Titanium dioxide (TiO2)

Capitalising on opportunity with a clear view of demand across global markets 

Discover the factors influencing titanium dioxide (TiO2) markets

TiO2 is used in the manufacture of countless industrial and consumer products, from paint and coatings and plastics to furniture, packaging and personal care products. Worldwide production and trade in TIO2 means that there are multiple markets to keep track of. As production levels and downstream demand fluctuates, prices change and opportunities for profit come and go. Reacting quickly is vital to protect and maximise profits.

Our comprehensive coverage of the TIO2 markets in Asia, Europe and the US keeps deal-makers around the world informed and up-to-speed. These prices are frequently used as the benchmark when contracts are signed and our robust and transparent methodologies for price assessments are respected and trusted worldwide.

Learn about our solutions for titanium dioxide (TiO2)

Pricing, news and analysis

Maximise profitability in uncertain markets with ICIS’ full range of solutions for TiO2, including current and historic pricing, forecasts, supply and demand data, news and analysis.

Specialised analytics

Capitalise on opportunity with specialised analytics offering reliable chemicals margins, costs, supply, demand, capacity and trade flow data. Meet sustainability goals with ICIS’ innovative analytics.

Titanium dioxide (TiO2) news

Americas top stories: weekly summary

HOUSTON (ICIS)–Here are the top stories from ICIS News from the week ended 8 March. Evonik sells superabsorbents business to ICIG to focus on specialties Germany’s Evonik has signed a deal to sell its superabsorbents business to International Chemical Investors Group (ICIG), a privately-held industrial group headquartered in Germany. ICIG will acquire the entire division with around 1,000 employees and superabsorbent production facilities in Krefeld and Rheinmuenster, Germany, as well as two locations in the US, in Greensboro, North Carolina, and Garyville, Louisiana. Indorama Ventures will divest, right-size assets and cut costs under revised strategy Fundamental long-term changes in global chemicals markets have prompted a significant review of strategy, Indorama Ventures said on Monday. Indorama eyes upstream plant shutdowns with 6 assets under review – Group CEO Indorama Ventures is reviewing six operating assets in the ‘West’ for potential shutdown as it seeks to boost competitiveness and exit the merchant market for polyethylene terephthalate (PET) feedstocks amid intensifying competition from China, its group CEO and Founder said. Brazil’s Unigel halts fertilizers production on high natural gas prices Unigel is to “temporarily stop” nitrogen fertilizers production because of high costs and low prices, effective on Wednesday, the Brazilian chemicals and fertilizers producer said. Chemours says suspended execs tried to influence cash flows An internal review showed that top executives at Chemours tried to influence the reporting of the company’s cash flows, the US-based titanium dioxide (TiO2) and fluoromaterials producer said in an update late on Wednesday. LOGISTICS: Panama Canal to add additional slots in Panamax Locks beginning 25 March The Panama Canal Authority (PCA) announced on Friday that it will open additional slots in the Panamax Locks beginning 25 March based on the present and projected water levels in Gatun Lake.

11-Mar-2024

Asia top stories – weekly summary

SINGAPORE (ICIS)–Here are the top stories from ICIS News Asia and the Middle East for the week ended 8 March 2024. Asia, Mideast petrochemical trades to slow down during Ramadan By Nurluqman Suratman 08-Mar-24 13:10 SINGAPORE (ICIS)–Trades for several petrochemicals in Asia and the Middle East will slow down as markets observe Ramadan starting 10 March, with demand going into a lull amid shorter working hours during the Muslim fasting month. Asia naphtha sentiment improves; supplies to tighten By Li Peng Seng 08-Mar-24 12:12 SINGAPORE (ICIS)–Asia’s naphtha intermonth spread rose to a one-month high on 7 March amid expectations of fewer arbitrage cargoes arriving in April from the west due to Europe’s demand for gasoline and petrochemicals. Lotte Chemical mulls 'strategic measures' for Malaysian-listed LC Titan By Nurluqman Suratman 07-Mar-24 13:35 SINGAPORE (ICIS)–South Korean producer Lotte Chemical said on Thursday that it is exploring options for its Malaysian subsidiary, in response to local media reports that the unit is up for sale. Weak China demand to weigh on oil markets despite OPEC+ supply cut extension By Fanny Zhang 06-Mar-24 12:45 SINGAPORE (ICIS)–China’s economic weakness will continue weigh on crude oil prices despite the decision by oil cartel OPEC and its allies (OPEC+) to prolong their production cuts to support the market. Asian spot TiO2 market set to enjoy support in March By Joson Ng 01-Mar-24 13:11 SINGAPORE (ICIS)–The titanium dioxide (TiO2) Asian spot market is likely to see improving or stable demand in March, especially in China, as the traditional peak demand season kicks in. As producers in China are also citing a healthy number of orders on hand, they are not likely to allow cargoes to go unless the bids are close to their valuation. Asia polyester market at standstill amid firm costs, weak fundamentals By Judith Wang 05-Mar-24 14:07 SINGAPORE (ICIS)–The polyester export market in Asia has fallen into a standstill amid a tug of war between firm cost pressure and weak market fundamentals. INSIGHT: China 2024 growth target will require stronger stimulus measures By Nurluqman Suratman 07-Mar-24 00:29 SINGAPORE (ICIS)–China is likely to need to introduce stronger stimulus measures to meet its official growth target of around 5% for this year given the country's deep structural imbalances. Chemical, palms freight costs up as tanker supply tightens into March By Hwee Hwee Tan 07-Mar-24 18:02 SINGAPORE (ICIS)–A tanker supply crunch persisting into March has pushed up shipping costs for chemical and palms cargoes traded on Asia’s spot market.

11-Mar-2024

Chemours says suspended execs tried to influence cash flows

HOUSTON (ICIS)–An internal review showed that top executives at Chemours tried to influence the reporting of the company’s cash flows, the US-based titanium dioxide (TiO2) and fluoromaterials producer said in an update late on Wednesday. Chemours’ share price was up more than 7% on Thursday pre-market trading. Chemours on 29 February announced it placed CEO Mark Newman, CFO Jonathan Lock, and principal accounting officer Camela Wisel on administrative leave, pending completion of an internal review of practices for managing working capital. The review was triggered by an anonymous report made to the company’s ethics hotline. In its update, the company said that the review by the board's audit committee found that the executives “engaged in efforts” in the 2023 fourth quarter to delay payments to certain vendors and to accelerate the collection of receivables. The executives did this in part to meet free cash flow targets, which, in turn, was a key metric for determining their incentive compensation, the company said. The audit committee's review also found that the executives were engaged in similar actions, though to a lesser extent, in the 2022 fourth quarter. The findings of the internal review do not affect the preliminary, unaudited estimates of 2023 operating results Chemours disclosed on 29 February. The preliminary results were for 2023 full-year net sales of $6.0 billion, down from $6.8 billion in 2022, with the decline primarily due to lower demand for volumes in the company’s TiO2 and advanced materials businesses. Chemours guided to a 2023 net loss in the range of $225-235 million, compared with net income of $578 million in 2022. The estimated  2023 net loss includes $746 million of pre-tax litigation settlements and $153 million of restructuring, asset-related, and other charges, offset by a $106 million net pre-tax gain from the sale of the company's Glycolic Acid business. The company is currently evaluating one or more potential material weaknesses in its internal control over financial reporting, it added. It did not say if or when the executives may resume their duties. Chemours is currently led by Denise Dignam as interim CEO and Matt Abbott as interim CFO and principal financial and accounting officer. Chemical equities research firm Alembic Global Advisors said that a quick resolution of the financial reporting issues, coupled with the fact that they "were not excessive and just limited to Q4 2023, should allay investor concerns about more widespread accounting improprieties." Thumbnail shows Mark Newman, one of the executives placed on administrative leave. Image by Chemours.

07-Mar-2024

Asia top stories – weekly summary

SINGAPORE (ICIS)–Here are the top stories from ICIS News Asia and the Middle East for the week ended 1 March 2024. Asian spot TiO2 market set to enjoy support in March By Joson Ng 01-Mar-24 13:11 SINGAPORE (ICIS)–The titanium dioxide (TiO2) Asian spot market is likely to see improving or stable demand in March, especially in China, as the traditional peak demand season kicks in. As producers in China are also citing a healthy number of orders on hand, they are not likely to allow cargoes to go unless the bids are close to their valuation. Korea’s S-Oil targets $2bn capex for Ulsan oil-to-chems project in '24 By Pearl Bantillo 29-Feb-24 12:31 SINGAPORE (ICIS)–South Korean refiner S-Oil has earmarked won (W) 2.72tr ($2bn) this year for its thermal crude-to-chemical (TC2C) project called Shaheen, representing 87% of the total capital expenditure (capex) set for 2024. VIDEO: China VAM market remains firm post-holiday on tighter spot supply By Joanne Wang 29-Feb-24 11:52 SINGAPORE (ICIS)– ICIS senior industry analyst Joanne Wang reviews the vinyl acetate monomer (VAM) market in China in early 2024 and shares a brief market outlook. Japan January inflation at 2.0%; end to negative interest rates in sight By Nurluqman Suratman 27-Feb-24 14:37 SINGAPORE (ICIS)–Japan's core consumer inflation in January rose by 2.0%, matching the Bank of Japan's (BoJ) price stability target and supporting expectations that the central bank will end its ultra-low interest rates policy by April. Asia oxo-alcohols find support in post-holiday market on tight supply By Julia Tan 26-Feb-24 12:49 SINGAPORE (ICIS)–Asia’s spot oxo-alcohols import markets saw quiet trade in the post-holiday period, with limited buying interest from northeast Asian buyers as most opted to assume a wait-and-see stance. Buyers are generally only expected to begin procurement activity following the Lantern Festival, which took place on 24 February. Asia BD spot market buoyant with active China exports By Ai Teng Lim 23-Feb-24 10:54 SINGAPORE (ICIS)–Discussions for Asian butadiene (BD) imports picked up this week as China embarked on active export sales.

04-Mar-2024

US Chemours shares crash after CEO, CFO placed on leave

HOUSTON (ICIS)–Shares of pigment and fluoromaterials producer Chemours fell by more than 35% on Thursday after the company placed its two top executives and its principal accounting officer on administrative leave. Chemours also delayed the release of its full-year earnings for the second time. It did not say when it could release its results. Right now, the company's audit committee is conducting an internal review that will cover the following: The processes for reviewing reports made to the Chemours ethics hotline. The company’s practices for managing working capital, including the related impact on metrics within incentive plans, certain financial metrics made in government filings and in public announcements. Chemours did not say when it would release its full-year earnings. Meanwhile, the Rosen Law Firm is investigating whether a class action lawsuit could be filed on behalf of Chemours's shareholders. ADMINISTRATIVE LEAVE FOLLOWS BOUT OF EXECUTIVE TURNOVERThe executives placed on administrative leave are CEO Mark Newman, Chief Financial Officer Jonathan Lock and Principal Accounting Officer Camela Wisel. Denise Dignam will serve as interim CEO. Matt Abbott will serve as as interim CFO and principal financial and accounting officer. Newman has been CEO since mid-2021. Before that he was the company's chief operating officer. Lock became CFO in mid-2023. He succeeded Sameer Ralhan, who was one of several high-profile departures that took place that year. The following lists the other departures: At the end of March 2023, Ed Sparks resigned as the president of Titanium Technologies and Chemical Solutions. Also at the end of March, Sheryl Telford resigned as the company's chief sustainability officer. At the end of May 2023, Alisha Bellezza resigned as president, Thermal & Specialized Solutions (TSS), the business segment that makes fluorochemicals. Susan Kelliher, senior vice president, people, resigned at the end of September 2023. FIRST DELAY ANNOUNCED IN MID-FEBRUARYChemours disclosed that its audit committee was conducting the review in mid-February, when it announced the first delay of its earnings release. Chemours makes titanium dioxide, fluorochemicals and fluoropolymers like Teflon. Thumbnail shows Chemours CEO Mark Newman. Image by Chemours.

29-Feb-2024

Asian exporters must brace for EU tariffs on high-carbon imports – ADB

SINGAPORE (ICIS)–Asian economies, particularly those in the central and western regions, will face strong hits from the EU's import charges on carbon-intensive products, the Asian Development Bank (ADB) said on Monday. Scheduled to be implemented in 2026, the EU's Carbon Border Adjustment Mechanism (CBAM) will introduce import fees on items such as steel, cement, and electricity, which will be calculated based on the carbon dioxide (CO2) emissions generated during their production. The purpose of these charges is to prevent "carbon leakage," which occurs when companies relocate production from nations with strict environmental regulations or high carbon costs to those with more lenient policies or lower costs. “The fragmented nature of carbon pricing initiatives in terms of sectors and regions covered, including CBAM, can only partially limit carbon leakage,” ADB chief economist Albert Park said. Initially targeting carbon-intensive products, the EU sees CBAM as a tool to align global carbon prices and accelerate emission reductions worldwide. “To significantly reduce carbon emissions globally, while also making sure climate efforts are more effective and sustainable, carbon pricing initiatives need to be extended to other regions outside the EU, especially Asia," Park added. Given the expected distributional impacts, especially on developing economies in Asia, proper incentive mechanisms are necessary to encourage widespread adoption of carbon pricing, according to the ADB. ADB estimates that CBAM might reduce carbon leakage by around half compared with an Emissions Trading System (ETS) scheme with a similar carbon price. CBAM is meant to complement the EU's ETS, with sectors covered by the ETS eventually to be covered by CBAM as well. The CBAM will first be implemented for imports of specific products and their key components that are vulnerable to carbon leakage, including cement, iron and steel, aluminium, fertilizers, electricity, and hydrogen. "While the EU’s ETS and CBAM may have a limited direct impact on emissions – reducing emissions globally by around 1.3% at €100 per metric ton of CO2 and by 2.2% at €200 per metric ton of CO2 – it could significantly affect exports to the EU," the ADB said. "At the same time, reductions in EU production from CBAM could spread to many sectors, such as computer, electric and optical equipment, and motor vehicles and parts within the EU through industrial input–output linkages," it said.

26-Feb-2024

US Huntsman mulls commercial-scale MIRALON carbon nanotube project

HOUSTON (ICIS)–Huntsman is considering a commercial-scale project of its MIRALON carbon nanutube technology after it starts up a pilot plant mid-year, the US-based producer said on Thursday. The pilot plant will be in Texas, and it will produce 30 tonnes/year of MIRALON. "We feel that we should have sufficient data from that to initiate the larger expansion, which will be in 2025," said Peter Huntsman, CEO. He made his comments during an earnings conference call. Huntsman did not disclose the capacity of the expansion, but he considered it to be a commercial scale reactor. From that point, increasing capacity would be a matter of additional reactors of that same size. In the next year or two, Huntsman will be able to inspect the product coming out of the plant and qualify the material. Even though the pilot plant has yet to start up, Huntsman indicated that the company is already producing material. "Right now, we're able to sell as much as we're able to make of the product," he said. However, Huntsman is selling MIRALON to very high-end applications, such as satellites and to space agencies. Huntsman expects that economies of scale will broaden the end uses of the material. Right now, the company is considering concrete, tires and batteries for electric vehicles. Other applications stem from MIRALON's ability to dissipate static charges. These include adhesives and floor coatings. It can also be used as a light-weight structural carbon fiber used in composites. Huntsman produces MIRALON via methane pyrolysis. Under it, natural gas is converted to solid carbon and hydrogen with little, if any, carbon dioxide (CO2). If process uses renewable energy, then it emits no CO2. Huntsman's methane-pyrolysis process is different from other technologies because it produces a much higher grade of solid carbon, the company said. For most methane pyrolysis, the solid carbon is at best the equivalent of carbon black, according to Huntsman. Huntsman acquired the MIRALON technology in 2018 when it bought Nanocomp.

22-Feb-2024

Americas top stories: weekly summary

HOUSTON (ICIS)–Here are the top stories from ICIS News from the week ended 16 February. TiO2 prices to improve after Q1 – Tronox co-CEO Tronox expects titanium dioxide (TiO2) prices to reverse their downward trend and begin improving after the first quarter, John Romano, co-CEO of the US-based producer said in an update on Friday. INSIGHT: US chemicals may benefit from ultra-low priced natural gas through H1 '24 US chemical producers should continue to benefit from natural gas selling at historically low levels, a trend that has lowered feedstock costs just as their foreign competitors are paying more for oil-based material. Global oil demand growth losing momentum as post-pandemic rebound phase ends – IEA The momentum of crude oil demand growth is starting to slow as the post-pandemic rebound in consumption nears its conclusion, the International Energy Agency (IEA) said on Thursday, despite arctic conditions in January tightening market balances. Avient sees end to destocking, raw material deflation to continue in H1 – execs While customers are managing inventories tightly as they monitor demand, Avient sees destocking coming to an end in key markets, with underlying demand starting to improve, the top executives of the US-based polymer materials company said on Wednesday. China customers expect no domestic demand growth in 2024 – Trinseo CEO Trinseo’s customers in China expect zero domestic demand growth in 2024 versus 2023 on persistent weakness in building and construction, as well as consumer durables, its CEO said. US Trinseo expects another net loss in Q1, may take more actions Trinseo expects another quarterly net loss in the first quarter after reporting one on Monday for its fourth-quarter results.

19-Feb-2024

TiO2 prices to improve after Q1 – Tronox co-CEO

HOUSTON (ICIS)–Tronox expects titanium dioxide (TiO2) prices to reverse their downward trend and begin improving after the first quarter, John Romano, co-CEO of the US-based producer said in an update on Friday. In Q4 2023, TiO2 prices were down 6% year on year and down 1% sequentially from Q3. While prices in the 2024 first quarter would still be relatively flat, compared with Q4 2023, “I would suspect as we start to migrate out of the first quarter, we will start to look at pricing opportunities across all regions”, Romano told analysts during Tronox’s Q4 2023 earnings call. "We are hopeful to see some sort of [price] movement as we move into Q2,” he added. Tronox's TiO2 business is at the "forefront of a recovery" and “we have already begun to see a pick-up in demand for TiO2 that is more positive than we would see normally at this time of the year”, Romano said. January sales were strong and Tronox is seeing continued strengthening in the market for February and March orders books, he said. The improvement is across all end markets – coatings, paper, plastics and specialties, he said. “We are confident that destocking has largely run its course, and we are seeing customers restocking and moving into more normal buying patterns”, he said. Tronox’s price expectations do not include potential upside from the EU anti-dumping investigation of Chinese TiO2 imports into Europe, Romano noted. A final recommendation from the EU investigation is not expected until Q4, although provisional anti-dumping duties (ADD) could be put in place as early as Q2, he said. OPERATING RATES Meanwhile, the company is ramping up operating rates from historical lows as it moves through the current first quarter, Romano said. Through 2023, Tronox incurred significant costs from running assets at low utilization rates because of the soft market demand, and over the past two years its TiO2 volumes were down "roughly" 27%, Romano noted. However, with demand improving now, Tronox expects its TiO2 volumes to increase by 12-16% in the first quarter, sequentially from Q4 2023, he said. The higher rates will boost the earnings margin, which in the second half of 2024 could return to the “normal” low-to-mid-20% range – “and that’s without a lot of movement on prices”, Romano said. "Price is an opportunity" while running its plants at more normalized levels will be "a big driver" in Tronox's profitability going forward, he added. Also helping margins are lower chlorine prices in North America, he noted. In North America, Tronox is a buyer of chlorine, which is a feedstock for chloride-based TiO2 production. Elsewhere, it has own chlorine production. Tronox’s adjusted earnings before interest, tax, depreciation and amortization (EBITDA) margin was 13.7% in Q4 2023 – down from 17.4% in Q4 2022 and 17.5% in Q3 2023. In Q4 2023, Tronox’s TiO2 sales volumes fell about 4% sequentially from Q3, partly due to higher than expected seasonality in North America, as well as the Red Sea logistics issues that delayed some stock transfer shipments to cover an outage at a Tronox plant at Botlek, Netherlands. RED SEA As for the Red Sea shipping congestions, Romano said that Europe-based TiO2 production could get “a little bit of benefit” from this. The Red Sea issues were a “a bit of a short-term anomaly” in terms of spot freight rates, which were higher than Tronox put into its forecasts, he said. However, overall, Tronox is seeing positive moves on freight, he said. After freight rates have risen of the past two years, they were starting to abate, which would be a tailwind for Tronox in 2024, although currently some rates have been negatively impacted by the Middle East tensions, he said. BOTLEK During the Botlek outage, which was due to a delayed restart by steam supplier, Tronox was able to meet customer demand by shipping in inventory from its other sites, Romano said. The company expects insurance proceeds of at least $15 million in 2024 that will cover the costs it incurred in working around the outage and meet customer demand, he said. RARE EARTHS Romano also said that Tronox is exploring opportunities to extract rare earths from the mineral sands it mines at its operations in South Africa and Australia. In 2024, Tronox expects to invest $130 million in two mining projects in South Africa to replace existing mines that are reaching the end of their lives. The investment will maintain the feedstock pricing advantage the company has over non-integrated competitors. The integrated TiO2 producer has nine pigment plants, six mines and five upgrading facilities worldwide. Thumbnail photo of Tronox co-CEO John Romano, who is due to take over as CEO with the retirement of co-CEO Jean-Francois Turgeon on 1 April; photo source: Tronox

16-Feb-2024

New US methanol plant planned for US Louisiana

HOUSTON (ICIS)–Lake Charles Methanol II announced plans to build a 3.6m tons/year methanol plant in southwest Louisiana, with the final investment decision (FID) expected in mid-2024. The proposed facility will reform natural gas and renewable feedstock into hydrogen, which will be converted to methanol, and capture the carbon dioxide from the process at the port of Lake Charles. The project is currently undergoing a front-end engineering design (FEED) study and regulatory permitting. Following the FID, construction would start in mid-2024, with operations to begin in late 2027.

14-Feb-2024

Events and training

Events

Build your networks and grow your business at ICIS’ industry-leading events. Hear from high-profile speakers on the issues, technologies and trends driving commodity markets.

Training

Keep up to date in today’s dynamic commodity markets with expert online and in-person training covering chemicals, fertilizers and energy markets.

Contact us

Partner with ICIS and unlock a vision of a future you can trust and achieve. We leverage our unrivalled network of chemicals industry experts to support our partners as they transact today and plan for tomorrow. Capitalise on opportunity in today’s dynamic and interconnected chemicals markets, with a comprehensive market view based on trusted data, insight and analytics.

Get in touch today to find out more.

READ MORE