Latest News- Tin Market: Soldering is expected to lead the Application segment during 2024-2028

The Tin Market is being driven by Growing demand for canned foods and beverages

The Tin Market is expected to grow at a CAGR of 2% during 2023 and 2028. During this period, the market is also expected to show a growth of USD 755.24 million. In the tin market, the sustainable utilization of this versatile metal is of paramount importance. Tin, like other metals, possesses inherent benefits and potential hazards when improperly managed. To mitigate these risks, businesses are increasingly embracing tin recycling and reuse initiatives. This includes the repurposing of tin cans, scrap, and tin manufacturing by-products, either through in-house processes or external scrap-processing companies. The International Council on Mining and Metals (ICMM) advocates for the recycling and reuse of metal products as a means to enhance business efficiency, reduce emissions, improve resource productivity, and optimize waste disposal. By recycling tin, companies save approximately 76% of the energy required to produce new tin, making it a cost-effective and environmentally responsible choice. 

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Which Factors Are Causing a Surge in Market Growth?

The market is segmented based on

• Application
  • Soldering
  • Tin chemical
  • Tinplate
  • Lead acid battery
  • Others
• End-user
  • Electronics
  • Automotive
  • Packaging
  • Glass
  • Others
• Geography
  • APAC
    • China
    • India
  • Europe
    • Germany
    • UK
  • North America
    • US
  • Middle East and Africa
  • South America

According to Technavio, There are several factors that are causing the market to flourish during the forecast period, which are as follows: 

• Growing demand for canned foods and beverages
• Rise in demand for lead-free soldering
• Expansion of consumer electronics industry

However, the market also witnesses some limitations, which are as follows:

• Increase in use of tin-free steel in packaging industry
• Health and environmental hazards associated with tin
• Miniaturization of electronic components

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Market Scope in Tin Market Research Report

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Research Analysis Overview

The Tin Market faces challenges due to resource scarcity and the increasing demand for battery technology in sustainable energy storage. Innovations in battery production and recycling, such as renewable energy storage solutions and circular economy practices, are crucial. Processing and extraction technologies, like lead-acid battery recycling and metal processing innovations, are essential for reducing environmental impact. The supply chain requires responsible sourcing, and market consolidation is a trend. Electric vehicles and battery alternatives, with improved thermal properties and corrosion prevention, are driving industry trends. Green manufacturing practices, including environmental impact assessments and electronics waste management, are essential. Solder paste, welding applications, and sustainable materials are crucial for electronics manufacturing, with a focus on electrical conductivity and mechanical properties. Mining and metalworking tools, with chemical properties in mind, are essential for automotive manufacturing and metal fabrication. Lead-free solder and various solder wire types are important for material science and solder joint strength.

Market Research Overview

The tin market is a significant segment of the global diversified metals and mining industry, encompassing companies involved in the production or extraction of tin and related mining operations. This market is part of the broader global materials market, which includes businesses dealing with the extraction and processing of non-ferrous metals, such as lead, nickel, tin, and others, as well as salt, borate, phosphate rock, and diverse mining operations. Technavio, a leading market research firm, evaluates the size of the global diversified metals and mining market based on the combined revenue generated by these entities. Key trends in this sector include the adoption of advanced smelting technologies, automation, circular economy principles, sustainability initiatives, and a focus on product quality. The tin industry plays a crucial role in the electronics manufacturing sector due to tin's use in soldering applications. Manufacturing bases in China, Indonesia, and Brazil dominate the global tin market, with processing technologies continually evolving to meet the demands of various industries.. Industries are leveraging the products belonging to the market for customer engagement, transactional notifications, and promotional offers.

Technavio Research
Jesse Maida
Media & Marketing Executive
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UK: +44 203 893 3200
Email: media@technavio.com
Website: www.technavio.com/