The hottest titanium dioxide is in trouble, lookin

2022-09-19
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Titanium dioxide is currently the white pigment with the best covering and coloring performance. It is widely used in coating, ink, rubber and plastic chemical fiber, papermaking and printing, cosmetics and other industries. The United States is the third largest importer. In the past 10 years, the demand for titanium dioxide in China has increased by more than 20%. As of 2012, the domestic demand has reached about 1.8 million tons

since the second half of 2010, under the cumulative effect of sluggish foreign profits, stricter environmental protection and capacity reduction, titanium dioxide prices have entered a strong upward cycle, rapidly climbing from the bottom of no more than 14000 yuan (ton price, the same below) to more than 23000 yuan in less than a year. On the one hand, the long lost huge profits have strongly stimulated the relevant stock prices in the secondary market (since the middle of 2012, the share price of anada, whose main business is titanium dioxide, has increased by 290%, and the high issuance P/E ratio of 33.5 times that of 2012 was also obtained by Bailian, which was listed in July 2011). At the same time, it has also attracted the crazy influx of domestic investors. The total production capacity from 2011 to 2013 exceeded 760000 tons, with a peak increase of 510000 tons in 2012. At present, the domestic titanium dioxide production capacity is about 3.3 million tons, with an idle rate of more than 40%. In the future, nearly 700000 tons of production capacity will be put into operation, and the industry capacity is in a state of severe overcapacity

overcapacity has seriously restricted the prosperity of the industry. Especially since the large-scale launch of production capacity in 2012, the price of titanium dioxide has fallen from a high of 22300 yuan to about 16500 yuan at present, and the fatigue is gradually apparent. On May 9 this year, Kronos, an international titanium dioxide giant, announced that it would raise the price of its titanium dioxide products by $250 (about 6%), and just in the same week, the price of domestic titanium dioxide fell by 6.25%, which is quite different from the boom evolution route of the external market driving the internal market in 2010, which shows that the serious overcapacity in China has caused a certain market fragmentation and the industry is in a dilemma

of course, titanium dioxide, which is trapped in the current situation of excess, still has a turn for the better. The potential turnaround includes the recovery of traditional demand, the slowdown of capacity growth, the upgrading of technical routes and the increase of new demand for denitration. However, with the increasingly stringent requirements for the paper industry. From the perspective of traditional demand, paint, automobile, construction and other downstream areas have entered a moderate recovery. Although it is expected that the traditional downstream growth center will decline, the growth rate that is stable at more than twice the GDP growth rate can still be expected; From the perspective of the pace of capacity delivery, the increment will slow down after 2013, and the possibility of delaying the start-up of the planned capacity in view of the industry boom cannot be ruled out; From the perspective of upgrading the technical route, the selection of load sensors such as Bailian and Pangang: does the load measurement accuracy meet or exceed the standards of astm4 and iso7500/1 The load sensor should also consider: range, accuracy, repeatability, offset loading fault, nonlinearity, stable compensation range, temperature zero drift and sensitivity The automatic identification, calibration and zeroing of the load sensor greatly speeds up the experimental process and ensures the consistency and accuracy of the data In addition, the gradual introduction of enterprise chlorination process can improve the various properties of plastic resin and eliminate small and medium-sized backward production capacity, which will optimize the overall structure of the industry to a certain extent; From the perspective of emerging demand, the tail gas treatment of SCR route and thermal power denitration will form a new pull on nano titanium dioxide catalyst. It is estimated that the demand for denitration titanium dioxide in the whole "12th Five Year Plan" will reach a market scale of 80000 tons and 20billion

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