For the global chemical industry, the spring of 2026 is destined to be an extraordinary season. In China, the titanium dioxide sector is currently experiencing market conditions rarely seen in nearly two decades. Within the span of just one month (March 2026), the industry witnessed three rounds of rapid, concentrated price increases; as April began, a fourth wave of price hikes followed in quick succession. This "price storm"—triggered by soaring upstream costs for sulfur and sulfuric acid, and compounded by tightening supply and a surge in pent-up demand—is profoundly impacting every link in the supply chain, from titanium dioxide producers to numerous downstream sectors such as coatings, papermaking, and plastics.

In early March, LB Group—a global titan in the titanium dioxide industry—was the first to sound the call for price increases. On March 2, LB Group announced that it would raise prices for its entire range of titanium dioxide products by 500 RMB per ton in the domestic market and by 100 USD per ton in the international market. This move acted as the first domino to fall; more than 20 other companies quickly followed suit, matching the price increases exactly.

Under the strong leadership of these industry giants, over 25 companies across the sector raised their prices in unison throughout March, creating a pattern of "three price hikes in a single month"—a phenomenon rarely witnessed in nearly two decades. Analysts have unanimously described this occurrence as "unusual," noting that it reflects a sharp intensification of the supply-demand imbalance within the market.

A deeper analysis of this latest wave of price hikes reveals that the most direct and fundamental driving force stems from the rapid escalation of upstream raw material costs—specifically, the runaway surge in the prices of sulfur and sulfuric acid.

The production of titanium dioxide primarily employs two processes: the sulfate process and the chloride process. In China, due to the specific characteristics of domestic titanium ore resources, the sulfate process remains the dominant method. This process requires the extensive consumption of sulfur (used to manufacture sulfuric acid) as a key auxiliary material. Since the beginning of 2026, the geopolitical situation in the Middle East has continued to deteriorate; the mounting tensions in the Strait of Hormuz now pose a direct threat to the critical shipping lanes used for transporting global sulfur supplies. As sulfur is a byproduct of petroleum and natural gas refining, its international trade is heavily reliant on maritime transport. The escalating tensions in the Middle East have directly exposed the global sulfur supply chain to the risk of disruption, driving international sulfur prices to persistently high levels. This imported cost pressure has rapidly cascaded into the domestic market.

This cost pressure has directly compelled titanium dioxide manufacturers to raise prices: for these enterprises, sulfuric acid and sulfur constitute two of the most critical auxiliary raw materials in their production processes. The near-doubling of their prices within a short timeframe has caused the production costs of titanium dioxide to skyrocket. As one executive at a titanium dioxide firm candidly admitted: "Currently, our raw material costs remain at elevated levels, while overall inventory is running low; consequently, we have a solid basis for implementing further price hikes." In essence, this latest round of price increases is not a proactive pursuit of higher profits by these companies, but rather a passive act of survival undertaken in the face of overwhelming cost pressures. To refrain from raising prices would simply mean incurring losses.