Global Titanium Sponge Market: Continued Growth Expected with +1.4% CAGR from 2023-2030

IndexBox has just published a new report: World - Titanium Sponge, Powders, Ingots and Slabs - Market Analysis, Forecast, Size, Trends And Insights.

The global titanium market is experiencing an upward consumption trend fueled by the growing demand for titanium products worldwide. Market performance is forecasted to expand with a +1.4% CAGR in volume and a +3.2% CAGR in value from 2023 to 2030. By the end of 2030, the market volume is projected to reach 701K tons and the market value is estimated to reach $10.7B in nominal prices.

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 seven years. Market performance is forecast to retain its current trend pattern, expanding with an anticipated CAGR of +1.4% for the period from 2023 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 +3.2% for the period from 2023 to 2030, which is projected to bring the market value to $10.7B (in in nominal wholesale prices) by the end of 2030.

Consumption

World Consumption of Titanium Sponge, Powders, Ingots and Slabs

In 2023, global titanium consumption expanded slightly to 635K tons, increasing by 1.6% against 2022 figures. Over the period under review, consumption continues to indicate a relatively flat trend pattern. The pace of growth appeared the most rapid in 2020 when the consumption volume increased by 5.5% against the previous year. Over the period under review, global consumption reached the maximum volume in 2023 and is expected to retain growth in the immediate term.

The global titanium market size was estimated at $8.6B in 2023, standing approx. at 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). In general, consumption showed a relatively flat trend pattern. The most prominent rate of growth was recorded in 2018 with an increase of 7.7%. Over the period under review, the global market attained the peak level in 2023 and is expected to retain growth in years to come.

Consumption By Country

China (124K tons) remains the largest titanium consuming country worldwide, comprising approx. 19% of total volume. Moreover, titanium consumption in China exceeded the figures recorded by the second-largest consumer, the United States (57K tons), twofold. The third position in this ranking was taken by Russia (31K tons), with a 4.9% share.

In China, titanium consumption increased at an average annual rate of +2.0% over the period from 2013-2023. The remaining consuming countries recorded the following average annual rates of consumption growth: the United States (+4.8% per year) and Russia (-2.3% per year).

In value terms, China ($1.3B), Brazil ($716M) and the United States ($684M) were the countries with the highest levels of market value in 2023, with a combined 31% share of the global market.

In terms of the main consuming countries, the United States, with a CAGR of +4.2%, saw the highest growth rate of market size 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 2023 were the UK (413 kg per 1000 persons), Saudi Arabia (315 kg per 1000 persons) and France (284 kg per 1000 persons).

From 2013 to 2023, the most notable rate of growth in terms of consumption, amongst the key consuming countries, was attained by the United States (with a CAGR of +4.1%), while consumption for the other global leaders experienced more modest paces of growth.

Production

World Production of Titanium Sponge, Powders, Ingots and Slabs

Global titanium production totaled 623K tons in 2023, standing approx. at 2022. In general, production saw a relatively flat trend pattern. The pace of growth appeared the most rapid in 2020 when the production volume increased by 6.5%. As a result, production reached the peak volume of 624K tons. From 2021 to 2023, global production growth remained at a lower figure.

In value terms, titanium production declined slightly to $8.4B in 2023 estimated in export price. Over the period under review, production continues to indicate a relatively flat trend pattern. The pace of growth appeared the most rapid in 2020 when the production volume increased by 11% against the previous year. As a result, production reached the peak level of $8.7B. From 2021 to 2023, global production growth failed to regain momentum.

Production By Country

China (116K tons) remains the largest titanium producing country worldwide, comprising approx. 19% of total volume. Moreover, titanium production in China exceeded the figures recorded by the second-largest producer, Japan (51K tons), twofold. Russia (33K tons) ranked third in terms of total production with a 5.3% share.

In China, titanium production remained relatively stable over the period from 2013-2023. The remaining producing countries recorded the following average annual rates of production growth: Japan (+1.9% per year) and Russia (-2.9% per year).

Imports

World Imports of Titanium Sponge, Powders, Ingots and Slabs

Global titanium imports skyrocketed to 107K tons in 2023, increasing by 27% on the previous year's figure. In general, total imports indicated a temperate increase from 2013 to 2023: its volume increased at an average annual rate of +3.3% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2023 figures, imports increased by +69.5% against 2020 indices. The pace of growth appeared the most rapid in 2015 when imports increased by 36%. Over the period under review, global imports hit record highs in 2023 and are likely to see gradual growth in years to come.

In value terms, titanium imports surged to $1.2B in 2023. Over the period under review, total imports indicated a temperate increase from 2013 to 2023: its value increased at an average annual rate of +3.9% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2023 figures, imports increased by +65.9% against 2020 indices. The most prominent rate of growth was recorded in 2022 with an increase of 27%. Over the period under review, global imports attained the peak figure in 2023 and are likely to see steady growth in the immediate term.

Imports By Country

The United States was the main importer of titanium sponge, powders, ingots and slabs in the world, with the volume of imports resulting at 42K tons, which was near 39% of total imports in 2023. China (15K tons) ranks second in terms of the total imports with a 14% share, followed by the UK (8.3%), South Korea (8%) and France (6.9%). The following importers - Italy (4.4K tons), Estonia (3.1K tons), Germany (3K tons) and Russia (2.7K tons) - together made up 12% of total imports.

Imports into the United States increased at an average annual rate of +6.8% from 2013 to 2023. At the same time, China (+40.1%), Italy (+12.6%), France (+3.5%), Estonia (+3.2%) and South Korea (+2.5%) displayed positive paces of growth. Moreover, China emerged as the fastest-growing importer imported in the world, with a CAGR of +40.1% from 2013-2023. By contrast, the UK (-1.8%), Russia (-2.0%) and Germany (-6.9%) illustrated a downward trend over the same period. China (+14 p.p.), the United States (+11 p.p.) and Italy (+2.4 p.p.) significantly strengthened its position in terms of the global imports, while Russia, Germany and the UK saw its share reduced by -1.8%, -5.1% and -5.6% from 2013 to 2023, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, the United States ($493M) constitutes the largest market for imported titanium sponge, powders, ingots and slabs worldwide, comprising 41% of global imports. The second position in the ranking was held by France ($141M), with a 12% share of global imports. It was followed by the UK, with a 10% share.

In the United States, titanium imports expanded at an average annual rate of +6.2% over the period from 2013-2023. In the other countries, the average annual rates were as follows: France (+5.3% per year) and the UK (-0.1% per year).

Import Prices By Country

In 2023, the average titanium import price amounted to $11,321 per ton, which is down by -2.2% against the previous year. Over the period under review, the import price, however, saw a relatively flat trend pattern. The growth pace was the most rapid in 2016 an increase of 16% against the previous year. Over the period under review, average import prices attained the maximum at $11,571 per ton in 2022, and then fell in the following year.

There were significant differences in the average prices amongst the major importing countries. In 2023, amid the top importers, the country with the highest price was France ($19,196 per ton), while China ($628 per ton) was amongst the lowest.

From 2013 to 2023, the most notable rate of growth in terms of prices was attained by Germany (+6.3%), while the other global leaders experienced more modest paces of growth.

Exports

World Exports of Titanium Sponge, Powders, Ingots and Slabs

In 2023, approx. 94K tons of titanium sponge, powders, ingots and slabs were exported worldwide; growing by 17% against the previous year's figure. The total export volume increased at an average annual rate of +1.1% from 2013 to 2023; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The most prominent rate of growth was recorded in 2015 with an increase of 27% against the previous year. The global exports peaked at 101K tons in 2019; however, from 2020 to 2023, the exports remained at a lower figure.

In value terms, titanium exports surged to $1.1B in 2023. Over the period under review, total exports indicated a moderate expansion from 2013 to 2023: its value increased at an average annual rate of +3.2% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2023 figures, exports increased by +55.0% against 2020 indices. The pace of growth was the most pronounced in 2017 with an increase of 22%. The global exports peaked in 2023 and are likely to continue growth in years to come.

Exports By Country

In 2023, Japan (37K tons) represented the major exporter of titanium sponge, powders, ingots and slabs, creating 40% of total exports. It was distantly followed by Kazakhstan (16K tons), Saudi Arabia (7.7K tons), the United States (7.6K tons), China (7.2K tons) and Russia (4.5K tons), together committing a 46% share of total exports. Italy (3K tons) and the Netherlands (1.9K tons) followed a long way behind the leaders.

Exports from Japan increased at an average annual rate of +6.9% from 2013 to 2023. At the same time, Saudi Arabia (+50.8%), Italy (+18.4%), China (+5.3%) and Kazakhstan (+4.8%) displayed positive paces of growth. Moreover, Saudi Arabia emerged as the fastest-growing exporter exported in the world, with a CAGR of +50.8% from 2013-2023. By contrast, the United States (-1.3%), Russia (-5.8%) and the Netherlands (-7.7%) illustrated a downward trend over the same period. From 2013 to 2023, the share of Japan, Saudi Arabia, Kazakhstan, China and Italy increased by +17, +8, +5, +2.6 and +2.5 percentage points, respectively.

In value terms, Japan ($388M) remains the largest titanium supplier worldwide, comprising 36% of global exports. The second position in the ranking was taken by the United States ($161M), with a 15% share of global exports. It was followed by Kazakhstan, with a 14% share.

In Japan, titanium exports increased at an average annual rate of +5.6% over the period from 2013-2023. In the other countries, the average annual rates were as follows: the United States (+2.9% per year) and Kazakhstan (+4.0% per year).

Export Prices By Country

The average titanium export price stood at $11,517 per ton in 2023, picking up by 2.7% against the previous year. Over the period from 2013 to 2023, it increased at an average annual rate of +2.0%. The pace of growth appeared the most rapid in 2022 an increase of 18%. Over the period under review, the average export prices hit record highs in 2023 and is expected to retain growth in years to come.

Prices varied noticeably by country of origin: amid the top suppliers, the country with the highest price was the United States ($21,142 per ton), while Saudi Arabia ($5,905 per ton) was amongst the lowest.

From 2013 to 2023, the most notable rate of growth in terms of prices was attained by Saudi Arabia (+4.8%), while the other global leaders experienced more modest paces of growth.

Source: IndexBox Market Intelligence Platform