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Titanium Dioxide Market in Australia Forecasted to Grow at 4% CAGR by 2024
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Demand for titanium dioxide for application in automobiles, housing, and personal care products such as cosmetics is expected to increase during the forecast period, especially in emerging economies such as China. By product type, pigments segment is expected to continue to dominate the titanium dioxide market in terms of both volume and value throughout the forecast period. Rapid growth in demand for automobiles and housing due to growth in per capita disposable income in developing economies is expected to fuel demand for paints and coatings, which in turn is expected to fuel demand for titanium dioxide pigments. This is anticipated to drive the growth of the titanium dioxide market in Australia as the country exports titanium dioxide pigments to these countries. Other industries such as paper, printing, plastics, and rubber are also expected to fuel demand for titanium dioxide. However, volatile prices and low demand globally due to economic slowdown are factors expected to restrain the growth of the Australia titanium dioxide market over the forecast period.
On the basis of application, dyes & paints segment accounted for the largest market share in terms of value in 2015. Dyes & paints segment is estimated to be valued at US$ 81.9 Mn by 2016 end, up 5.1% Y-o-Y.
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By mineral grade, Ilmenite grade segment is expected to register the fastest growth over the forecast period due to easy availability of Ilmenite as well as high demand and cheaper prices as compared to other grades. Ilmenite grade segment is expected to account for 60.5% share of the titanium dioxide market in Australia by 2024.
Western Australia is the largest market for titanium dioxide. The market in the region is expected to be valued at US$ 36.63 Mn by 2016 end. The titanium dioxide market in Western Australia is projected to expand at a CAGR of 4.1% in terms of value over the forecast period.
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Key producers in the Australia titanium dioxide market include Tronox Limited and Cristal Australia Pty Ltd. Both these players are involved in a production of titanium dioxide mineral sands and titanium dioxide pigments. They are focusing on efficient and low-cost operations by investing in various sustainable technologies such as using chloride process for the production of titanium dioxide pigment, which results in lesser amount of waste as well as easy recovery.
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