Titanium Market

The global titanium market is on the rise, driven by increasing demand for titanium sponge, powders, ingots, and slabs. China is the largest consumer and producer of titanium, with significant growth observed in other countries like Saudi Arabia. Global imports and exports of titanium are also experiencing fluctuations, with notable trends and patterns shaping the market.

Market Forecast

Driven by increasing demand for titanium sponge, powders, ingots and slabs worldwide, the market is expected to continue an upward consumption trend over the next eight years. Market performance is forecast to retain its current trend pattern, expanding with an anticipated CAGR of +1.4% for the period from 2022 to 2030, which is projected to bring the market volume to 701K tons by the end of 2030.

In value terms, the market is forecast to increase with an anticipated CAGR of +3.0% for the period from 2022 to 2030, which is projected to bring the market value to $10.7B (in nominal prices) by the end of 2030.

Consumption

World Consumption of Titanium Sponge, Powders, Ingots and Slabs

In 2022, approx. 625K tons of titanium sponge, powders, ingots and slabs were consumed worldwide; growing by 2.7% against 2021 figures. The total consumption volume increased at an average annual rate of +1.4% from 2012 to 2022; the trend pattern remained relatively stable, with somewhat noticeable fluctuations being observed throughout the analyzed period. Global consumption peaked in 2022 and is likely to continue growth in the near future.

The global titanium market value rose modestly to $8.5B in 2022, with an increase of 2.5% 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). Over the period under review, consumption continues to indicate a relatively flat trend pattern. The pace of growth was the most pronounced in 2018 when the market value increased by 7.7% against the previous year. Global consumption peaked in 2022 and is expected to retain growth in years to come.

Consumption By Country

The country with the largest volume of titanium consumption was China (124K tons), comprising approx. 20% of total volume. Moreover, titanium consumption in China exceeded the figures recorded by the second-largest consumer, the United States (48K tons), threefold. Russia (30K tons) ranked third in terms of total consumption with a 4.7% share.

In China, titanium consumption increased at an average annual rate of +5.1% over the period from 2012-2022. The remaining consuming countries recorded the following average annual rates of consumption growth: the United States (-0.7% per year) and Russia (-2.9% per year).

In value terms, China ($1.3B), Brazil ($770M) and the United States ($534M) constituted the countries with the highest levels of market value in 2022, together comprising 31% of the global market. The UK, Germany, Russia, Nigeria, France, Italy, Japan, Turkey, South Korea and Saudi Arabia lagged somewhat behind, together accounting for a further 25%.

Saudi Arabia, with a CAGR of +5.7%, saw the highest rates of growth with regard to market size in terms of the main consuming countries over the period under review, while market for the other global leaders experienced more modest paces of growth.

The countries with the highest levels of titanium per capita consumption in 2022 were the UK (411 kg per 1000 persons), Saudi Arabia (362 kg per 1000 persons) and Germany (265 kg per 1000 persons).

From 2012 to 2022, the most notable rate of growth in terms of consumption, amongst the key consuming countries, was attained by China (with a CAGR of +4.7%), while consumption for the other global leaders experienced more modest paces of growth.

Production

World Production of Titanium Sponge, Powders, Ingots and Slabs

In 2022, the amount of titanium sponge, powders, ingots and slabs produced worldwide reached 622K tons, leveling off at the year before. The total output volume increased at an average annual rate of +1.6% over the period from 2012 to 2022; the trend pattern remained consistent, with somewhat noticeable fluctuations being recorded in certain years. The pace of growth was the most pronounced in 2013 with an increase of 11%. Global production peaked at 624K tons in 2020; however, from 2021 to 2022, production stood at a somewhat lower figure.

In value terms, titanium production expanded slightly to $8.5B in 2022 estimated in export price. In general, production showed a relatively flat trend pattern. The most prominent rate of growth was recorded in 2020 with an increase of 11%. As a result, production attained the peak level of $8.7B. From 2021 to 2022, global production growth remained at a somewhat lower figure.

Production By Country

China (114K tons) remains the largest titanium producing country worldwide, comprising approx. 18% of total volume. Moreover, titanium production in China exceeded the figures recorded by the second-largest producer, Japan (50K tons), twofold. The third position in this ranking was taken by Russia (33K tons), with a 5.3% share.

In China, titanium production expanded at an average annual rate of +3.6% over the period from 2012-2022. The remaining producing countries recorded the following average annual rates of production growth: Japan (+2.4% per year) and Russia (-2.8% per year).

Imports

World Imports of Titanium Sponge, Powders, Ingots and Slabs

Global titanium imports skyrocketed to 84K tons in 2022, rising by 17% against 2021. Overall, imports, however, recorded a pronounced setback. The growth pace was the most rapid in 2015 when imports increased by 36% against the previous year. Global imports peaked at 118K tons in 2012; however, from 2013 to 2022, imports stood at a somewhat lower figure.

In value terms, titanium imports skyrocketed to $969M in 2022. In general, imports, however, continue to indicate a perceptible decline. Global imports peaked at $1.2B in 2012; however, from 2013 to 2022, imports failed to regain momentum.

Imports By Country

The United States represented the major importer of titanium sponge, powders, ingots and slabs in the world, with the volume of imports resulting at 30K tons, which was near 36% of total imports in 2022. It was distantly followed by China (13K tons), South Korea (9K tons), the UK (7.6K tons), France (4.6K tons) and Italy (3.9K tons), together creating a 46% share of total imports. Germany (3K tons) took a relatively small share of total imports.

Imports into the United States decreased at an average annual rate of -1.1% from 2012 to 2022. At the same time, China (+51.5%) and Italy (+7.1%) displayed positive paces of growth. Moreover, China emerged as the fastest-growing importer imported in the world, with a CAGR of +51.5% from 2012-2022. France experienced a relatively flat trend pattern. By contrast, South Korea (-2.6%), the UK (-6.5%) and Germany (-8.0%) illustrated a downward trend over the same period. While the share of China (+15 p.p.), the United States (+7.6 p.p.), Italy (+3 p.p.) and France (+1.7 p.p.) increased significantly in terms of the global imports from 2012-2022, the share of Germany (-2.3 p.p.) and the UK (-3.5 p.p.) displayed negative dynamics. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, the United States ($326M) constitutes the largest market for imported titanium sponge, powders, ingots and slabs worldwide, comprising 34% of global imports. The second position in the ranking was held by China ($128M), with a 13% share of global imports. It was followed by the UK, with an 8.9% share.

From 2012 to 2022, the average annual rate of growth in terms of value in the United States stood at -2.7%. The remaining importing countries recorded the following average annual rates of imports growth: China (+35.0% per year) and the UK (-8.1% per year).

Import Prices By Country

In 2022, the average titanium import price amounted to $11,571 per ton, with an increase of 8.5% against the previous year. Over the period from 2012 to 2022, it increased at an average annual rate of +1.2%. The most prominent rate of growth was recorded in 2016 when the average import price increased by 16%. Global import price peaked in 2022 and is likely to continue growth in the near future.

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 Italy ($17,357 per ton), while South Korea ($8,921 per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Germany (+4.5%), while the other global leaders experienced more modest paces of growth.

Exports

World Exports of Titanium Sponge, Powders, Ingots and Slabs

In 2022, global exports of titanium sponge, powders, ingots and slabs reduced to 80K tons, with a decrease of -2.6% against 2021. Over the period under review, exports showed a perceptible slump. The most prominent rate of growth was recorded in 2015 with an increase of 27%. Over the period under review, the global exports hit record highs at 108K tons in 2012; however, from 2013 to 2022, the exports failed to regain momentum.

In value terms, titanium exports skyrocketed to $899M in 2022. Overall, exports recorded a mild reduction. The most prominent rate of growth was recorded in 2017 with an increase of 22% against the previous year. The global exports peaked at $1.1B in 2012; however, from 2013 to 2022, the exports failed to regain momentum.

Exports By Country

Japan was the largest exporting country with an export of around 35K tons, which amounted to 43% of total exports. Kazakhstan (16K tons) ranks second in terms of the total exports with a 19% share, followed by Saudi Arabia (7%), the United States (6.6%) and Russia (4.9%). China (3.1K tons) and Germany (2.3K tons) followed a long way behind the leaders.

Exports from Japan increased at an average annual rate of +1.2% from 2012 to 2022. At the same time, Saudi Arabia (+46.4%) displayed positive paces of growth. Moreover, Saudi Arabia emerged as the fastest-growing exporter exported in the world, with a CAGR of +46.4% from 2012-2022. The United States and Germany experienced a relatively flat trend pattern. By contrast, Kazakhstan (-3.5%), China (-4.8%) and Russia (-6.1%) illustrated a downward trend over the same period. While the share of Japan (+15 p.p.), Saudi Arabia (+6.8 p.p.) and the United States (+1.6 p.p.) increased significantly in terms of the global exports from 2012-2022, the share of Russia (-2 p.p.) displayed negative dynamics. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Japan ($337M) remains the largest titanium supplier worldwide, comprising 37% of global exports. The second position in the ranking was held by Kazakhstan ($159M), with an 18% share of global exports. It was followed by the United States, with a 10% share.

From 2012 to 2022, the average annual growth rate of value in Japan stood at -1.2%. In the other countries, the average annual rates were as follows: Kazakhstan (-3.1% per year) and the United States (+0.4% per year).

Export Prices By Country

In 2022, the average titanium export price amounted to $11,218 per ton, with an increase of 18% against the previous year. Over the last decade, it increased at an average annual rate of +1.1%. As a result, the export price attained the peak level and is likely to continue growth in the immediate term.

Prices varied noticeably by country of origin: amid the top suppliers, the country with the highest price was Germany ($18,566 per ton), while Saudi Arabia ($9,028 per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Saudi Arabia (+8.4%), while the other global leaders experienced more modest paces of growth.

Source: IndexBox Market Intelligence Platform