Venator Business Overview and Cost Savings Initiatives
Outlook on Feedstock
Global supply/demand outlook to 2026
'000 TiO2 Units
10,000
VENATOR
Sulfate vs Chloride annual deficit position
'000 TiO2 Units
800
â– Sulfate Chloride
8,000
614
439
400
6,000
Note:
4,000
Supply for a given year does not take into account stock build from
previous years, nor allows for future supply from unapproved new projects
or mine expansions
120
12
0
(10)
2,000
Underlying demand reflects only end-use consumption and excludes
ilmenite consumed for beneficiation
(400)
(258) (230)
(179)
(338)
0+
2016 2017 2018 2019 2020 2021 2022F 2023F 2024F 2025F 2026F
(583)
(800)
(648)
Existing and Approved Production
Underlying Demand
2016 2017 2018 2019 2020 2021 2022F 2023F 2024F 2025F 2026F
TiO2 feedstock cost for standard model
TZMI Commentary
Cyclical downturn anticipated in 2023 with current surplus
amplified
Demand recovery anticipated, onset of new supply likely
maintains the market's surplus position leading to cum. 3-
year surplus to >1.1m TiO2 units
By 2026, TZMI estimates a global deficit of just under 650k
TiO2 units absent major new projects
$/t
1,400
1,200
1,000
800
600
Forecast
400
200
Q3 20
Q1 21
Q3 21 Q1 22
Q3 22E Q1 23F Q3 23F Q1 24F
North American Chloride
European Sulfate
Chinese Sulfate
Source:
Note:
TZMI TiO2 Market Insight Issue 105 December 2022, TZMI Titanium Feedstock Supply / Demand Issue 3 2022
TZMI projections assume Jazan slagger becomes operational
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