Eastern Asia: Market for Titanium Ores and Concentrates 2024

Market Size for Titanium Ores and Concentrates in Eastern Asia

The East Asian titanium ore and concentrate market contracted slightly to $X in 2022, which is down by -3.2% against the previous year. Over the period under review, consumption saw a relatively flat trend pattern. The level of consumption peaked at $X in 2021, and then reduced slightly in the following year.

Production of Titanium Ores and Concentrates in Eastern Asia

In value terms, titanium ore and concentrate production declined slightly to $X in 2022 estimated in export price. In general, production recorded a relatively flat trend pattern. The growth pace was the most rapid in 2018 when the production volume increased by 53%. Over the period under review, production hit record highs at $X in 2019; however, from 2020 to 2022, production stood at a somewhat lower figure.

Exports of Titanium Ores and Concentrates

Exports in Eastern Asia

In 2022, overseas shipments of titanium ores and concentrates decreased by -16% to X tons for the first time since 2019, thus ending a two-year rising trend. In general, exports, however, continue to indicate a pronounced expansion. The growth pace was the most rapid in 2018 when exports increased by 60% against the previous year. Over the period under review, the exports attained the maximum at X tons in 2021, and then fell markedly in the following year.

In value terms, titanium ore and concentrate exports reduced to $X in 2022. Overall, exports, however, continue to indicate a mild increase. The growth pace was the most rapid in 2018 when exports increased by 73%. Over the period under review, the exports hit record highs at $X in 2021, and then fell in the following year.

Exports by Country

South Korea dominates exports structure, amounting to X tons, which was near 92% of total exports in 2022. It was distantly followed by China (X tons), committing a 7.9% share of total exports.

South Korea was also the fastest-growing in terms of the titanium ores and concentrates exports, with a CAGR of +4.1% from 2012 to 2022. China (-1.8%) illustrated a downward trend over the same period. While the share of South Korea (+5.8 p.p.) increased significantly in terms of the total exports from 2012-2022, the share of China (-5.2 p.p.) displayed negative dynamics.

In value terms, China ($X) remains the largest titanium ore and concentrate supplier in Eastern Asia, comprising 68% of total exports. The second position in the ranking was held by South Korea ($X), with a 31% share of total exports.

From 2012 to 2022, the average annual growth rate of value in China stood at +1.4%.

Export Prices by Country

In 2022, the export price in Eastern Asia amounted to $X per ton, picking up by 10% against the previous year. Overall, the export price, however, recorded a mild downturn. The growth pace was the most rapid in 2021 when the export price increased by 42%. Over the period under review, the export prices hit record highs at $X per ton in 2012; however, from 2013 to 2022, the export prices failed to regain momentum.

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 stood at $X per ton.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by China (+3.2%).

Imports of Titanium Ores and Concentrates

Imports in Eastern 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 -6.3% to X tons. 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 54% against the previous year. The volume of import peaked at X tons in 2021, and then declined in the following year.

In value terms, titanium ore and concentrate imports surged to $X in 2022. In general, imports, however, showed mild growth. The pace of growth appeared the most rapid in 2017 when imports increased by 53%. The level of import peaked in 2022 and is likely to see steady growth in the near future.

Imports by Country

China represented the key importer of titanium ores and concentrates in Eastern Asia, with the volume of imports resulting at X tons, which was near 85% of total imports in 2022. It was distantly followed by Japan (X tons), mixing up an 11% share of total imports. The following importers - Taiwan (Chinese) (X tons) and South Korea (X tons) - each finished at a 3.8% share of total imports.

China was also the fastest-growing in terms of the titanium ores and concentrates imports, with a CAGR of +1.8% from 2012 to 2022. Taiwan (Chinese) (-2.6%), Japan (-5.0%) and South Korea (-6.6%) illustrated a downward trend over the same period. From 2012 to 2022, the share of China increased by +11 percentage points. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, China ($X) constitutes the largest market for imported titanium ores and concentrates in Eastern Asia, comprising 70% of total imports. The second position in the ranking was taken by Japan ($X), with a 23% share of total imports. It was followed by Taiwan (Chinese), with a 4% 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 Eastern Asia amounted to $X per ton, growing by 37% 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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