This report does not constitute a rating action. The major producers rated by S&P Global Ratings--The Chemours Co., Tronox Holdings PLC, Kronos Worldwide Inc., and Venator Materials PLC--have navigated an intricate landscape with varying degrees of success, some demonstrating resilience through strategic investments and operational efficiencies, while others continued to underperform. Ongoing volatile raw material prices and environmental regulations also drag on the industry?s trajectory. In 2025, we anticipate flat to marginal decline due to macroeconomic uncertainty across key end markets, including construction and automotive. External factors such as global tariffs and increased recession fears could heighten market volatility. TiO2?s exceptional brightness, high refractive index, and strong ultraviolet light absorption capabilities make it an essential component in a variety of
