GCC: Titanium Market 2023

Titanium Market Size in GCC

In 2022, after two years of growth, there was significant decline in the GCC titanium market, when its value decreased by -8% to $X. Overall, consumption, however, continues to indicate a abrupt contraction. The level of consumption peaked at $X in 2016; however, from 2017 to 2022, consumption remained at a lower figure.

Titanium Production in GCC

In value terms, titanium production reached $X in 2022 estimated in export price. The total production indicated resilient growth from 2012 to 2022: its value increased at an average annual rate of +6.1% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, production decreased by -7.8% against 2020 indices. The most prominent rate of growth was recorded in 2020 with an increase of 45% against the previous year. As a result, production reached the peak level of $X. From 2021 to 2022, production growth remained at a somewhat lower figure.

Titanium Exports

Exports in GCC

After three years of growth, overseas shipments of titanium sponge, powders, ingots and slabs decreased by -13.9% to X tons in 2022. Over the period under review, exports, however, posted a significant increase. The most prominent rate of growth was recorded in 2020 when exports increased by 370,609%. Over the period under review, the exports hit record highs at X tons in 2021, and then reduced in the following year.

In value terms, titanium exports contracted sharply to $X in 2022. Overall, exports, however, posted a significant increase. The most prominent rate of growth was recorded in 2020 when exports increased by 285,299% against the previous year. Over the period under review, the exports hit record highs at $X in 2021, and then fell significantly in the following year.

Exports by Country

The biggest shipments were from Saudi Arabia (X tons), together amounting to 99.9% of total export.

Saudi Arabia was also the fastest-growing in terms of the titanium sponge, powders, ingots and slabs exports, with a CAGR of +69.6% from 2012 to 2022. While the share of Saudi Arabia (+19 p.p.) increased significantly, the shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Saudi Arabia ($X) also remains the largest titanium supplier in GCC.

In Saudi Arabia, titanium exports increased at an average annual rate of +81.7% over the period from 2012-2022.

Export Prices by Country

In 2022, the export price in GCC amounted to $X per ton, falling by -1.5% against the previous year. Overall, the export price, however, recorded resilient growth. The most prominent rate of growth was recorded in 2017 an increase of 432%. Over the period under review, the export prices reached the peak figure at $X per ton in 2018; however, from 2019 to 2022, the export prices failed to regain momentum.

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

From 2012 to 2022, the rate of growth in terms of prices for Saudi Arabia amounted to +7.1% per year.

Titanium Imports

Imports in GCC

In 2022, after two years of growth, there was significant decline in overseas purchases of titanium sponge, powders, ingots and slabs, when their volume decreased by -32% to X tons. Overall, imports saw a deep contraction. The most prominent rate of growth was recorded in 2016 when imports increased by 69%. As a result, imports attained the peak of X tons. From 2017 to 2022, the growth of imports failed to regain momentum.

In value terms, titanium imports fell sharply to $X in 2022. In general, imports faced a abrupt downturn. The most prominent rate of growth was recorded in 2016 with an increase of 156% against the previous year. As a result, imports reached the peak of $X. From 2017 to 2022, the growth of imports remained at a somewhat lower figure.

Imports by Country

In 2022, Qatar (X tons) represented the key importer of titanium sponge, powders, ingots and slabs, generating 62% of total imports. It was distantly followed by Bahrain (X tons), generating a 35% share of total imports. The United Arab Emirates (X tons) followed a long way behind the leaders.

From 2012 to 2022, the biggest increases were recorded for Bahrain (with a CAGR of -10.3%), while purchases for the other leaders experienced a decline in the imports figures.

In value terms, Qatar ($X) constitutes the largest market for imported titanium sponge, powders, ingots and slabs in GCC, comprising 64% of total imports. The second position in the ranking was held by Bahrain ($X), with a 28% share of total imports.

From 2012 to 2022, the average annual growth rate of value in Qatar amounted to -16.2%. The remaining importing countries recorded the following average annual rates of imports growth: Bahrain (-11.6% per year) and the United Arab Emirates (-29.9% per year).

Import Prices by Country

In 2022, the import price in GCC amounted to $X per ton, increasing by 2.7% against the previous year. Overall, the import price recorded a slight increase. The growth pace was the most rapid in 2015 when the import price increased by 55%. Over the period under review, import prices hit record highs at $X per ton in 2016; however, from 2017 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 the United Arab Emirates ($X per ton), while Bahrain ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by the United Arab Emirates (+16.6%), while the other leaders experienced a decline in the import price figures.

Source: IndexBox Market Intelligence Platform

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