Shipping

Some charts to first understand the lay of the land:

Maritime trade volumes reached 12,292 million tons in 2023, an increase of 2.4 per cent, after contracting in 2022. Global maritime trade outperformed expectations in 2023 due to easing pressures on the global economy and better-than-expected economic performance in large economies.

"According to data published by the United Nations Conference on Trade and Development (UNCTAD), globalization has caused a steep increase in maritime trade over the past few decades, with the total volume growing from 4,000 million tons loaded in 1990 to more than 11,000 million tons loaded in 2019. Container shipping in particular has boomed over the past three decades, with total shipping volume growing nearly eightfold since 1990."

The global container shipping industry powers over 80% of international trade.

as over 80% of world trade volume is carried by sea.

• 1960s. Introduction of specialized bulk carriers
• 1970s. Globalization and Oil Shock
• 1980s. Significant fleet expansion leading to overcapacity. Rise of the Baltic Exchange.
• 1990s: Global Trade Liberalization
• 2000s: China-Led Supercycle
• 2008. Baltic Dry Index peak in May (11,793 points) followed by global financial crisis crash
• 2016. Baltic Dry Index historic low (290 points)
• 2020. COVID-19 pandemic temporarily disrupts global Dry Bulk shipping patterns
• 2023. Implementation of IMO 2023 carbon intensity regulations
• 2024. Red Sea crisis affecting major trading routes on top of ongoing Panama Canal drought
• 2025. Projected timeline for mainstream adoption of alternative fuels

Containers are a small part of global total fleet but one of the fastest growing part. And why it is relevant because value wise - it is one of the high value trade. (following 2020 chart) - as most of the dry bulk are raw materials, while containerized products are final finished products. And the way consumer economy has grown in last 30-40 years is best reflected by container growth.

Roughly 70%+ of Turkey’s steel comes from Electric Arc Furnaces (EAFs), which melt down scrap steel.Countries like China, Japan, South Korea, Germany rely heavily on Blast Furnaces (BF) + Basic Oxygen Furnaces (BOF), which process iron ore and coke.

Following as of 2022: Container shipping companies. (total 6408 active ships)

As of 2025: Market share too

Here are the Top 10 Shipping Lines in the World (2025) by TEU capacity:

🚢 1. MSC – 6.4 million TEUs | 20.2% Market Share | 🇨🇭 Switzerland
🚢 2. Maersk – 4.5 million TEUs | 14.3% | 🇩🇰 Denmark
🚢 3. CMA CGM – 3.87 million TEUs | 12.7% | 🇫🇷 France
🚢 4. COSCO – 3.35 million TEUs | 10.6% | 🇨🇳 China
🚢 5. Hapag-Lloyd – 2.35 million TEUs | 7.4% | 🇩🇪 Germany
🚢 6. ONE – 1.98 million TEUs | 6.2% | 🇯🇵 Japan
🚢 7. Evergreen – 1.79 million TEUs | 5.7% | 🇹🇼 Taiwan
🚢 8. HMM – 913K TEUs | 2.9% | 🇰🇷 South Korea
🚢 9. ZIM – 781K TEUs | 2.5% | 🇮🇱 Israel
🚢 10. Yang Ming – 711K TEUs | 2.2% | 🇹🇼 Taiwan

 China remains at the top of the list with 269 million TEUs, with no other place even coming close to these volumes.  The country's maritime trade dominance is owed largely to its thriving business of exporting electronics, fashion and other consumer goods. For example, the People's Republic exported ICT goods like computers, electronic components and consumer electronics worth $858 billion in current prices in 2021, more than double the amount of the second-ranked region Hong Kong with $410 billion, according to UNCTAD data.

https://unctad.org/publication/review-maritime-transport-2024

Ocean Economy/ Maritime - including trade

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Baltic Dry Index

Baltic Dry Index (BDI): A composite of shipping costs across major routes; often seen as a real-time indicator of global economic health.

The Baltic Exchange is a London-based marketplace and information provider that sits at the heart of global shipping. Think of it as the shipping world’s equivalent of a stock exchange 📈🚢—but instead of trading equities, it facilitates the buying and selling of shipping contracts and provides trusted benchmarks for freight rates. operates as part of the Singapore Exchange (SGX) (since 2016).

Traditionally, Capesize vessels between 120K MT and 220K MT of deadweight carried the most Dry Bulk in 2023, with their combined shipments totalling just over 1.5bn MT 

 How It’s Calculated

1. Daily Market Assessments
   Shipbrokers around the world submit price estimates for chartering different classes of bulk carriers (ships that carry dry cargo like coal, iron ore, or grain).

2. Four Vessel Types
   The BDI is a composite index built from rates across four classes of dry bulk ships:

   • Capesize (≈180,000 deadweight tons, usually iron ore/coal, can’t pass through Panama Canal)

   • Panamax (≈65,000–80,000 DWT, sized for the Panama Canal, often grain/coal)

   • Supramax (≈50,000–60,000 DWT, versatile for ports with smaller facilities)

   • Handysize (≈28,000–40,000 DWT, smaller, flexible routes like regional grain trade)

3. Weighting
   Each ship type gets a weight in the index according to its share of global trade.

4. Final Index
   The Baltic Exchange blends these rates into a single number: the BDI. Published daily.

 Why It Moves So Wildly

• No Speculation: Unlike oil or stocks, the BDI is based on real contracts—supply and demand for ships.

• Low Elasticity: Ship supply can’t quickly adjust (it takes ~2 years to build a new vessel). A small change in demand (say, China buying less iron ore) can swing prices a lot.

• Seasonality: Grain harvests, monsoons, or ice seasons shift demand.

• Global Trade Cycles: It rises in boom times (lots of building and steel demand), crashes in slowdowns.

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🌍 Why It Matters Beyond Shipping

• Economic Indicator: Traders watch it as a leading signal of global industrial activity. If the BDI falls sharply, it often hints at cooling demand for raw materials.

• Volatile Pulse: In 2008, at the peak of the commodities boom, the BDI hit over 11,000. By the financial crisis, it collapsed by more than 90% in just a few months.

• Investment Use: Some hedge funds and economists treat it like an early-warning radar for global slowdowns or recoveries.

Capesize vs. Panamax Dynamics: Different ship classes reveal nuances—e.g., Panamax routes reflect agricultural exports; Capesize often signal iron/steel trades.

The Baltic Dry Index (BDI), the industry's primary rate benchmark, has witnessed extreme fluctuations:

• Pre-2008 Boom. Rates reached unprecedented highs driven by Chinese demand growth
• 2008-2016 Bust. Oversupply and reduced demand growth led to prolonged depression in rates
• 2016-2019 Recovery. Gradual improvement as fleet growth moderated
• 2020 Pandemic Impact. Initial sharp decline followed by surprising strength as stimulus measures boosted commodity demand
• 2021-2023. Sustained strength in rates due to supply chain disruptions and strong commodity demand

Dry Bulk:

Asia-Pacific (37% of global market share)

The region dominates the Dry Bulk shipping industry, contributing over 37% of the revenue share in 2023. This dominance is attributed to robust economic expansion, industrial activities, and the strategic location of major ports.

• China: The world's largest importer of Iron Ore and a major Coal importer. In 2024, it accounted for over 74% of global seaborne iron ore imports by volume and more than 31% of seaborne coal shipments. China's owned fleet has surpassed Greece's in gross tonnage. Chinese state-owned COSCO Group operates one of the largest Dry Bulk fleets globally, with over 340 vessels.
• Japan: Home to “K” Line, Mitsui O.S.K. Lines (MOL), and Nippon Yusen Kaisha (NYK Line), which collectively control a significant portion of the global Dry Bulk fleet.
• India: Rapidly growing market with expanding steel production and energy needs, increasing dry bulk import requirements by an average of 3.8% annually since 2018.

Europe (22% of global market share)

• Greece: Despite being surpassed by China in total tonnage, Greek shipowners like Star Bulk Carriers and Diana Shipping remain influential players in the dry bulk sector.
• Norway: Specializes in advanced maritime technology and environmentally efficient vessels.

North America

The region plays a substantial role, driven by robust agricultural exports and imports of industrial materials. The United States, one of the largest grain exporters, relies heavily on dry bulk vessels to transport its agricultural products to international markets. In 2024, it holds a 21% share of the grain export market.

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• 80% of trade
• Rise of containers
• Value of containers
• The mix of dry bulk - trade patterns of the world
• Baltic Dry Index
• 
  

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Other relevant interesting :

Air traffic

"In 2023, there were approximately 8.7 billion global air passengers, which was 95% of 2019 levels. Projections for 2024 estimated 10.4% demand growth and reaching 8.35 billion passengers"

In 2024, global passenger traffic is expected to surpass pre-pandemic levels, reaching 9.5 billion passengers(104% of 2019 levels). Revenue Passenger Kilometers (RPK) are expected to reach 8.8 trillion (101% of 2019 levels).

• Some numbers put 2025 at 10 billion pax across 35 million flights. 
• (1138 airlines with a fleet of ~29k commecial airplanes in service)
• 61.4 million tonnes of cargo was moved through air in 2023 (Less than 1% of volume global shipments but high in value)
• 4072 airports in the world with scheduled commercial flights. (Many more airports though)

At any given moment, there are approximately 15,000 to 20,000 airplanes in the sky worldwide. These aircraft include commercial passenger and cargo planes, as well as private and military jets, forming an invisible global network of air traffic. (5,500 in the US sky at peak times per FAA)

And the estimates

"Between 2024 and 2043, global passenger traffic is projected to grow at a CAGR of 3.4%, reaching 17.7 billion passengers. By 2053, global passenger traffic is expected to nearly double, reaching 22.3 billion, reflecting a CAGR of 3% from 2024 to 2053."

For international travel only, following fact sheet. 38 million flights, across ~5billion passengers.

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Another way to look at the stats (per OAG)

• Global capacity reached 555.2M seats in August, up 2.6% YoY, with growth strongest in Central Asia and Southern Africa. (~10 billion annual pax)
• The average number of commercial flights per day is 104,727. (~35 million++ for the year)
• In August 2025 there are 725 airlines operating worldwide.
• There are currently 3,939 airports in operation.

As to a sense of domestic markets:

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Top 10 airlines by revenue (to be checked for latest numbers)

1.Delta Air Lines: $54.67bn (5400 flights daily)

2.  American Airlines Group: $52.79bn

3. United Airlines Holdings: $48.82bn

4. Lufthansa Group: $35.8bn

5. The Emirates Group: $32.62bn (STATE owned); Emirates, which employs 102,379 staff, recorded profits of $3bn in 2023, with an annual revenue of $32.62bn.

6. 6. Air France–KLM: $32.52bn

7. International Airlines Group: $31.94bn

8. Southwest Airlines: $26.09bn

9. Turkish Airlines: $19.68bn

10. China Southern Airlines: $12.92bn

Titanium

Takeaways

• First produced commercially in 1940s. Recent, 'modern metal'.
• Chemical Element. Atomic Number 22. Found in nature only as an oxide, can be reduced to produce a lustrous strong transition metal - low density, high strength, resistant to corrosion. 
• In corrosion resistance and the strength to density ratio, highest of any metallic element.
• Titanium alloys are extremely strong. Used in a range of modern high-end equipment.
• Compounds used in many everyday products - esp for its brightness, it is one of the brightest substance known (titanium di oxide)
• Sources include minerals Rutile and Ilemenite. Ilemnite used as abrasive, as refractory lining for blast furnaces.
• Mineral sand deposits - Mineral sands are deposits of some of these minerals and other few which have heavy minerals as part of sand (old river deposits) such as zircon, ilmenite, rutile, and monazite, that have accumulated in ancient beach, river, and dune systems through natural erosion and separation processes.

Value Chain:

• Upstream mining of titanium-bearing minerals (e.g., ilmenite, rutile).
• Conversion to titanium sponge, typically via the energy-intensive Kroll process.
• Melting and alloying, forging into plates, rods, ingots.
• Fabrication into end-products (aero components, medical implants, coatings).
• Recycling and scrap recovery, increasingly important in supply strategies.

(In a way there are two markets - one for pigment, the dioxide market, the major market in terms of volume. And the other for metal). Because price-wise metal is 4-5 times, the markets become relatively comparable value wise.

Market Overview with Volume & Value

Sub-market	Approx. Annual Volume (2023–2024)	Value per Ton (Estimated)	Main Applications
Titanium Dioxide (TiO₂)	~4.8 million metric tons globally in 2024	$1,700–2,000 per ton (depending on grade/type)	Paints & coatings, plastics, paper, cosmetics
Titanium Metal (Sponge, Alloys, Mill Products)	~210,000 metric tons (global titanium sponge production in 2021, similar level in 2024) Wikipedia; also ~89,000 t of aerospace‑approved sponge in 2024	~$6,000–7,000 per ton for titanium sponge  higher values implied for refined/alloyed metal |

Global Titanium production

• Sponge production 210,000 metric tonnes (2021). 137k in 2010. China by far the largest.
• Ssponge is a kind of step. Titanium dioxide volume as per following charts. 

A comparison with other metals 

Here are the most recent annual production volumes (latest 2024 data where available). I separated titanium into its three main “streams,” since “titanium” can mean very different things in practice.

Material	What’s being measured	2024 production (approx.)
Steel	Crude steel	1,883 million tonnes (Mt) worldwide.
Gold	Mine production (fine gold)	3,661 tonnes (t); total supply (mine + recycling) ~4,974 t.
Lithium	Lithium content of mine output (not ore/LCE)	~240,000 t Li (USGS notes this excludes a small, withheld U.S. figure); ≈ 1.28 Mt LCE (×5.3).
Titanium (metal)	Titanium sponge (upstream metal)	~320,000 t.
Titanium minerals	Ilmenite + rutile (as TiO₂ content)	~9.4 Mt TiO₂.
Titanium dioxide pigment	TiO₂ pigment	Global capacity ~9.8 Mt; recent production estimates range ~5.4–6.3 Mt. (Capacity: USGS; production-range from industry trackers.)

Value

Commodity	Approx. Market Size (2024–2025)	Growth Outlook
Steel	~USD 1–2 trillion	Strong volume- and infrastructure-driven growth
Gold	~USD 300–600 billion	Modest CAGR; high liquidity and investment demand
Lithium	~USD 30–40 billion	Rapid growth (CAGR ~15–18%) due to EV/battery demand
Titanium	~USD 30 billion	Moderate growth (CAGR ~5–7%); used in aerospace, medical, etc.

Closer to Nickel, Cobalt etc to understand - use in defense. Also higher extraction costs.

Metal	2024 Production Volume	Market Size (USD, ~2024/25)	Key Uses & Notes
Titanium (sponge)	~320,000 t (Ti sponge)¹	~$28.6 billion (2024); ~$30.4B (2025)²	Aerospace, industrial, medical, pigments
Nickel	~3.52 million t (2024)³	N/A (but large base/alloy demand)	Stainless steel, superalloys, EV batteries
Cobalt	300,000 t (2024)⁴	N/A (critical metal market)	Batteries, superalloys, specialized alloys
Zirconium	~1.5 million t (2024 volume est.)⁵	~$2.1–2.2 billion (2024) ⁶⁷	Nuclear reactors, ceramics, corrosion‑resistant, medical
Magnesium	(Estimated ~1 million t typ.)	Not specified here	Lightweight alloys in aerospace, automotive

Titanium is as strong as steel but 40% lighter, providing an impressive strength-to-weight ratio; it also has excellent corrosion resistance, a high melting-point, and is non-toxic. Its principal application is as a pigment found in everyday paints, plastics and coatings and 7% of global demand relates to titanium metal where it is a critical material to the defense, aerospace and medical sectors. 

Quotes/ copied from different sources

The most common compound, titanium dioxide (TiO2), is a popular photocatalyst and is used in the manufacture of white pigments.[13] Other compounds include titanium tetrachloride (TiCl4), a component of smoke screens and catalysts; and titanium trichloride (TiCl3), which is used as a catalyst in the production of polypropylene. Titanium can be alloyed with iron, aluminium, vanadium, and molybdenum, among other elements. The resulting titanium alloys are strong, lightweight, and versatile, with applications including aerospace (jet engines, missiles, and spacecraft), military, industrial processes (chemicals and petrochemicals, desalination plants, pulp, and paper), automotive, agriculture (farming), sporting goods, jewelry, and consumer electronics.[11] Titanium is also considered one of the most biocompatible metals, leading to a range of medical applications including prostheses, orthopedic implants, dental implants, and surgical instruments

Humans have used metals such as iron and copper for thousands of years. By contrast, titanium is a relatively 'modern metal', having been first produced commercially as recently as the 1940s into products such as wires, sheets and rods. Since then, titanium has come to be used for many different and important purposes due to its light weight (low density) and high strength.

Pure titanium is quite soft but titanium alloys are extremely strong (even stronger than steel and aluminium). Titanium has a very high melting point and is non-toxic. Titanium dioxide is one of the whitest, brightest substances known. Because of its opaque and reflective properties it is used as a pigment in paints, plastics and paper. Titanium dioxide is also used in sunscreen because of its ability to reflect UV light.

To mine these minerals, sands are dredged through a large suction pipe and the heavy minerals are separated from the lighter sand particles. As the dredge moves slowly forward, the clean sand tailings are pumped back to fill the mined area.

 Global titanium mining - statistics & facts

Titanium is a chemical element that is only found in nature as titanium oxide. Through processing, titanium metal, which is a transition metal with a silver color, is produced. Despite its low density, titanium metal is very strong, as well as being resistant to corrosion from sea water and other chemicals. These properties, as well as the fact that titanium can be alloyed with a variety of metals, make titanium an industrially important commodity. In addition to titanium metal, there are other forms of titanium, such as the powder titanium dioxide (often used as a pigment), or titanium sponge, which is produced during the multiple step process to produce the metal. As of 2023, the total global reserves of titanium minerals amounted to an estimated 690 million metric tons of ilmenite and 55 million metric tons of rutile. The country with the largest titanium reserves overall that year was China.

Global titanium production

As of 2023, the total global production volume of ilmenite amounted to an estimated 8.6 million metric tons of titanium dioxide equivalent, while rutile production amounted to an estimated 560,000 metric tons of titanium dioxide equivalent, amounting to a total global titanium production of 9.16 million metric tons. China dominates global titanium production overall, as the largest producer of ilmenite, titanium sponge, and titanium dioxide. Other leading titanium mineral producers are Mozambique, South Africa, and Australia, among others, depending on the specific mineral or form of titanium. Interestingly, most of the world’s titanium is produced in countries that are considered politically unstable.

Global trade and prices of titanium products

The United States is the world’s largest exporter of titanium and articles thereof, while simultaneously being the world’s largest importer of another category of titanium: unwrought, waste or scrap, or powder. Meanwhile, China is the world’s largest exporter of titanium oxides and Germany is the largest importer of that product category. Because of the variety of titanium products on the market, prices for titanium are also varied. For instance, the Australian price of bulk rutile with a minimum titanium dioxide content of 95 percent, free on board, was 1,490 U.S. dollars per metric ton as of 2023, while the average unit value price of one metric ton of ilmenite imported to the U.S. was 390 U.S. dollars in the same year. The increasing demand for titanium and the growing emphasis on environmental-friendly products are expected to drive market growth in the coming years.

China is the leading mine producer of titanium minerals across the globe. In 2024, mine production of ilmenite in the East Asian country reached about 3.3 million metric tons of titanium dioxide content, nearly doubling the production of Mozambique, the second-largest titanium producer worldwide. 

Titanium producers

The world's total mine production of titanium minerals amounted to an estimated 9.35 million metric tons in 2024. Ilmenite accounted for over 90 percent of the overall titanium production from mines that year. In addition to being the world's largest titanium producing country, China's reserves of titanium – together with Australia's – are amongst the vastest in the planet. Unfortunately, most of the global titanium production is from countries that are considered politically unstable.

Applications of titanium

Titanium – an element which is only found in nature as an oxide – has many important industrial uses, including as an alloy component in steel, stainless steel, aluminum, copper, vanadium, manganese, iron, molybdenum, and others. Powdered titanium is used in pyrotechnics, and titanium dioxide is used widely as a white pigment in a wide variety of products, such as paints, toothpaste, plastics, paper, and many others. As of 2023, the global market size of titanium amounted to approximately 30.66 billion U.S. dollars, and is forecast to increase to nearly 52 billion U.S. dollars in 2030.

aerospace: global passenger traffic is projected to surpass 10 billion passengers in 2025, according to electronic payments company ACI World. That figure is up 6% from 2024 and up more than 16% from 2019

Over the next three decades, global passenger numbers are expected to reach 17.7 billion by 2043 and 22.3 billion by 2053, the later nearly 2.4 times the projected volume for 2024.

Mineral Sands

Of this total heavy mineral concentrate (THM), the components are typically

• Zircon, from 1% of THM to upwards of 50% of THM,
• Ilmenite, generally of 10% to 60% of THM
• Rutile, from 5% to 25% of THM
• Leucoxene, from 1% to 10% of THM
• Gangue, typically quartz, magnetite, garnet, chromite and kyanite, which usually account for the remaining bulk of the THM content
• Slimes, typically minerals as above and heavy clay minerals, too fine to be economically extracted.

Generally, as zircon is the most valuable component and a critical ore component, high-zircon sands are the most valuable. Thereafter, rutile, leucoxene and then ilmenite in terms of value given to the ore. As a generality, typically the valuable components of the THM concentrate rarely exceed 30%.

For Example, Iluka Resources (AUD) - a mineral sands player - perhaps first player in the value chain.

The weighted average zircon sand price decreased by 10% to US$1,695 per tonne in H1 2025 from US$1,892 per tonnein H1 2024. Similarly, the weighted average synthetic rutile price fell to US$1,143 per tonne in H1 2025 from US$1,232per tonne in H1 2024.

Iluka maintains take-or-pay long-term contracts for synthetic rutile through to the end of 2026, providing some degree of revenue certainty.

Industries Served

Technology, construction, medical, lifestyle, industrial

Contractual Stability

~60% of synthetic rutile under take-or-pay contracts

Notable Titanium Sponge Producers (Potential Iluka Clients)

Company	Country	Sponge Capacity
VSMPO-AVISMA	Russia	World's largest
Toho Titanium	Japan	High-end sponge
OSAKA Titanium	Japan	Aerospace-grade
TIMET (Precision Castparts)	USA	Aerospace focus
China Zunyi Titanium	China	State-owned

VSMPO- AVSIMA is largest sponge producer. Osaka Titanium Technologies Co., Ltd became Japan’s first industrial titanium sponge producer and remains the world’s second-largest producer of titanium sponge after VSMPO‑AVISMA. PArt of Sumitomo Group. 

Revenue is $340 million (Osaka), Toho ($580 million)

 Key Comparison Summary

Company	Titanium Sponge Capacity (Relative)	Revenue (TTM)	Main Revenue Drivers
Osaka Titanium	2nd largest globally (volume)	~$340 million	Titanium sponge, high-purity Ti, poly‑Si
Toho Titanium	Lower than Osaka (volume)	~$580 million	Catalysts, Ti sponge, chemicals, electronics

VSMPO‑AVISMA Corporation (PJSC) is the world’s largest titanium producer, with a commanding global market share—estimated between 25% and 30% of global titanium supply.

Annual Revenue

• FY 2023 Revenue: 121.5 billion RUB (~$1.3 billion USD). (lower than 2019)

   
  
  

• Pre-2022 U.S. Supply Role

  Major titanium supplier to Boeing, GE, and aerospace OEMs

  Subsidiary in U.S.

  VSMPO Tirus US (Ohio)

  Post-2022 Status

  Suspended by major U.S. firms; replaced by allied suppliers

  Current Supply

  Possibly limited to non-defense industrial firms, subject to sanctions compliance

  
  

Allegheny Technologies Incorporated (ATI) — Company Snapshot

TTM Revenue (2025): $4.50 billion USD (as of mid‑2025

Titanium alloys, nickel alloys, specialty metals

13% of global titanium.  (It has other products too)

The Russian company has 25-30% of global titatnium share.

Summary Table: Who’s Who in Titanium

Company	Focus & Strength
VSMPO-AVISMA	Largest global producer of aerospace-grade titanium
OSAKA Titanium	Japan’s top sponge/ingot manufacturer
ATI (USA)	Alloy specialist serving aerospace and defense
Tronox	TiO₂ pigment leader; major feedstock supplier
Kenmare Resources	Key ilmenite/rutile supplier from Mozambique
Howmet Aerospace	Downstream aerospace component manufacturer
Rio Tinto (Titanium unit)	Integrated miner potentially exiting the space
Aerolloy (India)	New aerospace-grade materials plant initiative

Summary: Kenmare’s annual revenue in 2024 is approximately US$415 million.

Iluka 2024 Annual Revenue: AUD 1.17 billion, representing a 9.35% decline from 2023.

Company	2024 Revenue (USD)	Notes
Kenmare	~US$415 million	Focused on titanium minerals (ilmenite/rutile)
Iluka	~US$720 million	Leading producer of zircon & synthetic rutile

Tronox, US. revenue US $3.074 billion

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ATI (Allgheny) - raw material includes sponge, sells advanced  alloys.