kish Company, Inc.
6.4.10 Tronox Holdings plc
6.4.11 Venator Materials PLC
7 MARKET OPPORTUNITIES AND FUTURE TRENDS
7.1 Increasing Usage of Titanium Dioxide Ultrafine Particles in Cosmetics and Construction Industries
7.2 Other Opportunities
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