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Nanoparticle Titanium Dioxide Market is Expected to Reach $17.3 Billion by 2030

 
2022
Nanoparticle Titanium Dioxide Market

Report Code : A11862

quote "the global nanoparticle titanium dioxide market is expected to head toward growth expansion in the coming years, owing to rise in demand for nanoparticle titanium dioxide from plastic industry, paints & coatings, cosmetics, and cement industry. The growing plastic industry across developing economies, such as China and India, has increased demand for nanoparticle titanium dioxide as they are used as additives for production of plastics. In addition, rise in demand for cement from the building & construction industry across the globe has increased demand for nanoparticle titanium dioxide as they are used as additives to enhance strength, durability, and mechanical properties of cement. " quote

Eswara Prasad
Manager, Chemical and Material at Allied Market Research

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According to a new report published by Allied Market Research, titled, “nanoparticle titanium dioxide market: opportunity analysis and industry forecast, 2021–2030,” 

The global nanoparticle titanium dioxide market was valued at $9.7 billion in 2020, and is projected to reach $17.3 billion by 2030, growing at a CAGR of 6.1% from 2021 to 2030.

Nanoparticle titanium dioxide is also called as ultrafine titanium dioxide. It is a particle of titanium dioxide (TiO2) having diameter less than 100 nm. Ultrafine TiO2 is widely used in the cosmetic industry for manufacturing of sunscreens, owing to its ability to block ultraviolet radiation while remaining transparent on the skin. The health risks of nanoparticle titanium dioxide are considered extremely low from dermal exposure on contact with skin. Due to this it is considered more safer than other substances used for ultraviolet protection.

Demand for nanoparticle titanium dioxide has witnessed tremendous growth driven by increasing penetration in applications such as paints and coatings, pigments, cosmetics, plastic, and energy. The nanoparticle titanium dioxide industry is currently in its growth phase. All industry players are investing heavily to find new commercial avenues for their product segments via strategic partnership and collaborations. Some of the major factors that drive demand for nanoparticle titanium dioxide include surge in demand for passive protective coatings, growth in penetration of UV-filters in personal care products and sunscreens, trend toward environmental sustainability, and product approval from regulatory bodies. However, toxicity at higher concentration and adverse effects of nanoparticle titanium dioxide on marine life and environment are expected to hamper growth of the nanoparticle titanium dioxide market during the forecast period. Furthermore, expanding paints & coatings, pigments, and cosmetic market and increasing disposable income in emerging economies is expected to provide growth opportunities for the nanoparticle titanium dioxide market during the forecast period.

By type, the global nanoparticle titanium dioxide market size is studied across rutile and anatase. The rutile segment accounted for the largest market share in 2020, owing to surge in its demand from end-use industries such as plastic and paints & coatings due to its properties such as greater dispersion, higher birefringence, and greater refractive index (RI) at visible wavelengths. The rutile segment dominated the global nanoparticle titanium dioxide market with two-fifths of the total market share in 2020.

By application, the global nanoparticle titanium dioxide market is studied across paints & coatings, pigments, cosmetics, plastics, energy, and others. The paints & coatings segment emerged as the leader in 2020, owing to growing consumption of nanoparticle titanium dioxide as additive from paints & coatings industry for the formulation of paints. The paints & coatings segment dominated the global market with more than one-third of the total market share in 2020.

Region-wise, the global nanoparticle titanium dioxide market is studied across North America, Europe, Asia-Pacific, and LAMEA. Asia-Pacific accounted for the major nanoparticle titanium dioxide market share in 2020, and dominated the global market with more than one-third in 2020.

The major players studied and profiled in the global nanoparticle titanium dioxide market are BASF SE, Cabot Corporation, Cinkarna Celje d.d., Croda International Plc, Evonik Industries AG, Kronos Worldwide, Inc., Tayca Corporation, The Chemours Company, Tronox Holdings Plc, and Venator Materials Plc.

COVID-19 analysis:

  • According to the International Monetary Fund (IMF), owing to the outbreak of novel coronavirus (COVID-19), the global economy shrunk by 3.0% in 2020. Many countries are under strict lockdowns, which have forced several sectors to shut down their operations. This has halted manufacturing activities and reduced demand and production of nanoparticle titanium dioxide.
  • According to the United Nations Industrial Development Organization (UNIDO), the Micro, Small & Medium Enterprises (MSME) sector across developing economies, such as India, have been worst affected due to the COVID-19 outbreak and the lockdown imposed thereafter. This is expected to decline demand for nanoparticle titanium dioxide from various end-use industries such as paints & coatings, and cosmetic industries. In addition, in the second half of 2020, some countries started to lift restrictions and gradually start business operations in various sectors. Even with the gradual lifting of the lockdown, it is expected to be challenging for the manufacturing sector to get back to normal working conditions. This is expected to subsequently affect the nanoparticle titanium dioxide market growth in the coming years.
  • According to the UNIDO, 30.0%–70.0% of pre-COVID-19 workforce of various manufacturing industries, such as cement, plastic, and paints & coatings, have migrated back to their hometowns due to uncertainties and loss of income during the lockdown. This non-availability or less availability of workforce is expected to directly affect production activities of these industries, thereby resulting in decline in demand for raw material such as nanoparticle titanium dioxide. This is expected to decline growth of the market during the forecast period. 
  • Attributed to the COVID-19 pandemic, the paints & coatings manufacturing units across various countries have been shut down amid lockdown imposed by governments of various countries across the globe. As a result, demand for nanoparticle titanium dioxide as additive for formulation of paints has declined significantly, which declines growth of the market during the forecast period.
  • Attributed to the outbreak of COVID-19 pandemic, the construction of various residential, commercial, and industrial projects has been halted amid lockdown. As a result, demand from cement industry has been declined, which led to downfall of its production. In addition, amid lockdown, various cement plants and production activities were shut down, which resulted in decline in demand for nanoparticle titanium dioxide as additive in manufacturing of cement.
  • Nanoparticle titanium dioxide is widely used in the plastic industry as additive. The plastic industry has been affected badly amid the lockdown imposed due to the COVID-19 outbreak, resulting in shutdown of production activities. As a result, demand for nanoparticle titanium dioxide has been declined significantly, and this trend is expected to continue till the imposed lockdown continues across various countries in the world.
  • The COVID-19 pandemic has changed the consumer buying pattern and made consumers conservative, leading to decline in their spending for non-essentials products. Nationwide lockdowns and social distancing measures implemented by leading countries, such as India, the UK, Italy, Spain, and Russia, have negatively impacted the demand of cosmetics in these countries. During the COVID-19 pandemic, the cosmetic sales of major cosmetic manufacturers, Kao Corporation and Revlon Inc., decreased by 11.4% and 18.1%, respectively, in the first quarter of 2020 as compared to the first quarter of 2019. Therefore, the demand of nanoparticle titanium dioxide declined significantly due to decrease in demand for cosmetics during the pandemic.
  •  The demand for pigments was negatively impacted due to COVID-19 in 2020. The disruption in the global supply chain, coupled with reduced demand from various end-user industries such as paints & coatings, plastics, and textiles has negatively impacted demand for pigments. The paints & coatings industry were severely impacted as the global automotive industry witnessed a decline in production in 2020 which was approximately 77.6 million units, down by 16.0% compared to 2019. In addition, reduced demand from the construction industry, owing to work stoppages and labor shortages has impacted demand for paints and coatings, thereby impacting demand for pigments. Owing to this demand for nanoparticle titanium dioxide from pigments manufacturers are anticipated to decline during the forecast period.

Key findings of the study

  • In 2020, Asia-Pacific dominated the global nanoparticle titanium dioxide market with around 37.7% share, in terms of revenue. In addition, it is also projected to grow at a highest CAGR of 6.6% in terms of value.
  • The rutile segment dominated the global nanoparticle market with around 40% of the share in terms of revenue. In addition, it is also projected to grow at the highest CAGR of 6.4%, in terms of revenue
  • The paints & coatings segment dominated the global nanoparticle titanium dioxide market with around 38.11% of the share in terms of revenue.
  • The pigments segment is projected to grow at the highest CAGR of 7.1% in terms of revenue.

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quote Nanoparticle Titanium Dioxide Market by Type (Rutile, Anatase, and Combination of Rutile & Anatase) and Application (Paints & Coatings, Pigments, Cosmetics, Plastics, Energy, and Others): Global Opportunity Analysis and Industry Forecast, 2021-2030 quote

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