Tin Market - Global Industry Analysis, Size, Trends and Forecast 2015 – 2023
The top three producers of tin - Yunnan Tin Group Company Limited,
Malaysia Smelting Corporation, and PT Timah (Perseo) Tbk - held about
56.9% of the revenue in 2014, leaving the rest as a highly fragmented
competitive landscape filled with regional players with no globally
prominent presence. According to Transparency Market Research, Yunnan
Tin Group Company Ltd. was the largest company in 2014, in terms of
revenue share. In the same year, Malaysia Smelting Corporation was
the second-largest tin producer.
TMR’s study notes that most companies within the fragmented market
keep their focus on improving their manufacturing capacities and
securing new business projects within the new and emerging tin
markets.
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Demand for Consumer Electronics and Food Packaging Drives Global Tin
Production
The two largest drivers for tin production rates are the rapidly
increasing demands from consumer electronics and packaged foods. Tin
is a core material used in most of the consumer electronic goods we
see today. About half the overall annual tin consumption goes into
soldering.
Another major chunk of the demand originates from the food and
beverages industry. With the growth of economy in emerging nations,
the demand for packaged food is increasing rapidly. Tin being one of
the most preferred metallic food-grade packaging materials, is
expected to be used in increasing amounts over the coming years.
Raw
Material Depletion Expected to Create Significant Hurdles
“While the demand for tin is increasing at a consistently high
pace, thanks to the economic and industrial developments in APAC and
LATAM, tin production might not match the demand that is projected
for the near future,” states a TMR analyst. “Most of the major
mines in Brazil and Peru are being depleted, creating a scenario
where severe lack of tin production could cripple the industry.”
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At the same time, the other major production projects that are slated
to be released soon do not seem to be arriving soon enough to top off
the fall in supply. Most of these projects are expected to be started
by 2024, with a few others to be initiated between 2016 and 2017.
“Minsur S.A. had stated in November 2015 that their San Rafael,
Peru project has had a 15% shortfall in Q3 2015, than for the same
quarter in the previous year. The mine is stipulated to run only till
2017,” the analyst added. “Additionally, one of the global giants
of tin production, Indonesia, has started strengthening its export
laws for tin in order to barricade tin smuggling and rapid
environmental degradation.”
As a result, we can see that the severity of tin supply shortfall is
only expected to increase in severity over the coming years. Future
projects might meet market demands later, but for now, the growing
demand might not be consistent with the reducing supply.
Consumer
Electronics Demand to Drive Tin Market to US$7.3 bn by 2023
The rapid expansion of the consumer electronics industry will
continue to push the demand for tin higher. The global tin
manufacture rate is also growing due to the increasing demand from
the food and beverages industry for packaging purposes. With major
contributions from these two factors, the global in market is
expected to be expanding at a CAGR of 3.4% between 2015 and 2023, in
terms of revenue. It was valued around US$7.4 bn in 2014 and after a
brief period of downturn, is expected to rise up to US$7.29 bn by the
end of 2023.
In terms of volume, the global tin production is expected to expand
at a CAGR of 2.5% between 2015 and 2023.
The information presented in this review is based on a Transparency
Market Research report, titled, “Tin Market - Global Industry
Analysis, Size, Share, Growth, Trends and Forecast 2015 - 2023.”
Key
Takeaways:
Tin market global revenue expected to reach US$7.29 bn by 2023.
Asia Pacific expected to hold 69.7% tin by volume by 2023.
Over 50% of global annual tin consumption goes into soldering.
Key Segments of the Global Tin Market
Tin
Market – Application Analysis
Soldering
Tin Plating
Chemicals
Brass & Bronze
Glass
Others (Including lithium-ion batteries, ammunitions, solar cells,
etc.)
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