Vietnam: Market for Titanium Ores and Concentrates 2024

Market Size for Titanium Ores and Concentrates in Vietnam

The Vietnamese titanium ore and concentrate market was finally on the rise to reach $X in 2022, after two years of decline. Over the period under review, consumption, however, faced a deep setback. Over the period under review, the market reached the peak level at $X in 2013; however, from 2014 to 2022, consumption stood at a somewhat lower figure.

Production of Titanium Ores and Concentrates in Vietnam

In value terms, titanium ore and concentrate production shrank slightly to $X in 2022 estimated in export price. Overall, production recorded a deep setback. The pace of growth appeared the most rapid in 2017 with an increase of 61% against the previous year. Titanium ore and concentrate 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 from Vietnam

In 2022, shipments abroad of titanium ores and concentrates decreased by -13.6% to X tons for the first time since 2019, thus ending a two-year rising trend. Over the period under review, exports saw a abrupt decrease. The pace of growth was the most pronounced in 2016 when exports increased by 151% against the previous year. Over the period under review, the exports attained the peak figure at X tons in 2012; however, from 2013 to 2022, the exports failed to regain momentum.

In value terms, titanium ore and concentrate exports reduced to $X in 2022. In general, exports showed a abrupt setback. The most prominent rate of growth was recorded in 2018 with an increase of 95%. The exports peaked at $X in 2012; however, from 2013 to 2022, the exports stood at a somewhat lower figure.

Exports by Country

China (X tons) was the main destination for titanium ore and concentrate exports from Vietnam, with a 80% share of total exports. Moreover, titanium ore and concentrate exports to China exceeded the volume sent to the second major destination, Turkey (X tons), sevenfold.

From 2012 to 2022, the average annual growth rate of volume to China totaled -12.5%. Exports to the other major destinations recorded the following average annual rates of exports growth: Turkey (+31.3% per year) and South Korea (-12.9% per year).

In value terms, China ($X) remains the key foreign market for titanium ores and concentrates exports from Vietnam, comprising 80% of total exports. The second position in the ranking was held by Turkey ($X), with a 12% share of total exports.

From 2012 to 2022, the average annual growth rate of value to China totaled -11.4%. Exports to the other major destinations recorded the following average annual rates of exports growth: Turkey (+33.0% per year) and South Korea (-11.7% per year).

Export Prices by Country

The average titanium ore and concentrate export price stood at $X per ton in 2022, growing by 5.1% against the previous year. Overall, the export price saw a relatively flat trend pattern. The most prominent rate of growth was recorded in 2017 when the average export price increased by 51% against the previous year. The export price peaked at $X per ton in 2014; however, from 2015 to 2022, the export prices failed to regain momentum.

Average prices varied noticeably for the major overseas markets. In 2022, amid the top suppliers, the country with the highest price was Turkey ($X per ton), while the average price for exports to China ($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 Turkey (+1.3%), while the prices for the other major destinations experienced more modest paces of growth.

Imports of Titanium Ores and Concentrates

Imports into Vietnam

In 2022, imports of titanium ores and concentrates into Vietnam fell sharply to X tons, waning by -25.1% against the previous year's figure. Overall, imports, however, showed strong growth. The pace of growth was the most pronounced in 2015 with an increase of 111%. Imports peaked at X tons in 2017; however, from 2018 to 2022, imports remained at a lower figure.

In value terms, titanium ore and concentrate imports plummeted to $X in 2022. Over the period under review, imports, however, showed a buoyant expansion. The pace of growth was the most pronounced in 2021 when imports increased by 93% against the previous year. As a result, imports reached the peak of $X, and then fell remarkably in the following year.

Imports by Country

In 2022, Ukraine (X tons) constituted the largest supplier of titanium ore and concentrate to Vietnam, accounting for a 74% share of total imports. Moreover, titanium ore and concentrate imports from Ukraine exceeded the figures recorded by the second-largest supplier, Australia (X tons), fourfold.

From 2012 to 2022, the average annual growth rate of volume from Ukraine amounted to +30.4%. The remaining supplying countries recorded the following average annual rates of imports growth: Australia (-4.6% per year) and China (+4.5% per year).

In value terms, Ukraine ($X) constituted the largest supplier of titanium ores and concentrates to Vietnam, comprising 77% of total imports. The second position in the ranking was held by Australia ($X), with a 16% share of total imports.

From 2012 to 2022, the average annual growth rate of value from Ukraine totaled +44.8%. The remaining supplying countries recorded the following average annual rates of imports growth: Australia (-8.3% per year) and China (+0.4% per year).

Import Prices by Country

In 2022, the average titanium ore and concentrate import price amounted to $X per ton, stabilizing at the previous year. In general, the import price, however, saw a pronounced setback. The pace of growth appeared the most rapid in 2018 an increase of 45%. The import price peaked at $X per ton in 2013; however, from 2014 to 2022, import prices failed to regain momentum.

Average prices varied noticeably amongst the major supplying countries. In 2022, amid the top importers, the country with the highest price was Ukraine ($X per ton), while the price for China ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Senegal (+12.2%), while the prices for the other major suppliers experienced mixed trend patterns.

Source: IndexBox Platform

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