Titanium Dioxide Market

The titanium dioxide market is expected to see an upward consumption trend over the next eight years, with a forecasted increase in market volume and value. Consumption in 2022 remained stable compared to 2021, with the peak volume occurring in 2014. China, the United States, and India are the leading consumers of titanium dioxide. Production and imports showed mild decreases in 2022, with notable differences in import prices amongst countries. Exports saw a modest expansion, with China, India, and Germany being key exporters. Overall, the market is expected to see gradual growth in the immediate term.

Market Forecast

Driven by rising demand for titanium dioxide worldwide, the market is expected to start an upward consumption trend over the next eight years. The performance of the market is forecast to increase slightly, with an anticipated CAGR of +1.2% for the period from 2022 to 2030, which is projected to bring the market volume to 8.7M tons by the end of 2030.

In value terms, the market is forecast to increase with an anticipated CAGR of +3.3% for the period from 2022 to 2030, which is projected to bring the market value to $27.2B (in nominal prices) by the end of 2030.

Consumption

World Consumption of Titanium Dioxide

In 2022, global consumption of titanium dioxide contracted slightly to 7.9M tons, therefore, remained relatively stable against 2021 figures. In general, consumption showed a relatively flat trend pattern. Over the period under review, global consumption attained the peak volume at 8.5M tons in 2014; however, from 2015 to 2022, consumption remained at a lower figure.

The global titanium dioxide market revenue declined slightly to $20.9B in 2022, waning by -4.2% against the previous year. This figure reflects the total revenues of producers and importers (excluding logistics costs, retail marketing costs, and retailers' margins, which will be included in the final consumer price). Overall, consumption showed a slight shrinkage. The most prominent rate of growth was recorded in 2021 with an increase of 9.8% against the previous year. Over the period under review, the global market hit record highs at $25B in 2012; however, from 2013 to 2022, consumption stood at a somewhat lower figure.

Consumption By Country

The countries with the highest volumes of consumption in 2022 were China (1.9M tons), the United States (1.5M tons) and India (743K tons), with a combined 52% share of global consumption. Japan, Germany, Indonesia, Mexico, the UK, France, Senegal, Canada, Italy and Australia lagged somewhat behind, together accounting for a further 28%.

From 2012 to 2022, the biggest increases were recorded for Senegal (with a CAGR of +4.0%), while consumption for the other global leaders experienced more modest paces of growth.

In value terms, China ($3.8B), the United States ($3.6B) and Japan ($1.7B) were the countries with the highest levels of market value in 2022, with a combined 44% share of the global market.

China, with a CAGR of +1.5%, recorded the highest rates of growth with regard to market size among the main consuming countries over the period under review, while market for the other global leaders experienced mixed trends in the market figures.

The countries with the highest levels of titanium dioxide per capita consumption in 2022 were Senegal (9.6 kg per person), Australia (4.9 kg per person) and the United States (4.3 kg per person).

From 2012 to 2022, the most notable rate of growth in terms of consumption, amongst the key consuming countries, was attained by China (with a CAGR of +2.5%), while consumption for the other global leaders experienced more modest paces of growth.

Production

World Production of Titanium Dioxide

In 2022, approx. 7.9M tons of titanium dioxide were produced worldwide; approximately mirroring 2021 figures. In general, production recorded a relatively flat trend pattern. The most prominent rate of growth was recorded in 2013 with an increase of 3.8%. Global production peaked at 8.4M tons in 2014; however, from 2015 to 2022, production stood at a somewhat lower figure.

In value terms, titanium dioxide production reduced to $20.9B in 2022 estimated in export price. Overall, production showed a perceptible shrinkage. The growth pace was the most rapid in 2021 with an increase of 12% against the previous year. Global production peaked at $25.5B in 2012; however, from 2013 to 2022, production stood at a somewhat lower figure.

Production By Country

The countries with the highest volumes of production in 2022 were China (2M tons), the United States (1.4M tons) and India (761K tons), with a combined 53% share of global production. Japan, Germany, Indonesia, Mexico, the UK, France, Senegal, Canada, South Korea and Italy lagged somewhat behind, together comprising a further 29%.

From 2012 to 2022, the biggest increases were recorded for Senegal (with a CAGR of +4.0%), while production for the other global leaders experienced more modest paces of growth.

Imports

World Imports of Titanium Dioxide

Global titanium dioxide imports dropped to 298K tons in 2022, with a decrease of -6.8% against the year before. Overall, imports showed a mild decrease. The pace of growth appeared the most rapid in 2021 with an increase of 14% against the previous year. Global imports peaked at 348K tons in 2017; however, from 2018 to 2022, imports stood at a somewhat lower figure.

In value terms, titanium dioxide imports expanded notably to $1.1B in 2022. Over the period under review, imports showed a relatively flat trend pattern. The growth pace was the most rapid in 2021 with an increase of 29% against the previous year. Over the period under review, global imports reached the maximum at $1.1B in 2012; afterwards, it flattened through to 2022.

Imports By Country

The countries with the highest levels of titanium dioxide imports in 2022 were Germany (25K tons), the United States (24K tons), India (20K tons), Belgium (18K tons), Spain (16K tons), Brazil (14K tons), Vietnam (13K tons), Canada (12K tons), Japan (12K tons), the Netherlands (9K tons), Nigeria (7.7K tons) and China (7.6K tons), together reaching 60% of total import. South Africa (7.5K tons) followed a long way behind the leaders.

From 2012 to 2022, the most notable rate of growth in terms of purchases, amongst the main importing countries, was attained by the Netherlands (with a CAGR of +12.0%), while imports for the other global leaders experienced more modest paces of growth.

In value terms, Germany ($107M), the United States ($95M) and India ($71M) constituted the countries with the highest levels of imports in 2022, together comprising 26% of global imports. Belgium, Spain, Vietnam, Canada, Brazil, China, Japan, the Netherlands, South Africa and Nigeria lagged somewhat behind, together comprising a further 37%.

Vietnam, with a CAGR of +12.5%, recorded the highest growth rate of the value of imports, in terms of the main importing countries over the period under review, while purchases for the other global leaders experienced more modest paces of growth.

Import Prices By Country

The average titanium dioxide import price stood at $3,587 per ton in 2022, surging by 15% against the previous year. In general, the import price saw a relatively flat trend pattern. The most prominent rate of growth was recorded in 2017 an increase of 15% against the previous year. Global import price peaked in 2022 and is likely to see gradual growth in the immediate term.

There were significant differences in the average prices amongst the major importing countries. In 2022, amid the top importers, the country with the highest price was China ($5,349 per ton), while Nigeria ($2,167 per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Japan (+5.1%), while the other global leaders experienced more modest paces of growth.

Exports

World Exports of Titanium Dioxide

In 2022, approx. 274K tons of titanium dioxide were exported worldwide; waning by -9.9% on the previous year's figure. Over the period under review, exports, however, showed a modest expansion. The most prominent rate of growth was recorded in 2021 when exports increased by 23% against the previous year. As a result, the exports attained the peak of 304K tons, and then shrank in the following year.

In value terms, titanium dioxide exports fell to $840M in 2022. In general, exports saw a relatively flat trend pattern. The growth pace was the most rapid in 2021 when exports increased by 34%. Over the period under review, the global exports reached the maximum at $960M in 2013; however, from 2014 to 2022, the exports stood at a somewhat lower figure.

Exports By Country

In 2022, China (62K tons), distantly followed by India (39K tons), Germany (29K tons), France (21K tons), South Korea (19K tons), Belgium (16K tons), Indonesia (15K tons), Japan (15K tons) and the United States (14K tons) were the key exporters of titanium dioxide, together constituting 84% of total exports. Vietnam (8.5K tons) followed a long way behind the leaders.

From 2012 to 2022, the most notable rate of growth in terms of shipments, amongst the leading exporting countries, was attained by Vietnam (with a CAGR of +69.0%), while the other global leaders experienced more modest paces of growth.

In value terms, the largest titanium dioxide supplying countries worldwide were China ($154M), Germany ($131M) and France ($84M), with a combined 44% share of global exports. India, Japan, South Korea, Belgium, the United States, Vietnam and Indonesia lagged somewhat behind, together accounting for a further 43%.

Vietnam, with a CAGR of +73.1%, saw the highest growth rate of the value of exports, among the main exporting countries over the period under review, while shipments for the other global leaders experienced more modest paces of growth.

Export Prices By Country

In 2022, the average titanium dioxide export price amounted to $3,068 per ton, growing by 6.3% against the previous year. Overall, the export price, however, recorded a slight downturn. The pace of growth was the most pronounced in 2018 when the average export price increased by 12%. The global export price peaked at $3,460 per ton in 2012; however, from 2013 to 2022, the export prices failed to regain momentum.

There were significant differences in the average prices amongst the major exporting countries. In 2022, amid the top suppliers, the country with the highest price was Japan ($5,243 per ton), while Indonesia ($902 per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Vietnam (+2.5%), while the other global leaders experienced more modest paces of growth.

Source: IndexBox Market Intelligence Platform