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Valency is a fundamental concept in chemistry that refers to the combining capacity of an element. It is the measure of an element’s ability to bond with other atoms. The valency of an element is determined by the number of electrons in the outermost shell, known as valence electrons, which can either be gained, lost, or shared in a chemical reaction to form a stable compound.

Take the element titanium (Ti) for instance. Titanium has a valency of +4, which means it can bond with four electrons. This often leads it to form compounds where it is surrounded by other atoms, balancing out this valency. On the other hand, oxygen (O), with a valency of -2, is always on the lookout to gain two electrons to reach a stable state. Understanding the concept of valency is crucial while dealing with chemical reactions because it helps us predict how different elements will interact and what compounds they will form.

A chemical compound is a substance made up of two or more different elements that are bonded together in a fixed proportion by chemical bonds. The elements in a compound are always present in a definite ratio and this ratio is represented in the compound’s chemical formula.

To understand how to write chemical formulas, considering the valencies of the constituting elements is essential. Compounds are formed when atoms of different elements share or exchange electrons to achieve a full outer shell, resulting in a stable arrangement. For successful compound formation, the total positive charge must balance the total negative charge, ensuring the overall neutrality of the compound. This interaction adheres to the law of conservation of mass where the mass of the reactants equals the mass of the products in a chemical reaction.

Titanium dioxide, also known as titania, is a naturally occurring oxide of titanium with the chemical formula TiO2. It's a significant compound with a wide range of applications, most notably as a pigment in paints, plastics, and cosmetics for its brightness and high refractive index.

The chemical formula TiO2 tells us there are two oxygen atoms for every titanium atom in the compound. This ratio correlates with the valencies of titanium and oxygen, +4 and -2 respectively, which allows them to bond and form a neutral compound. Such interaction is a brilliant example of how understanding valency can simplify deducing chemical formulas. Titanium dioxide is inert, meaning it does not react readily with other chemicals, which is one of the reasons for its extensive use in products that require durability.