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.