Following the difficult period experienced in 2020 as a result of the COVID-19 pandemic, the titanium industry is beginning to show signs of recovery, says Roskill. According to Asian Metals, the price for commercially pure 2-6mm 99.9% Ti has rebounded from a multi-year low of US$11.78 in July 2020, to US$17.40 in February 2020.
Chinese titanium sponge prices have also rebounded, but to a lesser extent and have not yet reached pre-pandemic levels. The rollout of widespread vaccination programmes aims to supress virus transmission, aiding the hopeful return of commercial air travel in late 2021.
In comparison to Q3 2020, aircraft deliveries have increased in Q4 2020 and into the new year, showing the start of a recovery period for the aerospace sector.
Recovery from the impacts of COVID-19 varies across the end-use markets in the titanium industry. The aerospace sector has been decimated by the pandemic and is forecasted to return to pre-pandemic levels by 2023.
The industrial market and other non-aerospace sectors have been less severely impacted and are forecast to recover more quickly. The titanium industry as a whole is set to recover to pre-pandemic levels by 2022, aided by the increasing demand from industrial applications in the Chinese domestic market.