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  In the first half of 2026, Polyvinyl chloride paste resin continued to decline due to high raw material costs and weak demand during the off-season. The industry's calcium carbide method was profitable and the ethylene method was losing money, effectively offsetting domestic oversupply through exports. In the second half of the year, short-term maintenance combined with export benefits brought about price expectations, but the cost decline suppressed the increase. The addition of new equipment at the end of the year will once again increase supply and inventory pressure.   In the first half of 2026, the PVC paste resin market will experience a trend of first rising and then falling. At the beginning of the year, geopolitical conflicts disrupted the supply chain, causing a significant increase in the price of core raw material vinyl chloride, which in turn drove up the price of paste resin on the cost side; The high priced raw materials compress the profits of enterprises, and the ethylene process equipment is the first to reduce production. Coupled with the shortage of downstream orders such as gloves and toys, the core driving force of the market has shifted from cost to supply and demand. In May, the support for raw materials weakened, coupled with the drag of the traditional off-season, and prices continued to decline. In late June, the market slightly stabilized, but failed to reverse the overall downward trend in the first half of the year. 1、 Overall, the trend of PVC paste resin spot prices shows that in the first half of 2026, the PVC paste resin market will complete a logical transition from cost driven to supply and demand driven.   In the first quarter, the market relied entirely on cost support, and geopolitical conflicts pushed up international raw material costs. Vinyl chloride surged by more than 70% from its low in 2025, significantly increasing the production cost of paste resin. Manufacturers concentrated on raising prices, and in late March, the mainstream price in the Jiangsu market surged to 8100-8700 yuan/ton, with a lower point increase of over 30%. There is a significant differentiation on the supply side, with ethylene based enterprises relying on imported vinyl chloride. Due to the shortage of raw materials, the operating rate has dropped to a minimum of 55%; The raw materials for calcium carbide method are domestically self-sufficient, accounting for over 70% of the production capacity, and the operating rate is stable at around 85%. In the second quarter, the market shifted towards a supply-demand game, and prices were under pressure and weakened. Since April, downstream purchasing intentions have been sluggish, and spot prices have continued to fall. In May, they fell to a low for the year, and by the end of June, they had slightly stopped falling. The market supply and demand are both weak, coupled with the arrival of the industry's annual maintenance cycle. Enterprises have taken the initiative to reduce burdens and alleviate inventory pressure. As a result, the industry's capacity utilization rate dropped to 68% by the end of June. June to August is a traditional off-season for demand, with weak demand for general bulk materials and glove materials, and downstream factories only maintaining replenishment for essential needs.   2、 Changes in supply of PVC paste resin in the first half of the year   In the first half of 2026, the total production of EPVC in China was 638000 tons, a slight decrease of 0.6% compared to the same period last year, which was 642000 tons. The total supply volume had limited changes, but the structural differences in monthly production were prominent. The industry operated smoothly from January to March, with a monthly output of 105000 to 116000 tons and a capacity utilization rate of 78% to 81%, which is basically the same as the same period in previous years. April became a key turning point in the market, with a year-on-year decrease of 10 percentage points and a month on month decrease of 11 percentage points in production capacity utilization rate. The monthly output of 98000 tons hit the lowest value in the first half of the year, mainly due to the compression of profits for ethylene based enterprises caused by the increase in raw material prices, and the industry's concentration on negative load reduction and maintenance. Starting from May to June, the project will gradually recover, but the capacity utilization rate is still 6 to 8 percentage points lower than the same period last year, indicating a weak recovery.   In the first half of the year, the import market showed a pattern of volume reduction and price increase. The cumulative import volume from January to April decreased by 9% year-on-year, and weak downstream demand was the core cause. The decline in domestic production has not driven the increase in imports. On the one hand, downstream product orders in China have decreased, and raw material consumption has weakened; On the other hand, the geopolitical conflict in the Middle East has dragged down the output of overseas ethylene plants, causing a contraction in the supply of overseas goods. In May, the average import price rose to $1190/ton. The price rise was dominated by overseas production costs and exchange rate fluctuations, not by domestic demand. The source of import goods was highly dependent on Taiwan, China.   3、 Changes in Consumption of PVC Paste Resin in the First Half of the Year   In the first half of 2026, the profits of the PVC paste resin industry chain will be concentrated towards the calcium carbide production end. The root cause of profit differentiation lies in the differences in upstream raw material costs and the weak downstream demand, which leads to poor cost transmission.   The most significant feature of the industry in the first half of 2026 is the widening profit gap between different process routes. The calcium carbide method relies on domestic coal resources, with self-sufficient and controllable calcium carbide raw materials, and is less affected by international market fluctuations. Its profit performance in the first half of the year is stable; The ethylene process is highly dependent on imported VCM, and in the first quarter, international oil prices rose combined with overseas plant production cuts, resulting in a significant surge in vinyl chloride prices, directly eroding the profits of ethylene process enterprises, and most enterprises fell into losses.   The export market performed well in the first half of the year, with a year-on-year increase of 60.77% in May's export volume. The export flow gradually diversified, and Russia remained the largest exporter. From January to April, a total of 20300 tons were exported to Russia, accounting for 39.61% of the total exports; Vietnam's monthly export volume surpassed Russia in May, with 5850 tons shipped that month, accounting for 34.05%, and an average price of $926 per ton. The recovery in local demand for synthetic leather and wallpaper has driven procurement; The supply of overseas facilities is tight in many places, and overseas purchase orders are shifting to domestic ones; Combined with the adjustment of export tax rebate policies in the first half of the year, enterprises concentrated on shipping in the first quarter, resulting in a significant increase in exports. Against the backdrop of sluggish domestic demand and low industry production, exports effectively alleviate the pressure of domestic oversupply.   4、 Changes in Supply and Demand Balance of PVC Paste Resin in the First Half of the Year   In the first half of 2026, the overall supply and demand pattern of PVC paste resin was loose, with only a brief supply gap in March and oversupply in the rest of the months, and the industry continued to face inventory pressure.   The continuous widening of the supply-demand gap from April to May to the stage high point is the core cause of the continuous decline in spot prices. At this stage, the domestic plant production has remained relatively high, downstream purchasing intentions are sluggish, social inventory digestion is slow, supply and demand contradictions have intensified, and the market has opened a sustained downward channel. In June, the geopolitical conflicts in the Middle East cooled down, and the import and export disturbances caused by geopolitics gradually subsided. The pace of overseas sources of goods and domestic exports returned to normal, and the supply-demand gap continued to narrow from a high level. Market supply pressure eased, and prices formed temporary support at a low level.   5、 Supply and demand gap and price forecast of PVC paste resin in the second half of the year   Judging from the fundamentals of supply and demand, July August or the second half of the year is the only window period where supply and demand are expected to be tight. At this stage, mainstream enterprises are conducting centralized maintenance, and the supply side is expected to shrink; There is room for incremental growth in demand side exports, with India's demand rebounding and increased procurement from Russia and multiple countries. The improvement in export orders is expected to narrow the supply-demand gap, and even lead to short-term supply shortages, driving prices to have upward momentum. However, the support on the cost side continues to weaken, international crude oil prices have fallen, cross-strait shipping has resumed, vinyl chloride has returned to its normal price, and calcium carbide prices have synchronously declined from high levels. The downward shift of the cost center will limit the room for price increases. Taking into account both bullish and bearish factors, it is predicted that the mainstream operating range for PVC paste resin in the second half of the year will be 6300-7400 yuan/ton. At the inventory level, the rebound in export demand will drive the overall inventory to be lower in the second half of the year compared to the first half; At the end of the year, new and resumed production facilities will be put into centralized deployment, and market supply will increase again. At that time, inventory may hit bottom and rebound.

Many people who first encounter titanium dioxide may think of it as merely a "white pigment.". In fact, in the plastic industry, titanium dioxide does far more than just whiten products. It not only determines the product's appearance but also affects coverage, weather resistance, service life, and even directly influences whether customers are willing to purchase it. Today, let's talk about one of the most commonly used additives in the plastic industry—titanium dioxide.   1、 What is titanium dioxide?   Titanium dioxide (TiO ₂) is a white inorganic pigment and one of the most widely used white pigments in the world. Due to its extremely high refractive index, it has a very strong covering ability. Simply put: Adding 1% white pigment, titanium dioxide often appears whiter, brighter, and more textured than regular white fillers.   At present, there are mainly two types in the market: ① TiO2 Rutile This is the most commonly used type in the plastic industry. Features: High whiteness, strong coverage, good weather resistance, excellent UV resistance, and not easily yellowing Many household appliance casings, automotive plastic parts, and outdoor products choose this type.   ②Titanium Dioxide AnataseThe price is relatively cheap. Features: Good whiteness and weather resistance, generally more suitable for indoor products Like some ordinary packaging, stationery, and indoor items, they will be used.   2、 Why is it necessary to add titanium dioxide to plastic?   Many customers will ask: I just want to make the product white, can I just add a little white pigment casually Actually, it's not. ① Improve whiteness This is the most intuitive function. Like refrigerator shells, washing machines, air conditioning panels, water dispenser shells, etc., which look clean and bright, most of them cannot do without titanium dioxide.   ② Enhance coverage Many recycled materials have a yellowish color. If produced directly, it is easy to have uneven colors. After adding titanium dioxide, it can effectively cover the base color, making the product color more consistent. Therefore, many recycled plastic companies adjust the amount of titanium dioxide added according to the color of the raw materials.   ③ Improve weather resistance Many plastics are left outdoors for a long time: Sunlight exposure, ultraviolet radiation, wind blowing, rain drenching Over time, it becomes easier: Yellowing, powdering, and aging After surface treatment, rutile titanium dioxide can help improve the weather resistance of plastics, and is therefore widely used in outdoor plastic products.   ④ Improve product quality Both are white: A kind of white with gray hair; Another type is white and translucent. At first glance, customers feel completely different about the product. Many terminal brands are willing to spend a little more cost just for better appearance.   3、 Is it better to add more titanium dioxide? The answer is negative. Many people who are new to plastic tend to have a misconception: Since the whiter the better, then add a little more. In fact, the more titanium dioxide, the better. Adding too much may result in: The cost has significantly increased; Poor dispersion can easily lead to white spots; The mechanical properties of some materials have decreased; Processing fluidity deteriorates. Therefore, companies usually optimize their formulas based on product requirements, rather than simply increasing the amount of additives.   Although titanium dioxide is only one raw material in the formula, it often determines the first impression a plastic product gives people. For traders, if they only know how to quote, it is easy to fall into price competition; If we can understand product performance, processing technology, and application scenarios, it will be easier to help customers solve problems and establish long-term cooperation.

04. Deep game between volume price deviation and technological differentiation of titanium dioxide   Profit data is the most accurate measure of the actual strength of this' quantity price deviation '. In the first quarter of 2026, the overall profit of the tio2 industry showed a clear differentiation pattern of "high-tech varieties can withstand, low tech varieties cannot withstand". According to the financial data of various listed companies in the first quarter, LB Group achieved a net profit attributable to its parent company of 187 million yuan, a year-on-year decrease of 72.74%, but turned a loss on a month on month basis; Huiyun Titanium Industry recorded a net profit attributable to the parent company of -7.6056 million yuan during the same period, a year-on-year decrease of 174.15%; Jinpu Titanium Industry's net profit attributable to the parent company was -28.4083 million yuan, a year-on-year decrease of 84.66%; Lubei Chemical's net profit attributable to the parent company was 56.56 million yuan, a year-on-year increase of 57.07%. The net profit of top enterprises of Titanium dioxide rutile has improved month on month, while small and medium-sized enterprises continue to suffer losses, revealing the unique nature of this round of "price increases against the trend" - the industry's prosperity is polarized, with high-end production capacity enjoying profit dividends through technological barriers and product bargaining power, while low-end production capacity is struggling to survive under the dual pressure of cost and demand. Between weak domestic demand and pressure to release production capacity, exports are becoming the core channel for China's titanium dioxide industry to break through. From January to April 2026, the cumulative export of titanium dioxide was 730300 tons, a year-on-year increase of 12.53%. Among them, the export of sulfuric acid titanium dioxide was about 551700 tons, a year-on-year increase of 5.88%; The export of chlorinated titanium dioxide was about 178600 tons, a year-on-year increase of 39.63%. The growth rate of chloride method TiO2 varieties far exceeds that of sulfuric acid method - this high-speed growth is not only reflected in the expansion of export volume, but also in the logic of structural substitution: domestic chloride process titanium dioxide is effectively replacing European and American products in the global market share with various advantages such as quality, supply stability, and localized services. During the same period, the import volume of titanium dioxide was only 20600 tons, a significant decrease of 24.67% year-on-year, and the import volume of chloride titanium dioxide decreased by 19.32% year-on-year. The data of increased exports and decreased imports indicate that China's titanium dioxide industry is moving from a "capacity bearer" to a "global capacity leader". India has lifted its anti-dumping duties on China by the end of 2025, further benefiting export growth.   05. The rebound of the economic downturn and the logic of "similar electrolytic aluminum"   By mid-2026, mainstream institutions' assessment of the titanium dioxide sector has undergone significant changes. Data shows that the price of titanium dioxide has rebounded, and it is believed that the industry's prosperity has bottomed out and the company's performance is expected to recover. The government work report proposes a cumulative reduction of 17% in carbon dioxide emissions per unit of GDP during the 15th Five Year Plan period. Some chemicals (including titanium dioxide) may follow the logic of "electrolytic aluminum", and the valuation system may be restructured. It is suggested to focus on "high carbon emission, high energy consuming industries, leading enterprises, and green materials". The upward trend in the price of titanium dioxide is driven by the rigid growth of sulfuric acid on the cost side, with no significant room for reversal in the short term. However, the coexistence of weak demand and high prices will cause the titanium dioxide market to enter a stage of "high-level consolidation and small order exploration" from mid year to the third quarter. The future trend of titanium dioxide highly depends on the progress of three core logics: in the short term, the pace of sulfuric acid price decline - whether the high cost pressure on the raw material side can be alleviated from mid year to the third quarter; Mid term assessment of the sustainability of export orders - whether the structural substitution of chlorinated varieties can continue to accelerate; In the long run, can the carbon emission constraint logic of "electrolytic aluminum like" industry upgrade path bring about the reconstruction of supply side logic and the reshaping of valuation system for the titanium dioxide industry. The 'counter trend tide' since 2026 may seem like a short-term phenomenon of rising raw material costs, but it actually reflects the transformation pains of an industry facing profound changes. For small and medium-sized manufacturers, the yellow light of the sulfuric acid method has been on - the obvious constraints of environmental restrictions and raw material price increases have forced them to retreat from "capacity competition" to "survival game". For leading enterprises, price increases are not the goal, but a necessary step to seize the high value-added technology highland - the global chlorination process market is accelerating the formation of a new track, and this cost driven price reassessment will determine the "seat table" of the global titanium dioxide industry pattern in the next five years. The traditional demand logic based on "real estate coatings titanium dioxide" is weakening, while the new growth momentum driven by "export substitution chlorination penetration high-end product globalization" is releasing increasingly clear price resilience and economic support. The cost dilemma is temporary, but industry reshaping is eternal. The enterprise that completes the leap ahead in this transformation will see a broader future.

Since the beginning of this year, titanium dioxide has experienced a significant wave of price increases.   On June 9th, the domestic price of titanium dioxide was about 16700 yuan, an increase of about 25% compared to the beginning of the year. 14 titanium dioxide companies in the market also sent letters to raise prices at the same time, with a domestic increase of 1000 yuan/ton and an international market increase of 150 US dollars/ton during the same period.   Since the beginning of June, more than ten titanium dioxide production companies have issued intensive price increase notices, and market concerns have directly focused on a core issue: why does titanium dioxide "rise against the trend" in the context of deep real estate adjustment and sustained weak downstream demand?   01. Titanium dioxide: the "industrial MSG" that doesn't buy into coatings   Titanium dioxide, with a chemical composition of titanium dioxide (TiO), is currently the best performing and most widely used white inorganic pigment in the world. It is known as the "industrial monosodium glutamate" due to its white color, strong covering power, good coloring power, stable chemical properties, and non-toxic characteristics.   From the perspective of the industrial chain, coatings are the largest consumer export of titanium dioxide, accounting for over 60% of the total demand. Rutile and anatase titanium dioxide are the "mother colors" in coating formulations - whether it is the aesthetics of building exteriors, the gloss of high-end automotive paints, or the uniformity of furniture and wood coatings, they all rely on titanium dioxide as a white coloring base. According to institutional predictions, the consumption share of the coatings industry is expected to further increase from 59.1% to 62.2% from 2026 to 2030, mainly driven by the continuous improvement of quality requirements for titanium dioxide from environmentally friendly high-performance products such as water-based coatings and powder coatings.   Plastic is the second largest application area of titanium dioxide, accounting for approximately 24% to 25% of consumption. From electronic and electrical casings to automotive interior and exterior parts, from daily plastic products to food packaging films, titanium dioxide endows plastic products with a white background and enhances weather resistance. With the accelerating penetration of engineering plastics and modified plastics into the automotive and electronic fields, demand is maintaining a moderate growth trend.   In addition, the consumption in the papermaking industry accounts for about 8% to 10%. Titanium dioxide is mainly used for printing paper, decorative paper, and specialty paper to improve the glossiness, opacity, and printing adaptability of paper sheets.   In addition to the aforementioned "three pillars", sub sectors such as ink, cosmetics, and food additives also provide structural growth for titanium dioxide. In ink, titanium dioxide has become the core material for high-end printing ink and white ink due to its excellent coverage and coloring power. The demand for sun protection and brightening effects in the cosmetics industry also remains high.   02. The True Face of 'Rising Against the Trend'   If we were to define the supply and demand pattern of the titanium dioxide market in 2026, it would be "volume price deviation, structural mismatch".   The supply side is undergoing a capacity restructuring triggered by strict environmental control measures. Since 2026, environmental policies have continued to tighten, energy consumption control has become normalized, and inefficient sulfuric acid production capacity below 50000 tons per line has accelerated its withdrawal. From a national perspective, the sulfuric acid method titanium dioxide production equipment (excluding the co production process) has been included in the restricted catalog by multiple provinces, and the policy will officially come into effect on January 24, 2026. Jinpu Titanium Industry's 80000 tons/year production capacity has been completely shut down, accounting for about 50% of its total production capacity; Overseas giants are also accelerating their contraction, with Teno shutting down production capacity in Fuzhou, China, and the global high cost old production lines entering a period of centralized clearance.   The overall operating rate of the domestic titanium dioxide industry is about 70%, which is at a relatively low level in recent years, and there is no significant room for production increase in the short term. Most companies are executing early orders, and the supply of new goods is tight. On the demand side, there is a scene of "two worlds of ice and fire". Coatings, as the largest downstream of titanium dioxide, account for over 60% of demand, but are currently in the "ice end" of the downturn in architectural coatings. In the first quarter of 2026, the new construction and completion areas of the real estate industry continue to bottom out, and orders from small and medium-sized coating enterprises are reduced. The overall coating construction rate is less than 60%, and the release of terminal demand is insufficient.   The plastic industry is also facing a double squeeze: the incremental demand driven by lightweighting of household appliances and automobiles is offset by downstream product companies' destocking cycles and insufficient high cost transmission capabilities, resulting in slow growth in demand.   Overall, the supply and demand logic of titanium dioxide in the first half of 2026 is highly condensed into one sentence: "Supply is shrinking, but demand is colder; price increases are driven by costs, not demand   03. The 'real engine' driving up the price of titanium dioxide   After understanding the mismatch between supply and demand, one can understand the "password" behind the real price increase of titanium dioxide - the core driving force behind the price increase comes from the significant increase in costs, rather than the enthusiasm for replenishing inventory on the demand side. The cost impact centered around raw material sulfur sulfuric acid is gradually pushing up the value chain of the entire titanium dioxide industry. In the production cost, the total cost of titanium concentrate, sulfuric acid, electricity, and equipment maintenance accounts for over 60%. Producing 1 ton of titanium dioxide requires the consumption of 3 to 4 tons of sulfuric acid and 2.2 to 2.5 tons of titanium concentrate, among which the fluctuation of sulfuric acid prices has the most significant impact on the cost of titanium dioxide. Sulfur, as an important raw material for sulfuric acid production, has an annual import dependency of about 50%. At the end of February 2026, the geopolitical conflict in the Middle East escalated, severely obstructing the Red Sea route and causing a large amount of imported sulfur from overseas to be cut off, leading to a surge in domestic sulfur and sulfuric acid prices. As of the end of May, the price increase per ton of sulfuric acid after the Chinese New Year is about 1000 to 1300 yuan, which, when converted to the production cost of titanium dioxide, is about 3000 to 5000 yuan per ton. Although the price of titanium concentrate has slightly decreased by about 5% during the same period, providing a buffer space of about 300 to 500 yuan/ton for the cost side of titanium dioxide, the buffering effect is minimal compared to the pressure of sulfuric acid cost increase. Therefore, the "upward channel" of the titanium dioxide market in the first quarter of 2026 presents an "abnormal" economic logic: manufacturers are still forced to adjust prices one after another in an environment of weak terminal demand and sluggish sales, in an attempt to reverse the situation of "selling one ton at a loss". Mysteel summarized this as "cost inversion, titanium dioxide manufacturers' production costs are inverted, and they have to go against the trend," with a cumulative increase of over 3500 yuan/ton in China from March to April. At the beginning of June, facing the constant firmness of the price of sulfuric acid, the major manufacturers in the industry again conducted the seventh wave of concentrated price adjustment, with the domestic increase rising to 1000 yuan/ton and the international market rising by 150 dollars/ton, to bridge the cost gap between raw materials and products.

Introduction   As of May 31st, the factory inventory of paste polyvinyl chloride resin sample enterprises was 26400 tons, which was basically the same as mid May, and the inventory pressure was controllable; The negative value of available inventory and the widening gap compared to mid May indicate that the company's orders improved in late May. At the beginning of June, there were indeed signs of stabilization in market prices, but the support for price stabilization was not solid against the backdrop of weak demand and even expectations of further weakening. We need to be vigilant about the impact of restarting some devices on the supply-demand balance in the future.   Inventory data interpretation: Factory inventory remains stable, but sales negative value expands   As of May 31st, the inventory of paste PVC resin sample enterprises in the factory area was 26400 tons, which was basically the same as mid May, and the overall inventory pressure of the enterprise was controllable. The available inventory is -12000, and the negative gap has widened compared to mid May, indicating an increase in new orders received by the company in late May and further accumulation of pre-sales. This is consistent with the observation that market prices showed signs of stabilization in early June.   A negative sellable inventory indicates that the company's pre-sale orders exceed the available supply. The widening negative gap indicates an improvement in the order situation of enterprises and a reduction in short-term shipping pressure.   Behind the stabilization of prices: supporting factors and vulnerabilities coexist   The current price stabilization mainly relies on three aspects of support. One is that the available inventory is negative, and the enterprise still has some pre-sale orders to be delivered; Secondly, the inventory in the factory area is controllable, and there is not much pressure on the enterprise to ship; Thirdly, the price has fallen to a relatively low level, and inquiries from some downstream and traders have increased.   However, the fragility of the market is equally evident. Although the negative gap in available inventory has widened, the absolute value is only about -12000 tons, and the support is relatively limited.   Market outlook: Against the backdrop of low demand season, market support is not solid   In the short term, the PVC paste resin market is in a stable stage of "controllable inventory and improved order acceptance". The expansion of negative value of sellable inventory is a positive signal for enterprises to improve order acceptance and a key support for price stabilization.   But in the context of low demand season, market support is not solid. June to August is the traditional off-season for demand, and the demand for bulk materials is expected to further weaken. The demand for glove materials is also in a weak state for the year. In addition, some new facilities are planned to restart, and if production resumes, the pressure on the supply side will increase, which may break the current fragile weak balance pattern.   It is recommended to focus on changes in available inventory and the progress of new device restarts as core indicators for judging short-term trends. If the negative value of available inventory continues to expand, prices are expected to remain stable; If the available inventory returns to normal or new equipment is concentrated in large quantities, prices may come under pressure again.    

  With the proposal by the European Chemicals Agency (ECHA) to include DINP (Diisononyl Phthalate) in the authorization list, this means that another commonly used phthalate plasticizer will soon face strict restrictions in the EU market.   This is not an isolated case. On a global scale, a "encirclement" campaign is underway against traditional benzene plasticizers. From REACH and RoHS in the European Union to TSCA in the United States, and then to China's upgraded "plastic ban", environmental protection, non toxicity, and biodegradability have become an irreversible global consensus in the plasticizer industry.   For us in the chemical raw material import and export industry, this green wave is not the distant sound of waves, but the giant waves crashing in front of us. It is reshaping the supply chain landscape and creating a huge market gap. Whoever can take the lead in laying out the track of environmentally friendly plasticizers will be able to seize the initiative in trade for the next decade.   1、 Policies are gradually tightening, narrowing the path for traditional product exports   Traditional phthalate plasticizers (such as DOP, DBP, DINP) are becoming a key regulatory target in various countries due to their potential health risks (which may interfere with the endocrine system).   EU: The REACH regulation continues to be updated, and the SVHC (Substances of Very High Concern) list is expanding, setting extremely high thresholds for the import of products containing restricted plasticizers.   United States: Several states have legislated to prohibit the use of specific phthalates in sensitive areas such as children's toys and food packaging.   China: Driven by the "dual carbon" goal, green and low-carbon development policies continue to be strengthened, encouraging and promoting the research and development, production, and application of environmentally friendly alternatives.   Impact analysis: PVC products exported to high-end markets such as Europe and America (such as medical equipment, children's toys, food packaging, high-end building materials) must undergo supply chain traceability and material replacement. This directly leads to downstream product manufacturers' demand for environmentally friendly plasticizers changing from "optional" to "mandatory", and the demand for imported procurement is growing exponentially.   2、 Which new plasticizer will become mainstream in the market?   At present, the market for environmentally friendly plasticizers has formed several mainstream technological routes, each with its own advantages and disadvantages, and the target markets are also different:   1. Epoxy plasticizers (such as epoxy soybean oil ESO, epoxy fatty acid methyl ester)   Features: Non toxic, good migration resistance, and good compatibility with PVC. It has dual functions of plasticizing and stabilizing. Application: Widely used in fields with high safety requirements such as food packaging materials, medical products, and children's toys. Import and export dynamics: Domestic technology is mature, production capacity is sufficient, and it is currently the main force in export substitution. However, at the same time, there is also a certain import demand for high-end refined epoxy soybean oil.   2. Polyester plasticizers (PPS)   Features: High molecular weight, excellent resistance to volatilization, migration, and extraction, outstanding durability. Application: Mainly used in industrial fields that require durability, such as automotive interiors, wires and cables, floor leather, etc. Import and export dynamics: The technological barriers are high, and high-end products used to rely on imports (such as from BASF, Covestro, etc.). In recent years, domestic enterprises have made significant technological breakthroughs, accelerated import substitution, and begun to explore export markets, which are high value-added categories worth paying attention to.   3. Biodegradable plasticizers (such as citrate esters, DOTP)   Features: Citrate esters have extremely low toxicity and are biodegradable; Although DOTP (dioctyl terephthalate) is a substitute for phthalates, it is usually classified as an environmentally friendly plasticizer due to its absence of phthalates. It has excellent electrical insulation and low-temperature performance. Application: Citrate esters are mainly used in products with extremely high safety requirements; DOTP is widely used in high-end wires and cables, automotive wiring harnesses, etc. Import and export dynamics: DOTP has huge domestic production capacity and is the absolute mainstay of the export market. Citrate esters, as an emerging category, are increasingly active in import and export trade.   4. Emerging forces - citrate esters   Features: Non toxic, good biocompatibility, and is a biodegradable star product. Applications: high-end medical equipment, biodegradable plastics, children's products. Import and export dynamics: Currently, production capacity is relatively concentrated, making it a potential stock for high value-added import and export trade.

Recently, the domestic PVC market has been weak, with significant differentiation in raw material prices and profit and loss between ethylene based PVC resin and carbide based PVC resin. Supply expectations have slightly increased, and the short-term market has fluctuated narrowly. The pattern of oversupply in the medium and long term is difficult to change and is suppressed by factors such as foreign trade, resulting in overall pressure operation.   1、 Import volume decreased by 9% year-on-year, driven by multiple factors leading to a decrease in import dependence Since 2026, the domestic PVC paste resin import market has experienced fluctuations in volume and price, with significant structural differentiation characteristics. According to customs data, the monthly import volume in April was 6926.767 tons, a significant decrease of 34.56% compared to the previous month, with an average import price of 1009.62 US dollars per ton; From January to April, the cumulative import volume was 34700 tons, a year-on-year decrease of 9%. During this period, the average import price remained stable at 986 US dollars per ton, and the domestic market's dependence on imported goods continued to decrease. The reduction in import volume is mainly influenced by two core factors: firstly, the sustained abundant domestic supply, which will maintain high industry supply in 2025 and put pressure on enterprise inventory; In the first quarter of 2026, Tianjin Bohai Chemical Development's 120000 tons/year new production capacity was successfully put into operation, further increasing domestic production, increasing downstream procurement options, and significantly reducing the substitutability of imported products. Secondly, geopolitical conflicts have disrupted the supply chain. In early March, the situation in the Middle East spiraled out of control. As an important production and transit hub for global petrochemicals, regional turbulence has hindered transportation, increased raw material prices, pushed up shipping and production costs, and increased delays and cancellations of orders, directly catalyzing a sharp decline in import volume in April compared to the previous month.   2、 Import sources are highly concentrated, and Taiwan, China of China ranks first   From the perspective of the pattern of import sources, Taiwan, China, China, has remained the largest source of imports. In April, the import volume from Taiwan was 2989.425 tons, accounting for 43.16% of the total import volume, with an average import price of 794.19 US dollars per ton, highlighting the price advantage. This pattern benefits from the long-term deep cultivation of leading enterprises such as Formosa Plastics in the mainland market, relying on advantages such as geographical proximity, efficient response, and supply-demand adaptation, to build a stable channel and customer system. It specializes in high-end glove materials and universal materials, and has become one of the core choices for downstream enterprises due to its stable quality and outstanding cost-effectiveness.   3、 PVC gloves have started production smoothly, and the demand for replenishing raw materials has been released   From January to March 2026, the PVC glove industry will maintain a high level of production, with a slight adjustment in capacity utilization rate to 41.96%, and overall operation will be stable. Despite the decrease in the price of raw material PVC paste resin weakening cost support, the high prices of plasticizers and other additives still provide strong support for the overall cost of factories; Overlay the enterprise order schedule until June, and gradually release the demand for phased raw material replenishment.   4、 Trend outlook: Import substitution accelerates, structure shifts towards high-end concentration   In the long run, the domestic dependence on PVC paste resin imports will continue to decline. With the continuous upgrading of domestic technology and the release of new production capacity, the incremental space for overseas exports to China is limited. The import volume from January to April 2026 decreased by 9% year-on-year, which is a continuation of this trend. In the second half of the year, domestic supply pressure will further increase, and the market supply will continue to be abundant; Emerging fields on the demand side bring incremental growth, but traditional downstream recovery still takes time. The escalation of geopolitical risks and the rise of trade protectionism have led to increased uncertainty in the import market. It is expected that the import volume will continue to operate at a low level, and the import structure will continue to tilt towards high-end specialty products. The import substitution process for mid to low end products will accelerate comprehensively.

  Introduction   Recently, as the geopolitical risk premium has subsided, the prices of upstream raw materials VCM and PVC paste resin have both experienced a rational decline from their high points of the year. However, the market's expectation of "exchanging price for quantity" did not materialize as scheduled. The reason behind this is that the prices of plasticizers for related products continue to remain high, and some downstream orders are insufficient, causing downstream product companies to remain cautious and the paste resin market to fall into a situation of "cost reduction and weak demand".   Cost side 'decompression' VCM and paste resin prices fall back from high levels   As of early May, the listing price of upstream raw material VCM has fallen by nearly 15% from its previous high point, while the domestic PVC paste resin market price has also experienced a decline of 1200-1300 yuan/ton.   From the data, the price of micro suspended float glass glove material in the East China market has fallen from the daily average high point of 8350 yuan/ton in March to the current average price of 7150 yuan/ton; The price of seed lotion method bulk material also fell from the average price of 7700 yuan/ton to around 6400 yuan/ton. In theory, the decline in raw material prices should help alleviate downstream cost pressures and stimulate the release of procurement demand, but this is not the case.   The blockage point still has plasticizers running at a high level   Although the price of paste resin itself has rebounded, the price trend of its supporting materials - plasticizers (mainly DOP and DOTP) is completely opposite and still remains strong.   1. Reasons for high prices of plasticizers:   The core raw material of plasticizers, octanol, has been at a high price for only two years due to the impact of reduced domestic supply. Driven by this, the market prices of DOP and DOTP remain high, and the adjustment range is much smaller than that of paste resin. At present, the market price of DOP is still operating at around 9600-10000 yuan/ton, which is relatively high in recent years.   2. The cumulative effect on downstream   For downstream product enterprises of PVC paste resin (such as synthetic leather, coated cloth, wallpaper, etc.), the ratio of paste resin to plasticizer in the production formula is usually 1:0.6 to 1:1. This means that plasticizer costs account for a significant weight in the composition of raw material costs.   The price reduction of polyvinyl chloride paste resin has only partially alleviated the cost pressure, while the high price stalemate of plasticizers means that the total raw material cost of downstream enterprises is still high. In the difficult situation of raising prices for terminal products, the marginal profit of the enterprise has not been effectively repaired.   3. High level operation of plasticizers does not reduce downstream cost pressure   Downstream products of PVC paste resin (such as synthetic leather, gloves, coated fabrics, etc.) require the addition of a large amount of plasticizers in the production process to improve processing performance, and the two are closely linked at the cost end.   At present, the price of octanol in the upstream of the plasticizer industry chain remains high, directly pushing up the market prices of major plasticizer varieties such as DOP and DOTP. The sustained strength of plasticizer prices means that downstream product companies not only face high priced resin paste, but also have to bear equally high auxiliary material costs. This "double high" situation has led to a significant increase in the comprehensive production costs of terminal product enterprises, severely squeezing their profit margins.   4. Strong downstream wait-and-see sentiment hinders high price transmission   Firstly, in terms of orders, apart from some export-oriented glove manufacturers maintaining stable production, the larger proportion of new orders in the large sheet material fields such as synthetic leather and toys is insufficient, and enterprises lack the motivation to increase raw material procurement. Secondly, in terms of cost transmission, it is difficult for terminal products to raise prices, and downstream enterprises find it difficult to transmit the pressure of raw material price increases downstream. They can only cope by reducing procurement volume and digesting previous inventory. Some small and medium-sized enterprises even choose to reduce production load.   Market Contradiction Focus and Future Attention   In the short term, the paste resin market is currently in a weak downstream demand stage. Focus 1: Trend of plasticizers. As a downstream supporting raw material, the price changes of plasticizers directly affect the affordability of end enterprises. If the price of plasticizers continues to remain high, downstream resistance will be difficult to alleviate, thereby suppressing the demand for purchasing paste resins. Focus 2: Large scale material replenishment node. With the gradual depletion of low-priced inventory in the early stage, downstream enterprises do not rule out the possibility of periodic replenishment of essential needs, which may bring a brief opportunity for transaction recovery to the market, but the expected strength is limited. Overall, although the market price of paste resin has experienced a significant decline, the downstream wait-and-see sentiment is difficult to dissipate in the short term against the backdrop of unchanged plasticizer prices and sluggish terminal demand. The rebound in transactions needs to wait for substantial improvement in terminal orders or a significant decline in raw material costs.

  Phthalate esters are the most common plasticizers (also known as plasticizers), including di (2-ethylhexyl) phthalate (DEHP); Diisononyl phthalate (DINP); Diphenyl phthalate (DPHP); Dimethyl phthalate (DMP); Diethyl phthalate (DEP); Dibutyl phthalate (DBP); Dipentyl phthalate (DPP); Dihexyl phthalate (DHXP); Di-n-octyl phthalate (DNP); Diisobutyl phthalate (DIBP); Dicyclohexyl phthalate (DCHP); Di-n-octyl phthalate (DNOP); Butyl benzyl phthalate (BBP); Di (2-methoxy) ethyl phthalate (DMEP); Diethyl phthalate (DEEP); Di (2-butoxy) ethyl phthalate (DBEP); Bis (4-methyl-2-pentyl) phthalate (BMPP) and others. Diethyl hexyl phthalate (DEHP) is widely used in the plasticizer industry, followed by dibutyl phthalate (DBP). The data shows that this type of substance has certain reproductive toxicity and is the "culprit" causing male reproductive problems.   The sources of phthalate plasticizers in food include: firstly, plastic containers, pipes, packaging materials, and sealing materials that come into contact with food migrate into food; The second is the impact of plasticizers in the environment on food, such as plasticizers present in soil and water that may enter the food chain and affect food. In addition, plasticizers may also be illegally added to food additives, thereby contaminating food, such as the 2011 Taiwan plasticizer contamination incident. To prevent such incidents from occurring, China has established limits for phthalates in food and food additives. However, these limit values are generally consistent with migration limits, indicating that the limit values for food and food additives may have been formulated with reference to migration limits. Therefore, the establishment of limits for such substances in food is still based on the risk assessment conclusion of the migration limit of food contact materials.   The regulations on food contact materials in foreign countries are important references for the formulation of corresponding standards in China, and studying their risk assessment of phthalates is of great reference significance for China. The following will introduce the risk assessment and conclusions of phthalates in the European Union, the United States, Japan, and Canada.   EU Risk Assessment Information and Conclusion on Phthalates   In 2005, EFSA conducted a risk assessment on five phthalates in food contact plastics, including di (2-ethylhexyl) phthalate (DEHP), butyl benzyl phthalate (BBP), dibutyl phthalate (DBP), diisopropylhexyl phthalate (DIDP), and diisononyl phthalate (DINP). These five substances have been approved for use in food contact plastics. In 2019, EFSA updated its risk assessment report for the above substances.   According to the effects of five phthalates on the reproductive system, four of them (DBP, BBP, DEHP, and DINP) play a key role in reducing fetal testosterone levels. Based on this hazard, EFSA grouped these four substances and set the daily allowable intake (TDI) for this group of substances at 50 µ g/kg bw (DEHP equivalent). In addition to this value, EFSA has also set TDI values for each of the four substances mentioned above. In addition, DIDP does not affect fetal testosterone levels at the assessed intake level. Based on the impact of DIDP on the liver, EFSA sets the TDI of DIDP at 150 µ g/kg bw.   According to the new assessment report released by EFSA, the dietary exposure of the general consumer population to DBP, BBP, DEHP, and DINP is 7 µ g/kg bw, which is approximately one seventh of TDI. The dietary exposure of high consumption individuals is 12 µ g/kg bw, which is approximately one fourth of TDI. For DIDP, the dietary exposure of high consumption individuals is one fifteenth of TDI. Therefore, these five substances have no impact on public health.   Risk assessment information and conclusions on phthalates in the United States   In the United States, additives that can be used for food contact materials are considered indirect food additives. At present, phthalates that have been evaluated and approved as indirect food additives include: dihexyl phthalate (DHXP), diisononyl phthalate (DINP), butyl benzyl phthalate (BBP), dicyclohexyl phthalate (DCHP), and diphenyl phthalate (DPHP).   The assessment results of the US Environmental Protection Agency (EPA) are consistent with those of the European Union, indicating that di (2-ethylhexyl) phthalate (DEHP) has animal reproductive and developmental toxicity. There is currently no information available on the chronic, reproductive, developmental, or carcinogenic effects of DEHP on humans.   High doses of oral DEHP (5-10 g) can cause gastrointestinal pain in humans. Animal experiments have shown that chronic inhalation of DEHP increases lung and liver weight, and oral contact can affect the development and reproductive function of rats and mice. In addition, a study by the National Toxicology Program (NTP) of the United States shows that oral DEHP can increase the incidence rate of liver cancer in rats and mice.   EPA has listed six phthalates, including di (2-ethylhexyl) phthalate (DEHP), butyl benzyl phthalate (BBP), diethyl phthalate (DEP), dibutyl phthalate (DBP), dimethyl phthalate (DMP), and dioctyl phthalate (DOP), as priority controlled toxic pollutants.   EPA has classified DEHP as a Class B2 carcinogen, which may cause cancer. List butyl benzyl phthalate (BBP) as a Class C carcinogen, which may be carcinogenic to humans. Classifying dibutyl phthalate (DBP) as a Class D carcinogen does not classify its carcinogenicity in humans.   In addition, the FDA has released a risk assessment report on di (2-ethylhexyl) phthalate (DEHP) in medical grade PVC.   Risk assessment information and conclusions on phthalates in Japan   In 2009, the Japanese Food Safety Commission (FSCJ) conducted a risk assessment of six phthalates in food contact plastics and released risk assessment reports from 2013 to 2016. Six types of phthalate esters include diisopropyl phthalate (DIDP), diisononyl phthalate (DINP), di-n-octyl phthalate (DNOP), dibutyl phthalate (DBP), di (2-ethylhexyl) phthalate (DEHP), and butyl benzyl phthalate (BBP).   According to the risk assessment report released by the Japanese Food Safety Commission, the risk assessment conclusions for six phthalates are as follows: DIDP: Currently, there is no literature or biological monitoring data on the content of DIDP in food, beverage water, and house dust in Japan, making it impossible to estimate the daily intake of DIDP in Japanese people. DINP: Based on current literature data, the daily intake of DINP for Japanese adults is estimated to be 0.4 µ g/kg bw (average estimate); DNOP: Using literature data related to the detection concentration of DNOP in food, air (considering particulate matter in the air), and water, the maximum estimated daily intake of DNOP in Japanese people is 0.24 μ g/kg bw; DBP: Based on the cumulative concentration of DBP in beverage water, indoor air, food, and house dust, the daily intake of DBP for adults is estimated to be 5 μ g/kg bw; DEHP: Based on the concentration of DEHP in environmental media (food, air, cosmetics, etc.), the daily intake of DEHP for 1-year-old children is 5.7-6.1 μ g/kg bw, and the daily intake of DEHP for the entire age group is 1.8-12 μ g/kg bw; BBP: Based on literature data related to the detection concentration of BBP in food, air, beverage water, and house dust, the daily intake (average estimated) of BBP for Japanese adults is 0.11 μ g/kg bw. The daily intake of the other five substances, except for DIDP, is lower than the daily allowable intake. Therefore, it can be inferred that these five substances will not have a significant impact on public health at present.   Risk assessment information and conclusions on phthalates in Canada   In 1994, Environment Canada and Health Canada prioritized the assessment of DEHP and continued to conduct scientific status reports and cumulative risk assessments on DEHP and other phthalates. In August 2015, Health Canada released four scientific status reports and cumulative risk assessment recommendations that comprehensively considered 14 phthalates. Canada proposes to use the Cumulative Risk Assessment (CRA) method to evaluate certain phthalates in this group, continuously collecting hazard information on an additional 14 phthalates substances (out of a total of 28). In October 2017, Environment Canada and Health Canada released a draft screening assessment for phthalates. Canada updated its assessment results in 2020 and 2021.   In 1994, the Canadian Department of Environment and Health evaluated DEHP and concluded that it was harmful to health. DEHP was added to the list of toxic substances under the Canadian Environmental Protection Act (CEPA 1999 S.C. 1999). According to this assessment, Canada has imposed restrictions on the use of DEHP: prohibiting its use in cosmetics; Restricting its use in medical equipment; Restrict its use in children's toys and childcare products.   In December 2020, Environment Canada and Health Canada released risk assessment results for 15 phthalates. The final screening evaluation concluded that 14 substances in the original phthalate substance group (DMP, DIBP, CHIBP, BCHP, DCHP, DBzP, B79P, DMCHP, DIHepP, BIOP, B84P, DINP, DIDP, and DUP) are harmless to the environment or human health (as defined in Section 64 of the Canadian Environmental Protection Act CEPA 1999 S.C. 1999, c. 33), while DEHP is harmful to human health and the environment. Although B79P is harmless to human health at current exposure levels, if exposure increases, B79P may have concerning effects on human health. In addition to B79P, there are 19 other substances that are also dangerous, so if the exposure level increases, it may have an impact on human health or the environment. The other 19 substances are DMP、DIBP、CHIBP、BCHP、DCHP、DBzP、DMCHP、DIHepP、BIOP、B84P、DINP、DEP、DPrP、DBP、BBP、DnHP、79P、DIOP And DnOP.   On June 18, 2021, Canada updated the assessment results of DEHP. The concentration of DEHP in Canadian urine (measured as the sum of DEHP metabolites) is much lower than the biomonitoring equivalent threshold based on the daily tolerable intake of Health Canada. Biological monitoring data shows that since the implementation of risk management measures, the risk of exposure to DEHP among Canadians has decreased, with DEHP exposure reduced by at least two-fold compared to the dietary exposure estimate proposed in the 1994 assessment. It is recommended to continue including DEHP metabolites in the Canadian Health Measures Survey to verify the continued effectiveness of risk management measures in reducing Canadian exposure to DEHP.  

In January and February 2026, the import and export market of paste PVC resin in China showed a trend of differentiation, with a year-on-year increase in total imports and a year-on-year decline in total exports. In March, the resumption of downstream work and production in China, as well as geopolitical risks, led to an increase in export orders from domestic production enterprises. It is expected that the import and export volume of PVC paste will increase month on month.   The total volume of the import market increased year-on-year from January to February   According to data released by the General Administration of Customs of the People's Republic of China, the import volume of PVC paste in January 2026 was 10495.1 tons, a decrease of 0.31% compared to the previous month and an increase of 18.88% year-on-year. The import volume of PVC paste in February was 6663.2 tons, a decrease of 36.51% month on month and 6.24% year-on-year. The import volume of PVC paste in January and February 2026 was 17158 tons, an increase of 7.68% compared to the same period last year.   From the perspective of import trade partners, the top three import trade partners of PVC paste resin in January were Taiwan, China, South Korea and Germany, with the import volume of 7794.33 tons, accounting for 74.27% of the import volume of the month. Among them, 4427 tons were imported from Taiwan, China, accounting for 42.18% of the monthly import volume. The main source of imports from Taiwan, China was PVC paste gloves. 1684 tons were imported from South Korea, accounting for 16.05% of the monthly import volume. 1683 tons were imported from Germany, accounting for 16.04% of the monthly import volume.   In February, the top three trading partners of PVC paste resin import were Taiwan, China, Germany and Thailand, with the import volume of the top three trading partners being 5108.5 tons, accounting for 76.67% of the monthly import volume. Among them, 2998 tons were imported from Taiwan, China, accounting for 44.99% of the month's imports. The main source of imports from Taiwan, China was PVC paste gloves. 1201 tons were imported from Germany, accounting for 18.02% of the monthly import volume. 909.5 tons were imported from Thailand, accounting for 13.65% of the monthly import volume.   The cumulative year-on-year decline in the export market from January to February   According to data released by the General Administration of Customs of the People's Republic of China, the export volume of PVC paste in January 2026 was 10167.7 tons, an increase of 20.31% month on month and a decrease of 27.41% year-on-year. The export volume of PVC paste in February was 9243.3 tons, a month on month decrease of 9.09% and a year-on-year increase of 3.78%. The export volume of PVC paste in January and February 2026 was 19411 tons, a decrease of 15.29% compared to the same period last year.   From the perspective of export trading partners, the top three export trading partners for PVC paste resin in January 2026 were a European country, Pakistan, and Vietnam, with an export volume of 7067.5 tons, accounting for 69.51% of the month's export volume. Among them, 5569.2 tons were exported to a certain European country, accounting for 54.77% of the monthly export volume; Exported 954 tons to Pakistan, accounting for 9.38% of the monthly export volume; Exported 544.3 tons to Vietnam, accounting for 5.35% of the monthly export volume.   In February 2026, the top three trading partners for PVC paste resin exports were a European country, Pakistan, and Uzbekistan, with an export volume of 6231.85 tons, accounting for 67.42% of the month's export volume. Among them, 4963.2 tons were exported to a certain European country, accounting for 53.70% of the monthly export volume; Exported 707.15 tons to Pakistan, accounting for 7.65% of the monthly export volume; Exported 561.5 tons to Uzbekistan, accounting for 6.07% of the monthly export volume.   Outlook for March: Both imports and exports are expected to rebound, with an overall recovery trend in the first quarter   Based on customs data and market research, it is estimated that the PVC paste import and export market in China will show a double growth pattern in March. In terms of import, with the acceleration of the downstream resumption of domestic bulk materials and the release of the demand for glove materials, the import volume in March is expected to further increase, and the supply of goods in Taiwan, China will still be the main force. In terms of exports, early export orders have been delivered one after another, coupled with geopolitical risks leading to an increase in peripheral demand. In the first half of March, domestic production enterprises actively accepted orders, and Southeast Asian demand remained stable with an upward trend. The export volume is expected to achieve significant growth compared to February. Overall, the performance of imports and exports in the first quarter has gradually rebounded, with imports turning positive year-on-year. Although exports have accumulated a year-on-year decline, the trend on a month on month basis is positive, and it is expected to continue the recovery trend in March.

Dioctyl terephthalate (DOTP) is an organic compound with molecular formula C24H38O4. It is a transparent oily liquid, insoluble in water and soluble in general organic solvents [1]. Dioctyl terephthalate is a main plasticizer with excellent performance for polyvinyl chloride (PVC) plastics. Compared with the commonly used diisooctyl phthalate (DOP), it has the advantages of heat resistance, cold resistance, volatile resistance, extraction resistance, softness and good electrical insulation performance, and shows excellent durability, soapy water resistance and low softness in products.Dioctyl terephthalate (DOTP) is a main plasticizer with excellent performance for polyvinyl chloride (PVC) plastics. Compared with the commonly used diisooctyl phthalate (DOP), it has the advantages of heat resistance, cold resistance, volatile resistance, extraction resistance, softness and good electrical insulation performance, and shows excellent durability, soapy water resistance and low softness in products. Because of its low volatility, the use of DOTP can fully meet the temperature resistance requirements of wires and cables, and can be widely used in 70 ° C resistant cable materials (IEC standard) and other PVC soft products. DOTP can also be used in the production of artificial leather film in addition to a large number of plasticizers for cable materials and PVC. In addition, it has excellent phase solubility and can also be used as plasticizer for acrylonitrile derivatives, polyvinyl butyral, nitrile rubber, nitrocellulose, etc. It can also be used as plasticizer of synthetic rubber, coating additive, precision instrument lubricant, lubricant additive, and also as softener of paper.   Firstly, as an important raw material for producing DOTP（Dioctyl terephthalate）, the amount of PTA（Pure Terephthalic Acid）directly affects the cost. Normally, the purchase price of PTA fluctuates with changes in market supply and demand. When there is sufficient supply of PTA in the market, the price is relatively low, which will reduce the production cost of DOTP; On the contrary, if PTA supply is tight and prices rise, the production cost of DOTP will correspondingly increase.   Secondly, different production processes can also affect the amount of PTA used. Advanced production processes can reduce the unit consumption of PTA while ensuring product quality, thereby lowering costs. However, more outdated processes may require more PTA to complete the same production tasks, resulting in increased costs.   Furthermore, the production scale will also have an impact on the usage and cost of PTA. Large scale production often achieves economies of scale by purchasing PTA in bulk to obtain more favorable prices, while better controlling the loss of raw materials during the production process and reducing the amount of PTA used per unit product.   In actual production, this impact is mainly reflected in the following aspects:   One is the pricing strategy of the enterprise. If PTA costs increase, DOTP production companies may raise product prices to maintain profits; On the contrary, when costs decrease, market competitiveness may be improved by lowering prices.   The second is the inventory management of the enterprise. In order to cope with the fluctuation of PTA prices, enterprises need to arrange inventory reasonably, increase inventory appropriately when prices are low, and control inventory levels when prices are high.   The third is the investment decision of the enterprise. In the long run, if the control of PTA dosage and cost reduction have great potential, enterprises may invest in improving production processes or expanding production scale.   Fourthly, it has an impact on the cooperative relationships between upstream and downstream enterprises in the industrial chain. For example, DOTP manufacturing companies may establish closer cooperation with PTA suppliers to obtain more stable supply and more favorable prices.   In short, the impact of the amount of PTA required for DOTP production on costs is multifaceted, and companies need to closely monitor market dynamics, optimize production processes and management strategies to cope with this impact and achieve sustainable development.

Due to the fact that the increase in production capacity is much greater than the increase in demand, the supply-demand imbalance in the carbon black pigments has significantly intensified in the past two years. In 2025, the high level of social inventory in the Industrial Carbon at the beginning of the year led to a significant increase in supply throughout the year. In addition, the growth rate of domestic consumption was relatively small, and it is expected that the social inventory level will remain at a historical high at the end of the year, which may result in an abundant supply situation in the industry at the beginning of 2026, continuing to drag down the cycle and magnitude of price increases in the carbon black market. On November 18th, the benchmark price of white carbon black was 5833.33 yuan/ton, unchanged from the beginning of this month. Looking back at the price trend of carbon black market throughout the year, the mismatch between supply and demand has continued to drag down carbon black prices, resulting in poor transactions during the cost increase cycle and unexpected price drops during the cost decline cycle. In 2025, the carbon black industry showed a monthly trend of oversupply, and the inventory at the end of each month remained relatively high compared to the same period in history, leading to a decrease in market average prices. From the supply side, the high social inventory of the carbon black industry at the beginning of 2025 is the main reason for the abundant supply throughout the year. Although the production of the carbon black industry has slightly decreased compared to last year due to the decline in production of small and medium-sized enterprises, it is still at a high level in the past five years; From the demand side, the demand for all steel tires will increase in 2025, but the demand for semi steel tires and products will decline, resulting in a small increase in domestic consumption and limited effect on digesting the high inventory at the beginning of the year. Therefore, the price increase and duration of the market focus during this period are not as expected. During the period of rising carbon black prices from January to February 2025, there were few new orders for carbon black, and the increase in ending inventory indicates the accumulation of social inventory in the industry. At the beginning of January, the price of carbon black fell to a low level and downstream purchases were made at a low price. In February, the focus of carbon black prices shifted upward, and downstream products such as tires mainly consumed raw materials in the early stage. High priced orders from carbon black enterprises followed up generally, so the inventory of carbon black enterprises continued to increase from February to March, resulting in a shorter cycle of carbon black price increase. After March, during the downward phase of High-Quality Carbon Black prices, the decline was greater than the cost decline. In the first half of the year, when carbon black enterprises had high inventory levels, the decline in carbon black prices was greater than the cost decline, and the industry generally fell into losses. Mainstream carbon black enterprises reduced production in March, but downstream tire operating loads were relatively high; The supply-demand gap in the industry narrowed from March to April, but tire companies mainly consumed pre stocked carbon black raw materials, and the market's social inventory remained relatively high. The price of carbon black continued to decline due to the lack of effective support.   With the increase in the operating load of the carbon black industry, the social inventory of the industry increased again from May to June, and the price of carbon black continued to be weak. At the end of June, social inventory remained at a high level, and the new order prices of carbon black enterprises continued to decline in July; In late August, under the pressure of industry losses, companies showed a clear willingness to push up prices. However, the shift in the focus of raw materials led to resistance from tire companies to the price increase of carbon black. With relatively abundant market supply, the price increase of carbon black was difficult to implement. In early September, mainstream large order negotiations basically stabilized the price in early August, but due to the prominent supply-demand contradiction, the price of new order negotiations in the market weakened again in late September. The downstream demand in October showed a significant month on month decline, coupled with an increase in carbon black production load, further exacerbating the industry's supply-demand imbalance. After the recovery of the operating load of tire enterprises from November to December after the National Day and Mid Autumn Festival holidays, there is an expectation of another decline, which is bearish for the increase in demand for carbon black. The supply-demand contradiction in the industry is difficult to alleviate, and it is expected that carbon black prices will continue to fluctuate downward in the fourth quarter. The support for carbon black prices due to the increase in cost in November will also be weakened by the drag of supply and demand contradictions. The expansion scale of the carbon black industry will still be relatively large in the next five years, and the period from 2026 to 2027 will be a period of concentrated production capacity. In the future, the expansion of the carbon black industry will focus on large enterprises and petroleum based raw material production enterprises with industrial chain and group advantages. Among them, Changhong Biotechnology, Sinochem Quanzhou, Guangzhou Lianyou, and Dushanzi Petrochemical are all petroleum based raw material production enterprises, and petroleum based enterprises are expected to continue to increase. It is expected that the production capacity will enter a period of concentrated release from 2026 to 2028, but it will also be a period of concentrated elimination of outdated production capacity. Among them, the newly added production capacity will be over 1.425 million tons, and it is expected that around 800000 tons will be added in 2026, mainly through the entry of strong industrial groups, tire factories, and petroleum raw material production enterprises. With the continuous intensification of future supply-demand contradictions and limited room for market share growth, it is expected that the elimination speed of small and medium-sized carbon black enterprises may further increase, and the industry concentration is expected to continue to increase. However, it is expected that the domestic carbon black market demand will show a slight downward trend in 2026, and the supply-demand contradiction will further expand, leading to a continued decline in carbon black profit margins. From the predicted data, the regional supply and demand pattern of the carbon black industry in 2026 will not change much compared to 2025, with East China and North China still being the main supply regions and East China being the largest demand region. Overall, there is no obvious separation of production and sales in the carbon black industry, and the national price trend is basically in a relatively consistent state. However, the relative concentration of demand in Shandong region will lead to stronger bargaining power of tire factories in Shandong region. Under the current situation of supply-demand mismatch, non Shandong market bargaining will also be deadlocked. At that time, the pricing of carbon black in Shandong region will have a guiding role or improvement in the phased bargaining of non Shandong regions.

1、 Analysis of China's Titanium Dioxide Market in 2025   1.1 Analysis of price trend of titanium dioxide   In 2025, the Chinese titanium dioxide market will continue to show a weak downward trend, experiencing three stages of "rise, fall, and rise" throughout the year. The price at the end of the year has dropped significantly compared to the beginning of the year, with the price of rutile titanium dioxide falling by about 1250 yuan/ton, or 8.83%, and the price of anatase titanium dioxide falling by about 800 yuan/ton, or 6.25%, compared to the beginning of the year. As of the end of October, the ex factory price of Chinese rutile titanium dioxide, including taxes, is between 12300-13500 yuan/ton, and the ex factory price of anatase titanium dioxide, including taxes, is between 11800-12200 yuan/ton. The highest point of the annual market price appeared in March, with a monthly average of 14750 yuan/ton, which is 13% lower than the average price of 16950 yuan/ton in March 2024, a year-on-year decrease The current low point of market prices is in August, with a monthly average price of 12758 yuan/ton, a decrease of 14% compared to the low point of 14776 yuan/ton in 2024; In 2025, the decline in the titanium dioxide market will intensify, with prices dropping to a nearly five-year low.   The first stage of price increase: From January to March, the titanium dioxide market continued to rise, with three consecutive rounds of price increases. The cumulative price increase was about 600 yuan/ton, with a growth rate of 4.24%; Entering 2025, the market will continue its downward trend at the end of 2024, with prices rebounding at the end of January and continuing to rise in February and March; The main factors affecting market prices are: 1. As the January holiday approaches, there is an increase in market stocking demand and factories are reducing inventory; 2. Routine annual inspection of titanium dioxide enterprises during the Spring Festival resulted in a continuous decrease in production from January to February; 3. The market collectively announced a rise, with an increase in orders and shipments; 4. The raw materials follow the rise of titanium dioxide, with a cumulative increase of around 80-100 yuan/ton for titanium ore and around 200 yuan/ton for sulfuric acid, resulting in a relatively high cost increase; 5. The export market for titanium dioxide was good in the first quarter, and India implemented tariffs in April, resulting in early transfer of titanium dioxide exports. The market has risen three times in a row, but downstream acceptance has weakened, so the third upward trend is not optimistic. In addition, the significant reduction in the price of chlorination method has led to the beginning of the era of same price competition in sulfuric acid chlorination method.   The second stage of decline: From April to July, the titanium dioxide market continued to decline, with a cumulative price drop of 2050 yuan/ton, a decrease of 13.90%; The market has entered the off-season, and the foreign trade market has cooled down. Titanium dioxide inventory has begun to show an increasing trend, and prices began to decline in mid April. Production pressure has increased, and market production has also begun to decline; In early May, Longbai Group lowered the listing price of titanium dioxide by 500 yuan/ton. However, due to the rebound of raw materials, the production losses of titanium dioxide intensified, and nearly 20 companies in the market stopped production and reduced output, resulting in a significant decrease in production; In early June, Longbai Group lowered the listed price of titanium dioxide by 1400 yuan/ton due to high dealer prices, with a market follow-up adjustment range of 300-500 yuan/ton. The price difference of market grades generally narrowed, and the cost of raw materials was difficult to reduce, resulting in a sustained loss in titanium dioxide prices; In July, prices continued to decrease, with Longbai Group's dealer prices dropping by 200-500 yuan/ton at the beginning of the month. The market remained sluggish and difficult to improve, coupled with the successive foreign trade tariffs, market inventory also rose to historical highs. At the end of July, the preferential policy of rebates for completing tasks was implemented again; In early August, Longqi's prices were once again lowered. Under the pressure of high inventory, prices fell to the lowest point of the year, and production continued to contract during the same period.   The third stage of rebound: From September to October, the price of titanium dioxide rebounded from a low level, with a cumulative increase of 200 yuan/ton, an increase of 1.57%; In the early stage of the peak season of Jin Jiu, stock up was prepared, and there were concerns in the market about buying at the bottom. In late August, the titanium dioxide market once again welcomed a wave of price increases, as supply decreased and market inventory also eased; In September, market prices gradually increased by 300 yuan/ton, raw material sulfuric acid prices declined, and the losses of titanium dioxide enterprises slightly eased; On September 30th, Longbai Group sent a letter to raise prices starting from October 10th, and the titanium dioxide market once again announced an increase. However, due to the early overdraft of demand, the price increase was not effectively implemented. The market started to recover, and coupled with the strong rise in raw material sulfuric acid prices, the cumulative price increase of sulfuric acid in some areas in October was around 200 yuan/ton. This year, the acid price has risen again to a nearly four-year high, and the titanium dioxide market has once again fallen into difficulties.   The traditional off-season in the titanium dioxide market from November to December is constrained by both foreign trade demand and the upward trend of raw materials. However, it is difficult to reverse the overall weak demand for titanium dioxide, and the market is mostly pessimistic about the future. The market is expected to be under pressure and weaken.   In 2025, the Chinese titanium dioxide market will experience a significant decline, with the decline expanding compared to both 2023 and 2024. Corporate profits are generally at a loss, and the market is showing a sluggish trend. Affected by the global macro economy in 2025, the overcapacity pattern and the need for new production capacity to be put into operation will continue to pose severe challenges to the titanium dioxide market in 2026, and the market is also seeking new growth points.   Chapter 2: Titanium Dioxide Market Price List   2.1 Price Analysis of Titanium Dioxide   In 2025, the price of titanium dioxide in China will continue to decline, and the market will experience ups and downs throughout the year, with the highest point in March; The lowest point of the year is currently in August; In the global economic downturn period of 2025, there will be an oversupply of titanium dioxide and some international production capacity. However, in the first half of the year, due to the implementation of anti-dumping tariffs, exports began to decline, and domestic and foreign markets were under pressure, resulting in stable but weak prices. The highest point of the index in 2025 is close to the low point in 2024, and the operating rate of the titanium dioxide market is high, but the industry still faces significant pressure.   Chapter 3: Titanium Dioxide Production Capacity and Output   3.1 China's titanium dioxide production capacity by 2025In 2025, China's titanium dioxide production capacity will be 6.217 million tons, with a year-on-year growth rate of 3.62% compared to 2024. The main regions with increased production capacity are Inner Mongolia and Anhui; By 2025, the top three regions in China's production capacity will have Sichuan accounting for 19%, Shandong accounting for 13%, and Henan accounting for 10%.   3.2 Analysis of Titanium Dioxide Production in 2025   The production of titanium dioxide in China from January to September 2025 was 3.5556 million tons, a decrease of 0.83% compared to the same period last year, with a decrease of about 30000 tons in production. It is expected that the annual production of titanium dioxide will reach around 4.70-4.75 million tons by 2025.   In 2025, the main companies that will release new production capacity in the titanium dioxide market are Dadi Yuntian and Bengbu Guotai. This year, due to market influence, monthly production from April has shown different declines compared to last year. In the first quarter, due to an increase in titanium dioxide exports, production in March was the highest for the whole year. Subsequently, both domestic and foreign trade in the market weakened, and production gradually declined, with June production being the lowest for the whole year; Under the dual influence of cost and demand, production is expected to decrease in the fourth quarter.   3.3 Analysis of Titanium Dioxide Production by Chlorination Method in 2025   From January to September 2025, the production of chlorinated titanium dioxide in China was 533700 tons, an increase of 10.18% compared to the same period last year. The production increased by about 50000 tons, and the newly added capacity was released by the production of 100000 tons of Bengbu National Titanium and the steady release of vanadium titanium production capacity at Panzhihua Iron and Steel.   3.4 Production Comparison of Titanium Dioxide in Regions from 2024 to 2025   Comparing the production of titanium dioxide in different regions from 2024 to 2025, the production of titanium dioxide in the main production areas has decreased significantly this year, with varying degrees of decline in Sichuan, Shandong, and Henan. Shandong has the largest reduction in annual production, with a reduction of about 100000 tons, mainly due to the impact of the shutdown of production in Yuxing, Jinan; The production of Guangxi, Hubei, Inner Mongolia and other regions has shown a year-on-year increase, with Inner Mongolia leading the way with a year-on-year increase of over 70000 tons, followed by Guangxi with a year-on-year increase of 40000 tons. At the end of the year, there are still new production capacity waiting to be put into operation in Shandong and Gansu regions, but the supply-demand relationship in the titanium dioxide market is still in a difficult stage to balance.   3.5 Operating rate of titanium dioxide market in 2025   Due to weak demand and other factors, the construction of the titanium dioxide market in 2025 has shown an overall downward trend. The industry's construction rate for the whole year is 79%, which is a decrease of 6% compared to the annual construction rate of 84% in 2024. The trend of oversupply in the market is gradually becoming prominent, and the pressure on industry production and operation is obvious. The later production of new capacity in the market also faces significant challenges.   Chapter 4: Import and Export Data of Titanium Dioxide   4.1 Import data of titanium dioxide in 2025   According to customs data, the cumulative import volume of titanium dioxide in China from January to September 2025 was about 56900 tons, a year-on-year decrease of 20.51% compared to last year, with a monthly decrease of 14700 tons in import volume. Domestic demand continues to be weak, and the cost of high priced imported titanium dioxide is difficult to accept. This year, the import of titanium dioxide has shown a continuous decrease compared to the same period last year, mainly due to a significant decrease in the chloride process titanium dioxide, with a year-on-year decrease of 28.96% in import volume. With the continuous improvement of domestic titanium dioxide quality, the dependence on imported titanium dioxide will gradually decrease in the later stage.   4.2 National data on titanium dioxide imports in 2025   The top three regions for titanium dioxide imports from January to September 2025 are Mexico, which accounts for 36%, Australia, which accounts for 18%, and the United States, which accounts for 16%.   4.3 Export data of titanium dioxide in 2025   According to customs data, the cumulative export volume of titanium dioxide from China from January to September 2025 was about 1.3464 million tons, a year-on-year decrease of 6.48%, and a decrease of about 93200 tons in export volume. The anti tilt policy of titanium dioxide and the issue of tariffs between China and the United States have increased the resistance to titanium dioxide exports, resulting in a continuous decline in export volume.   In the export proportion of titanium dioxide, sulfuric acid method titanium dioxide is the main method, accounting for 81.02%, and chloride method titanium dioxide accounts for 18.98%. Domestic sulfuric acid titanium dioxide products occupy an important position in the international market due to their quality and competitive prices. This year, with India's implementation of anti-dumping tariffs since April, as well as countries such as Eurasia, the European Union, and Brazil starting last year, the export volume of titanium dioxide will gradually decline in 2025.   4.4 Data of titanium dioxide export countries in 2025   From January to September 2025, the top three countries in China's titanium dioxide export volume are India, accounting for 14%, Türkiye, accounting for 7%, and Vietnam, accounting for 5%.   In 2025's titanium dioxide export data, Türkiye, Vietnam, Egypt and other countries' exports are growing, with the largest increase in India's exports at 15800 tons, followed by Egypt's 7200 tons. The export structure of titanium dioxide is also changing. Although exports have shown an overall downward trend this year, under the new direction of enterprises, the export market for titanium dioxide will still improve in the future.   4.5 Average import and export price of titanium dioxide in 2025   The average import price of titanium dioxide from January to September 2025 was $3288.09 per ton, a decrease of 1.20% compared to the same period last year at $3328.17 per ton; The monthly average export price of titanium dioxide from January to September 2025 was $2003.07 per ton, a decrease of 9.87% compared to the same period last year at $2222.55 per ton. Due to the sluggish global demand and market competition pressure, the import and export prices of titanium dioxide will decrease synchronously in 2025.

  Color masterbatch, as a type of polymer coloring agent, is widely used in the plastic industry. Its main function is to provide uniform and stable color for various plastic products. According to incomplete industry data, the total amount of titanium dioxide used for color masterbatch production is approximately 20000 to 30000 tons per year. This data reflects the important position of titanium dioxide in the masterbatch industry. The production of color masterbatch is not only related to the appearance of plastic products, but also directly affects their mechanical properties, weather resistance, and service life. Therefore, strict requirements have been put forward for the selection and application of titanium dioxide.   1、 Industry application background   In the production of color masterbatch, titanium dioxide is divided into three grades based on its crystal structure and source: high, medium, and low. High end titanium dioxide mainly relies on imported rutile titanium dioxide, which has excellent optical properties and chemical stability, and is suitable for fields with extremely high requirements for color and performance, such as high-end home appliance casings, automotive components, etc. The mid-range titanium dioxide mainly uses domestically produced rutile type products, which have relatively balanced performance and can meet the needs of most daily plastic products. Low end titanium dioxide uses domestically produced anatase titanium dioxide, although its whiteness and coverage are slightly inferior to rutile type, the cost is lower and it is suitable for some fields that do not require high performance, such as ordinary packaging materials or disposable plastic products.   The application of titanium dioxide in color masterbatch is not limited to providing white color, but is often used as a base color or adjusting agent to mix other colors. In addition, the high refractive index and covering power of titanium dioxide make it an indispensable component in plastic products, especially in light or white products, where the amount of titanium dioxide directly determines the final appearance of the product.   2、 Classification and selection of titanium dioxide powder   Titanium dioxide can be divided into two categories based on its crystal structure: rutile titanium dioxide and anatase titanium dioxide. Rutile titanium dioxide has a higher refractive index, better weather resistance, and anti powdering performance, thus occupying a dominant position in high-end color masterbatch. Although anatase titanium dioxide has high whiteness, its photochemical activity is strong, which can easily lead to aging of plastic products when used outdoors. Therefore, it is mostly used indoors or in fields where weather resistance is not high.   In the production of color masterbatch, the selection of titanium dioxide needs to consider multiple factors comprehensively. Firstly, there is the optical performance, including whiteness, coverage, and coloring power. High grade rutile titanium dioxide usually has higher whiteness and hiding power, and can achieve ideal coloring effects with less dosage. Next are chemical stability and weather resistance, especially for plastic products used outdoors. Titanium dioxide must be able to resist the erosion of ultraviolet rays, high temperatures, and humid environments. In addition, the dispersibility of titanium dioxide is also a key indicator, which directly affects the production efficiency of color masterbatch and the appearance quality of plastic products.   The reason why imported rutile type titanium dioxide has become the preferred choice for high-end color masterbatch is because of its advanced production technology, uniform particle size distribution, and special surface treatment, which can be better compatible with the resin matrix. In recent years, the quality of domestically produced rutile titanium dioxide has been continuously improving, gradually occupying a place in the mid-range market. Sharp titanium dioxide still has a place in the low-end market due to its cost advantage, but its application scope is limited by its performance shortcomings.   3、 Composition and Function of Color Masterbatch   Masterbatch is a high concentration pigment preparation, which consists of pigments, resins, dispersants, and various additives. Among them, pigment is the core component of color masterbatch, responsible for providing color; Resin serves as a carrier, allowing pigments to be uniformly dispersed and firmly attached to the plastic matrix; Dispersants are used to improve the dispersibility of pigments and prevent agglomeration.   In addition to the basic ingredients, various functional additives are often added to color masterbatch to meet the needs of different application scenarios. For example, fluorescent whitening agents can enhance the whiteness and brightness of plastic products, especially in light colored products where the effect is significant; Antioxidants and anti UV agents can delay the aging process of plastic products and extend their service life; Antistatic agents are used to reduce static adsorption on plastic surfaces and are suitable for fields such as electronic packaging; Toughening agents and brighteners are used to enhance the mechanical properties and surface gloss of the product, respectively.   Titanium dioxide is used as a white pigment in color masterbatch, and its advantages are mainly reflected in the following aspects:   Non toxic and environmentally friendly: Titanium dioxide has stable chemical properties and does not release harmful substances, meeting strict standards for food contact materials and medical plastics. High coverage power: The high refractive index of titanium dioxide enables it to effectively cover the natural color of plastic substrates, maintaining uniform color even at high concentrations. Good dispersibility: Surface treated titanium dioxide can be well compatible with the resin matrix, reducing energy consumption and time in the production process. Good weather resistance: Rutile titanium dioxide is particularly suitable for outdoor plastic products, which can maintain stable color and performance for a long time.   4、 In depth analysis of quality requirements   As an industrial raw material, the performance of color masterbatch is usually demonstrated in subsequent product applications. For example, in the blown film or injection molding process, the dispersibility and coloring power of color masterbatch directly affect the uniformity and appearance of the product. Therefore, the performance evaluation of titanium dioxide in color masterbatch must be based on practical application scenarios. The following is a detailed analysis of several key quality indicators:   coloring power Coloring power is an important indicator for measuring the coloring efficiency of titanium dioxide, which determines the amount of titanium dioxide required to achieve the same color depth. Titanium dioxide with high coloring power can achieve ideal coloring effects with less usage, thereby reducing production costs. The factors that affect the coloring power include the particle size distribution, crystal structure, and surface treatment process of titanium dioxide. Generally, rutile type titanium dioxide with uniform particle size distribution and complete crystal structure has higher coloring power.   Whiteness Whiteness is a core indicator for evaluating the optical properties of titanium dioxide, especially for the appearance of light colored or white plastic products. High whiteness titanium dioxide can make products appear purer and brighter in white, enhancing their aesthetic appeal. The whiteness is affected by the purity, particle size, and surface treatment of titanium dioxide. The lower the impurity content and the more uniform the particle size, the better the whiteness performance. Dispersion Dispersion directly affects the production efficiency of color masterbatch and the appearance quality of plastic products. If titanium dioxide is unevenly dispersed in the resin, it can lead to a decrease in the coloring power of the masterbatch, and even defects such as color spots and stripes. Titanium dioxide with good dispersibility can shorten mixing time, reduce energy consumption, and improve the gloss and uniformity of the product. To improve dispersibility, titanium dioxide usually needs to undergo surface treatment, such as coating with coupling agents such as silane and aluminate. Machinability Processing performance is the comprehensive performance of titanium dioxide in the production process of color masterbatch, including compatibility with resin, thermal stability, and flowability. Poor processing performance of titanium dioxide may lead to mesh blockage, increased energy consumption, and even affect the mechanical properties of the product during the production process. Therefore, the selection of titanium dioxide needs to be optimized based on specific processing techniques and equipment.   5、 Future Development Trends   With the increasing demand for environmental protection, efficiency, and multifunctionality in the plastic industry, the development of color masterbatch and titanium dioxide has also shown new trends. Firstly, the demand for environmentally friendly titanium dioxide is gradually increasing, especially in fields such as food packaging and children's toys, where non-toxic and low heavy metal content products are more favored. Secondly, the research and development of high-performance titanium dioxide is increasingly deepening, improving its coverage, weather resistance, and dispersibility through nanotechnology, surface modification, and other means. In addition, the development of multifunctional color masterbatch has become a hot topic in the industry, such as combining titanium dioxide with functional additives such as anti UV and antibacterial agents to achieve multiple effects in one dose. In summary, the application of titanium dioxide in color masterbatch is a complex and delicate process involving multiple factors such as materials science, process engineering, and market demand. Only by continuously optimizing the performance of titanium dioxide and the production process of color masterbatch can we meet the continuous pursuit of high quality, high efficiency, environmental protection and energy conservation in the plastic industry.

From mid September to early October 2025, Chinese titanium dioxide suppliers conducted the fifth round of price increases, with domestic trade raising prices by 300 yuan/ton and foreign trade raising prices by 40-50 US dollars/ton. At this point, the cumulative increase in five rounds of price hikes has reached 1900-2400 yuan/ton, but the actual market price has declined compared to the same period last year and the beginning of the year (the market price of rutile titanium dioxide has dropped by 12.55% year-on-year and 6.63% compared to the beginning of the year). This reflects the complex market contradictions behind the price increase. Titanium dioxide is facing weak demand on the consumer side and a malfunctioning price transmission mechanism. The main downstream application of titanium dioxide is architectural coatings, but currently the real estate industry is sluggish and the demand for architectural coatings is insufficient. The fierce competition in the terminal market makes it difficult for coating companies to transfer the cost increase of titanium dioxide to consumers, resulting in difficulty in implementing price increase letters. Despite multiple price increases by the company, insufficient downstream demand has led to a decrease in actual market prices instead of an increase. This indicates that the domestic demand market has weak support, and price increases are more of a "passive response" from suppliers rather than a demand pull. As the world's largest producer of titanium dioxide, China's export volume of titanium dioxide has declined year-on-year, and international trade barriers have intensified. From January to August 2025, the total export volume of titanium dioxide in China was 1.1901 million tons, a year-on-year decrease of 7.95% (a decrease of approximately 102800 tons). Among them, the export of chloride titanium dioxide decreased by 3.38%, and the export of sulfuric acid titanium dioxide decreased by 8.96%. This decline is partly due to anti-dumping investigations and tariff barriers (such as anti-dumping measures in India, the European Union, and other places) by multiple countries around the world, which have hindered exports of titanium dioxide to China. At the same time, import data also showed weakness (total imports of 50500 tons, a year-on-year decrease of 20.16%), indicating a deterioration in the global trade environment and insufficient external growth momentum for China's titanium dioxide. While facing difficulties in domestic and foreign trade, the cost pressure on titanium dioxide enterprises continues to increase. The main raw materials for the production of titanium dioxide are titanium ore and sulfuric acid. In recent years, upstream costs have continued to rise due to factors such as environmental policies and rising energy prices. For example, the high price of titanium ore increases the energy and environmental costs in sulfuric acid production. Suppliers attempted to transfer cost pressure through five rounds of price increases, but insufficient downstream demand and market competition resulted in a real decline in market prices. This reflects that cost driven price increases are hindered on the demand side, and the profit margins of enterprises are compressed.   We  supply Titanium Dioxide, Iron Oxide, Phthalate Plasticizer, and other chemicals material for coating&paiting  and Rubber& plastics.

According to customs data, the export volume of polyvinyl alcohol in China in April 2024 was 191.8368 million tons, with an average export price of 12818.86 yuan/ton. We supply CCP PVA BP-26, CCP PVA BP-24, CCP PVA BP-20 , CCP PVA BP-20H , CCP PVA BP-17 , CCP PVA BP-14, CCP PVA BP-08 , CCP PVA BP-05 , CCP PVA BP04 , CCP PVA BP-03; CCP PVA BF-26, CCP PVA BF-24H,CCP PVA BF-24,CCP PVA BF-24E, CCP PVA BF-17H,CCP PVA BF17,CCP PVA BF-17E, CCP PVA BF-14, CCP PVA BF-08, CCP PVA BF-05, CCP PVA BF-04 , CCP PVA BF-03, CCP PVA BF-17W , CCP PVA BF-14W ; CCP PVA BC-24,CCP PVA BC-20,CCP PVA TC-07H,CCP PVA TC-07P, CCP PVA ,CCP PVA BC-05,CCP PVA BP-17G,CCP PVA BP-05G.

On April 15th, the mainstream market negotiations for polyvinyl alcohol 1799 # reached 11800-12800 yuan/ton in cash, for polyvinyl alcohol 2699 # reached 12300-13500 yuan/ton in cash, for PVA 1788 # reached 12300-13500 yuan/ton in cash, for PVA 2488 # reached 13300-14700 yuan/ton in cash, and for PVA resin 2099 # reached 12000-13300 yuan/ton in mainstream market negotiations.The supply side situation shows that the acetic acid market is relatively strong and upward this week. At the beginning of the week, the price of acetic acid fell to a low level, leading to an increase in downstream demand and a bullish attitude among enterprises. As the market trading atmosphere improves, the price of acetic acid continues to rise. As of March 29th, the average market price of acetic acid was 3100 yuan/ton, an increase of 3.33% compared to March 25th. The recent increase in demand in the calcium carbide market has become the main factor contributing to the price increase. With the update and implementation of PVC maintenance plans, the expected supply of calcium carbide is expected to increase significantly. As of April 10th, the benchmark price of calcium carbide has risen to 3016.67 yuan/ton, an increase of 0.56% compared to the beginning of this month. Overall, the recent trend in the cost of polyvinyl alcohol has been warm, with slight positive support in the market. Despite stable supply side support, the overall weak demand situation has not significantly improved. Intermediaries prepare goods according to demand, while downstream suppliers purchase goods on demand, resulting in a mediocre trading atmosphere.

Polyvinyl chloride resins are mainly divided into general resins and paste resins according to their uses: General resins (G resins) are resins that are processed and formed into dry or wet powders by mixing with normal amounts of plasticizers or additives; Paste resin (P resin) is usually used in conjunction with plasticizers to form a paste resin; In addition, there is PVC blending resin, which is a type of PVC resin that replaces some of the paste resin by blending when preparing PVC plasticizers. The main production methods of PVC resin include suspension method, bulk method, lotion method, solution method and micro suspension polymerization method. From a worldwide perspective, suspension method is the main production method of PVC general resin, while the production method of PVC paste resin is lotion method and micro suspension polymerization method. Due to different production processes, the capacity of the two resins cannot be converted to each other. In 2023, the prices of various products in the PVC industry chain have fallen compared to previous years. In the second half of 2023, the prices of the industrial chain have all risen to varying degrees. The price trends of PVC and PVC paste resin are relatively consistent, mainly due to the psychological impact of PVC futures on the spot price of PVC paste resin in recent years. PVC paste resin has a slight lag, but under the influence of futures, the price is close to the spot price trend of PVC. The price of raw material calcium carbide is negatively correlated with the trend of downstream PVC and PVC paste resin in the first half of this year, mainly due to the significant lag effect of the two downstream products. The rise and fall of calcium carbide is ahead of PVC and PVC paste resin, and the two only have new changes after seeing the rise and fall of raw materials. The lowest price for PVC throughout the year was in early June, while the mainstream ex factory price in the northwest region was 6350 yuan/ton. The highest price for the year was in early January, and the mainstream ex factory price in the northwest region was 6100 yuan/ton. The lowest annual price for raw material calcium carbide was in early November, while the mainstream ex factory price in the northwest region was 2850 yuan/ton. The highest price for the year was in early January, and the mainstream ex factory price in the northwest region was 3900 yuan/ton. The lowest price for PVC paste resin throughout the year is in mid May, and the mainstream price in the northwest region is 6700 yuan/ton. The highest price for the year was in early October, and the mainstream price in the northwest region was 8400 yuan/ton.

Carbon black is an amorphous carbon with a very large surface area, ranging from 10-3000m2/g, and particle size of 10-100nm. Carbon black is a type of carbon element that exists in the form of nanoscale particles and amorphous carbon. It is a product of incomplete combustion or thermal decomposition of organic compounds (natural gas, heavy oil, fuel oil, etc.) under insufficient air conditions. Carbon black is one of the earliest developed, applied, and currently produced nanomaterials by humans, and is listed as one of the 25 basic and fine chemical products in the international chemical industry. The production process of carbon black can be divided into two categories: "incomplete combustion method" and "thermal cracking method". Incomplete combustion method (thermal oxidation decomposition method) includes oil furnace method, gas furnace method, spray method, lamp smoke method, trough method, drum method, and mixed gas method; The hot cracking method includes hot cracking method, acetylene method, and plasma method. Among them, the oil furnace method has the characteristics of multiple process adjustment methods, high thermal energy utilization, low energy consumption, and low cost, making it the main production process for carbon black. SP and Koqin black are prepared by the oil furnace method, while acetylene black is produced by the acetylene thermal cracking method. Policies related to China's carbon black industry From the current situation of China's automobile industry, based on the existing foundation of the automobile industry and the promotion of national strategic emerging industries and energy-saving and emission reduction regulations, through solid promotion and key breakthroughs during the 13th Five Year Plan period, it is possible to form low-carbon, information-based, and intelligent energy-saving and new energy vehicle advantages in the 14th Five Year Plan period. With the development of the automotive industry, the carbon black industry will also usher in new development opportunities. In recent years, the country has successively issued a series of relevant policies and regulatory documents such as the "Guiding Catalogue for Industrial Structure Adjustment", which has pointed out the direction for the development of the carbon black industry and promoted the differentiated development of China's carbon black products towards high-end, green, and branded directions. Carbon black industry industry chain The upstream of carbon black production is raw material oil, which is mainly divided into coal tar, ethylene tar, anthracene oil, etc; The midstream of carbon black production includes various types of carbon black, which can be divided into two categories: ordinary N-series carbon black and special carbon black; The downstream of carbon black production is various carbon black application industries, with tires being the largest application industry of carbon black, followed by rubber products, and finally the field of special carbon black. Special carbon black is widely used as a plastic coloring agent, anti UV agent, and conductive agent in plastics, ink coatings, lead-acid batteries, as well as lithium batteries and other products. So the carbon black industry chain mainly consists of three aspects: raw materials for carbon black production (coal tar, ethylene tar), carbon black production equipment, and downstream customers for carbon black use. In recent years, the overall production of rubber tire outer tubes in China has remained above 800 million since 2018. According to statistics, as of 2022, the production of rubber tire outer tubes in China was 856 million, a year-on-year decrease of 4.78%. Due to the soaring domestic car sales, it is driving a new round of car tire reshuffle. The domestic tire market has now become a battleground for major tire brands. In the future, there will be four major trends in China's tire market, which are also issues that major tire wholesalers should consider. The four major trends in domestic tires are: high-performance, energy-saving and environmentally friendly, green tires, safety and intelligence, and winter or all-weather tires. Analysis of the Development Status of China's Carbon Black Industry China is the country with the highest global carbon black production, with nearly half of the world's carbon black produced in China. There is a certain structural overcapacity in China's carbon black industry, and homogeneous competition is relatively severe. In the low-end carbon black product market, market competition is fierce, product price adjustments are difficult, and industry profit margins are limited. However, in the mid to high end product market, such as low rolling resistance carbon black and high-performance carbon black required for green tires, there is still a large demand gap, maintaining a high profit level. In addition, there are significant differences in the profitability levels of carbon black enterprises in China. Some enterprises with complete industrial structures, innovative capabilities, high cost control levels, and relatively complete sales networks have significantly higher profitability than the average industry profit level. At present, China's carbon black industry has shifted from a high-speed growth stage to a high-quality development stage. With the increasing constraints of resources and environment on the industry, the development of the industry is full of complexity and uncertainty. According to statistics, as of 2022, the production capacity of China's carbon black industry is about 8.51 million tons, the output is about 4.71 million tons, and the demand is about 4.004 million tons. Since the beginning of the 21st century, the rapid development of China's automotive industry has driven the rapid development of tires and the entire rubber industry. Among them, carbon black, which is in high demand, is also deeply affected. Carbon black is a very important product in the rubber industry, and its usage is the second largest raw material after rubber, playing a crucial role in the product quality of tires and rubber products. In recent years, the overall market size of China's carbon black industry has shown an upward trend. By 2022, the market size of China's carbon black industry will be about 41.56 billion yuan. In 2022, due to the Russia-Ukraine conflict, the price of natural gas, etc., the price of carbon black will increase in the first half of the year. In the second half of the year, due to the low starting load of downstream tire enterprises, the price of carbon black will fall back. In 2022, the overall average price of carbon black in China will be about 10380 yuan/ton. In terms of imports and exports, the Indian market was once an important export market for domestic carbon black companies. However, in recent years, due to trade friction measures such as anti-dumping and changes in raw material costs, Chinese carbon black enterprises have gradually reduced their exports to India. Affected by the COVID-19 in 2020, the price of Chinese chemical products has risen significantly, and the competitiveness of domestic carbon black in the Indian market has declined significantly, which is also one of the important reasons for the reduction of export volume. After 2020, the export volume of carbon black in China has grown rapidly. As of 2022, the export volume of carbon black in China has increased to 810000 tons, with an export value of 8.798 billion yuan. In 2022, the import volume of carbon black in China was 104000 tons, with an import amount of 2.407 billion yuan. In recent years, the average export price of carbon black in China has been listed as a whole, and the international competitiveness of carbon black products has gradually increased. Key Enterprises in China's Carbon Black Industry The internal competition in China's carbon black industry is extremely fierce. Sometimes, in order to reduce the inventory of rubber carbon black, many domestic rubber carbon black products have even reached a loss selling point. This situation is due to the disorderly expansion of carbon black factories in the Chinese market, which has caused oversupply of rubber carbon black production. Due to carbon black being a high energy consuming and polluting industry, national environmental control measures are becoming increasingly strict. Large carbon black enterprises operate strictly in accordance with national requirements in all aspects, and their operating rates will not be greatly affected. Small carbon black enterprises face the risk of production restrictions or even shutdowns at any time due to non-compliance with various environmental indicators. From the perspective of competitive situation, national environmental control and elimination of outdated production capacity are beneficial for large carbon black plants. The country is also using environmental control measures to force the closure of outdated carbon black production capacity, promoting the healthy development of more powerful Chinese carbon black enterprises, increasing the concentration of Chinese carbon black enterprises, and enhancing the international competitiveness of Chinese local carbon black enterprises. Most of China's carbon black production enterprises are concentrated in Shandong and Shanxi. There are about 14 carbon black production enterprises in Shandong Province, with more than 23 in Shanxi. In addition to local enterprises, foreign-funded enterprises also invest in producing carbon black factories in China. According to the operating data of five A-share listed companies in China, which mainly focus on carbon black, namely Black Cat Group (002068), Jinneng Technology (603113), Longxing Chemical (002442), Yongdong Group (002753), and Lianke Technology (001207), their operating income has maintained positive growth in 2022, but their net profit has significantly declined. The sales revenue of carbon black products of all five companies has maintained significant growth in the same direction, Jinneng Technology's carbon black product sales revenue growth even exceeded 70%. In 2022, five A-share carbon black listed companies will continue to increase their research investment, carry out research on carbon black production theory, application, new product development, advanced equipment, and other aspects to adapt to the constantly changing market demand and enhance the overall competitiveness of the domestic carbon black industry. Analysis of the Development Trends of China's Carbon Black Industry For a long time, there has been a certain structural overcapacity problem in China's carbon black industry, and homogeneous competition is relatively severe. In recent years, with the continuous impact of national supply side reform and environmental strictness, backward production capacity has accelerated integration and clearance, and the concentration of the carbon black market has further increased. Large carbon black enterprises have gained more market share. In addition, in the low-end carbon black product market, it is difficult to adjust product prices, fierce market competition, and limited industry profit margins. However, in the mid to high end product market, such as low rolling resistance carbon black and high-performance carbon black required for green tires, there is still a large demand gap, maintaining a high profit level. In the future, the scale and technological advantages of listed companies will be further highlighted.

The carbon black market in China experienced remarkable changes in October 2023. According to the latest data, the import volume of carbon black in China reached 28200 tons in that month, a year-on-year surge of 202.61%. From January to October this year, the cumulative import volume of carbon black reached 227300 tons, a staggering 198.67% year-on-year increase. It is worth noting that Russia has become the largest import source of carbon black in China, with an import volume of 21900 tons, a year-on-year increase of 1104.02%. This huge figure accounted for 78% of the total carbon black imports for the month. In contrast, the performance of other importing countries is relatively different. Belgium ranked second with an import volume of 1279.21 tons, a year-on-year increase of 22.47%. South Korea, Japan, and Germany respectively ranked second with imports of 1155.65 tons, 1150.30 tons, and 524.92 tons, and their growth rates also showed varying degrees of increase. CHUANGE INDUSTRY was founded in 1999. Over 20 years` hard work, we have grown as a specialized full range chemical manufacturer and well-known company in china.Our aim is respecting customers and serving clients with professional knowledge and experienced team. We are specialized in basic chemicals manufacture and distribution.We offer PVC Resin SG3,PVC RESIN SG5,PVC RESIN SG8, PVC RESIN S1000; Paste pvc resin p440, Paste pvc resin P450, Paste pvc resin pb1302,Paste pvc resin pb1156,Paste pvc resin pb1311,Paste pvc resin Bp1702,Paste pvc resin thp31, Paste pvc resin bpr-1069,Paste pvc resin TPM-31,Paste pvc resin PSH-30,Paste pvc resin LP51,Paste pvc resin LP71....And Titanium Dioxide R996,Titanium Dioxide R699, Titanium Dioxide R698,Titanium Dioxide R6618,Titanium Dioxide R218,Titanium Dioxide R216,Titanium Dioxide ART312,Titanium Dioxide R5566....