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Discover the latest trends driving the tin market, including rising demand from the electric vehicle and Electronics sectors, and challenges
VANCOUVER, BC, CANADA, June 6, 2024 /EINPresswire / -- The global tin market size was USD 7.09 billion in 2022 and is expected to register a rapid revenue CAGR of 3.6% during the forecast period. The global tin market is experiencing robust revenue growth, driven by increasing demand from the electric vehicle (EV) manufacturing industry and rapid expansion of the electrical and electronics sector. As a vital component in solders used to connect electronic components, tin ensures excellent electrical conductivity and durable couplings, making it indispensable in consumer electronics like smartphones, laptops, and wearable technology. The advancement of new electronic products, featuring more complex circuits, further propels the market.
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Key Market Drivers
Tin is crucial in automotive applications, particularly for plating, which reduces the risk of metal corrosion. The development of green technologies, such as solar energy and EVs, is also a significant market driver. Tin-based perovskite solar cells, which are more efficient, affordable, and easier to produce than traditional cells, are gaining popularity in large-scale renewable energy projects. The broadening application of tin in various end-use sectors-including electrical and electronics, automotive, and packaging industries-is expected to sustain market revenue growth.
Market Challenges
However, the market faces challenges from the development of tin-alternative compounds. Advancements in material science may lead to new compounds outperforming tin in specific applications, affecting its demand. Many industries are already shifting towards these newer materials, which could restrain the market growth.
Segment Insights
Product Insights
The global tin market is segmented into metal, alloy, and compounds.
Metal Segment Dominance: In 2022, the metal segment held the largest market share due to high demand for canned goods and drinks. Tin-coated steel and tin-free steel are preferred for their corrosion resistance, cost-effectiveness, and strength. The rapid expansion of the manufacturing sector and increased demand for sheet metal items are expected to further drive growth in this segment.
Moderate Growth for Alloy Segment: The alloy segment is anticipated to grow moderately, driven by the consumer electronics industry. Tin alloys, known for their strength and hardness, are used in corrosion-resistant coatings for marine equipment and in high-performance applications such as aviation engines and communication equipment.
Application Insights
The tin market is segmented into soldering, tin plating, chemicals, and others.
Soldering Segment Dominance: The soldering segment is projected to hold a significant market share due to the rising demand for smart electronics and energy-efficient gadgets. Tin's low melting point and ability to form strong, durable bonds make it ideal for soldering components onto circuit boards, ensuring reliable and long-lasting connections.
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End-Use Insights
The market is segmented into automotive, electronics, food and beverages, glass, and others.
Electronic Segment Growth: The electronics segment is expected to see steady growth, driven by the increasing use of tin in consumer electronics, home appliances, and industrial electrical equipment. Tin is essential in creating reliable electrical connections in modern vehicles and is widely used in automotive components to provide corrosion resistance and extend component life. The rising production of electronics, particularly in developing countries, is a key growth driver for this segment.
Future Outlook
The tin market is poised for continued growth, driven by its essential role in the expanding EV and electronics sectors. However, the market must navigate challenges posed by emerging alternative materials. Innovations in green technologies and increasing applications across various industries will play a pivotal role in shaping the market's future.
Tin Top Companies and Competitive Landscape
The global tin market is fragmented, with large and medium-sized players accounting for the majority of market revenue. Major players are deploying various strategies, entering into mergers & acquisitions, strategic agreements & contracts, developing, testing, and introducing more effective tin products in the market.
ArcelorMittal
Yunnan Tin Industry Group (Holdings) Co., Ltd.
COM
Nathan Trotter & Co., Inc
DuPont
Indium Corporation
Malaysia Smelting Corporation Berhad
Minsur
Timah
CM Group
GRUPO RAR
Aryum Metal
Crown
Ardagh Group S.A.
Tincorp Metals Inc.
Silvercorp Metals Inc.
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Tin Latest Industry News
On 15 December, 2022, Aurubis, a provider of non-ferrous metals, initiated construction at its Beerse facility in Belgium for its cutting-edge hydrometallurgical recycling plant, ASPA. The plant is scheduled to be operational in the fiscal year 2024/25. This innovative process will facilitate the quicker extraction of precious metals, including gold and silver, and ensure the complete recovery of tin from anode sludge.
Tin Market Segment Analysis
For the purpose of this report, Emergen Research has segmented the global tin market on the basis of product, application, end-use, and region:
Product Outlook (Revenue, USD Billion; 2019-2032)
Metal
Alloy
Compounds
Application Outlook (Revenue, USD Billion; 2019-2032)
Soldering
Tin Plating
Chemicals
Others
End-use Outlook (Revenue, USD Billion; 2019-2032)
Automotive
Electronics
Food & Beverages (F&B)
Glass
Others
Regional Outlook (Revenue, USD Billion; 2019–2032)
North America
U.S.
Canada
Mexico
Europe
Germany
France
UK
Italy
Spain
Benelux
Rest of Europe
Asia Pacific
China
India
Japan
South Korea
Rest of APAC
Latin America
Brazil
Rest of LATAM
Middle East & Africa
Saudi Arabia
UAE
South Africa
Turkey
Rest of Middle East & Africa
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