Turkey: Titanium Dioxide Market 2024

Titanium Dioxide Market Size in Turkey

In 2021, the Turkish titanium dioxide market increased by 25% to $X, rising for the second year in a row after two years of decline. Over the period under review, the total consumption indicated measured growth from 2012 to 2021: its value increased at an average annual rate of +2.4% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, consumption increased by +69.1% against 2019 indices. Over the period under review, the market attained the peak level in 2021 and is expected to retain growth in the immediate term.

Titanium Dioxide Exports

Exports from Turkey

In 2021, shipments abroad of titanium dioxide was finally on the rise to reach X tons for the first time since 2013, thus ending a seven-year declining trend. Over the period under review, exports enjoyed a measured increase. The pace of growth was the most pronounced in 2013 when exports increased by 143% against the previous year. As a result, the exports reached the peak of X tons. From 2014 to 2021, the growth of the exports failed to regain momentum.

In value terms, titanium dioxide exports skyrocketed to $X in 2021. In general, exports recorded a buoyant expansion. The growth pace was the most rapid in 2013 with an increase of 131% against the previous year. As a result, the exports attained the peak of $X. From 2014 to 2021, the growth of the exports remained at a lower figure.

Exports by Country

Iran (X tons) was the main destination for titanium dioxide exports from Turkey, with a 45% share of total exports. Moreover, titanium dioxide exports to Iran exceeded the volume sent to the second major destination, the UK (X tons), twofold. Syrian Arab Republic (X tons) ranked third in terms of total exports with a 9.7% share.

From 2012 to 2021, the average annual rate of growth in terms of volume to Iran amounted to +13.0%. Exports to the other major destinations recorded the following average annual rates of exports growth: the UK (+31.6% per year) and Syrian Arab Republic (+35.1% per year).

In value terms, Iran ($X) emerged as the key foreign market for titanium dioxide exports from Turkey, comprising 60% of total exports. The second position in the ranking was held by the UK ($X), with a 13% share of total exports. It was followed by Syrian Arab Republic, with a 6.9% share.

From 2012 to 2021, the average annual rate of growth in terms of value to Iran stood at +15.3%. Exports to the other major destinations recorded the following average annual rates of exports growth: the UK (+77.1% per year) and Syrian Arab Republic (+36.4% per year).

Export Prices by Country

In 2021, the average titanium dioxide export price amounted to $X per ton, rising by 17% against the previous year. Overall, export price indicated a notable increase from 2012 to 2021: its price increased at an average annual rate of +3.4% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, titanium dioxide export price increased by +103.9% against 2015 indices. The growth pace was the most rapid in 2020 when the average export price increased by 23% against the previous year. Over the period under review, the average export prices hit record highs in 2021 and is likely to see gradual growth in years to come.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Iran ($X per ton), while the average price for exports to Azerbaijan ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was recorded for supplies to the UK (+34.6%), while the prices for the other major destinations experienced more modest paces of growth.

Titanium Dioxide Imports

Imports into Turkey

In 2021, supplies from abroad of titanium dioxide increased by 11% to X tons, rising for the second year in a row after two years of decline. Overall, total imports indicated notable growth from 2012 to 2021: its volume increased at an average annual rate of +2.9% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, imports increased by +51.0% against 2019 indices. The pace of growth appeared the most rapid in 2017 with an increase of 37%. As a result, imports reached the peak of X tons. From 2018 to 2021, the growth of imports remained at a lower figure.

In value terms, titanium dioxide imports soared to $X in 2021. Over the period under review, total imports indicated a pronounced expansion from 2012 to 2021: its value increased at an average annual rate of +2.3% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, imports increased by +73.2% against 2019 indices. The growth pace was the most rapid in 2017 when imports increased by 61%. Over the period under review, imports attained the maximum in 2021 and are likely to see gradual growth in years to come.

Imports by Country

China (X tons), Germany (X tons) and South Korea (X tons) were the main suppliers of titanium dioxide imports to Turkey, with a combined 80% share of total imports. These countries were followed by Japan, France and Italy, which together accounted for a further 18%.

From 2012 to 2021, the most notable rate of growth in terms of purchases, amongst the main suppliers, was attained by Japan (with a CAGR of +77.9%), while imports for the other leaders experienced more modest paces of growth.

In value terms, Germany ($X), China ($X) and South Korea ($X) appeared to be the largest titanium dioxide suppliers to Turkey, together accounting for 79% of total imports. These countries were followed by Japan, Italy and France, which together accounted for a further 18%.

Among the main suppliers, Japan, with a CAGR of +46.3%, saw the highest rates of growth with regard to the value of imports, over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

In 2021, the average titanium dioxide import price amounted to $X per ton, picking up by 16% against the previous year. Overall, the import price, however, recorded a relatively flat trend pattern. The most prominent rate of growth was recorded in 2017 when the average import price increased by 17%. Over the period under review, average import prices attained the peak figure at $X per ton in 2012; however, from 2013 to 2021, import prices remained at a lower figure.

Average prices varied somewhat amongst the major supplying countries. In 2021, amid the top importers, the highest price was recorded for prices from Germany ($X per ton) and Japan ($X per ton), while the price for China ($X per ton) and France ($X per ton) were amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Germany (+1.0%), while the prices for the other major suppliers experienced mixed trend patterns.

Source: IndexBox Platform

Frequently Asked Questions (FAQ) :