The price trendss for titanium dioxide kept on the lower side of the scale during the first half of 2023. As the paint and coatings industries reduced their offtakes, the abundant supply of the product in the market led to a fall in prices. The prices also suffered from falling energy costs and declining freight charges. Further, the rising speculations of a global recession caused manufacturers to participate actively in destocking.
The Scientific Committee on Consumer Safety issued an opinion of the safety of titanium dioxide in food, stating that it should no longer be considered as safe when used as a food additive.
The titanium dioxide market fluctuated in the first two quarters of 2023. These pricing patterns resulted from poor demand and reduced intakes from the downstream industries. Amid the slow demand, the manufacturers were forced to reduce their outputs. With rising inflation rates, production cuts gradually increased. Given the economic downturn, the labor strikes further affected the market dynamics, thereby exerting pressure on the pricing fundamentals.