Tin market Size Worth USD 10.12 Billion in 2032 | Emergen Research

Rising demand for tin in the manufacturing of Electric Vehicles (EVs) and rapid growth of the electrical and electronics sector are major factors driving Tin market revenue growth.

Vancouver, Jan. 08, 2024 (GLOBE NEWSWIRE) —

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. Rising demand for tin in the manufacturing of Electric Vehicles (EVs) and rapid growth of the electrical and electronics sector are major factors driving market revenue growth.

Tin is a common ingredient in solders, a substance used to connect different electronic components to guarantee excellent electrical conductivity and durable couplings. These solders are widely used in various consumer electronics, including smartphones, laptops, and wearable technology. In addition, technological advancements, including creation of new and inventive electronic products, is another key factor driving revenue growth of the market. These gadgets frequently use circuits that are more complicated over time, which calls for using more solder and, consequently, more tin.

In packaging industry tin cans are one of the most commonly used materials. For instance, major beverage manufacturer Red Bull sold about 4.1 billion cans in a year. Development of new tin-alternative compounds is a key factor, which could restrain market revenue growth. Advancements in material science and technology can lead to the discovery of compounds that outperform tin in specific applications. Many industries are shifting toward using these newer materials, affecting the demand for tin.

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Segment Insights

Tin Product Insights:

On the basis of product, the global tin market is segmented into metal, alloy, and compounds. The metal segment accounted for largest market share in the global tin market in 2022 due to rising demand for canned goods and drinks. Aluminium, tin-coated steel, and tin-free steel are the materials used to make metal cans, which guard against food spoilage and contamination. Tin metal is used in the packaging of canned foods and drinks due to their benefits such as corrosion resistance, cost effectiveness, and physical strength.

Application Insights:

On the basis of application, the global tin market is segmented into soldering, tin plating, chemicals, and others. The soldering segment is expected to account for significantly large market share in the global tin market during the forecast period due to rising demand for various smart electronics and development of gadgets that use less energy. The production of electronics in developing countries, along with the existence of a sizable electronics aftermarket industry, is expected to rise demand for solder workers.

End-Use Insights:

On the basis of end-use, the global tin market is segmented into automotive, electronics, food and beverages, glass. and others. The electronic segment is expected to register steadily fast market growth rate in the global tin market during the forecast period. This is due to rising application and usage in consumer electronics, home appliances, industrial electrical equipment, and others. Tin is a common material used in cars to create dependable electrical connections in various vehicle systems such as engine control modules, airbag sensors, and entertainment systems. Modern automobiles also use tin-based lead-free solders to attach various components, assuring both safety and adherence to environmental requirements.

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Regional Insights:

Europe Market:

Europe accounted for second-largest market share in the global tin market in 2022 due to rising demand for electronic devices, including smartphones, laptops, and tablets across the country. In addition, increasing use of tin in the production of different soldering materials, Printed Circuit Boards (PCBs), and other electronic components,  and rising usage of tin in the production of lithium-ion (Li-ion) batteries are also expected to drive market revenue growth of this region during the forecast period.

Moreover, rising use of tin in energy storage systems, biocides, and tin-plated steel beverage packaging and increasing use of solar panels in commercial and residential settings to provide renewable energy and lower electricity costs are other factors driving market revenue growth of this region. For instance, to increase energy output from renewables, the German government passed a major energy reform package in April 2022. By 2030, the government intends to add 22,000 MW of solar energy and 10,000 MW of wind energy each year.

North America Market:

North America accounted for third-largest market share in the global tin market in 2022. This is attributed to the presence of many beverage makers, including PepsiCo and Coca-Cola, especially in the U.S. and Canada. And increasing need for recycling tin containers’. Recycled containers are being used by several firms to create goods that consume less energy, water, and carbon emissions.

In addition, rising customers’ demand for small-size and multi-pack package forms is also expected to drive market revenue growth of this region during the forecast period. For instance, in September 2022, Pacific Foods, a company located in Tualatin, introduced a new line of canned and ready-to-eat plant-based chilies and hearty soups in recyclable, non-bisphenol A lined packaging.

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Scope of Research

Major 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. Some of the major companies included in the global tin market report are:

• ArcelorMittal
• Yunnan Tin Industry Group (Holdings) Co., Ltd.
• THAISARCO.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.

Strategic Development

• 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.

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Segments Covered in Report

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
    1. U.S.
    2. Canada
    3. Mexico
  • Europe
    1. Germany
    2. France
    3. UK
    4. Italy
    5. Spain
    6. Benelux
    7. Rest of Europe
  • Asia Pacific
    1. China
    2. India
    3. Japan
    4. South Korea
    5. Rest of APAC
  • Latin America
    1. Brazil
    2. Rest of LATAM
  • Middle East & Africa
    1. Saudi Arabia
    2. UAE
    3. South Africa
    4. Turkey
    5. Rest of Middle East & Africa

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