South-Eastern Asia: Market for Titanium Ores and Concentrates 2024

Market Size for Titanium Ores and Concentrates in South-Eastern Asia

After five years of growth, the Southeast Asian titanium ore and concentrate market decreased by -1.8% to $X in 2022. Overall, consumption recorded a abrupt downturn. The level of consumption peaked at $X in 2013; however, from 2014 to 2022, consumption remained at a lower figure.

Production of Titanium Ores and Concentrates in South-Eastern Asia

In value terms, titanium ore and concentrate production shrank slightly to $X in 2022 estimated in export price. Over the period under review, production recorded a abrupt decline. The growth pace was the most rapid in 2017 when the production volume increased by 60% against the previous year. The level of production peaked at $X in 2013; however, from 2014 to 2022, production stood at a somewhat lower figure.

Exports of Titanium Ores and Concentrates

Exports in South-Eastern Asia

In 2022, shipments abroad of titanium ores and concentrates decreased by -23.6% to X tons for the first time since 2019, thus ending a two-year rising trend. Over the period under review, exports saw a deep downturn. The most prominent rate of growth was recorded in 2016 when exports increased by 124%. The volume of export peaked at X tons in 2012; however, from 2013 to 2022, the exports failed to regain momentum.

In value terms, titanium ore and concentrate exports dropped significantly to $X in 2022. In general, exports saw a abrupt decrease. The pace of growth was the most pronounced in 2016 when exports increased by 66%. The level of export peaked at $X in 2012; however, from 2013 to 2022, the exports remained at a lower figure.

Exports by Country

In 2022, Vietnam (X tons) represented the main exporter of titanium ores and concentrates, committing 58% of total exports. Indonesia (X tons) held the second position in the ranking, followed by Thailand (X tons) and Malaysia (X tons). All these countries together took approx. 42% share of total exports.

Exports from Vietnam decreased at an average annual rate of -15.5% from 2012 to 2022. At the same time, Indonesia (+24.8%) displayed positive paces of growth. Moreover, Indonesia emerged as the fastest-growing exporter exported in South-Eastern Asia, with a CAGR of +24.8% from 2012-2022. By contrast, Malaysia (-1.9%) and Thailand (-4.0%) illustrated a downward trend over the same period. While the share of Indonesia (+20 p.p.), Thailand (+9 p.p.) and Malaysia (+3.8 p.p.) increased significantly in terms of the total exports from 2012-2022, the share of Vietnam (-32.6 p.p.) displayed negative dynamics.

In value terms, Vietnam ($X) remains the largest titanium ore and concentrate supplier in South-Eastern Asia, comprising 56% of total exports. The second position in the ranking was taken by Indonesia ($X), with a 20% share of total exports. It was followed by Malaysia, with a 12% share.

From 2012 to 2022, the average annual growth rate of value in Vietnam stood at -15.0%. The remaining exporting countries recorded the following average annual rates of exports growth: Indonesia (+22.3% per year) and Malaysia (+0.6% per year).

Export Prices by Country

In 2022, the export price in South-Eastern Asia amounted to $X per ton, picking up by 3.4% against the previous year. In general, the export price continues to indicate slight growth. The most prominent rate of growth was recorded in 2017 when the export price increased by 39%. The level of export peaked at $X per ton in 2019; however, from 2020 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 Malaysia ($X per ton), while Thailand ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Malaysia (+2.6%), while the other leaders experienced more modest paces of growth.

Imports of Titanium Ores and Concentrates

Imports in South-Eastern Asia

After two years of growth, purchases abroad of titanium ores and concentrates decreased by -6.4% to X tons in 2022. In general, imports, however, recorded a relatively flat trend pattern. The most prominent rate of growth was recorded in 2020 when imports increased by 55% against the previous year. Over the period under review, imports hit record highs at X tons in 2015; however, from 2016 to 2022, imports remained at a lower figure.

In value terms, titanium ore and concentrate imports surged to $X in 2022. Overall, imports continue to indicate a relatively flat trend pattern. The pace of growth was the most pronounced in 2020 when imports increased by 75% against the previous year. Over the period under review, imports attained the peak figure at $X in 2012; however, from 2013 to 2022, imports remained at a lower figure.

Imports by Country

Malaysia prevails in imports structure, recording X tons, which was approx. 78% of total imports in 2022. Singapore (X tons) ranks second in terms of the total imports with a 7% share, followed by Thailand (6.4%) and Indonesia (5.4%). Vietnam (X tons) held a little share of total imports.

Imports into Malaysia increased at an average annual rate of +5.0% from 2012 to 2022. At the same time, Vietnam (+9.7%) displayed positive paces of growth. Moreover, Vietnam emerged as the fastest-growing importer imported in South-Eastern Asia, with a CAGR of +9.7% from 2012-2022. By contrast, Indonesia (-2.6%), Singapore (-8.5%) and Thailand (-8.8%) illustrated a downward trend over the same period. While the share of Malaysia (+26 p.p.) increased significantly in terms of the total imports from 2012-2022, the share of Indonesia (-2.3 p.p.), Thailand (-11.1 p.p.) and Singapore (-11.5 p.p.) displayed negative dynamics. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Malaysia ($X) constitutes the largest market for imported titanium ores and concentrates in South-Eastern Asia, comprising 57% of total imports. The second position in the ranking was held by Thailand ($X), with a 16% share of total imports. It was followed by Indonesia, with a 13% share.

From 2012 to 2022, the average annual rate of growth in terms of value in Malaysia totaled +4.6%. In the other countries, the average annual rates were as follows: Thailand (-4.6% per year) and Indonesia (+0.1% per year).

Import Prices by Country

In 2022, the import price in South-Eastern Asia amounted to $X per ton, jumping by 24% against the previous year. In general, the import price, however, showed a mild decrease. The most prominent rate of growth was recorded in 2018 when the import price increased by 28%. The level of import peaked at $X per ton in 2012; however, from 2013 to 2022, import prices remained at a lower figure.

There were significant differences in the average prices amongst the major importing countries. In 2022, amid the top importers, the country with the highest price was Thailand ($X per ton), while Malaysia ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Thailand (+4.6%), while the other leaders experienced mixed trends in the import price figures.

Source: IndexBox Platform

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