Tin Market Growing at a CAGR of over 2% during the forecast period with Soldering to be the Fastest-growing Application
The tin market is expected to register a CAGR of over 2% during the forecast period. The major factors driving the market studied are the rising demand for electronics, followed by rising demand for lead-free solder. On the flip side, factors, such as stagnant or declining tin production in the upcoming years and the availability of substitutes, are restraining the market growth.
– Increasing housing construction activities in emerging economies of Asia-Pacific are expected to drive the demand for the market, during the forecast period.
– Stagnant or declining tin production in the coming years is likely to hinder the market growth.
– New, cheap tin-aluminum alloy in lithium-ion batteries is projected to act as an opportunity for the market, in the future.
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Key Market Trends
Soldering to be the Fastest-growing Application
– Tin is an important component in solders, as it melts and adheres to many common base metals at temperatures considerably below their melting points.
– Tin is alloyed with lead to produce solders with melting points lower than those of either tin or lead. Small amounts of different metals, notably antimony and silver, are added to tin-lead solders to increase their strength. These solders can be used for joints subjected to high or even subzero service temperatures.
– Innovations are being made for producing lead, cadmium, and antimony-free solders, in order to reduce their impact on human health and environment. Tin metals are now alloyed with many other base metals, adhering to the healthy environmental norms.
– The electronics and electrical industries use solders containing 40-70% tin, which provide strong and reliable joints under a variety of environmental conditions. At present, majority of the assemblers are using patented tin-copper-based solders.
– Asia-Pacific is currently the biggest market for tin-based solders, due to its rising demand in the electronics industry, along with growing production base.
– China is the biggest market for tin-based solders, in terms of production and consumption, where the immense and growing electronics and automotive industries are driving the demand. North America is the second-largest market, followed by Europe, for tin-based solders.
Asia-Pacific to Dominate the Market
The Asia-Pacific region was the largest market for tin. China is one of the largest producers and consumers of tin, globally. The automotive industry, one of the major contributors in the tin market, has grown considerably in the recent years. However, the Chinese automotive industry remains fragmented. This scenario is likely to have a positive impact on the tin demand from the Chinese automotive sector. In addition, the other major end-user industries for tin include electrical and electronics, heavy engineering, packaging, etc. China’s information and communication technology (ICT) sector has grown at a rapid pace in the past decade, owing to the support of the Chinese government and favorable digitization plans and policies.
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The market is highly consolidated, with the 10 major producers accounting for more than 60% of the global market. Key players in the market include Yunnan Tin Group Co. Ltd, PT Timah, Malaysia Smelting Corporation, Yunnan Chengfeng Non-ferrous Metals Co. Ltd, and Minsur SA, among others.
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