The paints and coatings industry reduced their offtakes which coupled with the drop in the crude oil prices and availability of cheaper imports from the Asian market led to the fall in titanium dioxide prices. The demand decreased significantly in the fourth quarter along with the slow manufacturing due to high inflation rates keeping the price trends of the commodity in the negative zone.

Because of health risks, France banned titanium dioxide as a food additive in 2020. Two years later the European Union also banned titanium dioxide as a food additive. 

After conducting a review of all the relevant available scientific evidence, EFSA concluded that a concern for genotoxicity of TiO₂ particles cannot be ruled out. Based on this concern, EFSA’s experts no longer consider titanium dioxide safe when used as a food additive. This means that an Acceptable Daily Intake (ADI ) cannot be established for E171.

Another important application of titanium dioxide is in the production of sunscreen and other skincare products. Titanium dioxide is a key ingredient in many sunscreens due to its ability to reflect and scatter ultraviolet (UV) radiation, providing protection against harmful UV rays. Manufacturers of titanium dioxide for sunscreen products often use special coatings and surface treatments to enhance its UV-blocking properties.

Because of its ability to absorb UV light, it's particularly useful as an ingredient in sunscreens — while its light-scattering properties are great for applications that require white opacity and brightness, such as in paint and paper.