Published on : Oct 18, 2016
Tin is a key part of the carbon family and has the same chemical similarities as that of lead and germanium. It is unaffected by both water and oxygen at room temperatures and is extremely ductile and malleable in nature. It doesn’t rust or corrode easily and can be employed as a coating material for protecting other metals.
Extensive Employment of Tin in Food Packaging Industry to Bolster Market Growth
The global tin market is fuelled by the increasing demand in the food packaging industry. In addition, increasing application of tin in the industry for solar energy will present immense opportunities in the growth of the overall market in the coming years. Furthermore, the booming consumer electronics industry will also provide impetus to the development of the global tin market. On the other hand, the skyrocketing prices owing to depleting production in exhausting mines may work against the growth of the tin market.
High Application of Tin in Soldering processes to Fuel Market Development
Application wise, the global tin market is segmented into tin plating, soldering, brass and bronze, chemicals, glass, and others including solar cells, ammunitions, and lithium-ion batteries. Amongst these, the segment of soldering led the market with a share of 52.38% in the past and is predicted to rise at a 2.90% CAGR between 2015 and 2023, on the basis of volume. This is due to the fact that large number of semiconductor-based industries use soldering as a fundamental component and employ it for ensuring a reliable and consistent connection of joints.
Swift Development of Food and Beverage Industry to Drive Market Growth in Latin America
In terms of regions, the global tin market is segmented into Europe, North America, Latin America, Asia Pacific, and the Middle East and Africa. Of these, Asia Pacific led the market and held a share of over 67% in 2014. In Asia Pacific, China is predicted to exhibit the greatest consumption due to the skyrocketing consumer electronics industry. On the other hand, Latin America is predicted to experience a consistent development in the coming years due to the swift growth in the food and beverages and semiconductor industries.