Sulfuric Acid Rises, Titanium Dioxide Follows: Who Is Driving This Price Rally?

April 2026 — The domestic titanium dioxide (TiO₂) market has seen another sharp price increase recently, drawing widespread attention from downstream industries such as coatings, plastics, paper and automotive manufacturing. Since March, prices have risen by more than 16%, with some high-end chloride-process products exceeding 17,000 RMB per ton. 

Market data shows that in March, industry leader Dragon Titanium Group initiated three consecutive price hikes, raising domestic prices by approximately 2,000 RMB per ton, while international prices increased by $350 per ton. In April, the surge continued. Around April 15, more than 20 major companies, including Dragon Titanium, Jinhai Titanium, and Xianghai Titanium, collectively raised domestic prices by 1,500 RMB per ton and international prices by $200 per ton. By April 20, the reference price of titanium dioxide had approached 16,780 RMB per ton. In terms of exports, global titanium dioxide producers have announced synchronized price increases, and domestic export orders continue to see solid growth.

Analysts indicate that this round of price increases is driven by costs rather than speculation. The majority of domestic TiO₂ production uses the sulfuric acid process, consuming about 3~4 tons of sulfuric acid per ton of TiO₂. Sulfuric acid prices have soared from around 1,057 RMB per ton in early March to 2,100 RMB per ton by mid-April—nearly doubling. Sulfur, the key raw material for sulfuric acid, has also surged from about 3,900 RMB per ton at the beginning of the year to over 5,400 RMB per ton by late March, with imported sulfur even higher.

The cost pressures are rooted in geopolitical tensions and supply constraints. Turmoil in the Middle East has affected the transport of sulfur via the Strait of Hormuz, coupled with concentrated spring agricultural demand, causing import costs to spike. Industry insiders note that some companies have suffered losses of up to 2,300 RMB per ton, making price hikes almost unavoidable.

Downstream companies are feeling the impact. Coating, plastic, and paper manufacturers report that rising raw material costs are squeezing profit margins. In the short term, companies may adjust formulations or implement modest price increases to absorb costs, but in the longer term, consumer product prices may also be affected.

Looking ahead, experts suggest that as long as sulfur and sulfuric acid supply remains tight, and with low inventories and an operating rate of around 75%, high titanium dioxide prices are unlikely to ease in the near term. Prices could continue to rise through April and May, but may slow or reverse if geopolitical tensions ease or sulfuric acid prices decline.

This wave of TiO₂ price hikes reflects not only the rigid cost pressures of raw materials but also a broader reshaping of the chemical supply chain. While the impact on ordinary consumers is limited, it poses a tangible cost challenge for downstream manufacturers.