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Released April 10, 2024 | NEW DELHI
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Researched by Industrial Info Resources (Sugar Land, Texas)--The ninth-most abundant metal on earth, titanium constitutes 0.44% of the earth's crust. With properties such as high strength-to-weight ratio, corrosion resistance and biocompatibility, titanium has applications across various industries including aerospace and aviation, medicine, automotive, consumer electronics, power generation and chemical processing. Owing to its diverse utilization, demand for the metal is flourishing. However, ensuring efficient procurement of titanium remains a concern.
Titanium is generally mined from mineral ores, namely ilmenite (which constitutes about 90% of titanium extraction globally and is found in rock sediments and even on the surface of the moon), rutile (found in heavy mineral sands in shallow marine environments) and leucoxene (a weathered form of Ilmenite). Post extraction, it is further processed to produce titanium dioxide or metal to serve different purposes.
Despite a steady demand, shortages of the metal have resulted in price fluctuations worldwide. Geopolitical conflicts like the Russia-Ukraine war have severely impacted the supply chain, especially for countries like the United States, which relied heavily on Eastern Europe for titanium. Simultaneously, mining challenges amid stringent environmental regulations, coupled with increased and frequent titanium consumption in industries like aerospace, labor shortages and factory shutdowns, have also played a critical part in production disruptions.
This has led to downturns in the sectors that are heavily reliant on titanium for raw material, affecting overall market stability and trade implications. To address this shortage, manufacturers are adopting strategies such as nearshoring, diversifying resources and reducing reliance on traditional sources. They're also exploring recycling initiatives and substitutes for titanium. Governments are revising import and export policies, like in the EU and North America, who are working to bolster strategic reserves through subsidies and legislative actions, to facilitate affordable acquisition of titanium from international sources.
Industrial Info is tracking 35 capital spending projects worth more than US$4 billion that are geared toward titanium ore mining. Subscribers to Industrial Info's Global Market Intelligence (GMI) Metals & Minerals Project Database can click here for a list of detailed project reports.
Asia is the main investment driver, with about 40% of the market with an investment value of about US$2 billion across 24 projects. There is also some planned spending being tracked out of South America (US$918 million) and Europe (US$573 million).
By country, China leads the way with a total spend pipeline of US$960 million across 17 projects, followed by Paraguay (US$918 million) and Kazakhstan (US$610 million). Other countries with substantial investments include Russia, Australia and the U.S.
With a combined project spending of over US$2 billion, Uranium Energy Corporation (NYSE:UEC) (Corpus Christi, Texas), Russian Mineral Resources OAO (Moscow, Russia) and Neometals Limited (West Perth, Australia) are the top players in the market and cumulatively own about half of the market. Uranium Energy Corporation is investing in the Alto Parana Mine and Smelter to produce 500,000 tons per year of titanium slag and 300,000 tons per year of pig iron, although the project's timeline has slipped 6.7 years. Subscribers can click here for the project report and click here for the related plant profile.
With 72% of the investment in the planning stages, 13% in the initial engineering stages and 9% under construction, most of these projects are anticipated to be completed between June 2025 and December 2026, while the rest may reach fruition by December 2029.
Many of these projects (16) are facing a kickoff slippage of more than two years. This not only has a negative impact on costs and project timelines, but also can lead to reduced stakeholder confidence.
Going further, innovations in mining technologies and exploration techniques as well as the hunt for new titanium alternatives are anticipated to open new avenues for accessing untapped titanium reserves.
Industrial Info Resources (IIR) is the leading provider of industrial market intelligence. Since 1983, IIR has provided comprehensive research, news and analysis on the industrial process, manufacturing and energy related industries. IIR's Global Market Intelligence (GMI) helps companies identify and pursue trends across multiple markets with access to real, qualified and validated plant and project opportunities. Across the world, IIR is tracking more than 200,000 current and future projects worth $17.8 Trillion (USD).
Titanium is generally mined from mineral ores, namely ilmenite (which constitutes about 90% of titanium extraction globally and is found in rock sediments and even on the surface of the moon), rutile (found in heavy mineral sands in shallow marine environments) and leucoxene (a weathered form of Ilmenite). Post extraction, it is further processed to produce titanium dioxide or metal to serve different purposes.
Despite a steady demand, shortages of the metal have resulted in price fluctuations worldwide. Geopolitical conflicts like the Russia-Ukraine war have severely impacted the supply chain, especially for countries like the United States, which relied heavily on Eastern Europe for titanium. Simultaneously, mining challenges amid stringent environmental regulations, coupled with increased and frequent titanium consumption in industries like aerospace, labor shortages and factory shutdowns, have also played a critical part in production disruptions.
This has led to downturns in the sectors that are heavily reliant on titanium for raw material, affecting overall market stability and trade implications. To address this shortage, manufacturers are adopting strategies such as nearshoring, diversifying resources and reducing reliance on traditional sources. They're also exploring recycling initiatives and substitutes for titanium. Governments are revising import and export policies, like in the EU and North America, who are working to bolster strategic reserves through subsidies and legislative actions, to facilitate affordable acquisition of titanium from international sources.
Industrial Info is tracking 35 capital spending projects worth more than US$4 billion that are geared toward titanium ore mining. Subscribers to Industrial Info's Global Market Intelligence (GMI) Metals & Minerals Project Database can click here for a list of detailed project reports.
Asia is the main investment driver, with about 40% of the market with an investment value of about US$2 billion across 24 projects. There is also some planned spending being tracked out of South America (US$918 million) and Europe (US$573 million).
By country, China leads the way with a total spend pipeline of US$960 million across 17 projects, followed by Paraguay (US$918 million) and Kazakhstan (US$610 million). Other countries with substantial investments include Russia, Australia and the U.S.
With a combined project spending of over US$2 billion, Uranium Energy Corporation (NYSE:UEC) (Corpus Christi, Texas), Russian Mineral Resources OAO (Moscow, Russia) and Neometals Limited (West Perth, Australia) are the top players in the market and cumulatively own about half of the market. Uranium Energy Corporation is investing in the Alto Parana Mine and Smelter to produce 500,000 tons per year of titanium slag and 300,000 tons per year of pig iron, although the project's timeline has slipped 6.7 years. Subscribers can click here for the project report and click here for the related plant profile.
With 72% of the investment in the planning stages, 13% in the initial engineering stages and 9% under construction, most of these projects are anticipated to be completed between June 2025 and December 2026, while the rest may reach fruition by December 2029.
Many of these projects (16) are facing a kickoff slippage of more than two years. This not only has a negative impact on costs and project timelines, but also can lead to reduced stakeholder confidence.
Going further, innovations in mining technologies and exploration techniques as well as the hunt for new titanium alternatives are anticipated to open new avenues for accessing untapped titanium reserves.
Industrial Info Resources (IIR) is the leading provider of industrial market intelligence. Since 1983, IIR has provided comprehensive research, news and analysis on the industrial process, manufacturing and energy related industries. IIR's Global Market Intelligence (GMI) helps companies identify and pursue trends across multiple markets with access to real, qualified and validated plant and project opportunities. Across the world, IIR is tracking more than 200,000 current and future projects worth $17.8 Trillion (USD).
