ECOWAS: Titanium Market 2023

Titanium Market Size in ECOWAS

The ECOWAS titanium market contracted to $X in 2022, with a decrease of -3% against the previous year. The total consumption indicated a modest increase from 2012 to 2022: its value increased at an average annual rate of +1.9% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, consumption increased by +3.2% against 2020 indices. Over the period under review, the market attained the peak level at $X in 2019; however, from 2020 to 2022, consumption stood at a somewhat lower figure.

Titanium Production in ECOWAS

In value terms, titanium production contracted slightly to $X in 2022 estimated in export price. The total production indicated a modest increase from 2012 to 2022: its value increased at an average annual rate of +1.4% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, production increased by +3.9% against 2020 indices. The pace of growth appeared the most rapid in 2018 with an increase of 27% against the previous year. Over the period under review, production reached the maximum level at $X in 2019; however, from 2020 to 2022, production failed to regain momentum.

Titanium Exports

Exports in ECOWAS

In 2021, approx. X kg of titanium sponge, powders, ingots and slabs were exported in ECOWAS; reducing by -98.6% on the previous year. Over the period under review, exports showed a sharp decline. The pace of growth appeared the most rapid in 2020 when exports increased by 71,725% against the previous year. Over the period under review, the exports reached the maximum at X tons in 2013; however, from 2014 to 2021, the exports stood at a somewhat lower figure.

In value terms, titanium exports contracted markedly to $X in 2021. In general, exports faced a precipitous decrease. The growth pace was the most rapid in 2020 when exports increased by 262,137%. The level of export peaked at $X in 2013; however, from 2014 to 2021, the exports stood at a somewhat lower figure.

Exports by Country

In 2021, Guinea (X kg) was the main exporter of titanium sponge, powders, ingots and slabs in ECOWAS, mixing up 100% of total export.

Guinea was also the fastest-growing in terms of the titanium sponge, powders, ingots and slabs exports, with a CAGR of -98.6% from 2012 to 2021. While the share of Guinea (+99 p.p.) increased significantly, the shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Guinea ($X) also remains the largest titanium supplier in ECOWAS.

From 2012 to 2021, the average annual rate of growth in terms of value in Guinea amounted to -92.2%.

Export Prices by Country

In 2021, the export price in ECOWAS amounted to $X per kg, growing by 459% against the previous year. Over the period under review, the export price continues to indicate a significant expansion. The most prominent rate of growth was recorded in 2014 when the export price increased by 14,130% against the previous year. As a result, the export price attained the peak level of $X per kg. From 2015 to 2021, the export prices remained at a somewhat lower figure.

As there is only one major export destination, the average price level is determined by prices for Guinea.

From 2012 to 2021, the rate of growth in terms of prices for Guinea amounted to +458.8% per year.

Titanium Imports

Imports in ECOWAS

In 2022, after two years of decline, there was significant growth in supplies from abroad of titanium sponge, powders, ingots and slabs, when their volume increased by 96% to X tons. Over the period under review, imports continue to indicate a buoyant expansion. The pace of growth was the most pronounced in 2017 when imports increased by 132% against the previous year. As a result, imports reached the peak of X tons. From 2018 to 2022, the growth of imports remained at a somewhat lower figure.

In value terms, titanium imports skyrocketed to $X in 2022. In general, imports showed a measured expansion. The pace of growth appeared the most rapid in 2017 with an increase of 172% against the previous year. Over the period under review, imports hit record highs at $X in 2019; however, from 2020 to 2022, imports failed to regain momentum.

Imports by Country

In 2022, Nigeria (X tons) was the largest importer of titanium sponge, powders, ingots and slabs in ECOWAS, making up 100% of total import.

Nigeria was also the fastest-growing in terms of the titanium sponge, powders, ingots and slabs imports, with a CAGR of +27.7% from 2012 to 2022. Nigeria (+83 p.p.) significantly strengthened its position in terms of the total imports, while the shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Nigeria ($X) constitutes the largest market for imported titanium sponge, powders, ingots and slabs in ECOWAS.

From 2012 to 2022, the average annual growth rate of value in Nigeria stood at +36.2%.

Import Prices by Country

The import price in ECOWAS stood at $X per ton in 2022, declining by -2% against the previous year. Overall, the import price recorded a noticeable descent. The most prominent rate of growth was recorded in 2019 an increase of 77% against the previous year. The level of import peaked at $X per ton in 2014; however, from 2015 to 2022, import prices remained at a lower figure.

As there is only one major supplying country, the average price level is determined by prices for Nigeria.

From 2012 to 2022, the rate of growth in terms of prices for Nigeria amounted to +6.7% per year.

Source: IndexBox Market Intelligence Platform

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