Market Trends of Tin Industry
This section covers the major market trends shaping the Tin Market according to our research experts:
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 production by the global electronics and IT industry was estimated at USD 3,536.6 billion in 2022, registering a growth rate of 5% year on year, compared to USD 3,360.2 billion in 2021.
- Globally, the demand for smartphones is increasing at a significant rate. According to TelefonaktiebolagetLM Ericsson, smartphone subscriptions accounted for 6,259 million in 2021 globally, compared to 5,924 million in 2020. Moreover, the subscription is likely to reach 7,690 million by 2027, enhancing the consumption of tin from electronics applications.
- Furthermore, the demand for electronics products in the Asia-Pacific region majorly comes from China, India, and Japan. Furthermore, 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 accounted for 15.7% in 2021, compared to 7.7% in the previous year.
- In Europe, the German electronics industry is the largest in the region. According to the ZVEI, Germany's electro and digital industry turnover accounted for EUR 199.8 billion (USD 236.39 billion) in the full-year 2021, witnessing a growth rate of 9.8% compared to 2020. Furthermore, in terms of production, the electro and digital industry registered a growth rate of 8.8% in 2021 compared to 2020.
- Hence, due to the factors mentioned above, the use of tin is increasing in the electronics industry.
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Asia-Pacific to Dominate the Market
- The Asia-Pacific region 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, with China 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.
- The Asia-Pacific region is referred to as a 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 continues to be the world's largest automotive market by both annual sales and manufacturing output. According to OICA, the vehicle production in China reached a total of 26.09 million units in 2021 which is an increase of 3% over 2020 for the same period.
- Moreover, in India, according to the Society of Indian Automobile Manufacturers (SIAM), during FY 2021-22 (April 2021 to March 2022), the country's automotive industry produced a total of 22,933,230 vehicles compared to 22,655,609 units during April 2020 to March 2021.
- In addition, the other major end-user industries for tin include electrical and electronics, and heavy engineering, packaging. 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.
- However, due to all such factors, the market for tin in the region is expected to have steady growth during the forecast period.
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