In the first nine months of this year, the price of titanium dioxide in China has seen a steady decline. Despite international giants raising their prices, the shutdown of some production facilities has helped improve the balance between supply and demand, while rising global demand has led to a modest increase in exports. However, the trend for titanium dioxide exports remains one of increasing volume but decreasing prices. Industry experts believe that the market is currently at its most challenging phase. With environmental regulations becoming stricter, the titanium dioxide industry is moving toward full integration. Mergers, acquisitions, and the adoption of cleaner production methods are expected to become key trends in the coming years.
The demand market has been sluggish, with China's titanium dioxide industry entering a recession since the second quarter of 2012—the longest downturn since 1998. According to Bi Sheng, Secretary General of the Titanium Dioxide Industrial Technology Innovation Strategic Alliance, the drop in major downstream markets has led to a continuous decline in both demand and prices. The price of rutile products, which had previously reached as high as 23,000 to 24,000 yuan per ton, fell sharply to 13,000 to 14,000 yuan by mid-year—a 40% drop. Some companies even sold below 13,000 yuan. Anatase products also saw a steep decline, falling from around 18,000 yuan to 11,000 to 12,000 yuan, a reduction of nearly one-third. The market was in a deep slump.
Many integrated manufacturers have managed to maintain low-profit operations by optimizing procurement and controlling costs. However, over 60 companies have reported losses. Although there was a slight improvement in market conditions from late August to September, with some companies adjusting prices, the overall price trend remained weak due to the gradual release of new production capacity.
Internationally, the market has remained cold, with multinational corporations continuing to enter the Chinese market. Despite price increases, these moves have not significantly boosted domestic demand. According to customs data, exports declined for four consecutive months in the first ten months of the year, while imports grew for six months. This suggests more negative than positive factors are influencing the market. Bi Sheng emphasized that this year is the most difficult period for the titanium dioxide sector.
In response to market volatility and stricter environmental regulations, many small and micro-titanium dioxide companies have shut down or are operating at minimal levels. Over the past two years, about 10 such companies have either closed or ceased operations. With Panzhihua Steel’s titanium plant shutting down due to environmental and cost pressures, only 48 manufacturers remain in the industry, with just 55 plants operating normally. Market disorder has improved somewhat, but challenges remain.
Experts note that Chinese titanium dioxide companies are transitioning from an extensive growth model to a more efficient and sustainable operation. Major players like Shandong Dongjia Group, Zhongnan Hunan Zhuzhou Chemical Group, and others now operate multiple production sites. Based on international experience, mergers and acquisitions are expected to be a major trend. Currently, over 80% of companies are operating at a loss, and it's anticipated that smaller firms will gradually exit the market over the next two years. In the next five to ten years, further consolidation is likely, with only 3 to 5 large-scale enterprises producing 300,000 tons or more annually.
Environmental protection is now a fundamental requirement for survival in the industry. The 2012 operating rate was approximately 72.7%, but this year, prices have dropped, sales have slowed, and operating rates have fallen to 60%-70%. For poorly performing companies, the rate is even below 40%. Inventory levels remain high, and with no significant increase in demand, overcapacity and supply-demand imbalances will worsen.
Currently, the majority of domestic TiO2 production still relies on traditional processes, which generate large amounts of waste. In the current weak market, the environmental cost per ton of product is even higher, squeezing corporate profits. Recently, pollution issues from titanium dioxide companies have come under intense scrutiny. While these incidents involve individual cases, they could negatively impact the entire industry and influence national policies. Environmental compliance will soon become a basic requirement for long-term survival.
Despite some progress in managing "three wastes" and implementing cleaner production models, most of these initiatives are region-specific or tied to strong companies, limiting their broader applicability. As a result, widespread adoption of these practices may take time.
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