Tin Market Size
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| CAGR (2024 - 2029) | 2.59 % |
| Fastest Growing Market | Asia Pacific |
| Largest Market | Asia Pacific |
| Market Concentration | High |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Need a report that reflects how COVID-19 has impacted this market and its growth?
Tin Market Analysis
The Tin Market size is estimated at 418.40 kilotons in 2024, and is expected to reach 475.46 kilotons by 2029, growing at a CAGR of 2.59% during the forecast period (2024-2029).
- Surging demand from the electric vehicle market and increasing applications in the electrical and electronics industry are expected to drive the market during the forecast period.
- The presence of substitutes like aluminum and tin-free steel for producing metallic products like containers is hindering the market's growth.
- Shifting focus toward recycling tin is expected to create opportunities for the market in the coming years.
- Asia-Pacific is expected to dominate the market and witness the highest CAGR during the forecast period.
Tin Market Trends
The Electronic Segment to Dominate the Market Growth
- Tin is used in the electronics industry as a solder and is often used in various purities and alloys, generally with lead and indium. About 50-70% of the overall tin produced is used in the electronics and electrical industry in various products, such as mobiles, tablets, computers, watches, clocks, and other consumer electronic devices.
- For instance, according to the Japan Electronics and Information Technology Industries Association (JEITA), the global electronics and IT industry's production was estimated at USD 3,382.6 billion in 2023, registering a negative CAGR of 3% Y-o-Y compared to 2022. However, in 2024, it is expected to grow by 9% and reach USD 3,686.8 billion.
- Globally, smartphone demand is increasing significantly. According to TelefonaktiebolagetLM Ericsson, smartphone subscriptions accounted for 6,970 million in 2023, an increase of about 5.3% compared to 2022. Also, the subscription will reach 8,060 million by 2029, enhancing tin consumption from electronics applications.
- Also, the demand for electronics products in Asia-Pacific mainly comes from China, India, and Japan. China is a robust and favorable market for electronics producers, owing to the country's low labor cost and flexible policies. According to the National Bureau of Statistics of China, the annual growth rate of value added in the electronics manufacturing industry in the country increased by 3.4% Y-o-Y in 2023.
- The German electronics industry in Europe is the largest in the region. According to the ZVEI, Germany's electro and digital industry turnover accounted for EUR 242 billion (USD 261.94 billion) in 2023, witnessing a CAGR of 7.56% compared to 2022. Also, in terms of production, the electro and digital industries registered a CAGR of 1.4% in 2022 compared to 2021.
- Hence, due to the factors mentioned above, the use of tin is increasing in the electronics industry.
Asia-Pacific to Dominate the Market
- Asia-Pacific has dominated the tin market. China is one of the largest producers and consumers of tin globally.
- The automotive industry, one of the major contributors to the tin market and the automotive sector, has been shaping up for product evolution. China is focusing on manufacturing products to ensure fuel economy and minimize emissions owing to the growing environmental concerns due to mounting pollution in the country.
- Tin, along with other metals, is used in numerous automotive applications, including fuel tanks, sealants, wiring, radiator, seat cushions, seams and welds, fasteners, screws, nuts, bolts, and roofing.
- Asia-Pacific is home to some of the world's most valuable vehicle manufacturers. Developing countries such as China, India, Japan, and South Korea have been working hard to strengthen the manufacturing base and develop efficient supply chains for greater profitability.
- China remains the world's largest automotive market in annual sales and manufacturing output. According to OICA, vehicle production in China reached a total of 30.16 million units in 2023, a double-digit increase of 16% annually.
- According to the Society of Indian Automobile Manufacturers (SIAM), in FY 2022-2023 (April 2022 to March 2023), the country's automotive industry produced a total of 2,59,31,867, an increase of about 12.55% compared to FY 2021-2022. As per OICA, the country registered a record increase of 33% in vehicle production in 2023 compared to 2022.
- In addition, the other major end-user industries for tin include electrical and electronics, heavy engineering, and packaging. China's information and communication technology (ICT) sector has grown rapidly in the past decade, owing to the government's support and favorable digitization plans and policies.
- Therefore, due to all such factors, the market for tin in the region is expected to have steady growth during the forecast period.
Tin Industry Overview
The Tin market is highly consolidated. The major players (not in any particular order) include YUNNAN TIN COMPANY GROUP LIMITED, Timah, MINSUR, Malaysia Smelting Corporation Berhad, and Yunnan Chengfeng Nonferrous Metals Co. Ltd.
Tin Market Leaders
-
YUNNAN TIN COMPANY GROUP LIMITED
-
Timah
-
MINSUR
-
Malaysia Smelting Corporation Berhad
-
Yunnan Chengfeng Nonferrous Metals Co. Ltd.
*Disclaimer: Major Players sorted in no particular order
Tin Market News
- November 2023: Cornish Tin secured GBP 1.1 million (USD 1.38 million) from 1,700 investors on Crowdcube, more than 250% of the fundraising goal for its Cornwall tin exploration project, Great Wheal Vor.
- August 2023: Peruvian mining company Minsur announced a five-year investment of at least USD 2 billion to expand its copper and tin operations.
- December 2022: Aurubis began building a state-of-the-art recycling plant in Belgium. The new plant process will allow for faster recovery of tin from the anode sludge and full extraction of other precious metals, such as gold and silver.
- June 2022: The Malaysia Smelting Corp unit acquired a neighboring tin mining leaseholder. According to a filing MSC made with the stock exchange, the purchase transaction will involve 272,250 shares or 20% of RHT's expanded share capital.
Tin Market Report - Table of Contents
1. INTRODUCTION
- 1.1 Study Assumptions
- 1.2 Scope of the Study
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET DYNAMICS
-
4.1 Drivers
- 4.1.1 Surging Demand from the Electric Vehicle Market
- 4.1.2 Increasing Applications in the Electrical and the Electronics Industry
- 4.1.3 Other Drivers
-
4.2 Restraints
- 4.2.1 Presence of Subsitutes
- 4.2.2 Other Restraints
- 4.3 Industry Value Chain Analysis
-
4.4 Porter's Five Forces Analysis
- 4.4.1 Threat of New Entrants
- 4.4.2 Bargaining Power of Consumers
- 4.4.3 Bargaining Power of Suppliers
- 4.4.4 Threat of Substitute Products
- 4.4.5 Degree of Competition
- 4.5 Price Analysis
5. MARKET SEGMENTATION (Market Size by Volume)
-
5.1 Product Type
- 5.1.1 Metal
- 5.1.2 Alloy
- 5.1.3 Compounds
-
5.2 Application
- 5.2.1 Solder
- 5.2.2 Tin Plating
- 5.2.3 Chemicals
- 5.2.4 Other Applications (Specialized Alloys and Lead-acid Batteries)
-
5.3 End-user Industry
- 5.3.1 Automotive
- 5.3.2 Electronics
- 5.3.3 Packaging (Food and Beverage)
- 5.3.4 Glass
- 5.3.5 Other End-user Industries (Chemical, Tool Making, Medical Devices)
-
5.4 Geography
- 5.4.1 Production Analysis
- 5.4.1.1 Australia
- 5.4.1.2 Bolivia
- 5.4.1.3 Brazil
- 5.4.1.4 Burma
- 5.4.1.5 China
- 5.4.1.6 Congo (Kinshasa)
- 5.4.1.7 Indonesia
- 5.4.1.8 Malaysia
- 5.4.1.9 Peru
- 5.4.1.10 Vietnam
- 5.4.1.11 Other Countries
- 5.4.2 Consumption Analysis
- 5.4.2.1 Asia-Pacific
- 5.4.2.1.1 China
- 5.4.2.1.2 India
- 5.4.2.1.3 Japan
- 5.4.2.1.4 South Korea
- 5.4.2.1.5 Rest of Asia-Pacific
- 5.4.2.2 North America
- 5.4.2.2.1 United States
- 5.4.2.2.2 Canada
- 5.4.2.2.3 Mexico
- 5.4.2.3 Europe
- 5.4.2.3.1 Germany
- 5.4.2.3.2 United Kingdom
- 5.4.2.3.3 Italy
- 5.4.2.3.4 France
- 5.4.2.3.5 Austria
- 5.4.2.3.6 Rest of Europe
- 5.4.2.4 South America
- 5.4.2.4.1 Brazil
- 5.4.2.4.2 Argentina
- 5.4.2.4.3 Rest of South America
- 5.4.2.5 Middle East and Africa
- 5.4.2.5.1 South Africa
- 5.4.2.5.2 United Arab Emirates
- 5.4.2.5.3 Rest of Middle East and Africa
6. COMPETITIVE LANDSCAPE
- 6.1 Mergers and Acquisitions, Joint Ventures, Collaborations, and Agreements
- 6.2 Market Share(%)**/Ranking Analysis
- 6.3 Strategies Adopted by Leading Players
-
6.4 Company Profiles
- 6.4.1 ArcelorMittal
- 6.4.2 Aurubis AG
- 6.4.3 Avalon Advanced Materials Inc.
- 6.4.4 Indium Corporation
- 6.4.5 Jiangxi New Nanshan Technology Co. Ltd
- 6.4.6 Malaysia Smelting Corporation Berhad
- 6.4.7 MINSUR
- 6.4.8 Thailand Smelting and Refining Co. Ltd
- 6.4.9 Timah
- 6.4.10 Yunnan Chengfeng Non-ferrous Metals Co. Ltd
- 6.4.11 YUNNAN TIN COMPANY GROUP LIMITED
- *List Not Exhaustive
7. MARKET OPPORTUNITIES AND FUTURE TRENDS
- 7.1 Shifting Focus toward Recycling of Tin
- 7.2 Other Opportunities
Tin Industry Segmentation
Tin is a soft, pliable, and silvery-white metal with malleability and ductility characteristics. It is mainly derived from cassiterite, which contains about 80% tin.
The tin market is segmented by product type, application, end-user industry, and geography. By product type, the market is segmented into metal, alloy, and compounds. By application, the market is segmented into solder, tin plating, chemicals, and other applications (specialized alloys and lead-acid batteries). In the end-user industry, the market is segmented into automotive, electronics, packaging (food and beverage), glass, and other end-user industries (chemical, tool making, and medical devices). The report also covers the market size and forecasts for the tin market across 16 countries and the production scenario for 10 countries across various regions. For each segment, the market sizing and forecasts are done based on volume (tons).
| Product Type | Metal | ||
| Alloy | |||
| Compounds | |||
| Application | Solder | ||
| Tin Plating | |||
| Chemicals | |||
| Other Applications (Specialized Alloys and Lead-acid Batteries) | |||
| End-user Industry | Automotive | ||
| Electronics | |||
| Packaging (Food and Beverage) | |||
| Glass | |||
| Other End-user Industries (Chemical, Tool Making, Medical Devices) | |||
| Geography | Production Analysis | Australia | |
| Bolivia | |||
| Brazil | |||
| Burma | |||
| China | |||
| Congo (Kinshasa) | |||
| Indonesia | |||
| Malaysia | |||
| Peru | |||
| Vietnam | |||
| Other Countries | |||
| Geography | Consumption Analysis | Asia-Pacific | China |
| India | |||
| Japan | |||
| South Korea | |||
| Rest of Asia-Pacific | |||
| Geography | Consumption Analysis | North America | United States |
| Canada | |||
| Mexico | |||
| Geography | Consumption Analysis | Europe | Germany |
| United Kingdom | |||
| Italy | |||
| France | |||
| Austria | |||
| Rest of Europe | |||
| Geography | Consumption Analysis | South America | Brazil |
| Argentina | |||
| Rest of South America | |||
| Geography | Consumption Analysis | Middle East and Africa | South Africa |
| United Arab Emirates | |||
| Rest of Middle East and Africa |
Tin Market Research FAQs
How big is the Tin Market?
The Tin Market size is expected to reach 418.40 kilotons in 2024 and grow at a CAGR of 2.59% to reach 475.46 kilotons by 2029.
What is the current Tin Market size?
In 2024, the Tin Market size is expected to reach 418.40 kilotons.
Who are the key players in Tin Market?
YUNNAN TIN COMPANY GROUP LIMITED, Timah, MINSUR, Malaysia Smelting Corporation Berhad and Yunnan Chengfeng Nonferrous Metals Co. Ltd. are the major companies operating in the Tin Market.
Which is the fastest growing region in Tin Market?
Asia Pacific is estimated to grow at the highest CAGR over the forecast period (2024-2029).
Which region has the biggest share in Tin Market?
In 2024, the Asia Pacific accounts for the largest market share in Tin Market.
What years does this Tin Market cover, and what was the market size in 2023?
In 2023, the Tin Market size was estimated at 407.56 kilotons. The report covers the Tin Market historical market size for years: 2019, 2020, 2021, 2022 and 2023. The report also forecasts the Tin Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.
What are the major factors driving the Tin Market growth?
The major factors driving the Tin Market growth are a) Surging demand from the electric vehicle market b) Increasing applications in the electrical and electronics industry
What are the segments covered in the Tin Market Report?
The segments covered in the Tin Market Report are a) Product Type: Metal, Alloy, and Compounds b) Application: Solder, Tin Plating, Chemical c) End-user Industry: Automotive, Electronics, Packaging, Glass
Tin Industry Report
The global tin market is witnessing significant growth, driven by surging demand in the electronics, automotive, and packaging sectors. Known for its corrosion resistance and malleability, tin is crucial in soldering, tin plating, and as an alloy for producing electronic components, automotive parts, and packaging materials. The Asia-Pacific region, especially China, India, and Japan, leads the market due to rapid industrialization and the booming consumer electronics and automotive industries, making it a key hub for tin production. The market is adapting to sustainability through recycling tin, emphasizing the role of tin companies in this sector. Despite challenges like substitute availability and potential production declines, the market is set for growth, spurred by innovations in lead-free solders and tin's use in solar energy. Key players are adopting competitive strategies such as mergers and acquisitions to enhance their market presence. For detailed market insights, Mordor Intelligence™ Industry Reports offer statistics on market share, size, revenue growth rate, and a forecast outlook, including a free report PDF download for a comprehensive industry analysis.
