TiO2 Pigment Producers Comparative Cost and Profitability Study (PCS)

The TiO2 Pigment Producers Comparative Cost and Profitability Study (PCS) provides a detailed analysis of the TiO2 pigment manufacturing industry for the prior year.

The 2025 edition of the study covers 96 plants, representing more than 98% of global TiO2 capacity in 2024:

• 71 sulfate technology plants
• 24 chloride technology plants
• 1 novel HCl technology plant

TABLE OF CONTENTS

EXECUTIVE SUMMARY

METHODOLOGY

TiO2 PIGMENT MARKET FUNDAMENTALS

• TiO2 pigment pricing fundamentals
• Methodology changes
• TiO2 pigment pricing long-term expectations
• TiO2 pigment price forecasts
• TiO2 pigment demand
• Operating rates

COST AND PROFITABILITY CURVES

• TiO2 global cost curve: year in review
• Global revenue to cash cost curve: year in review
• TiO2 global profitability curve: year in review
• Cost and profitability: All plants - year in review
• Industry manufacturing cash costs: Five year review
• TiO2 global cost curve: year in review
• Global producers
• Regional producers
• TiO2 cost curve by producer type
• TiO2 pigment profitability curve by producer type
• Regional view of manufacturing costs
• TiO2 pigment cost curve by region
• TiO2 pigment profitability curve by region
• Regional cost curves
• TiO2 pigment cost curve by technology
• TiO2 pigment profitability curve by technology
• Cost and profitability: Chloride plants - year in review
• Cost and profitability: Sulfate plants - year in review
• Chloride versus sulfate producers - year in review
• Chloride versus sulfate technology: Five year review

GLOBAL PRODUCER PROFILES

• TiO2 pigment portfolio analysis: Global producers
• Chemours: Five year review
• Chemours: Position on curves: year in review
• Kronos: Five year review
• Kronos: Position on curves: year in review
• LB Group: Five year review
• LB Group: Position on curves: year in review
• Tronox: Five year review
• Tronox: Position on curves: year in review
• Venator: Five year review
• Venator: Position on curves: year in review

COST DEVELOPMENTS

• Cost developments all sites: Five year review
• Titanium feedstock consumption by producer: year in review
• Coke consumption by producer: year in review
• Chlorine consumption by producer: year in review
• Sulfuric acid consumption by producer: year in review
• Fixed costs: Five year review

FACTORS AFFECTING RESULTS

• Titanium feedstock
• Titanium feedstock: Transport
• Chlor-alkali chemicals
• Sulfuric acid
• Calcined petroleum coke
• Energy
• Waste treatment solutions
• Co-products
• Foreign exchange rates
• Other factors

DEFINITIONS

• Titanium feedstocks
• Technical definitions
• Financial definitions

APPENDICES:

• Producer manufacturing statements