According to the latest report by IMARC Group, titled “Tin Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027," the global tin market size reached 386.1 Kilo Tonnes in 2021. Tin is a soft, pliable, and silvery-white post-transition metal belonging to the carbon family of elements on the periodic table. It is produced from the mineral cassiterite through smelting and then purified using boiling, liquation, or electrolytic methods. Tin is widely used in alloys, solders, automotive parts, babbitt bearings, dental amalgams, aerospace metals, plating, coatings, and polishings. It is also used to produce glass, plastics, pesticides, paints, wood preservatives, and rodent repellants. Tin exhibits high corrosion resistance, low toxicity levels, ductility, and malleability. Besides this, it is impervious to oxygen and water at room temperatures and has a low roughness factor.
We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.
Tin Market Trends:
The increasing product utilization in the electrical and electronics industries is one of the key factors driving the market growth. Tin is widely used in alloy form with lead or indium to produce solders for manufacturing heat-sensitive components due to its low melting point and high magnetic strength. Furthermore, the rising demand for tin in the automotive industry for decorative and protective coating and manufacturing bearings, cylinder blocks, axles, crankshafts, brake drums, and transmission components is providing a considerable boost to the market growth. Additionally, emerging trends of recycling tin products, such as cans, scraps, and residue, to reduce carbon emissions, improve resource productivity and waste disposal, and save energy are creating a positive outlook for the market growth. Moreover, rising product utilization to manufacture tinplate used for producing cans for food, drinks, fuel, oil, paints, and chemicals is providing an impetus to the market growth. Apart from this, widespread product adoption for creating arts and designs, such as sculptures, plaques, hanging ornaments, busts, badges, and vases, due to their affordability, availability, lightweight, and malleability, is favoring the market growth. Other factors, including rapid electrification of vehicles, expanding food and beverage (F&B) industry, and increasing product adoption in dental applications, are anticipated to drive the market growth. On account of the aforementioned factors, the market value is expected to reach 456.74 Kilo Tonnes by 2027, exhibiting a CAGR of 2.70% during 2022-2027.
- On the basis of the product type, the market has been divided into metal, alloy, and compounds.
- Based on the application, the market has been classified into soldering, tin plating, chemicals, and others.
- On the basis of the end use industry, the market has been divided into automotive, electronics, packaging (food and beverages), glass, and others.
- On a regional basis, the market has been categorized into North America (the United States and Canada), Asia-Pacific (China, Japan, India, South Korea, Australia, Indonesia, and Others), Europe (Germany, France, the United Kingdom, Italy, Spain, Russia, and Others), Latin America (Brazil, Mexico, and Others), and Middle East and Africa.
- The competitive landscape of the industry has also been examined, with some of the key players being ArcelorMittal S.A, Aurubis Beerse nv, Avalon Advanced Materials Inc., DuPont de Nemours Inc., Indium Corporation, Malaysia Smelting Corporation Berhad, Minsur, PT. Timah Tbk (PT Indonesia Asahan Aluminium), Thailand Smelting and Refining Co. Ltd., and Yunnan Tin Group (Holding) Company Limited.
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