Tin Market to Reach US$7.29 bn by 2023, Prospective Applications in Solar Energy Sector Could Impel Growth
Tin is a silvery-white soft metal that is malleable, ductile, and light in weight. Tin is primarily used in combination with other metals to manufacture alloys. Self-governing tin miners work in various small groups to collect tin ore to supply them to the local merchants. The increasing demand for soldering equipment and soldering alloys is expected to propel the global tin market in the coming few years.
Soldering Segment Accounts for 50% of Global Tin Market in 2014
The global tin market is segmented on the basis of geography and application. By application, the global tin market is classified into soldering, chemicals, tin plating, glass, chemicals, brass and bronze, and others. The others segment is sub-segmented into lithium-ion batteries, solar cells, and ammunition. In 2014, in terms of volume, the soldering segment dominated the global tin market, accounting for more than 50%.
Tin is highly ductile and malleable and is thus capable of being transformed into very thin sheets. It is unaffected by water and oxygen at room temperatures and does not rust or corrode easily. Thus, tin is used as a coating material, as a protection to other metals. Increasing demand from the food packaging industry and the expansion of the consumer electronics industry are predicted to boost the global tin market during the period between 2015 and 2023. The potential application of tin in the solar energy industry is further predicted to create new growth opportunities in the global tin market in the years to come.
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Asia Pacific Accounts for 65% of Global Tin Market in 2014
By geography, the global tin market is divided into Asia Pacific, Latin America, Europe, the Middle East and Africa, and North America. At present, Peru, China, and Indonesia are the leading producers of tin in the global tin market. The production of tin is highly concentrated in emerging countries in Asia Pacific and Latin America. In 2014, in terms of volume, Asia Pacific held a dominant share of 65% in the global tin market. The electronics market in Asia Pacific is expected to register considerable growth in the years to come, thus propelling the global tin market.
Increasing prices of tin due to fading production from exhausting mines are predicted to hamper the growth of the global tin market in the next few years. Further, the entry of new companies is expected to make the global tin market highly competitive in the years to come. Currently, leading players from across the globe are working closely with consumers to manufacture products as per their needs and specifications. Some of the leading participants in the global tin market are Yunnan Tin Group Company Limited, Yunnan Chengfeng Non-ferrous Metals Co., Ltd., Malaysia Smelting Corporation, Thailand Smelting and Refining Co., Ltd. (Thaisarco), Guangxi China Tin Group, PT Timah (Persero) Tbk, and Empresa Metalúrgica Vinto S.A. Prominent players in the global tin market are aiming to achieve economy of scale to expand their share in the global tin market.