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The tin market size is projected to increase by USD 755.24 million, at a CAGR of 2% between 2023 and 2028.
The report includes a comprehensive outlook on the Market, offering forecasts for the industry segmented by Application, which comprises soldering, tin chemical, tinplate, lead acid battery, and others. Additionally, it categorizes End-user into electronics, automotive, packaging, glass, and others, and covers Regions, including APAC, Europe, North America, Middle East and Africa, and South America. The report provides market size, historical data spanning from 2018 to 2022, and future projections, all presented in terms of value in USD billion for each of the mentioned segments.
The market growth depends on several factors such as the rise in demand for lead-free soldering, the shifting focus toward recycling of tin, and the increase in the use of tin-free steel in the packaging industry.
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Tin is a chemical element with the symbol Sn and atomic number 50. It is a post-transition metal and, like other metals, is known for its malleability, ductility, and conductivity. Tin and its compounds have diverse applications in industry, including electronics, packaging, and metallurgy.
The soldering segment is estimated to witness significant growth during the forecast period. Soldering is done to bond the components placed on a printed circuit board (PCB) to enable electrical connections between them. To facilitate soldering, solder paste of different alloys are used. Tin is a key metal used in the soldering application of electronic components. Some of the common alloys used are tin-lead alloy, tin-antimony alloy, and tin-silver-copper alloy. These soldering pastes are widely used in semiconductors and PCBs of consumer electronics, marine, and automotive and aerospace components for electrical functions.
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The soldering segment was the largest segment and was valued at USD 3,500.11 million in 2018. Furthermore, soldering is a critical part of the manufacturing process of every electronic component. Though several manufacturers are adopting the miniaturization of electronics, the demand for soldering is high. Additionally, the consistent demand for tin in soldering applications is closely linked to the growth and evolution of technology, consumer preferences for electronic devices, and the need for reliable and efficient soldering materials across multiple industries, which will boost the growth of the market during the forecast period.
Based on the end-user, the market has been segmented into electronics, automotive, packaging, glass, and others. The electronics segment will account for the largest share of this segment. As electronic devices become smaller and more compact, surface mount technology (SMT) plays a crucial role. Tin is essential in the production of solder pastes and coatings used in SMT processes. Tin is used in the production of flexible electronic components and printed electronics. Furthermore, tin and tin alloys are used in bearing surfaces and electrical contacts due to their low friction and good conductivity. Due to such applications, the use of tin in the electronic industry is expected to surge, which, in turn, will drive market growth during the forecast period.
APAC is estimated to contribute 62% to the growth of the global market during the forecast period. Technavio's analysts have provided extensive insight into the market forecasting, detailing the regional trends and drivers influencing the market's trajectory throughout the forecast period.
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APAC is the largest producer and consumer of tin globally. Several tin mines are present in APAC, and this region contains some of the top market players. With significant economic growth in APAC, the major end-user industries, like automotive, electrical equipment, electronics components, packaging, and industrial machinery, have been flourishing. This is leading to an increased demand for tin to increase the durability and resistivity of the products. Increasing foreign investments and advanced manufacturing machinery and equipment are helping the manufacturing sector to grow in the countries of APAC.
Additionally, APAC countries are major centers for electronics manufacturing. Tin is a critical component in soldering due to its low melting point and ability to create strong and reliable bonds between electronic components. In addition, the industrial infrastructure in APAC countries supports a vast network of suppliers and manufacturers involved in electronics, creating a continuous demand for tin-based soldering materials, which is expected to boost the growth of the regional market during the forecast period.
The rise in demand for lead-free soldering is the key factor driving market growth. Lead is widely used in the soldering of electronics components and for PCB manufacturing. The European government enforced legislation named WEEE and RoHS directives in 2014, which mainly focused on decreasing the number of undesirable materials used in electronics such that the recycling of waste causes less pollution. This has encouraged manufacturers in Europe, Japan, and the US to adopt a lead-free approach and paved the way for the use of tin alloy soldering. Thus, the proportion of tin present in soldering alloy is higher, which has elevated the demand and will, thus, drive market growth during the forecast period.
Shifting focus toward recycling of tin is the primary trend shaping market growth. Tin has both beneficial and hazardous properties when it is not used and disposed of properly. To overcome this challenge, companies have started recycling and reusing tin products, especially tin cans, scrap, and residue from tin manufacturing. This is done either in-house or through external scrap-processing companies. Further, the growing awareness among consumers about sustainable and eco-friendly practices has led to increased demand for products with recycled content, including tin. Thus, a shift in consumer preferences can influence manufacturers to use recycled tin in their products will drive market growth during the forecast period.
The increase in the use of tin-free steel in the packaging industry is a challenge that affects market growth. Tin-free steel is an economical replacement for tinplate as it offers high lacquer adhesion, printability, and better corrosion resistance. TFS is widely used in various applications of the packaging industry, such as drawn cans, candy tins, can ends, spray cans, photographic film cases, and protective material for optical fiber cables. The advantages provided by TFS have compelled the manufacturers of the packaging industry to replace tinplate. Thus, a shift of one of the major end-user segments may impede market growth during the forecast period.
Companies are implementing various market trends and analysis strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market and result in market growth analysis.
The market research and growth report also includes detailed analyses of the competitive landscape of the market and information about 20 market companies, including:
ABM Metal Tech, Aurubis AG, Avalon Advanced Materials Inc., Bharat Tin Works, Bharat Ultimate Packaging Pvt. Ltd., DuPont de Nemours Inc., Empresa Metalurgica Vinto, Hindustan Tin Works Ltd., Indium Corp., Malaysia Smelting Corp. Berhad, Minsur SA, Nikitha Containers Pvt. Ltd., PT TIMAH Persero Tbk, Saksham Containers Pvt. Ltd., Suraj Containers Ltd., Swastik Tins Pvt. Ltd., Thailand Smelting and Refining Co. Ltd., Yunnan Tin Group Holding Co. Ltd., and ZENITH TINS PVT. LTD.
The market analysis and report of qualitative and quantitative analysis of companies has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize companies as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize companies as dominant, leading, strong, tentative, and weak.
The market forecasting report includes the adoption lifecycle of the market, covering from the innovator’s stage to the laggard’s stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their market growth and forecasting strategies.
Customer Landscape
Tin Market Scope |
|
Report Coverage |
Details |
Page number |
173 |
Base year |
2023 |
Historic period |
2017-2021 |
Forecast period |
2024-2028 |
Growth momentum & CAGR |
Accelerate at a CAGR of 2% |
Market Growth 2024-2028 |
USD 755.24 million |
Market structure |
Fragmented |
YoY growth 2023-2024(%) |
1.68 |
Regional analysis |
APAC, Europe, North America, Middle East and Africa, and South America |
Performing market contribution |
APAC at 62% |
Key countries |
US, China, India, Germany, and UK |
Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
Key companies profiled |
ABM Metal Tech, ArcelorMittal, Aurubis AG, Avalon Advanced Materials Inc., Bharat Tin Works, Bharat Ultimate Packaging Pvt. Ltd., DuPont de Nemours Inc., Empresa Metalurgica Vinto, Hindustan Tin Works Ltd., Indium Corp., Malaysia Smelting Corp. Berhad, Minsur SA, Nikitha Containers Pvt. Ltd., PT TIMAH Persero Tbk, Saksham Containers Pvt. Ltd., Suraj Containers Ltd., Swastik Tins Pvt. Ltd., Thailand Smelting and Refining Co. Ltd., Yunnan Tin Group Holding Co. Ltd., and ZENITH TINS PVT. LTD. |
Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, and market condition analysis for the forecast period. |
Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
We can help! Our analysts can customize this market research report to meet your requirements.
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Application
7 Market Segmentation by End-user
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Trends
11 Vendor Landscape
12 Vendor Analysis
13 Appendix
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