The latest market report published by Credence Research, Inc. “Tin Market – Growth, Future Prospects and Competitive Analysis, 2017 – 2025,” the global tin market was valued at US$ 75,628 Mn in 2016, and is expected to reach US$ 89,852 Mn by 2025, expanding at a CAGR of 1.9% from 2017 to 2025.
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Tin is a flexible metal, which does not get easily oxidized. It is formed from mineral cassiterite in the form of tin oxide. The production as well as consumption gaps is controlled nearly to 4% of the total market. Expanding consumer electronics industry and food & beverage industry are the key driving factors for the growth of global tin market. The overall packaged food industry is growing due to changing food habits, thereby leading the demand for related packaging materials. With the substantially growing consumption of packaged food in developing economies, the overall tin market too is expected to witness promising growth in the following years. Apart from food & beverages, the major share of revenue comes from the consumer electronics industry. Soldering is the most crucial application of tin across the semiconductor & electronics industry. Soldering contributes almost 51% of revenue share in the overall tin market. Thus, consistently growing electronics industry worldwide would further escalate the tin market growth. Nevertheless, the most significant barrier faced by the global tin market is the sinking levels of tin ore in tin mines across the world.
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Asia Pacific was the dominant market with a share of around 75% in 2016, and is likely to grow with a CAGR of around 1.8% during the forecast period. Presence of strong semiconductor & electronics manufacturing industry in China and Japan is likely to drive the regional market growth. India is emerging market for tin in the forecast period. Latin America is projected to show promising growth in the forecast period, as the region has paced up its economic growth. The region is seen as the next hub for sectors such as mining and industrial manufacturing. Increasing urbanization in Argentina, Brazil and Mexico, is set to increase the demand for food and electronics, which in turn will drive the tin market here.
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Some of the major companies operating in the market include Empresa Metalúrgica Vinto S.A, Gejiu Zili Mining and Smelting Co., Ltd., Guangxi China Tin Group, Malaysia Smelting Corporation, Metallo-Chimique International N.V., Minsur S.A., PT Timah (Persero) Tbk, Thailand Smelting and Refining Co., Ltd. (Thaisarco), Yunnan Chengfeng Non-ferrous Metals Co., Ltd., and Yunnan Tin Group Company Limited.
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