Titanium Dioxide Pigments Market

The global titanium dioxide pigments and colouring preparations market is expected to continue its upward consumption trend over the next eight years, with a projected CAGR of +0.7% in volume and +3.1% in value from 2022 to 2030. In 2022, consumption reached 8.3M tons, with market revenue rising sharply to $23.1B, showing a relatively stable trend pattern over the years. China, the United States, and Russia were the top consumers in 2022, while Belgium recorded the highest growth rate in consumption. Meanwhile, China dominated titanium dioxide pigments production, with the largest volume of exports in the world. The average import price stood at $3,317 per ton in 2022, while the average export price was slightly higher at $3,248 per ton, showing a steady trend pattern.

Market Forecast

Driven by increasing demand for titanium dioxide pigments and colouring preparations worldwide, the market is expected to continue an upward consumption trend over the next eight years. Market performance is forecast to retain its current trend pattern, expanding with an anticipated CAGR of +0.7% for the period from 2022 to 2030, which is projected to bring the market volume to 8.8M tons by the end of 2030.

In value terms, the market is forecast to increase with an anticipated CAGR of +3.1% for the period from 2022 to 2030, which is projected to bring the market value to $29.5B (in nominal prices) by the end of 2030.

Consumption

World Consumption of Titanium Dioxide Pigments and Colouring Preparations

In 2022, the amount of titanium dioxide pigments and colouring preparations consumed worldwide expanded slightly to 8.3M tons, surging by 4.9% on the year before. The total consumption volume increased at an average annual rate of +1.2% from 2012 to 2022; the trend pattern remained relatively stable, with somewhat noticeable fluctuations being observed throughout the analyzed period. The pace of growth appeared the most rapid in 2020 with an increase of 6.2% against the previous year. As a result, consumption attained the peak volume of 8.5M tons. From 2021 to 2022, the growth of the global consumption remained at a somewhat lower figure.

The global titanium dioxide pigments market revenue rose sharply to $23.1B in 2022, growing by 8.8% 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 recorded a relatively flat trend pattern. The most prominent rate of growth was recorded in 2017 with an increase of 9.7%. Over the period under review, the global market attained the maximum level in 2022 and is expected to retain growth in the immediate term.

Consumption By Country

The countries with the highest volumes of consumption in 2022 were China (1.7M tons), the United States (1.1M tons) and Russia (448K tons), together accounting for 40% of global consumption. Japan, India, South Korea, Mexico, Germany, Canada, Italy, the Netherlands, Belgium and Turkey lagged somewhat behind, together accounting for a further 28%.

From 2012 to 2022, the biggest increases were recorded for Belgium (with a CAGR of +18.4%), while consumption for the other global leaders experienced more modest paces of growth.

In value terms, the largest titanium dioxide pigments markets worldwide were China ($3.6B), the United States ($2.9B) and Japan ($1.4B), together accounting for 34% of the global market. Russia, India, South Korea, Germany, Canada, Mexico, the Netherlands, Italy, Turkey and Belgium lagged somewhat behind, together accounting for a further 30%.

Among the main consuming countries, Belgium, with a CAGR of +15.0%, recorded the highest rates of growth with regard to market size over the period under review, while market for the other global leaders experienced more modest paces of growth.

The countries with the highest levels of titanium dioxide pigments per capita consumption in 2022 were Belgium (14 kg per person), the Netherlands (10 kg per person) and South Korea (5 kg per person).

From 2012 to 2022, the biggest increases were recorded for Belgium (with a CAGR of +17.8%), while consumption for the other global leaders experienced more modest paces of growth.

Production

World Production of Titanium Dioxide Pigments and Colouring Preparations

In 2022, the amount of titanium dioxide pigments and colouring preparations produced worldwide amounted to 8M tons, growing by 1.8% compared with the previous year. In general, production showed a relatively flat trend pattern. The most prominent rate of growth was recorded in 2020 with an increase of 7.1% against the previous year. As a result, production attained the peak volume of 8.4M tons. From 2021 to 2022, global production growth remained at a lower figure.

In value terms, titanium dioxide pigments production amounted to $19B in 2022 estimated in export price. Over the period under review, production, however, recorded a mild decrease. The most prominent rate of growth was recorded in 2017 with an increase of 11%. Over the period under review, global production reached the maximum level at $22B in 2012; however, from 2013 to 2022, production failed to regain momentum.

Production By Country

China (3M tons) constituted the country with the largest volume of titanium dioxide pigments production, comprising approx. 38% of total volume. Moreover, titanium dioxide pigments production in China exceeded the figures recorded by the second-largest producer, the United States (1.3M tons), twofold. Japan (372K tons) ranked third in terms of total production with a 4.7% share.

In China, titanium dioxide pigments production expanded at an average annual rate of +3.4% over the period from 2012-2022. The remaining producing countries recorded the following average annual rates of production growth: the United States (-2.1% per year) and Japan (+0.0% per year).

Imports

World Imports of Titanium Dioxide Pigments and Colouring Preparations

In 2022, overseas purchases of titanium dioxide pigments and colouring preparations decreased by -6.8% to 4.3M tons for the first time since 2019, thus ending a two-year rising trend. The total import volume increased at an average annual rate of +4.3% from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. The pace of growth appeared the most rapid in 2013 with an increase of 12%. Over the period under review, global imports attained the maximum at 4.6M tons in 2021, and then contracted in the following year.

In value terms, titanium dioxide pigments imports expanded to $14.3B in 2022. Overall, total imports indicated a pronounced expansion from 2012 to 2022: its value increased at an average annual rate of +3.5% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, imports increased by +23.3% against 2018 indices. The pace of growth appeared the most rapid in 2017 with an increase of 30% against the previous year. Global imports peaked in 2022 and are likely to continue growth in the immediate term.

Imports By Country

The purchases of the twelve major importers of titanium dioxide pigments and colouring preparations, namely Belgium, India, the United States, Germany, Italy, Turkey, France, China, South Korea, Brazil, Mexico and Russia, represented more than half of total import. Indonesia (103K tons) followed a long way behind the leaders.

From 2012 to 2022, the most notable rate of growth in terms of purchases, amongst the key importing countries, was attained by Belgium (with a CAGR of +20.5%), while imports for the other global leaders experienced more modest paces of growth.

In value terms, India ($1.1B), Belgium ($1B) and Germany ($818M) constituted the countries with the highest levels of imports in 2022, with a combined 21% share of global imports.

Belgium, with a CAGR of +16.1%, recorded the highest growth rate of the value of imports, among the main importing countries over the period under review, while purchases for the other global leaders experienced more modest paces of growth.

Imports By Type

In 2022, pigments and preparations based on titanium dioxide containing more than 80 % by weight of titanium dioxide (3.7M tons) represented the main type of titanium dioxide pigments and colouring preparations, achieving 87% of total imports. It was distantly followed by pigments and preparations based on titanium dioxide (excluding those containing more than 80 % by weight of titanium dioxide) (565K tons), achieving a 13% share of total imports.

Imports of pigments and preparations based on titanium dioxide containing more than 80 % by weight of titanium dioxide increased at an average annual rate of +4.1% from 2012 to 2022. At the same time, pigments and preparations based on titanium dioxide (excluding those containing more than 80 % by weight of titanium dioxide) (+5.2%) displayed positive paces of growth. Moreover, pigments and preparations based on titanium dioxide (excluding those containing more than 80 % by weight of titanium dioxide) emerged as the fastest-growing type imported in the world, with a CAGR of +5.2% from 2012-2022. The shares of the largest types remained relatively stable throughout the analyzed period.

In value terms, pigments and preparations based on titanium dioxide containing more than 80 % by weight of titanium dioxide ($12.4B) constitutes the largest type of titanium dioxide pigments and colouring preparations imported worldwide, comprising 87% of global imports. The second position in the ranking was taken by pigments and preparations based on titanium dioxide (excluding those containing more than 80 % by weight of titanium dioxide) ($1.8B), with a 13% share of global imports.

For pigments and preparations based on titanium dioxide containing more than 80 % by weight of titanium dioxide, imports expanded at an average annual rate of +3.7% over the period from 2012-2022.

Import Prices By Type

The average titanium dioxide pigments import price stood at $3,317 per ton in 2022, growing by 12% against the previous year. Over the period under review, the import price, however, recorded a relatively flat trend pattern. The growth pace was the most rapid in 2017 an increase of 19%. Global import price peaked at $3,566 per ton in 2012; however, from 2013 to 2022, import prices remained at a lower figure.

Average prices varied noticeably amongst the major imported products. In 2022, the product with the highest price was pigments and preparations based on titanium dioxide containing more than 80 % by weight of titanium dioxide ($3,327 per ton), while the price for pigments and preparations based on titanium dioxide (excluding those containing more than 80 % by weight of titanium dioxide) stood at $3,253 per ton.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by titanium dioxide pigments containing more than 80 % by weight of titanium dioxide (-0.4%).

Import Prices By Country

In 2022, the average titanium dioxide pigments import price amounted to $3,317 per ton, with an increase of 12% against the previous year. Overall, the import price, however, saw a relatively flat trend pattern. The most prominent rate of growth was recorded in 2017 when the average import price increased by 19%. Over the period under review, average import prices attained the maximum at $3,566 per ton in 2012; however, from 2013 to 2022, import prices failed to regain momentum.

Prices varied noticeably by country of destination: amid the top importers, the country with the highest price was China ($3,903 per ton), while Belgium ($2,130 per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by China (+1.1%), while the other global leaders experienced mixed trends in the import price figures.

Exports

World Exports of Titanium Dioxide Pigments and Colouring Preparations

In 2022, shipments abroad of titanium dioxide pigments and colouring preparations decreased by -12.5% to 3.9M tons for the first time since 2018, thus ending a three-year rising trend. The total export volume increased at an average annual rate of +2.1% over the period from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The pace of growth was the most pronounced in 2021 when exports increased by 14% against the previous year. As a result, the exports reached the peak of 4.5M tons, and then fell in the following year.

In value terms, titanium dioxide pigments exports declined modestly to $12.8B in 2022. Overall, total exports indicated a tangible increase from 2012 to 2022: its value increased at an average annual rate of +2.3% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, exports increased by +34.2% against 2019 indices. The pace of growth appeared the most rapid in 2021 with an increase of 35% against the previous year. As a result, the exports attained the peak of $13.4B, and then fell slightly in the following year.

Exports By Country

China represented the major exporter of titanium dioxide pigments and colouring preparations in the world, with the volume of exports recording 1.4M tons, which was near 36% of total exports in 2022. Belgium (425K tons) held an 11% share (based on physical terms) of total exports, which put it in second place, followed by the United States (9.6%) and Germany (7.1%). The following exporters - Australia (170K tons), Taiwan (Chinese) (164K tons), the UK (150K tons), Canada (120K tons), Spain (88K tons), France (77K tons) and Saudi Arabia (70K tons) - together made up 21% of total exports.

China was also the fastest-growing in terms of the titanium dioxide pigments and colouring preparations exports, with a CAGR of +13.8% from 2012 to 2022. At the same time, Spain (+5.7%), Taiwan (Chinese) (+4.9%), Canada (+4.2%), Belgium (+2.5%) and Australia (+1.0%) displayed positive paces of growth. The UK and Germany experienced a relatively flat trend pattern. By contrast, Saudi Arabia (-2.5%), France (-2.5%) and the United States (-5.0%) illustrated a downward trend over the same period. From 2012 to 2022, the share of China increased by +24 percentage points. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, China ($3.9B) remains the largest titanium dioxide pigments supplier worldwide, comprising 30% of global exports. The second position in the ranking was held by Belgium ($1.4B), with an 11% share of global exports. It was followed by the United States, with an 11% share.

From 2012 to 2022, the average annual rate of growth in terms of value in China stood at +13.0%. In the other countries, the average annual rates were as follows: Belgium (+1.7% per year) and the United States (-4.0% per year).

Exports By Type

Pigments and preparations based on titanium dioxide containing more than 80 % by weight of titanium dioxide was the main type of titanium dioxide pigments and colouring preparations in the world, with the volume of exports finishing at 3.5M tons, which was approx. 90% of total exports in 2022. It was distantly followed by pigments and preparations based on titanium dioxide (excluding those containing more than 80 % by weight of titanium dioxide) (405K tons), constituting a 10% share of total exports.

Pigments and preparations based on titanium dioxide containing more than 80 % by weight of titanium dioxide was also the fastest-growing in terms of exports, with a CAGR of +2.3% from 2012 to 2022. Pigments and preparations based on titanium dioxide (excluding those containing more than 80 % by weight of titanium dioxide) experienced a relatively flat trend pattern. The shares of the largest types remained relatively stable throughout the analyzed period.

In value terms, pigments and preparations based on titanium dioxide containing more than 80 % by weight of titanium dioxide ($11.1B) remains the largest type of titanium dioxide pigments and colouring preparations supplied worldwide, comprising 87% of global exports. The second position in the ranking was held by pigments and preparations based on titanium dioxide (excluding those containing more than 80 % by weight of titanium dioxide) ($1.7B), with a 13% share of global exports.

From 2012 to 2022, the average annual rate of growth in terms of the value of pigments and preparations based on titanium dioxide containing more than 80 % by weight of titanium dioxide exports amounted to +2.3%.

Export Prices By Type

The average titanium dioxide pigments export price stood at $3,248 per ton in 2022, growing by 8.7% against the previous year. Overall, the export price continues to indicate a relatively flat trend pattern. The growth pace was the most rapid in 2021 when the average export price increased by 19%. Over the period under review, the average export prices attained the maximum in 2022 and is expected to retain growth in the immediate term.

Average prices varied somewhat amongst the major exported products. In 2022, the product with the highest price was pigments and preparations based on titanium dioxide (excluding those containing more than 80 % by weight of titanium dioxide) ($4,219 per ton), while the average price for exports of pigments and preparations based on titanium dioxide containing more than 80 % by weight of titanium dioxide stood at $3,136 per ton.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by titanium dioxide pigments (excluding those containing more than 80 % by weight of titanium dioxide) (+1.4%).

Export Prices By Country

In 2022, the average titanium dioxide pigments export price amounted to $3,248 per ton, rising by 8.7% against the previous year. In general, the export price showed a relatively flat trend pattern. The most prominent rate of growth was recorded in 2021 an increase of 19% against the previous year. The global export price peaked in 2022 and is likely to continue growth in years to come.

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 the UK ($4,354 per ton), while China ($2,730 per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Taiwan (Chinese) (+5.2%), while the other global leaders experienced more modest paces of growth.

Source: IndexBox Market Intelligence Platform