The titanium dioxide (TiO2) nanoparticle market value is estimated to reach US $458.5 million at the end of 2020. It also is expected to expand at a significant CAGR of 6% from 2020-2030, despite decreased demand during COVID-19, reports Fact.MR.
The firm reports TiO2 nanoparticles are highly utilized in cosmetics and beauty to offer sun protection and skin brightening and whitening properties.
Increased interest in nanotechnology, along with the extensive application of TiO2 nanoparticles in various fields, is contributing to this market’s growth. According to FACT.MR, the emergence of TiO2 nanoparticles has caused a sharp decline in demand for organic sunscreen materials, and these nanoparticles have been used interchangeably with zinc oxide nanoparticles to enhance the SPF of skin care products.
Taken together, these factors have driven the expansion of the TiO2 nanoparticles market, providing numerous opportunities for companies and manufacturers to improve their market share. In fact, the global TiO2 nanoparticles market is anticipated create a value opportunity amounting to US $381 million during the forecast period.
As noted, the COVID-19 pandemic has affected the global economy in several ways. Demand for various products across several industrial verticals has fallen, directly impacting production. Supply chains have been disrupted, causing a gap in the demand-supply equation. A significant market crunch is anticipated for the cosmetics market, attributed to shortfalls in demand for personal grooming products.
However, the market is set to gain pace with a rise in demand for TiO2 nanoparticles from cosmetic manufacturers. As such, market revenue is anticipated to rebound within two quarters after the market reopens.