Since 2014, the supply of Chinese titanium dioxide industry has
continued to expand, despite no substantial recovery in demand. In 2015, the
ongoing projects of enterprises indicate that new capacity somewhat trends
down; and the full-year capacity is expected to be 3.584 million tons, an
increase of about 4.1% over last year. When the capacity is jumping, China’s
consumption of titanium dioxide remains sluggish under the influence of the
output slowdown of downstream industries and the decline in exports. From
January to October of 2015, China’s coating output escalated by 3.8% year on
year to 13.946 million tons; China produced 61.192 million tons of plastic
products, up 0.6% year on year.
DuPont, Huntsman and other international peers have successively lowered
their titanium dioxide
prices since 2015, which weakens China’s price-performance superiority. As a
result, China’s titanium dioxide export volume dropped 5.25% YoY to 443,000
tons during the period from January to October of 2015.
Given overcapacity, weak downstream demand and increasingly stricter
environmental protection requirements, Chinese titanium dioxide companies have
been seeking breakthroughs in scale and technology. On the one hand, leading
companies make use of their advantages in capital, cost, scale, technology, etc
to seize more market shares and negotiation power through industrial
consolidation; on the other hand, they develop chlorination-method titanium
dioxide technology vigorously.
In October 2014, CNNC Hua Yuan Titanium Dioxide announced to acquire 25%
stake in Wuxi Haopu Titanium Co., Ltd. through its wholly-owned subsidiary
Anhui Jinxing Titanium Dioxide Co., Ltd. for RMB46.47 million, and the purchase
was completed in January 2015. In June 2015, Henan Billions Chemicals announced
to take over Sichuan Lomon with RMB9 billion, which enabled it to rank first in
China and fourth in the world with the titanium dioxide (sulfuric acid method)
capacity of 560,000 tons.
Chlorination method is the future direction of China's titanium dioxide
industry. In 2014, Jinzhou Titanium Industry, Yunnan Metallurgical Xinli
Titanium Industry, and Luohe City Xingmao Titanium Industry put their
chlorination-method titanium dioxide projects into production with the combined
capacity of 43,530 tons which only accounted for 1.78% of the national total.
In 2015, the new chlorination-method titanium dioxide capacity comes from the
60,000 tons / a project of Henan Billions Chemicals.
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When domestic enterprises are busy with M&A, foreign titanium
dioxide manufacturers get involved in frequent capital operation. In October
2014, Huntsman acquired Rockwood’s Sachtleben Performance Additives and
Titanium Dioxide, and took measures to advance IPO of its Pigments and
Additives Division. Meanwhile, Cristal Global announced to purchase the
titanium dioxide business of Jiangxi TIKON Titanium Co., Ltd in October 2014,
and the acquisition was completed in January 2015. In July 2015, DuPont
separated its titanium dioxide sector to establish an independent entity
Chemour.
Global and China Titanium Dioxide Industry Report, 2015-2018, highlights
the followings:
- Capacity, product structure, regional capacity structure, producers’ capacity and competitive landscape of global titanium dioxide industry.
- Policy, capacity, output, consumption, import & export, price trend, industrial gross margin, etc. of titanium dioxide industry in China.
- Market structure, market pattern and major producers’ profitability in China titanium dioxide industry.
- Upstream titanium dioxide raw material industry analysis from the perspective of titanium ore and sulfuric acid market, and cost analysis of titanium dioxide.
- Downstream application of titanium dioxide, involving demand structure and the demand from sectors such as paint, plastic, papermaking and denitration catalyst.
- Operation, output and sales volume of titanium dioxide, revenue structure, gross margin, major investment projects, etc. of 16 key Chinese titanium dioxide producers and 5 major titanium dioxide players in the world.
- Development prospect of China’s titanium dioxide industry, covering forecast for capacity, output, import & export volume and total demand.
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