Why is TOTM plasticizer demand surging and what drives its price?

Why is TOTM plasticizer demand surging and what drives its price?
TOTM, produced from trimellitic anhydride (TMA) and 2-ethylhexanol, is the key downstream derivative of TMA, accounting for roughly 52% of TMA consumption. The recent TMA price explosion—from 12,500 yuan/ton in early 2024 to peaks near 50,000 yuan/ton—directly cascades into TOTM pricing. The root cause is structural: Ineos permanently closed its 70,000-ton US TMA plant, and Italy's Polynt shut 30,000 tons, removing over 30% of global effective capacity. China now controls over 75% of world TMA supply, concentrated among just three producers: Zhengdan (85,000 tons), Baichuan (40,000 tons), and Taida (30,000 tons). With no new overseas capacity and Zhengdan's 65,000-ton expansion not due until late 2026, the market faces a capacity vacuum. TOTM benefits as a high-temperature-resistant, low-volatility plasticizer for automotive wire and cable applications, where regulatory pressure against phthalates accelerates substitution.