Titanium Ore and Concentrate Market

The global titanium ore and concentrate market is projected to experience growth in both volume and value terms from 2022 to 2030, with an anticipated CAGR of +2.9% and +6.0% respectively. China leads in both consumption and production, with the highest market share. Imports and exports show relatively flat trend patterns, with notable growth in import prices observed. Overall, the market is on a positive trajectory with steady growth expected in the coming years.

Market Forecast

Driven by increasing demand for titanium ores and concentrates worldwide, the market is expected to continue an upward consumption trend over the next eight years. Market performance is forecast to accelerate, expanding with an anticipated CAGR of +2.9% for the period from 2022 to 2030, which is projected to bring the market volume to 20M tons by the end of 2030.

In value terms, the market is forecast to increase with an anticipated CAGR of +6.0% for the period from 2022 to 2030, which is projected to bring the market value to $20B (in nominal prices) by the end of 2030.

Consumption

World Consumption of Titanium Ores and Concentrates

In 2022, approx. 16M tons of titanium ores and concentrates were consumed worldwide; remaining relatively unchanged against the previous year. The total consumption volume increased at an average annual rate of +1.2% over the period from 2012 to 2022; the trend pattern remained consistent, with only minor fluctuations throughout the analyzed period. Global consumption peaked at 17M tons in 2017; however, from 2018 to 2022, consumption remained at a lower figure.

The global titanium ore and concentrate market revenue dropped to $12.6B in 2022, remaining stable against the previous year. This figure reflects the total revenues of producers and importers (excluding logistics costs, retail marketing costs, and retailers' margins, which will be included in the final consumer price). Overall, consumption recorded a relatively flat trend pattern. Over the period under review, the global market hit record highs at $13.3B in 2012; however, from 2013 to 2022, consumption remained at a lower figure.

Consumption By Country

China (7.6M tons) constituted the country with the largest volume of titanium ore and concentrate consumption, comprising approx. 47% of total volume. Moreover, titanium ore and concentrate consumption in China exceeded the figures recorded by the second-largest consumer, Canada (2.4M tons), threefold. The third position in this ranking was taken by the United States (737K tons), with a 4.5% share.

From 2012 to 2022, the average annual growth rate of volume in China totaled +5.0%. The remaining consuming countries recorded the following average annual rates of consumption growth: Canada (+0.6% per year) and the United States (-2.2% per year).

In value terms, China ($7.4B) led the market, alone. The second position in the ranking was taken by Kenya ($980M). It was followed by Canada.

In China, the titanium ore and concentrate market remained relatively stable over the period from 2012-2022. In the other countries, the average annual rates were as follows: Kenya (+2.2% per year) and Canada (-1.3% per year).

In 2022, the highest levels of titanium ore and concentrate per capita consumption was registered in Canada (61 kg per person), followed by Australia (19 kg per person), Ukraine (8.8 kg per person) and South Africa (7 kg per person), while the world average per capita consumption of titanium ore and concentrate was estimated at 2.1 kg per person.

From 2012 to 2022, the average annual rate of growth in terms of the titanium ore and concentrate per capita consumption in Canada was relatively modest. The remaining consuming countries recorded the following average annual rates of per capita consumption growth: Australia (-4.5% per year) and Ukraine (+0.9% per year).

Production

World Production of Titanium Ores and Concentrates

Global titanium ore and concentrate production contracted to 15M tons in 2022, stabilizing at the previous year's figure. In general, production, however, continues to indicate a relatively flat trend pattern. The most prominent rate of growth was recorded in 2015 when the production volume increased by 14% against the previous year. Global production peaked at 15M tons in 2019; however, from 2020 to 2022, production failed to regain momentum.

In value terms, titanium ore and concentrate production fell modestly to $9.4B in 2022 estimated in export price. Overall, production continues to indicate a perceptible contraction. The pace of growth appeared the most rapid in 2018 with an increase of 24%. Over the period under review, global production hit record highs at $11.5B in 2012; however, from 2013 to 2022, production failed to regain momentum.

Production By Country

The countries with the highest volumes of production in 2022 were China (4.2M tons), Canada (2.1M tons) and Australia (1.3M tons), together comprising 52% of global production. Mozambique, South Africa, Ukraine, Norway, Senegal, Madagascar, Kenya, India, South Korea and Vietnam lagged somewhat behind, together accounting for a further 43%. Moreover, titanium ore and concentrate production in China exceeded the figures recorded by the world's second-largest producer, Canada, twofold.

From 2012 to 2022, the biggest increases were recorded for Senegal (with a CAGR of +24.5%), while production for the other global leaders experienced more modest paces of growth.

Imports

World Imports of Titanium Ores and Concentrates

After two years of growth, purchases abroad of titanium ores and concentrates decreased by -5.4% to 7.9M tons in 2022. Overall, imports, however, recorded a relatively flat trend pattern. The pace of growth appeared the most rapid in 2017 when imports increased by 42% against the previous year. As a result, imports attained the peak of 8.5M tons. From 2018 to 2022, the growth of global imports failed to regain momentum.

In value terms, titanium ore and concentrate imports soared to $4.4B in 2022. Over the period under review, imports showed a relatively flat trend pattern. The most prominent rate of growth was recorded in 2017 with an increase of 32%. Global imports peaked at $4.5B in 2012; however, from 2013 to 2022, imports remained at a lower figure.

Imports By Country

China was the major importing country with an import of about 3.5M tons, which amounted to 44% of total imports. The United States (901K tons) took an 11% share (based on physical terms) of total imports, which put it in second place, followed by Germany (6.1%) and Japan (5.9%). Belgium (293K tons), Norway (270K tons), Canada (268K tons), the Netherlands (242K tons), the UK (230K tons), the Czech Republic (168K tons), Malaysia (147K tons) and Saudi Arabia (125K tons) held a little share of total imports.

Imports into China increased at an average annual rate of +1.8% from 2012 to 2022. At the same time, Norway (+29.6%), Malaysia (+12.0%), the UK (+6.9%), the Czech Republic (+5.5%), the Netherlands (+4.3%), Belgium (+3.6%) and the United States (+1.7%) displayed positive paces of growth. Moreover, Norway emerged as the fastest-growing importer imported in the world, with a CAGR of +29.6% from 2012-2022. Japan experienced a relatively flat trend pattern. By contrast, Canada (-1.8%), Germany (-3.0%) and Saudi Arabia (-5.2%) illustrated a downward trend over the same period. China (+4 p.p.) and Norway (+3.4 p.p.) significantly strengthened its position in terms of the global imports, while Germany saw its share reduced by -2.9% from 2012 to 2022, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, China ($1.4B) constitutes the largest market for imported titanium ores and concentrates worldwide, comprising 32% of global imports. The second position in the ranking was held by the United States ($515M), with a 12% share of global imports. It was followed by Japan, with a 10% share.

In China, titanium ore and concentrate imports expanded at an average annual rate of +3.4% over the period from 2012-2022. In the other countries, the average annual rates were as follows: the United States (-1.1% per year) and Japan (-1.7% per year).

Import Prices By Country

The average titanium ore and concentrate import price stood at $556 per ton in 2022, surging by 30% against the previous year. Overall, the import price, however, continues to indicate a slight setback. Global import price peaked at $618 per ton in 2012; however, from 2013 to 2022, import prices failed to regain momentum.

Prices varied noticeably by country of destination: amid the top importers, the country with the highest price was Belgium ($1,146 per ton), while Canada ($282 per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Norway (+5.5%), while the other global leaders experienced more modest paces of growth.

Exports

World Exports of Titanium Ores and Concentrates

In 2022, global titanium ore and concentrate exports declined to 6.3M tons, which is down by -6.2% compared with 2021 figures. In general, exports recorded a relatively flat trend pattern. The most prominent rate of growth was recorded in 2017 with an increase of 44% against the previous year. As a result, the exports reached the peak of 6.8M tons. From 2018 to 2022, the growth of the global exports remained at a lower figure.

In value terms, titanium ore and concentrate exports skyrocketed to $3.5B in 2022. Over the period under review, exports recorded a relatively flat trend pattern. The growth pace was the most rapid in 2017 when exports increased by 37%. Over the period under review, the global exports hit record highs at $3.8B in 2012; however, from 2013 to 2022, the exports remained at a lower figure.

Exports By Country

In 2022, Mozambique (1.3M tons), distantly followed by Australia (812K tons), South Africa (707K tons), Norway (667K tons), Madagascar (556K tons), Senegal (508K tons) and Ukraine (323K tons) were the major exporters of titanium ores and concentrates, together generating 77% of total exports. The following exporters - the United States (263K tons), South Korea (261K tons), India (163K tons), Sierra Leone (159K tons), Belgium (154K tons) and the Netherlands (120K tons) - together made up 18% of total exports.

From 2012 to 2022, the biggest increases were recorded for Senegal (with a CAGR of +26.3%), while shipments for the other global leaders experienced more modest paces of growth.

In value terms, Australia ($662M), South Africa ($599M) and Mozambique ($407M) constituted the countries with the highest levels of exports in 2022, together comprising 47% of global exports. Norway, Sierra Leone, Senegal, Belgium, Madagascar, Ukraine, the Netherlands, India, the United States and South Korea lagged somewhat behind, together comprising a further 39%.

Senegal, with a CAGR of +42.1%, saw the highest rates of growth with regard to the value of exports, among the main exporting countries over the period under review, while shipments for the other global leaders experienced more modest paces of growth.

Export Prices By Country

The average titanium ore and concentrate export price stood at $560 per ton in 2022, picking up by 23% against the previous year. Over the period under review, the export price, however, continues to indicate a relatively flat trend pattern. The global export price peaked at $574 per ton in 2012; however, from 2013 to 2022, the export prices remained at a lower figure.

Prices varied noticeably by country of origin: amid the top suppliers, the country with the highest price was Sierra Leone ($1,225 per ton), while South Korea ($72 per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Senegal (+12.5%), while the other global leaders experienced more modest paces of growth.

Source: IndexBox Market Intelligence Platform