For the Quarter Ending March 2025
North America
In Q1 2025, the Titanium Dioxide market in North America experienced a fluctuating price landscape. In January, the Titanium Dioxide market followed a bearish trend in prices due to year-end destocking activities and sluggish demand, particularly from the housing sector affected by high mortgage rates and a slowdown in construction. The prevailing inflationary pressures added to the market's cautious sentiment, limiting potential improvements in demand.
February continued without significant price changes, demonstrating marginal declines.According to market participants price increases were driven by rising raw material costs and production slowdowns, which hinted at upward pressure on the prices. Despite this, demand remained steady, especially in the automotive sector, balancing the cautious approach from manufacturers with stronger-than-expected orders.
By March, the market saw an increase in prices, attributed to production limitations and supply constraints. This adjustment reflected tightening availability and a competitive landscape, ultimately stabilizing with an optimistic outlook as the domestic market prepared for potential growth amidst ongoing inflation and tariff impacts in the automotive sector.
Europe
During Q1 2025, the Titanium Dioxide (TiO2) market in Europe exhibited mixed pricing trends driven by fluctuating demand and supply dynamics. In January, the Titanium Dioxide market saw prices falling due to a combination of ample supply from European producers and weak demand, particularly in the construction and automotive sectors. Despite the new anti-dumping duties on Chinese imports, the sluggish market sentiment contributed to downward pressure on prices as manufacturers aimed to clear excess inventories.
In February, the price trend continued to decline against a backdrop of low consumer demand and soft market sentiment. Significant economic uncertainties, especially in Germany's key chemical industries reliant on Titanium Dioxide, further compounded the weak demand.
However, March brought a turning point as prices increased slightly. This uptick was driven by strategic price hikes from leading manufacturers compelled by tightened supply conditions and a recovery in demand from the paints and coatings sector. Nevertheless, the construction sector remained challenged, prompting continuous monitoring of market conditions for future developments.
APAC
In Q1 2025, the Titanium Dioxide (TiO2) market in the APAC region witnessed significant price fluctuations, transitioning from bearish conditions to a bullish outlook. January commenced with prices at USD 1660/MT (FOB Tianjin), primarily driven by high inventory levels and soft demand from the paints and coatings sector. Additionally, anti-dumping duties imposed by the EU resulted in inventory accumulation, leading to downward pressure on prices.
February marked a turning point, with prices rising significantly. This increase was fueled by a surge in demand following the Lunar New Year holiday, as buyers returned to the market to restock amid rising production costs and supply constraints. Demand accelerated from both the construction and automotive sectors, with significant government incentives further boosting consumption.
By March, TiO2 prices rose again driven by tight supply conditions and robust demand, particularly in the automotive sector. Notably, the significant increase in vehicle sales supported the strong need for TiO2 in coatings. Overall, Q1 2025 illustrated a complex interplay between supply challenges and improving demand dynamics, setting a positive tone for the Titanium Dioxide market as it moves into Q2 2025.
South America
The quarter commenced with TiO2 prices declining due to high inventories and weak demand from the paints and coatings sector. Prices reflected a subdued market sentiment, settling lower as converters hesitated to build stocks, anticipating further price drops. The overall atmosphere was marked by low trading activity and cautious behavior from buyers, who adopted a wait-and-see approach, expecting excess supply to persist into 2025.
February brought a substantial shift, with prices experiencing a bullish trend driven by supply constraints and an uptick in demand. Leading producers announced price increases, prompting a ripple effect across the industry. Notable growth in both the construction and automotive sectors fueled this demand surge. In addition, production cuts in Asia contributed to tightening supply dynamics, reinforcing positive market sentiment.
Entering March, TiO2 prices in South America particularly Brazil increased due to ongoing production limitations and robust demand for automotive and construction applications. Significant growth in vehicle production and strong activity in infrastructure projects sustained the demand for Titanium Dioxide. These dynamics allowed suppliers to leverage reduced inventory levels, leading to further price increases.
For the Quarter Ending December 2024
North America
In Q4 2024, the titanium dioxide market in North America, particularly in the USA, continued to experience downward pricing pressures due to oversupply and high inventory levels. Prices demonstrated fluctuations throughout the quarter, starting with a decline of 0.6% in early November, compounded by modest demand from downstream sectors such as paints and coatings, automotive, and construction. Despite robust growth in the U.S. paints and coatings sector exceeding 5% in 2024, overall demand remained below pre-pandemic levels, limiting upward price momentum.
Entering December, seasonal slowdowns combined with a focus on destocking further exacerbated pricing challenges. While manufacturers faced the dual challenge of high operational costs and an inflationary environment, sluggish demand from the housing sector contributed to the overall decline in pricing.
The quarter-ending price for Titanium Dioxide 98% DEL Louisiana (USA) stood at USD 2,960/MT, reflecting the overall pressure on prices throughout Q4. Market participants must navigate a landscape characterized by excess supply and uncertain demand, with hopes for recovery tied to anticipated growth in the housing sector and broader improvements in economic conditions throughout 2025.
Europe
In Q4 2024, the titanium dioxide market in Europe, particularly in Germany, experienced continued pricing pressures characterized by stability mixed with slight declines. Despite initially stable prices early in the quarter, the market faced significant challenges from weak demand across key sectors, including paints and coatings, automotive, and construction. Geopolitical uncertainties and a reliance on sluggish exports from China contributed to a stagnation in price movement. Throughout the quarter, excess inventories and minimal growth in downstream demand drove manufacturers toward destocking, leading to significant price reductions. Major producers offered discounts to clear stock as tight supply chains and seasonal slowdowns further exacerbated pricing challenges.
The quarter-ending price for Titanium Dioxide 98% FOB Hamburg (Germany) stood at USD 3,180/MT. The overall trend in Q4 reflected a cautious outlook, as challenges such as high inventory levels, seasonal sluggishness, and ongoing geopolitical uncertainties constrained market potential. As participants navigate these headwinds, the industry is poised for recovery only with improved demand conditions and stabilization of geopolitical factors throughout 2025.
APAC
In Q4 2024, the Titanium Dioxide market in the APAC region experienced a sustained price decline, driven by weak demand, oversupply, and export challenges. A consistent downward trend characterized the quarter. October saw prices fall due to off-season conditions, cautious buyer behavior, and anti-dumping duties impacting exports. November continued the decline, with weak post-festive demand and destocking activities further pressuring prices. China's Q4 2024 titanium dioxide market downturn stemmed from weak paints and coatings sector demand (especially decorative paints), compounded by off-season effects and low consumer confidence. Oversupply resulted from export restrictions (anti-dumping duties) and reduced consumption, despite production constraints from environmental regulations. Stable ilmenite prices offered no offsetting support, leading to price declines and inventory challenges for producers.
Market participants faced significant challenges, including managing excessive inventory, navigating declining prices, and dealing with export restrictions. The approach of prices to cost levels indicates potential losses for some producers. China’s titanium dioxide market ended Q4 2024 with a bearish outlook. The quarter-ending price for 98% Titanium Dioxide FOB Tianjin stood at USD 1660/MT.
South America
The titanium dioxide market in the South American region, particularly Brazil experienced a significant price decline throughout Q4 2024, driven by a combination of oversupply and weak demand across the paints and coatings sector. October initiated the downward trajectory with prices falling due to ample supply from China, despite a notable increase in domestic vehicle production. This oversupply, coupled with weak demand from the automotive, construction, along paints and coatings sectors, intensified competitive pricing pressures. November witnessed a continuation of this decline, influenced by subdued post-festive demand, seasonal slowdowns, and active destocking by manufacturers. Discounts were offered to clear excess inventory, further contributing to the price drop. December concluded the quarter with further price reductions, reflecting the typical year-end slowdown, persistent oversupply, and continued weak demand from the paints and coatings sector.
The challenges faced by market participants included managing oversupply, navigating declining prices, and stimulating demand in a weak economic environment. The quarter ended with a price of USD 2150/MT CFR Santos for Rutile grade Titanium Dioxide.
For the Quarter Ending September 2024
North America
In Q3 2024, the North American Titanium Dioxide market has experienced a consistent upward trend in prices, reflecting a positive pricing environment. This increase can be attributed to several key factors.
Firstly, there has been a steady rise in demand from various industries, particularly the construction and automotive sectors. This heightened demand has put upward pressure on prices as manufacturers seek to meet the increased need for Titanium Dioxide. Additionally, supply chain disruptions and limited availability of raw materials have further contributed to the price escalation.
In the USA, which has witnessed significant price changes, the overall trend has been reflective of the broader North American market. The quarter saw a 1% increase in prices from the first to the second half, indicating a gradual but consistent rise. There was a 1% change from the previous quarter in 2024, the latest quarter-ending price for Titanium Dioxide 93% CFR USGC in the USA stands at USD 2620/MT, signaling a positive market sentiment and sustained price growth.
APAC
In Q3 2024, the Titanium Dioxide market in the APAC region experienced a period of increasing prices. Several factors contributed to this trend. The consistent production of Titanium Ore, a key raw material in the production of Titanium Dioxide, played a crucial role in maintaining stable prices. A steady supply of Titanium Ore ensured that manufacturers had access to the necessary raw materials at relatively consistent prices. The absence of significant supply chain disruptions also contributed to the steadiness in Titanium Ore supplies. The construction sector, a major consumer of Titanium Dioxide, experienced moderate growth during Q3 2024. This steady demand helped to support Titanium Dioxide prices without creating excessive supply pressure. Manufacturers were cautious about making large bulk purchases of Titanium Dioxide, preferring to adopt a more measured approach to inventory management. Japan, in particular, witnessed the most notable price changes in the region. The overall trend in Japan reflected a positive pricing environment, with a 5% increase noted in the second half of the quarter compared to the first. The quarter-on-quarter change recorded a 1% decrease, indicating a recent upward price momentum. The latest price ending the quarter stood at USD 2760/MT for TIO2 Anatase Ex Nakanoshima in Japan, showcasing a consistent upward trajectory. This pricing environment in Japan signifies a favorable market sentiment with increasing prices and stable conditions.
Europe
Throughout Q3 2024, the Titanium Dioxide market in Europe has experienced an upward trend in prices, with France witnessing the most significant price changes. The decline in industrial activity, which has limited supply, has driven prices upward. The downstream construction industry's constant, modest demand over the last few months has also influenced pricing dynamics. Because of the construction industry's subdued activity, TiO2 manufacture has suffered decreased operating rates, necessitating pricing adjustments to match the present market situation. The persistence of restrictive monetary policy has also added to the pressure on TiO2 prices. High interest rates and general economic uncertainty have created a cautious investment climate that impacts several industries, including the chemicals company. In France specifically, the market has seen maximum price fluctuations. The quarter recorded a -3% decline from the previous quarter in 2024. Notably, there was a 4% price increase between the first and second half of the quarter. The latest quarter-ending price for Titanium Dioxide 93% FOB Le Havre in France was USD 3610/MT, marking a clear upward trajectory in pricing. Overall, the pricing environment has been characterized by positive momentum, reflecting a gradual increase in prices throughout the quarter.
South America
In Q3 2024, the Titanium Dioxide market in South America experienced a notable uptrend in prices, with Brazil showcasing the most significant price fluctuations. The quarter was marked by a convergence of factors that influenced market dynamics. Moderate demand from downstream industries, coupled with stable supply levels, created a delicate balance that supported price increases. The bullish sentiment was further reinforced by a gradual recovery in manufacturing activities and a reduction in inflationary pressures. Seasonal factors also played a role, with increased activity expected during this period. The quarter recorded a decline from the previous quarter in 2024. Notably, initially, the prices rose but eventually, they stabilized over some time in this quarter. Despite a slight decline from the previous quarter, the overall trend indicated a positive trajectory, with prices steadily climbing. The correlation between demand, supply, and external factors like freight costs and currency fluctuations contributed to the overall price movement. Ending the quarter on a high note, Titanium Dioxide Anatase Grade CFR Santos Port in Brazil was priced at USD 2060/MT, reflecting a robust pricing environment and a promising outlook for the sector.
For the Quarter Ending June 2024
North America
The second quarter of 2024 has been marked by a declining trend in Titanium Dioxide prices across the North American region. This downtrend is predominantly driven by several key factors. The primary influence has been weak demand from the downstream construction sector, traditionally the largest consumer of Titanium Dioxide, which has shown little signs of recovery.
This tepid demand has resulted in an oversupply situation, as manufacturers continue to produce at levels that exceed market needs. Additionally, global economic uncertainties, particularly concerns about slower growth and monetary tightening by central banks, have further dampened market sentiments. Focusing on the USA, which has experienced the most significant price reductions, the overall trend has been negative. Seasonality has also played a role, with weaker demand typically observed in this quarter.
The correlation between the construction sector's performance and Titanium Dioxide prices remains strong, with decreased construction activity leading to further price drops. According to market sources, the decline in demand has resulted in an oversupply of Titanium Dioxide in the market, as producers have been unable to sell their inventories at previous levels. Consequently, to stimulate buying interest and clear excess stock, suppliers have been compelled to lower their prices. The quarter concluded with Titanium Dioxide 93% CFR USGC prices at USD 2590/MT in the USA, reflecting a bearish pricing environment throughout the period.
APAC
In Q2 2024, the Titanium Dioxide (TiO2) market within the APAC region exhibited a tangible downturn in pricing, driven by multifaceted influences. The quarter was marked by a pronounced bearish sentiment, primarily fueled by moderate demand from downstream industries like construction and coatings. An oversupply of Titanium Dioxide, coupled with steady raw material prices, rendered the market's pricing environment negative. Additionally, logistical challenges, such as port congestion and escalating freight rates, further pressured Titanium Dioxide market fundamentals. Focusing on Japan, where TiO2 experienced the most significant price fluctuations, the market dynamics were notably impacted by seasonally weak demand and a sluggish recovery in the construction sector. The correlation between stagnant manufacturing activities and oversupplies accentuated the downward price trend. The latest quarter-ending price for TiO2 Anatase Ex Nakanoshima in Japan settled at USD 2580/MT, encapsulating a quarter rife with negative market sentiments. Overall, the pricing environment for Titanium Dioxide in Japan during Q2 2024 was decidedly negative, influenced by tepid demand, persistent oversupply, and logistical inefficiencies, cementing a challenging landscape for stakeholders.
Europe
In Q2 2024, the Titanium Dioxide market across Europe experienced a bearish trend, with prices persistently declining. The downward trajectory was primarily driven by tepid demand from downstream construction and automotive industries, exacerbated by economic setbacks in the manufacturing sector. This quarter was marked by sluggish procurement volumes, as economic uncertainties and high financing costs suppressed market activity. Additionally, reduced cost support from upstream raw materials, such as Titanium Ore, contributed to the diminishing prices. The overall sentiment in the Titanium Dioxide market leaned negative, influenced by a confluence of factors, including persistent inflationary pressures and labor shortages in the construction industry. Germany, in particular, witnessed significant price fluctuations, with the most pronounced changes in the region. The country's economic slowdown, signaled by a declining composite Purchasing Managers' Index (PMI), further depressed demand. Seasonality effects, coupled with a general downturn in industrial production, exacerbated the price decline. Trade activity was moderate, with a sufficient supply of raw materials available domestically. The construction sector demand remained subdued, although support from input material costs was minimal. Concluding the quarter, the price of Titanium Dioxide 93% FOB Hamburg in Germany was settled at USD 3380/MT. This persistent decrease highlights a predominantly negative pricing environment for Titanium Dioxide, driven by adverse market dynamics and reduced economic activity.
