Asia: Market for Titanium Ores and Concentrates 2024

Market Size for Titanium Ores and Concentrates in Asia

The Asian titanium ore and concentrate market contracted slightly to $X in 2022, shrinking by -4.4% against the previous year. Over the period under review, consumption recorded a relatively flat trend pattern. The level of consumption peaked at $X in 2012; however, from 2013 to 2022, consumption stood at a somewhat lower figure.

Production of Titanium Ores and Concentrates in Asia

In value terms, titanium ore and concentrate production expanded markedly to $X in 2022 estimated in export price. Overall, production, however, continues to indicate a relatively flat trend pattern. The pace of growth appeared the most rapid in 2018 when the production volume increased by 50%. The level of production peaked at $X in 2012; however, from 2013 to 2022, production stood at a somewhat lower figure.

Exports of Titanium Ores and Concentrates

Exports in Asia

In 2022, shipments abroad of titanium ores and concentrates decreased by -2.4% to X tons for the first time since 2019, thus ending a two-year rising trend. Overall, exports recorded a abrupt decrease. The pace of growth was the most pronounced in 2018 when exports increased by 35% against the previous year. The volume of export peaked at X tons in 2012; however, from 2013 to 2022, the exports stood at a somewhat lower figure.

In value terms, titanium ore and concentrate exports expanded rapidly to $X in 2022. Over the period under review, exports showed a abrupt shrinkage. The pace of growth was the most pronounced in 2021 when exports increased by 33%. Over the period under review, the exports reached the peak figure at $X in 2012; however, from 2013 to 2022, the exports remained at a lower figure.

Exports by Country

South Korea (X tons) and India (X tons) were the main exporters of titanium ores and concentrates in 2022, resulting at near 41% and 35% of total exports, respectively. Sri Lanka (X tons) took an 11% share (based on physical terms) of total exports, which put it in second place, followed by Vietnam (5.5%). China (X tons), Indonesia (X tons) and Thailand (X tons) followed a long way behind the leaders.

From 2012 to 2022, the biggest increases were recorded for Indonesia (with a CAGR of +24.8%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, India ($X) remains the largest titanium ore and concentrate supplier in Asia, comprising 40% of total exports. The second position in the ranking was held by China ($X), with an 18% share of total exports. It was followed by Sri Lanka, with a 12% share.

From 2012 to 2022, the average annual rate of growth in terms of value in India stood at -11.6%. The remaining exporting countries recorded the following average annual rates of exports growth: China (+1.4% per year) and Sri Lanka (+2.4% per year).

Export Prices by Country

In 2022, the export price in Asia amounted to $X per ton, increasing by 9% against the previous year. Over the period under review, the export price, however, showed a relatively flat trend pattern. The pace of growth was the most pronounced in 2017 an increase of 54% against the previous year. The level of export peaked at $X per ton in 2012; however, from 2013 to 2022, the export prices stood at a somewhat lower figure.

There were significant differences in the average prices amongst the major exporting countries. In 2022, amid the top suppliers, the country with the highest price was China ($X per ton), while South Korea ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by China (+3.2%), while the other leaders experienced more modest paces of growth.

Imports of Titanium Ores and Concentrates

Imports in Asia

In 2022, after two years of growth, there was significant decline in supplies from abroad of titanium ores and concentrates, when their volume decreased by -9.7% to X tons. In general, imports saw a relatively flat trend pattern. The most prominent rate of growth was recorded in 2017 when imports increased by 48% against the previous year. Over the period under review, imports hit record highs at X tons in 2021, and then fell in the following year.

In value terms, titanium ore and concentrate imports skyrocketed to $X in 2022. Overall, imports, however, continue to indicate a relatively flat trend pattern. The most prominent rate of growth was recorded in 2017 with an increase of 45%. Over the period under review, imports reached the maximum in 2022 and are likely to see gradual growth in the near future.

Imports by Country

In 2022, China (X tons) was the largest importer of titanium ores and concentrates, comprising 79% of total imports. It was distantly followed by Japan (X tons), achieving a 10% share of total imports. The following importers - Malaysia (X tons), Taiwan (Chinese) (X tons), Turkey (X tons) and South Korea (X tons) - each accounted for a 7.3% share of total imports.

Imports into China increased at an average annual rate of +1.8% from 2012 to 2022. At the same time, Turkey (+23.1%) and Malaysia (+5.0%) displayed positive paces of growth. Moreover, Turkey emerged as the fastest-growing importer imported in Asia, with a CAGR of +23.1% from 2012-2022. By contrast, Taiwan (Chinese) (-2.6%), Japan (-5.0%) and South Korea (-6.6%) illustrated a downward trend over the same period. While the share of China (+14 p.p.) increased significantly in terms of the total imports from 2012-2022, the share of Japan (-6.6 p.p.) displayed negative dynamics. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, China ($X) constitutes the largest market for imported titanium ores and concentrates in Asia, comprising 63% of total imports. The second position in the ranking was held by Japan ($X), with a 20% share of total imports. It was followed by Taiwan (Chinese), with a 3.6% share.

From 2012 to 2022, the average annual growth rate of value in China totaled +3.4%. The remaining importing countries recorded the following average annual rates of imports growth: Japan (-1.7% per year) and Taiwan (Chinese) (-4.4% per year).

Import Prices by Country

In 2022, the import price in Asia amounted to $X per ton, with an increase of 31% against the previous year. In general, the import price recorded a relatively flat trend pattern. As a result, import price reached the peak level and is likely to continue growth in the immediate term.

Prices varied noticeably by country of destination: amid the top importers, the country with the highest price was Japan ($X per ton), while China ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Japan (+3.5%), while the other leaders experienced mixed trends in the import price figures.

Source: IndexBox Platform

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