Venator Business Overview and Cost Savings Initiatives
Supply Dynamics
Near term cyclical challenges but positive long-term trends
Supply Outlook
VENATOR
Globally traded commodity with China being the largest exporter especially to Asian and Rest of World markets
Oversupply peaked in mid-2020 as the supply response lagged the demand hit from global lockdowns; demand growth since then
outpaced supply leading to tight market conditions in 2021
Oversupply conditions returned in mid-2022 as demand impacted due to deteriorating macro conditions globally (especially in Europe)
Global western producers have announced lower operating rates to match the recent demand downturn
Major western producers expected to continue to optimize capacity through de-bottlenecking instead of new brownfield or greenfield
expansions
Last greenfield plant outside of China was built in 1994, with no announced major new capacity additions outside of China
8.3
0.4
1.5
8:3
1.2
'19A '22E CAGR: 2.4%
-
8.5
0.4
522
1.5
8.3
1.2
117
Global TiO2 Capacity (1)
'22E - '26E
CAGR: 2.9%
22E-26E
CAGR:
10.0
8.6
8.9
0.4
(1.7%)
0.4
0.4
1.7
3.3%
1.5
0:3
1.1
117
531
531
1.5
8.3
1.1
19
82
5.1%
1.1
1.5%
3.8
4.0
4.2
0.9
2019A
0.9
2020A
0.9
2021A
4.4
0.9
2022E
5.2
4.2%
2.1%
1.0
2026E
Asia Pacific ex. China
China
Central and South America
Central Europe
Middle East & Africa
North America
Western Europe
27
(1)
Total global capacity (TZMI, 2022, December market report; TZMI, 2022, Q4 2022 issue)View entire presentation