Republic of Korea: Titanium Market 2024

Titanium Market Size in Republic of Korea

After two years of growth, the South Korean titanium market decreased by -3.4% to $X in 2022. In general, consumption recorded a noticeable descent. Over the period under review, the market reached the maximum level at $X in 2012; however, from 2013 to 2022, consumption stood at a somewhat lower figure.

Titanium Production in Republic of Korea

In value terms, titanium production fell modestly to $X in 2022 estimated in export price. Over the period under review, production, however, recorded a resilient expansion. The pace of growth was the most pronounced in 2013 with an increase of 509%. Titanium production peaked at $X in 2015; however, from 2016 to 2022, production remained at a lower figure.

Titanium Exports

Exports from Republic of Korea

In 2022, the amount of titanium sponge, powders, ingots and slabs exported from South Korea shrank remarkably to X tons, which is down by -48.7% on the year before. Over the period under review, exports recorded a abrupt shrinkage. The most prominent rate of growth was recorded in 2021 with an increase of 357% against the previous year. The exports peaked at X tons in 2012; however, from 2013 to 2022, the exports stood at a somewhat lower figure.

In value terms, titanium exports reduced remarkably to $X in 2022. In general, exports continue to indicate a abrupt downturn. The most prominent rate of growth was recorded in 2021 with an increase of 330% against the previous year. Over the period under review, the exports hit record highs at $X in 2012; however, from 2013 to 2022, the exports stood at a somewhat lower figure.

Exports by Country

The Netherlands (X tons) was the main destination for titanium exports from South Korea, with a 20% share of total exports. Moreover, titanium exports to the Netherlands exceeded the volume sent to the second major destination, China (X tons), twofold. Canada (X tons) ranked third in terms of total exports with an 8.8% share.

From 2012 to 2022, the average annual growth rate of volume to the Netherlands totaled +31.9%. Exports to the other major destinations recorded the following average annual rates of exports growth: China (+15.5% per year) and Canada (+13.2% per year).

In value terms, Canada ($X), the United States ($X) and Malaysia ($X) constituted the largest markets for titanium exported from South Korea worldwide, with a combined 31% share of total exports. The Netherlands, Vietnam, China, Indonesia, Belgium, Japan and France lagged somewhat behind, together accounting for a further 23%.

Indonesia, with a CAGR of +81.1%, recorded the highest rates of growth with regard to the value of exports, among the main countries of destination over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

In 2022, the average titanium export price amounted to $X per ton, with an increase of 20% against the previous year. Over the period under review, the export price recorded mild growth. The pace of growth appeared the most rapid in 2015 when the average export price increased by 74%. As a result, the export price attained the peak level of $X per ton. From 2016 to 2022, the average export prices remained at a lower figure.

There were significant differences in the average prices for the major external markets. In 2022, amid the top suppliers, the country with the highest price was the United States ($X per ton), while the average price for exports to the Netherlands ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to Malaysia (+22.9%), while the prices for the other major destinations experienced more modest paces of growth.

Titanium Imports

Imports into Republic of Korea

In 2022, purchases abroad of titanium sponge, powders, ingots and slabs decreased by -6.5% to X tons for the first time since 2019, thus ending a two-year rising trend. In general, imports continue to indicate a perceptible slump. The most prominent rate of growth was recorded in 2016 with an increase of 46%. Imports peaked at X tons in 2012; however, from 2013 to 2022, imports remained at a lower figure.

In value terms, titanium imports contracted to $X in 2022. Overall, imports continue to indicate a abrupt curtailment. The growth pace was the most rapid in 2017 when imports increased by 65%. Imports peaked at $X in 2012; however, from 2013 to 2022, imports stood at a somewhat lower figure.

Imports by Country

In 2022, Kazakhstan (X tons) constituted the largest supplier of titanium to South Korea, accounting for a 46% share of total imports. Moreover, titanium imports from Kazakhstan exceeded the figures recorded by the second-largest supplier, Japan (X tons), twofold. The third position in this ranking was taken by Russia (X tons), with a 21% share.

From 2012 to 2022, the average annual rate of growth in terms of volume from Kazakhstan amounted to -5.0%. The remaining supplying countries recorded the following average annual rates of imports growth: Japan (-8.7% per year) and Russia (+34.2% per year).

In value terms, the largest titanium suppliers to South Korea were Kazakhstan ($X), Japan ($X) and Russia ($X), with a combined 89% share of total imports.

Russia, with a CAGR of +32.5%, recorded the highest growth rate of the value of imports, in terms of the main suppliers over the period under review, while purchases for the other leaders experienced a decline.

Import Prices by Country

In 2022, the average titanium import price amounted to $X per ton, remaining stable against the previous year. Over the period under review, the import price, however, continues to indicate a perceptible curtailment. The most prominent rate of growth was recorded in 2017 when the average import price increased by 19%. Over the period under review, average import prices attained the maximum at $X per ton in 2012; however, from 2013 to 2022, import prices remained at a lower figure.

Prices varied noticeably by country of origin: amid the top importers, the country with the highest price was Japan ($X per ton), while the price for Malaysia ($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 (-0.4%), while the prices for the other major suppliers experienced a decline.

Source: IndexBox Platform

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