Growth in the global titanium dioxide market will be spurred by the skin care industry for the next four years, according to a report.
Research firm Technavio has predicted that unprecedented and increased demand will create continuous growth for titanium dioxide nanoparticles until 2019. The market is expected to register a compound annual growth rate of 12 percent over the forecast period.
Technavio vice president Faisal Ghaus said, “The use of nanomaterial-based products in the skin care industry has increased significantly in recent years and is expected to present huge growth opportunities to the titanium dioxide nanomaterials market.”
The use of titanium-based nanoparticles in sun care products to enhance consistency and thickness has become a trend among cosmetics producers since 2010, spurring large demand for titanium dioxide on the global market.
According to experts, titanium dioxide nanomaterials offer better consistency and UV protection compared with other ingredients, as well as being cheaper and more readily available.
However the chemical ingredient has faced debate with some studies suggesting it can have harmful side effects including lung toxicity and inflammation if inhaled. The SCCS (Scientific Committee on Consumer Safety) has therefore not advised for use in powders or sprayable products.
Based on available scientific evidence, the SCCS has confirmed that titanium dioxide nanoparticles can be considered safe for humans application to skin at a concentration of up to 25 percent as a UV filter in sunscreens,
Apart from the cosmetics industry, titanium dioxide nanoparticles are also used in the medical field, paints and coatings production, solar cell applications, and food industry.
Today, the global supply remains stable, as titanium dioxide is among the most abundant minerals on earth. Titanium dioxide nanomaterials are created in various types of crystal structures, and the most common sources for the mineral are anatase, ilmenite, and rutile.
Although there are numerous problems affecting the global supply segment, production of the mineral will remain secure in the 2015-2019 period. By 2017, several newcomers are expected to join the global commerce.
These include Chile-based White Mountain Titanium Corporation which owns the Cerro Blanco Property, one of the largest titanium dioxide facilities in the world.
Technavio also suggested that research and developments in the cosmetics industry will experience growth, as various companies will continue to delve deeper into the mineral’s unexplored potentials.
However, the global titanium dioxide capacity growth is currently experiencing stagnation despite overall market stability. Supply and demand will focus on the Chinese market, as the country’s economy is now recovering from previous losses.
According to market solution firm ReportLinker the titanium dioxide global capacity currently stands at 2.935 million tons in 2013, up 5.4 percent year over year. This accounts for about 45 percent of the world’s total production.