The global talc market is projected to grow from an estimated $2.7 billion in 2018 to $3.4 billion by 2023, increasing at a CAGR of 4.6% from 2018 to 2023, according to a report available from Research and Markets. Growth of the market can be attributed to the rising demand for talc-reinforced polypropylene from the automotive industry, as automotive components made from talc-reinforced polypropylene reduce vehicle weight.
The ceramic end-use segment for talc is projected to grow the fastest during the forecast period. Talc is an excellent thermal shock resistant and fluxing agent; it is used in ceramics to improve the mechanical and optical properties of floor and wall tile. It is also utilized in the production of large-format tile. In addition, talc is used to improve the properties of cordierites used in automotive catalytic converters and diesel particulate filters.
Lawsuits related to the carcinogenic nature of talcum powder represent a restraint in the market. The presence of a number of substitutes for talc is also a factor hindering growth.