Tin Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

Tin Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

The tin market size was estimated at over 387 kilotons in 2021, and the market is projected to register a CAGR of over 2.5% during the forecast period (2022-2027).

The market was negatively impacted by COVID-19 in 2020. Tin dealers have been experiencing one of the most severe squeezes in the metals market ever, as Covid-19 spurs a surge in demand as supply falters. In the first half of 2021, demand for tin used in electronics surpassed supply, driving a more than 90% price increase on the London Metals Exchange. However, the market is expected to grow at a steady rate in the forecast period (2022-2027).

Key Highlights

• Over the medium term, surging demand from the Electric vehicle market and increasing applications in the Electrical and Electronics Industry is expected to drive the market in the forecast period.
• The availability of substitutes like aluminum and tin-free steel for the production of metallic products like containers, etc., is hindering the market's growth.
• Shifting focus toward the recycling of Tin is likely to create opportunities for the market in the years beyond the forecast period.
• The Asia-Pacific region is expected to dominate the market and is also likely to witness the highest CAGR during the forecast period.

Key Market TrendsSoldering to be the Fastest-growing Application

• Tin is an important component in solders, as it melts and adheres to many common base metals at temperatures considerably below their melting points.
• Tin lead wire solder is often employed in electronics when heat-sensitive components melt, shatter or distort at high temperatures. The advantage of tin-lead solder is its resistance to corrosion. They are also be used to join pipelines and electrical circuits.
• On a PCB, solder is a metal alloy that serves as an electromechanical connection between the components and the substrate and provides electrical continuity to the circuit board.
• Currently, the electronics industry is the major end-user industry that highly utilizes tin-based solders. Rising demand in the electronics industry is boosting the demand for tin-based solders.
• The electronics and electrical industries use solders containing 40-70% tin, which provide strong and reliable joints under a variety of environmental conditions. At present, the majority of the assemblers are using patented tin-copper-based solders.
• Owing to all these factors, soldering to be the fastest-growing application during the forecast period (2022-2027).

Asia-Pacific to Dominate the Market

• The Asia-Pacific region was the largest market for tin. China is one of the largest producers and consumers of tin globally.
• The automotive industry, one of the major contributors in the tin market and the automotive sector, has been shaping up for product evolution, with China focusing on manufacturing products in order to ensure fuel economy and minimize emissions owing to the growing environmental concerns due to mounting pollution in the country.
• Tin, along with other metals, is used in numerous automotive applications that include fuel tanks, sealants, wiring, radiator, seat cushions, seams and welds, fasteners, screws, nuts, bolts, and roofing.
• In 9 months of 2021, China had produced 18.24 million vehicles whereas it produced reached 16.96 million vehicles in the same period of 2020, which in turn has led to an increase in the consumption of parts made up of tin, thus, creating a positive effect on the regional tin market growth.
• Similarly, India produced 2.15 million vehicles by Q3 2020, whereas the production reached 3.29 million vehicles till Q3 2021, witnessing a growth rate of about 53%, in turn, impacting the market demand for tin in the country.
• In addition, the other major end-user industries for tin include electrical and electronics, heavy engineering, packaging, etc. China’s information and communication technology (ICT) sector has grown at a rapid pace in the past decade, owing to the support of the Chinese government and favorable digitization plans and policies.
• However, due to all such factors, the market for tin in the region is expected to have a steady growth during the forecast period.

Competitive Landscape

The tin market is highly consolidated, with the 10 major producers accounting for more than 60% of the global market. Some of the major players in the market (in no particular order) include YUNNAN TIN COMPANY GROUP LIMITED, PT TIMAH Tbk, Malaysia Smelting Corporation Berhad, Yunnan Chengfeng Nonferrous Metals Co. Ltd, and MINSUR, among others.

Additional Benefits:

• The market estimate (ME) sheet in Excel format
• 3 months of analyst support

Companies Mentioned

ArcelorMittal
Avalon Rare Metals Inc.
Dupont
Gejiu Zili Mining and Smelting Co. Ltd
Guangxi China Tin Group Co. Ltd
Indium Corporation
Malaysia Smelting Corporation Berhad
Metallo Group
MINSUR
PT TIMAH Tbk
Thailand Smelting and Refining Co. Ltd
Yunnan Chengfeng Nonferrous Metals Co. Ltd
Yunnan Tin Company Group Limited