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The paints & coatings segment contributed the largest in the global Lithopone market share. It is added to paint as a white pigment to enhance its surface properties such as UV resistance and resistance to fungicidal and algae growth. 

The titanium dioxide market fluctuated in the first two quarters of 2023. These pricing patterns resulted from poor demand and reduced intakes from the downstream industries. Amid the slow demand, the manufacturers were forced to reduce their outputs. With rising inflation rates, production cuts gradually increased. Given the economic downturn, the labor strikes further affected the market dynamics, thereby exerting pressure on the pricing fundamentals.