Tin Market Overview
The Tin Market size is
estimated to reach US$ 8.9 billion by 2030, growing at a CAGR of around 4.2% over the forecast period of 2024 to 2030. The tin is a silver colored post transitional metal, majorly derived from mineral cassiterite. The tin has superior features such as ductility, malleability, and corrosion resistance. It is often combined with other metals to make alloys that provide properties of tin. The tin has major applications in the batteries,
hydrogen generation, plating, soldering, and others. The tin works well with germanium for usage in the semiconductor and electronics. The high demand of tin in electric vehicles and consumer electronics is driving the Tin Market. The increasing application of tin in various end-use industries such as food and beverage, construction, electronics, automotive, and others will offer growth in the tin industry during the forecast period.
Notably, the food and beverage sector rely on tin for its corrosion-resistant properties, making it an optimal choice for packaging materials that ensure the integrity and longevity of consumable products. In the construction industry, tin contributes to coatings and materials, enhancing their durability and overall performance. Within the electronics realm, tin holds a crucial role in manufacturing processes and soldering applications, playing an indispensable part in the production of a myriad of electronic devices. Moreover, the automotive sector strategically incorporates tin into its manufacturing processes, capitalizing on its unique properties. This multifaceted integration of tin across diverse industries, including construction, electronics, automotive, and more, is anticipated to drive substantial growth in the tin market throughout the forecast period.
COVID-19 Impact
The production shutdown and demand disruptions due to covid-19 outbreak majorly affected the growth of Tin Market. The disruption in the manufacturing activities, logistics restrictions, disrupted supply chain, and other lockdown restrictions led to decline in the growth in the market. The tin has applications in the automotive, electronics, and other sector. The automotive industry was majorly impacted in the pandemic. The restriction implemented by the government on travel and transportation activities affected the demand of global automotive sector. The demand for vehicles declined due to restricted public transit and disrupted production for automotive. According to the International Organization of Motor Vehicle Manufacturers (OICA), the automotive industry saw a 5% decline in the global auto production, down with 92.2 million car, buses, and trucks in 2020. The declining demand for automotive vehicle led to major fall in the application of tin such as coatings, solder, plate, and others, thereby leading to major decline in the growth for the Tin Market in Covid19.
Market Snapshot:
Report Coverage
The “Tin Market Report – Forecast (2024-2030)” by IndustryARC covers an in-depth analysis of the following segments of the Tin Market and provides tin industry outlook.
By Purity: Above 99.99%, 99.99%, and Below 99.99%
By Product: Alloys, Metals, Compounds, and Others
By Application: Soldering, Tin Plating, Lead-acid Batteries, Coatings, Hydrogen Generation, Fuel Cells, and Others
By End Use Industry: Electronics (Consumer Electronics, Industrial Electronic Equipment, Home Appliances, and Others), Automotive (Passenger Vehicle and Commercial Vehicle), Food & Beverage, Construction (Commercial, Industrial, and Residential), Aerospace, and Others
By Geography: North America (USA, Canada, and Mexico), Europe (UK, Germany, France, Italy, Netherlands, Spain, Russia, Belgium, and Rest of Europe), Asia-Pacific (China, Japan, India, South Korea, Australia, and New Zealand, Indonesia, Taiwan, Malaysia, and Rest of APAC), South America (Brazil, Argentina, Colombia, Chile, and Rest of South America), Middle East (Saudi Arabia, UAE, Israel, Rest of the Middle East) and Africa (South Africa, Nigeria, Rest of Africa)
Key Takeaways
• The Tin Market size will grow due to rising demand in the consumer electronics, automotive components, packaging, and aerospace during the forecast period.
• The Asia Pacific region is the fastest growing region in the global tin industry due to its rising electronics production, growing food & beverage sector, and rise in tin reserves in major countries such as China.
• The soldering application of the tin is growing owing to superior joint features and strong glue mechanism in electronics, metal work pieces, and others.
Tin Market Segment Analysis – By Application
By application, the soldering segment held the largest global Tin Market share in 2023 and is expected to grow by over 3.7% over the forecast period of 2024-2030. The demand of tin for soldering is rising due to its growing applications in the electronics sector. It is used with other metal alloys to join the electrical circuits, pipelines, and metal work pieces owing to its high tensile strength, corrosion resistance, and durability. The tin solder wires are used in the electronics for PCB and other electrical components. The soldering ensures the joining security and intactness, along with features such as corrosion resistance, strength, and durability. According to the World Semiconductor Trade Statistics (WSTS) The outlook for 2024 points to a vigorous upswing in the worldwide semiconductor market, with projections indicating a 13.1 percent increase, reaching a valuation of US$588 billion. Furthermore, the increasing adoption of tin-lead solders due to strong joints and durability under extreme environmental conditions is boosting the growth of tin for soldering applications. Thus, with increasing demand of soldering applications, the global tin industry will grow during the forecast period.
Tin Market Segment Analysis – By End-Use Industry
By end-use industry, the electronics segment holds the largest global Tin Market share in 2023 and will grow at a CAGR of over 4.0% over the forecast period. The demand of tin in the electronics sector is growing due to its rising application and usage in consumer electronics, home appliances, industrial electrical equipment, and others. It is due to its properties such as high tensile strength, corrosion resistance, and malleability. The tin solders are majorly used in the semiconductor and electronics sector. The tin, which is majorly derived from mineral cassiterite, is used in the consumer electronics, printed circuit boards, wiring, batteries, and others. According to the India Brand Equity Foundation (IBEF), the Electronics System Design & Manufacturing (ESDM) sector in India is estimated to generate around USD 1 trillion by the year 2025. Moreover, the rise in production in electronics such as home appliances, consumer electronics, optoelectronic devices, and others is boosting the demand of tin in the market. Thus, with increased demand of tin in electronics sector, the Tin Market will grow rapidly during the forecast period.
Tin Market Segment Analysis – By Geography
By geography, the Asia Pacific segment is the fastest-growing region in the Tin Market and will grow by over 4.6% during the forecast period. The growth of Tin Market in this region is influenced by high contribution automotive, electronics, food & beverage, and other end-use sectors. The increasing production of automotive in major countries such as China, India, and others is propelling the application and demand of tin and alloys for fuel tanks, radiators, wiring, and others. According to the China Association of Automobile Manufacturers (CAAM), the sales of passenger cars accounted for 6.7% year-on-year for September 2023 in China. Furthermore, the Asia Pacific contributes majorly in the electronics products and devices, thereby boosting the demand of tin for solders, plating, coatings, and wiring. The demand of tin for plating, solders, coatings, and other increased due to growing consumer electronics, packaging, and automotive sector. Thus, with major rise in the production for tin in China, along with high demand of tin-lead and compounds such as stannous fluoride, tin oxide, and others for modern applications, the global Tin Market will experience growth in the coming years.
Tin Market Drivers
Growing demand from electronics industry
The tin has growing application in the electronics industry in printed circuit boards, wiring, electrical components, and other consumer electronics devices. The tin and alloys such as germanium tin alloy is used in the high speed metal oxide semiconductor effect transistors, optoelectronic, and others. Moreover, the growing electronics production for smart-home devices, consumer electronics such as PC, TV, tablets, and others is driving the tin market. According to the Retailers Association of India (RAI), the sale of consumer electronics increased by 37% in April 2022 – March 2023 compared to the previous year. Thus, the growing electronics industry, majorly consumer electronics is boosting the demand of tin and thereby offering major growth opportunities for the market.
Increasing application in food & beverage packaging
The demand of tin for packaging application in the food & beverage is high owing to its features such as corrosion resistance and rust protection. The tin cans are used in the food & beverage sector storing beverage items, dry food, pet food, ready-to-eat items, and others. The tin is coated along with other metals such as steel or aluminum for application in the food & beverage industry. According to the U.S. Census data and Simmons National Consumer Survey (NHCS), approximately 218 million units of canned, jarred, and packaged fruit are projected to be consumed in the United States in 2024. Furthermore, the growing demand for packaged food cans across the world is propelling the growth of tin, thereby offering major growth opportunities in the market.
Tin Market Challenges
High prices and substitution
The tin has growing usage across various end-use industries. The Tin Market faces challenge due to shift from metal packaging to paper or plastic oriented packaging options owing to sustainability and easy availability. The metal packaging such as tin faces shortages in the market due to depleting reserves and shortage of tinplate or tin-free steel material. Furthermore, the high price of tin is creating challenge for various manufacturers and suppliers across the world. For instance, the World Bank commodities price data shows an average tin price accounting at USD 24,435 metric ton in Oct-Dec 2023 compared to USD 21,604 metric ton in Oct-Dec 2022. Thus, with fluctuations in prices of tin and switch towards paper or plastic option in packaging, the global tin industry faces major challenge and restricted growth.
Tin Industry Outlook
Product launches, acquisitions and R&D activities are key strategies adopted by players in the Tin market. The key players in the Tin market include
1. Yunnan Tin
2. Malaysia Smelting Corp. Berhad
3. PT Timah
4. Minsur
5. Thaisarco
6. Yunnan Chengfeng
7. Guangxi China Tin
8. EM Vinto
9. Hindustan Tin Works Ltd
10. Ardagh Group S.A.
Recent Developments
• In December 2023, Sri Lanka's Tess Agro launched a tin can manufacturing plant, named 'Agro Tin Tech,' at its factory premises in Kelaniya. This recent development significantly contributes to the demand for tin in the market.
• In May 2023, DuPont Electronics & Industrial launched DuPont™ SOLDERON™ BP TS 7000, a significant development driving the tin market. This high-performance tin-silver plating chemistry enhances semiconductor chip packaging, ensuring controlled plating uniformity and smoother surface morphology for microbump applications.
• In January 2022, the SONOCO entered into agreement to acquire the Ball Metalpack in order to establish sustainable tin metal packaging, steel tinplate food, and aerosol cans.
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