High Purity Tin Market - Forecast(2023 - 2028)

High Purity Tin Market Overview

High Purity Tin Market size is forecast to reach US$6.7 billion by 2027, after growing at a CAGR of 3.9% during 2022-2027. Globally, the significant increase in demand for High Purity Tin from expanding industrial activity is expected to be a key market driver. Increasing demand for High Purity Tin from the electronics sector for electronic design materials are expected to propel the High Purity Tin Market in the upcoming years. High Purity Tin metal is generally utilized in the production of High Purity Tin alloy, compound semiconductor, superconducting material, and others. Tin oxide films are also commonly employed as transparent conducting electrodes in optoelectronic devices and solar cells. High Purity Tin metal is used as a protective coat for other metals. It offers a protective superconducting material to prevent oxidation. Furthermore, rising energy and technology industries such as computing and robotics, energy generation, electric vehicles, and others is anticipated to further drive the future High Purity Tin demand in the projected period.

Impact of Covid-19

In recent times, High Purity Tin production was severely affected due to temporarily shutdown of industries and production facility because of COVID-19 pandemic. As COVID-19 crisis continued, High Purity Tin Market declined further in 2020, due to temporarily closure of industries and which impacted the supply and demand chain across various verticals. In 2020, companies saw continued supply disruption, cost escalation, and product delivery delays due to the pandemic. Also, the sector was likely hampered by global demand. Furthermore, the end-use industries such as automotive and electronics are key consumers of High Purity Tin. However, as a result of a nationwide lockdown across the globe, the automotive and electronics industry declined its production. As a result, the demand for High Purity Tin experienced a sudden decline which affected the market growth.

Report Coverage

The report "High Purity Tin Market Report – Forecast (2022-2027)", by IndustryARC, covers an in-depth analysis of the following segments of the High Purity Tin industry.

Key Takeaways

Figure: Asia-Pacific High Purity Tin Market Revenue, 2021-2027 (US$ Billion)

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High Purity Tin Market Segment Analysis – By Purity

99.9999% purity segment dominated the High Purity Tin Market in 2021. Tin metal with a purity of 99.9999% in produced in various forms for use in advanced thin film deposition methods such as PVD, MBE, E-beam, and vacuum deposition. Also, these tin metal of high purity is used to manufacture transparent conductive oxide (TCO) glasses such as indium tin oxide (ITO) and compound semiconductors such as tin selenide. 99.9999% High Purity Tin can also be used as an alloy ingredient in electronic solders or as a reference material for impurity analysis. As a result, the increasing demand for 99.9999% pure tin in several applications will drive the High Purity Tin market growth.

High Purity Tin Market Segment Analysis – End-Use Industry

Electrical and electronics sector dominated the High Purity Tin Market in 2021 and is projected to grow at a CAGR of 4.5% during the forecast period. High Purity Tins are widely used in solders, which are used to bond metals. The most common solders are essentially lead and tin alloys. Because these metals can be alloyed in any proportion, an endless variety of compositions are possible. Solders are increasingly being used in the electrical and electronics sectors to make electrical connections. Many modern pieces of equipment, notably in electronics, are now constructed on high-speed, automated manufacturing lines that make a huge number of soldered connections at the same time. Surface-mounted technology is a further advancement in electronics in which the components (sometimes very intricate microcircuits) are soldered directly onto the circuit boards rather than joined via wire leads. Currently, with the rising growth of the PCBs the market for High Purity Tin is estimated to rise. For instance, according to the National Institute of Electronics & Information Technology (NIELIT), Electronics manufacturing initiatives such as PLI, SPECS, and EMC 2.0 have been launched as part of the government's Make in India and National Policy on Electronics 2019. In 2019, the Indian PCB market was worth US$2.78 billion USD. Demand for PCBs in India has steadily increased in recent years as a result of increased investment in digitization and favorable government initiatives. Looking ahead, the PCB market in India is expected to reach US$ 6.33 billion by 2024, growing at a CAGR of 17.9% between 2019 and 2024.

High Purity Tin Market Segment Analysis – Geography

Asia-Pacific region dominated the High Purity Tin Market in 2021 with more than 43.2% share. Due to the highly developed electronic and automotive industries in China, it is considered as the world’s largest consumer and producer of tin. According to the U.S. Geological Survey (USGS), Despite pandemic-related decreases in the first half of 2020, Chinese demand for tin reached 2019 levels in the third quarter of 2020. Additionally, other APAC countries such as Malaysia, Indonesia, Thailand and Others, are also involved in the production of High Purity Tin. Out of these Indonesia is the world’s second largest producer of tin. According to the International Tin Association, in 2019, approx. 78,000 MTon of tin was produced in Indonesia. Hence, the continuous rising production of tin is expected to drive the High Purity Tin Market in the Asia-Pacific region over the upcoming years.

High Purity Tin Market Drivers

Rapidly Rising Demand for High Purity Tin in the Photovoltaic Industry

Rising growth of the photovoltaic industry is also set to drive the demand for High Purity Tin in the upcoming years. According to the International Tin Industry Association, the amount of tin utilized in the photovoltaic industry is estimated to reach 16000 to 19000 tonnes by 2022. The amount of tin used in the photovoltaic sector will continue to expand at a 25% to 40% yearly growth rate by 2025. It will develop into a tin consumption market with tens of thousands of tonnes of tin consumed annually. Rising growth of the photovoltaic industry in emerging economies such as China, India, Japan, and others, would further incline the market growth. For instance, According to the China Federation of Electric Power Enterprises, China's photovoltaic installed capacity increased by 34% from January 2021 to November 2021, compared to the same time previous year. The new photovoltaic installed capacity will be lowered from the initial 55GW~65GW to 45GW~55GW in 2021, and it is estimated to reach 75GW in 2022, due to the late release of domestic targets and the steep rise in raw material costs. Thus, due to the aforementioned factors the market for High Purity Tin is estimated to rise over the projected period.

High Purity Tin Market Challenges

Volatility in Raw Material Prices will Hamper the Market Growth

The price of tin is quite unpredictable, and can be extremely vulnerable to further supply disruptions. In the first half of 2021, demand for tin soared as customers rushed to buy gadgets, appliances, and other products amid the COVID-19 epidemic. According to the International Tin Association, refined tin demand increased 7.2 percent in 2021, due to surge in individuals working from home, which increased the purchase of electronics and other items. However, according to the World Bank's forecast, the average annual tin price will reduce by 0.8%, from US$ 31,250 per tonne in 2021 to US$ 31,000 per tonne in 2022. Thus, prices won't return to the pre-pandemic levels due to the high cost of energy resources.

High Purity Tin Industry Outlook

Technology launches, acquisitions, and R&D activities are key strategies adopted by players in the High Purity Tin Market. Global High Purity Tin top 10 companies include:

1. Thailand Smelting and Refining Co., Ltd. (THAISARCO)
2. Yunnan Tin Company
3. Dongfang Electric Corporation
4. Pure Technologies
5. Vital
6. Nathan Trotter
7. Zhuzhou Sinotech
8. Sichuan Western Minmetals
9. ENF Solar
10. ESPI and Others

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