Tin finds use as a substitute to toxic metals such as lead in several industries attributed to its non-toxic nature. It is used for solder, corrosion resistant coatings for metals, specialized alloys and food packaging among others.
Albany, NY -- (SBWIRE) -- 09/10/2015 -- High demand from the rapidly expanding electronics and electrical goods industry for solder applications is expected to drive the tin market. However, escalating prices due to diminishing production from exhausting mines might hamper the market growth. New applications of tin as a substitute to toxic metals such as lead are expected to be the prospective market opportunities.
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The market can be segmented, based on end-use, into six key market segments such as solder, tin plate and packaging, chemicals, alloys, float glass and others. Globally, solder is the largest end-use segment attributed to their demand from the rapidly growing electronics and electrical goods industry. This trend is expected to continue with the improving affordability of electronic devices. Tin plate and packaging is another key end-use segment expanding at an above average rate with major consumption from food packaging industry.
Asia Pacific is the largest consumer of tin with major demand from electronics industry. China and Japan constitute nearly half of the global demand. This trend is expected to continue over the forecast period. Europe and North America are mature markets and expected to show average growth rates.
Asia Pacific along with being the largest consumer is the largest producer as well. However, prominent tin mines in China and Indonesia are facing exhaustion causing diminished production. This has put pressure on tin prices and resulted into a significant rise. The world's largest tin mine located in South America that accounts for about 10% of the global tin supply is also facing exhaustion by 2017.
Some of the key players in the tin market include ArcelorMittal USA Inc, MGT, Kangaroo Metals, Liuzhou China Tin Group Co. Ltd., Malaysia Smelting Corporation, PT Koba Tin and Yunnan Tin Co. Ltd. among others.
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