Aluminium and Titanium Market

The article discusses the growth trends in the global aluminium and titanium market, with a focus on consumption, production, imports, exports, and prices. It highlights the increasing demand for aluminium and titanium worldwide, forecasting a rise in consumption volume and market value. The analysis includes country-wise consumption and production data, as well as insights into key importing and exporting countries. The article also covers average import and export prices, showcasing growth patterns and fluctuations over the years.

Market Forecast

Driven by increasing demand for aluminium and titanium 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 +3.6% for the period from 2022 to 2030, which is projected to bring the market volume to 101M tons by the end of 2030.

In value terms, the market is forecast to increase with an anticipated CAGR of -2.3% for the period from 2022 to 2030, which is projected to bring the market value to $267.4B (in nominal prices) by the end of 2030.

Consumption

World Consumption of Aluminium and Titanium

Global aluminium and titanium consumption was estimated at 76M tons in 2022, almost unchanged from the year before. The total consumption volume increased at an average annual rate of +2.4% over the period from 2012 to 2022; the trend pattern remained relatively stable, with only minor fluctuations being recorded in certain years. The growth pace was the most rapid in 2018 with an increase of 6.2%. As a result, consumption reached the peak volume of 76M tons. From 2019 to 2022, the growth of the global consumption failed to regain momentum.

The global aluminium and titanium market revenue was estimated at $320.9B in 2022, remaining relatively unchanged 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). The market value increased at an average annual rate of +2.9% from 2012 to 2022; the trend pattern remained relatively stable, with only minor fluctuations in certain years. Over the period under review, the global market attained the peak level in 2022 and is expected to retain growth in the near future.

Consumption By Country

China (39M tons) constituted the country with the largest volume of aluminium and titanium consumption, comprising approx. 51% of total volume. Moreover, aluminium and titanium consumption in China exceeded the figures recorded by the second-largest consumer, Mozambique (5.6M tons), sevenfold. The third position in this ranking was taken by the United States (4.9M tons), with a 6.5% share.

From 2012 to 2022, the average annual rate of growth in terms of volume in China stood at +5.1%. In the other countries, the average annual rates were as follows: Mozambique (-3.1% per year) and the United States (+0.9% per year).

In value terms, China ($76.1B) led the market, alone. The second position in the ranking was held by the United States ($15.4B). It was followed by Germany.

In China, the aluminium and titanium market expanded at an average annual rate of +3.6% over the period from 2012-2022. The remaining consuming countries recorded the following average annual rates of market growth: the United States (+3.3% per year) and Germany (+2.6% per year).

In 2022, the highest levels of aluminium and titanium per capita consumption was registered in Mozambique (169 kg per person), followed by Germany (31 kg per person), China (27 kg per person) and Japan (20 kg per person), while the world average per capita consumption of aluminium and titanium was estimated at 0.1 kg per person.

In Mozambique, aluminium and titanium per capita consumption declined by an average annual rate of -5.8% over the period from 2012-2022. The remaining consuming countries recorded the following average annual rates of per capita consumption growth: Germany (-0.3% per year) and China (+4.6% per year).

Consumption By Type

Aluminum and alloys (71M tons) constituted the product with the largest volume of consumption, accounting for 99% of total volume. It was followed by titanium sponge, powders, ingots and slabs (625K tons), with a 0.9% share of total consumption.

For aluminum and alloys, consumption expanded at an average annual rate of +2.4% over the period from 2012-2022.

In value terms, aluminum and alloys ($174.9B) led the market, alone. The second position in the ranking was taken by titanium sponge, powders, ingots and slabs ($8.5B).

From 2012 to 2022, the average annual rate of growth in terms of the value of aluminum and alloys market stood at +3.9%.

Production

World Production of Aluminium and Titanium

In 2022, global aluminium and titanium production rose significantly to 84M tons, surging by 5.3% on 2021. The total output volume increased at an average annual rate of +3.8% from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The growth pace was the most rapid in 2013 when the production volume increased by 6.5% against the previous year. Over the period under review, global production hit record highs in 2022 and is expected to retain growth in the near future.

In value terms, aluminium and titanium production shrank slightly to $150.4B in 2022 estimated in export price. The total output value increased at an average annual rate of +2.3% over the period from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The most prominent rate of growth was recorded in 2018 when the production volume increased by 23% against the previous year. As a result, production reached the peak level of $174B. From 2019 to 2022, global production growth remained at a lower figure.

Production By Country

China (37M tons) constituted the country with the largest volume of aluminium and titanium production, comprising approx. 44% of total volume. Moreover, aluminium and titanium production in China exceeded the figures recorded by the second-largest producer, Mozambique (15M tons), twofold. The third position in this ranking was taken by Russia (3.6M tons), with a 4.3% share.

From 2012 to 2022, the average annual growth rate of volume in China stood at +4.6%. The remaining producing countries recorded the following average annual rates of production growth: Mozambique (+7.1% per year) and Russia (-1.1% per year).

Production By Type

Aluminum and alloys (74M tons) constituted the product with the largest volume of production, comprising approx. 99% of total volume. It was followed by titanium sponge, powders, ingots and slabs (622K tons), with a 0.8% share of total production.

For aluminum and alloys, production increased at an average annual rate of +3.1% over the period from 2012-2022.

In value terms, aluminum and alloys ($170.4B) led the market, alone. The second position in the ranking was taken by titanium sponge, powders, ingots and slabs ($8.5B).

For aluminum and alloys, production increased at an average annual rate of +3.6% over the period from 2012-2022.

Imports

World Imports of Aluminium and Titanium

In 2022, the amount of aluminium and titanium imported worldwide was estimated at 31M tons, standing approx. at the previous year's figure. The total import volume increased at an average annual rate of +3.6% from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. The pace of growth was the most pronounced in 2021 with an increase of 14%. Over the period under review, global imports hit record highs in 2022 and are expected to retain growth in the immediate term.

In value terms, aluminium and titanium imports soared to $99B in 2022. In general, imports recorded strong growth. The pace of growth appeared the most rapid in 2021 with an increase of 58% against the previous year. Global imports peaked in 2022 and are likely to see steady growth in the near future.

Imports By Country

In 2022, the United States (4.4M tons), followed by the Netherlands (2.8M tons), Germany (2.6M tons), Japan (2.5M tons), China (2.2M tons), Turkey (1.8M tons), South Korea (1.5M tons) and Italy (1.4M tons) represented the main importers of aluminium and titanium, together creating 62% of total imports. The following importers - Mexico (718K tons), Spain (700K tons), Poland (675K tons), Thailand (661K tons) and Taiwan (Chinese) (619K tons) - each amounted to an 11% share of total imports.

From 2012 to 2022, the most notable rate of growth in terms of purchases, amongst the main importing countries, was attained by China (with a CAGR of +13.8%), while imports for the other global leaders experienced more modest paces of growth.

In value terms, the United States ($15.3B), the Netherlands ($9.5B) and Germany ($8.7B) were the countries with the highest levels of imports in 2022, with a combined 34% share of global imports.

The Netherlands, with a CAGR of +15.8%, recorded the highest rates of growth with regard to the value of imports, among the main importing countries over the period under review, while purchases for the other global leaders experienced more modest paces of growth.

Imports By Type

The products with the highest levels of aluminium and titanium imports in 2022 were aluminum and alloys (31M tons), together reaching 100% of total import.

Aluminum and alloys was also the fastest-growing in terms of imports, with a CAGR of +3.6% from 2012 to 2022. The shares of the largest types remained relatively stable throughout the analyzed period.

In value terms, aluminum and alloys ($97.3B) constitutes the largest type of aluminium and titanium imported worldwide, comprising 99% of global imports. The second position in the ranking was held by titanium sponge, powders, ingots and slabs ($969M), with a 1% share of global imports.

From 2012 to 2022, the average annual rate of growth in terms of the value of aluminum and alloys imports totaled +6.9%.

Import Prices By Type

The average aluminium and titanium import price stood at $3,176 per ton in 2022, picking up by 21% against the previous year. In general, import price indicated a pronounced increase from 2012 to 2022: its price increased at an average annual rate of +3.1% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, aluminium and titanium import price increased by +67.4% against 2020 indices. The most prominent rate of growth was recorded in 2021 an increase of 39% against the previous year. Global import price peaked in 2022 and is expected to retain growth in the immediate term.

There were significant differences in the average prices amongst the major imported products. In 2022, the product with the highest price was titanium sponge, powders, ingots and slabs ($11,571 per ton), while the price for aluminum and alloys totaled $3,141 per ton.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by aluminum (+3.2%).

Import Prices By Country

In 2022, the average aluminium and titanium import price amounted to $3,176 per ton, picking up by 21% against the previous year. Overall, import price indicated a noticeable expansion from 2012 to 2022: its price increased at an average annual rate of +3.1% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, aluminium and titanium import price increased by +67.4% against 2020 indices. The growth pace was the most rapid in 2021 an increase of 39%. Over the period under review, average import prices attained the maximum in 2022 and is likely to continue growth in the immediate term.

Average prices varied somewhat amongst the major importing countries. In 2022, major importing countries recorded the following prices: in Spain ($3,507 per ton) and Poland ($3,473 per ton), while China ($2,550 per ton) and Japan ($2,850 per ton) were amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Spain (+3.9%), while the other global leaders experienced more modest paces of growth.

Exports

World Exports of Aluminium and Titanium

In 2022, global exports of aluminium and titanium amounted to 40M tons, growing by 11% against 2021. Overall, total exports indicated buoyant growth from 2012 to 2022: its volume increased at an average annual rate of +7.3% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, exports increased by +102.2% against 2012 indices. The most prominent rate of growth was recorded in 2021 with an increase of 22%. Over the period under review, the global exports reached the maximum in 2022 and are expected to retain growth in the near future.

In value terms, aluminium and titanium exports surged to $93.5B in 2022. In general, exports saw a strong increase. The most prominent rate of growth was recorded in 2021 with an increase of 56% against the previous year. The global exports peaked in 2022 and are expected to retain growth in the immediate term.

Exports By Country

In 2022, Mozambique (9.4M tons) was the main exporter of aluminium and titanium, committing 24% of total exports. Russia (3M tons) held a 7.5% share (based on physical terms) of total exports, which put it in second place, followed by Canada (7.4%), the Netherlands (7.2%), India (6.2%), the United Arab Emirates (5.9%) and Malaysia (5.3%). Bahrain (1.7M tons), Norway (1.4M tons), Australia (1.4M tons) and Iceland (0.8M tons) held a relatively small share of total exports.

Mozambique was also the fastest-growing in terms of the aluminium and titanium exports, with a CAGR of +61.2% from 2012 to 2022. At the same time, Iceland (+56.1%), Bahrain (+42.7%), India (+22.8%), Malaysia (+20.5%), the Netherlands (+17.4%), the United Arab Emirates (+3.0%) and Canada (+2.0%) displayed positive paces of growth. Norway and Russia experienced a relatively flat trend pattern. By contrast, Australia (-1.9%) illustrated a downward trend over the same period. Mozambique (+24 p.p.), India (+4.6 p.p.), the Netherlands (+4.2 p.p.), Bahrain (+4 p.p.), Malaysia (+3.6 p.p.) and Iceland (+1.9 p.p.) significantly strengthened its position in terms of the global exports, while the United Arab Emirates, Norway, Canada, Australia and Russia saw its share reduced by -3%, -3.4%, -4.9%, -5% and -7.4% from 2012 to 2022, respectively.

In value terms, the largest aluminium and titanium supplying countries worldwide were the Netherlands ($10.2B), Canada ($9.3B) and Russia ($8.7B), with a combined 30% share of global exports. India, the United Arab Emirates, Malaysia, Bahrain, Norway, Australia, Iceland and Mozambique lagged somewhat behind, together accounting for a further 40%.

Iceland, with a CAGR of +63.6%, recorded the highest rates of growth with regard to the value of exports, in terms of the main exporting countries over the period under review, while shipments for the other global leaders experienced more modest paces of growth.

Exports By Type

In 2022, aluminum and alloys (33M tons) was the largest type of aluminium and titanium in the world, mixing up 100% of total export.

Aluminum and alloys was also the fastest-growing in terms of exports, with a CAGR of +5.5% from 2012 to 2022. The shares of the largest types remained relatively stable throughout the analyzed period.

In value terms, aluminum and alloys ($91.9B) remains the largest type of aluminium and titanium supplied worldwide, comprising 99% of global exports. The second position in the ranking was taken by titanium sponge, powders, ingots and slabs ($899M), with a 1% share of global exports.

From 2012 to 2022, the average annual rate of growth in terms of the value of aluminum and alloys exports amounted to +7.5%.

Export Prices By Type

The average aluminium and titanium export price stood at $2,367 per ton in 2022, increasing by 7% against the previous year. Overall, the export price showed a relatively flat trend pattern. The growth pace was the most rapid in 2021 when the average export price increased by 28%. The global export price peaked in 2022 and is expected to retain growth in the immediate term.

There were significant differences in the average prices amongst the major exported products. In 2022, the product with the highest price was titanium sponge, powders, ingots and slabs ($11,218 per ton), while the average price for exports of aluminum and alloys totaled $2,748 per ton.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by aluminum (+1.9%).

Export Prices By Country

In 2022, the average aluminium and titanium export price amounted to $2,367 per ton, increasing by 7% against the previous year. Overall, the export price recorded a relatively flat trend pattern. The most prominent rate of growth was recorded in 2021 when the average export price increased by 28%. The global export price peaked in 2022 and is likely to see gradual growth in years to come.

Prices varied noticeably by country of origin: amid the top suppliers, the country with the highest price was Norway ($3,616 per ton), while Mozambique ($175 per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Iceland (+4.8%), while the other global leaders experienced more modest paces of growth.

Source: IndexBox Market Intelligence Platform