In August, the domestic paint raw material market showed polarization and intensified structural fluctuations. In August, upstream raw materials in the industry experienced mixed fluctuations, with basic raw materials such as titanium dioxide and sulfuric acid experiencing significant declines; Acrylates, some solvents and polyester raw materials have soared, and backbone raw materials such as epoxy resin, lotion and isocyanate have risen slightly. Only a few high-end additives and monomers have fallen in price. According to monitoring data from the iBuychem Research Institute, the cost index of paint procurement in August 2026 was 87%, an increase of 2 percentage points month on month and 13 percentage points year-on-year; The cost index of powder coating procurement in August 2026 was 86%, an increase of 1 percentage point month on month and 6 percentage points year-on-year.
Titanium Dioxide Industry Chain: Significant Price Reduction of Basic Inorganic Raw Materials
As the most important white pigment in coatings, the average price of rutile titanium dioxide in August was 14530 yuan/ton, a sharp drop of 9.91% compared to July, and a monthly decline of nearly 1600 yuan/ton. The significant drop in the price of titanium dioxide this time is not only due to the slowdown in the growth rate of completed real estate area and the traditional construction off-season effect caused by the high temperature and rainy season. At the same time, it also comes from the raw material side, with upstream titanium concentrate falling by 7.26% to 1244 yuan/ton; Sulfuric acid (98% smelting acid) and sulfur decreased by 10.37% and 1.07%, respectively. Although the decrease in upstream costs theoretically benefits coating companies in alleviating cost pressures, titanium dioxide companies are approaching the breakeven line.
Lotion and resin chain: cost driven overall price rise
Acrylic acid and ester categories saw the most rapid growth, among which butyl acrylate rose 11.70% month on month in August, MMA rose 10.63%, and upstream styrene and acrylic acid rose 6.29% and 4.55% respectively, driving the core lotion raw materials of styrene acrylic lotion, pure acrylic lotion and other coatings up synchronously, with an increase of more than 1.8%, directly raising the production costs of water-based coatings and architectural coatings.