Tin Market Production Might Not Keep Up With Growing Demand in Consumer Electronics, Forecast By 2023

The demand for tin is growing on a global level through a higher consumption rate of consumer electronics and packaged foods. Both industries are showing an especially high growth rate in emerging economies, owing to their rapid rate of industrialization and growing consumerism trends. Tin is one of the primary metals used in consumer electronics, while more than half of the annual tin consumption goes into welding.

However, the future of tin production is expected to take a hit due to the depleting resources in the current tin production projects. The earliest new projects are not expected to start up before 2016 or 2017, creating a major gap between supply and demand for tin and tin-based chemicals.

Through the cumulative effect of the above factors along with other restraints and minor drivers, the global tin market is expected to progress at a CAGR of 3.4% from 2015 to 2023. This market was valued at US$7.416 bn in 2014 and is expected to reach close to US$7.3 bn by 2023.

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Asia Pacific to Remain Top Producer and Consumer of Tin Till 2023

A bit more than 67% of the total volume of tin in 2014 was held by Asia Pacific, making it the largest region in the global tin production scenario. A large part of the tin consumption goes into soldering in the industries of transportation and electronics. In terms of market attractiveness, this region will be continuing to show a high rate of activities in both production and consumption. China is expected to show the highest rate of consumption in Asia Pacific, owing to a booming consumer electronics industry.

The Latin America tin consumption is also expected to show a steady growth over the coming years, owing to a rapid expansion of the industries of semiconductor and food and beverages. Europe was the second-largest region in tin consumption in 2014. However, the demand for tin in Europe is expected to fall in the coming years, due to the direction that the current Eurozone crisis is progressing. This region has experienced a high rate of unemployment recently and continues to show a weakened buying confidence among a large proportion of consumers.

North America is projected to show a moderate growth rate in tin consumption through the steady growth in the U.S. consumer electronics business.

Tin Continues to be Widely Consumed in Soldering

The application areas of tin lie in soldering, tin plating, the chemicals industry, in the manufacture of brass and bronze, and in the glass manufacturing industry. Of these, the segment of soldering held 52.38% of the global tin consumption. This application segment is expected to expand at a CAGR of 2.9% from 2015 to 2023 in terms of volume. Most semiconductor based industries hold soldering as a core component and use it to ensure highly durable and reliable connection of joints. Tin being the basic component of soldering alloys is therefore needed in large quantities for the purpose of soldering across the world.

Another application of tin, i.e. tin plating, is expected to witness a growth in demand through the rapidly expanding food and beverages packaging industry. Tin plating is expected to be increasingly used in Asia Pacific and MEA. The key tin producers in the global market include Thailand Smelting and Refining Co., Ltd., Empresa Metalúrgica Vinto S.A, Yunnan Tin Group Company Limited, and Guangxi China Tin Group.

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This release was published on openPR.