The TiO2 industry braced for an extremely difficult second quarter of 2020, as economies were crippled by COVID-19 and resulting lock-downs across the world. Sales were in line with expectations expressed at the beginning of the quarter, but the actions of the major global producers minimized impact. TiPMC believes that the details support that the worst is over for these producers. TiPMC believes the industry is poised for a strong recovery, based on:
The trend in demand since 2016 – the recognized recovery from the super-cycle – shows a downward trend for sales outside China, not sustainable in a GDP-based industry. 2016 is seen as the last “normal” year, with the normal seasonal cycle expected in the industry (Figure 1).