LONDON--(BUSINESS WIRE)--Technavio’s latest report on the global tin market provides an analysis of the most important trends expected to impact the market outlook from 2017-2021. Technavio defines an emerging trend as a factor that has the potential to significantly impact the market and contribute to its growth or decline.
The research study by Technavio on the global tin market for 2017-2021 provides a detailed industry analysis based on application, including soldering, tin chemicals, tinplate, lead acid batteries, and copper alloys.
|Tin is widely used as a metal form or alloy with other metals in several industries such as electronics, automobile, and food and beverage packaging. Technavio analysts forecast the global tin market to grow at a CAGR of nearly 1% over the forecast period. The growing demand for canned foods and beverages is a key factor driving the market growth.|
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The top three emerging trends driving the global tin market according to Technavio chemicals and materials research analysts are:
- Shifting focus towards recycling of tin
- Perspective growth in the solar energy industry
- Increasing application base
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Shifting focus towards recycling of tin
“Tin has various beneficial as well as hazardous properties, which makes its disposal and recycling a top priority. To overcome the disposal challenges, companies have started recycling and reusing tin products, especially tin cans, scrap, and residue from tin manufacturing,” says Kshama Upadhyay, a lead analyst at Technavio for metals and minerals research.
Recycling is done either in-house or through external scrap-processing companies. Metals are recyclable materials because of their intrinsic properties and economic value. Recycling tin products will reduce emissions, improve resource productivity and waste disposal, and save up to 76% of the energy that is used to make them.
Perspective growth in the solar energy industry
The global solar energy industry is showcasing impressive growth due to factors such as the increasing need for affordable power. Perovskite solar cell is a type of solar cell that uses lead to convert sunlight directly into electricity and is rapidly emerging as an energy-efficient option. However, the toxic nature of the commonly used lead is leading to its substitution with tin, which is a cleaner alternative to produce solar power at a cheaper rate.
Companies such as Tinsolar offer solar water heaters, solar petrol pumps, and solar fencing which are made up of tin. The solar cells energy market is expected to flourish in the future and reach an equivalent to nuclear power, thereby ensuring a constant demand for the global tin market.
Increasing application base
“Tin is used in various applications including lithium ion batteries, fuel cell, fuel catalyst, and anti-microbial healthcare. Tin is also expected to replace chromium and nickel in stainless steel as it provides better corrosion resistance. This will increase the consumption of tin,” says Kshama.
The implementation of tin technologies in lithium-ion batteries is expected to increase its capacity by 3-5 times, which will compensate for the growing demand for electric vehicles/hybrid cars and electronic products. Also, tin alloys are used in vehicle fuel tank, which will save up to 12% of the fuel and reduce 60% of emissions. Thus, wide use of tin in various applications is expected to trigger the demand.
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