North America Titanium Dioxide Market is expected to reach a value of USD 7.5 billion by 2026 and is expected to record a compound annual growth rate (CAGR) of 5.9% in the envisioned period between 2021 and 2026.
Huntsman corporation are planning to reduce their Titanium Dioxide capacity to 100 kT which represents 13% of their total European capacity.
In June 2018, Argex titanium showed their intentions towards filing for bankruptcy and under Insolvency act.
In May’2020, Tronox Holdings which is a leading manufacturer of titanium oxide pigment announced their agreement to acquire Norwegian titanium smelting facility.
North America is a hub for various end-user verticals, where 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 industries. 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.
The construction market in 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.
Geographical overview and regional presence:
Mexico is foreseen to resume its development in late 2020 followed by slowdown because of the coronavirus pandemic and a recent change in regional policies.
Lubricant manufacturing industry in Canada stands at USD 2 billon with total 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.
There are several major market players that are offering their services in the Titanium Oxide Market of North America, some of the prominent names among them are:
Argex Titanium Inc.
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 towards technology. North America is the most affected area because of coronavirus pandemic and it had its 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.
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