Tin Market - Global Industry Analysis ,Growth 2023
The continual advancement in consumer electronics leading to increasing consumer spending for ownership of newer electronic devices is the major factor propelling the global tin market. Tin is of the key metals used in the manufacture of consumer electronics, with over 50% of the tin used for welding.
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Furthermore, the growth of the packaged foods industry due to changing lifestyle in also favoring the growth of the tin market. Both these industries are displaying significant growth predominantly in emerging economies due to growing consumerism among the rising middle-class population in these regions. In addition, the potential application of tin in solar power generation is expected to present ample opportunities to the market’s growth.
However, tin production and consumption is expected to display a demand-supply gap in the coming years. The high-paced industrial growth and urbanization in the emerging economies of Asia Pacific and Latin America is expected to outpace tin production in the near future. Depleting resources in major mines in Brazil and Peru is expected to hit tin production, which in turn, will affect the growth of end-use industries globally.
At the same time, new pipeline projects for tin production are not expected to commence before 2024 to top off the demand-supply gap. As a result, the severity in tin supply shortfall is only expected to increase over the coming years. Pipeline projects might cater to the demand in future, but for now, the rising demand will not match with the reducing supply.
The global tin market is projected to rise at a CAGR of 3.4% between 2015 and 2023. The market stood at US$7.4bn in 2014 and after a short period of dip, it is projected to reach a valuation of US$7.29 bn by 2023. By volume, the global tin market is anticipated to rise at a CAGR of 2.5% from
Asia Pacific to continue being Leading Producer and Consumer for Tin through 2023
Accounting for a slight over 67% of the global volume of tin, Asia Pacific stood as the leading regional market for tin production in 2014. A major chunk of tin consumption goes for welding in the electronics and transportation industries. The region is expected to display a high rate of activities for both production and consumption of tin. China is expected to display the leading consumption of tin in Asia Pacific due to a flourishing consumer electronics industry.
Latin America is expected to display steady growth in terms of tin consumption in the coming years due to the expeditious expansion of food and beverages and semiconductor industries in the region.
Europe stood as the second-largest region in terms of tin consumption in 2014, however, the region is expected to display a declined demand for tin in the coming years due to the progression of Eurozone crisis. Consequently, the increasing unemployment and weakened consumer confidence will be detrimental to the growth of the regional market.
North America is expected to display moderate growth in terms of tin consumption as the U.S. will continue to display steady growth in the consumer electronics business.
Soldering Application Segment to Display Robust Demand for Tin
The application areas of tin include soldering, chemicals industry, glass manufacturing, tin plating, and brass and bronze manufacturing. Of these, soldering is the leading application segment and is expected to rise at a CAGR of 2.9% between 2015 and 2023 in terms of volume. This is because soldering is a core component in most semiconductor-based industries for high durability and reliable connection of components. Tin being one of the key components of soldering alloys is needed in large quantities in semiconductor devices.
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The tin plating application segment is expected to display substantial demand due to the rapid growth of food and beverages packaging industry.
Some of the key producers in the global tin market include Thailand Smelting and Refining Co. Ltd., Yunnan Tin Group Company Limited, Guangxi China Tin Group, and Empresa Metalúrgica Vinto S.A.
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