The North America Titanium Dioxide Market is expected to reach a value of USD 7.5 billion by 2028 and is expected to record a compound annual growth rate (CAGR) of 5.9% in the envisioned period between 2023-2028.
North America is a hub for various end-user verticals, and the construction sector is one of those. Titanium Dioxide is widely used in the construction sector for various purposes. More than 75% of the total consumption of Titanium Dioxide in North America is by the construction sector hence this is one of the main drivers for the growth of the industry. Since titanium dioxide is used in vehicle paints, it is highly demanded by the automobile industry. Despite the changes in the automobile industry from conventional to electrical vehicles, the demand for titanium dioxide did not drop as it was an essential element for vehicular coatings.
The extraction process of Titanium oxide poses risks of health hazards and harmful environmental effects. In addition to that, the cost of extraction is on the higher side and thus industries do not prefer this process in developed countries. All these aspects are acting as serious limitations in the growth of the regional titanium dioxide market boom.
Market Segmentation:
The construction market in the USA is expected to grow between 1 to 2% in the forecasted period. This low growth rate is attributed to the maturity in real estate industry.
The North American paints and coatings market is one of the biggest consumers of titanium dioxide and accounts for about 75% of the total demand in the region. With advancements in technology, this segment has been growing at a very fast rate. Mexico is also a prominent nation in this region that is supposed to offer lucrative development opportunities for the titanium dioxide business in the coming years.
Market Geographical Analysis:
Mexico is foreseen to resume its development in late 2020 followed by a slowdown because of the coronavirus pandemic and a recent change in regional policies.
The lubricant manufacturing industry in Canada stands at USD 2 billion with a total of 120 businesses. The demand for automotive lubricants has been decreasing since 2016 and with the current scenario, it is not expected to improve. With these developments, the demand for titanium oxide has also been decreasing in Canada.
North America is currently facing extreme economic slowdown amidst this pandemic and manufacturing sectors which require heavily require lubricants and coatings have gone stagnant. Before the pandemic, there was a moderate expansion in the titanium dioxide business due to the transition toward technology. North America is the most affected area because of the coronavirus pandemic and it had an impact on almost all businesses. The coatings and thus in turn Titanium Oxide industries suffered huge losses and often were required to prove strong liquidity to avoid bankruptcy. The pandemic can bring some changes in the consumer segment of the industry which will eventually affect the demand as industrial coatings and paints are no longer being seen as a top priority.
Access the study in MULTIPLE FORMATS
Purchase options starting from $ 1400
Didn’t find what you’re looking for?
TALK TO OUR ANALYST TEAM
Need something within your budget?
NO WORRIES! WE GOT YOU COVERED!
Call us on: +1 888 702 9696 (U.S Toll Free)
Write to us: sales@marketdataforecast.com
Reports By Region