TIN CHEMICALS MARKET ANALYSIS

Tin is a soft, silvery white metal widely used in tin-coated steel food containers, in metals used for bearings, in solders, and others. According to International Tin Association in 2020, tin chemicals represented for the second largest use of refined tin, accounting for around 17% of the global refined tin market in 2020. Tin chemicals are compounds that contain at least one bond between carbon and tin and are primarily used in industrial applications such as electroplating, chemical catalysts, reducing agents, glazes, surface treatment chemicals, electronic devices, and others. They can be segmented into numerous product types, namely sodium stannate, stannous chloride, stannic chloride, stannous oxalate, stannic sulphate, and others.

Global tin chemicals market was valued at 66.52 KT in 2021 in terms of revenue, exhibiting a CAGR of 2.67% during the forecast period (2022 to 2030).

Drivers

Increasing use of tin plating among various industries coupled with significant advancements in the chemical industry is expected to fuel demand for tin chemicals. Various product types of tin chemicals are used in chemical industries as intermediates and/or catalysts. For example, stannous chloride is used as a catalyst in the production of polylactic acid (PLA). Stannous oxalate is used as a catalyst in esterification reactions and stannic chloride is used in the production of various inorganic chemicals. Growing chemical industries in emerging economies is expected to fuel demand for tin chemicals. For instance, BASF, a key chemical producer, reported growth of 4.2% in chemical production (excluding pharmaceutical) during 2019-2021 in the emerging markets of Asia Pacific.

Development of alternatives to tin chemicals has significantly increased the threat of price-based substitutions. For instance, calcium-zinc products can be used as PVC stabilizers as they are cheaper than tin stabilizers. Iron sulphate is an alternative to stannous sulphate or stannous chloride in cement additives application. However, inferior properties of these alternatives have prevented them from penetrating deep into the market. Furthermore, increasing tin prices are considered as a challenge for growth of the tin chemicals market.

The global tin market was set at 61.7 kilo tons in 2018, and its expected CAGR of 2.75% in terms of volume to reach 77.4 KT by 2027.

The market had a negative impact due to COVID-19 in 2020. Automotive manufacturing units were on a temporary halt due to the pandemic, which lowered the production of fuel tanks, sealants, nuts, bolts, radiators, roofing, and other parts; this harmed the tin chemicals market demand. However, the packaging industry gained momentum during the pandemic, and the increasing use of tin in packaging pharmaceutical and food and beverage items is stimulating the market expansion for tin.

Figure 1. Global Tin Chemicals Market Value Share (%), By Region, 2021

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Asia pacific holds first position in the global tin market. Tin chemicals are utilized in various applications in Asia such as plastic, metal, glass plating, adhesive. In Asian market usage of PVC has increased. There is decline in the use of lead stabilizers and it has benefitted tin chemicals and its use has increased in potable water pipes. In china International Tin Association Limited reported 8-10 % growth per annum for PVC stabilizers.

Market Restraints

Increasing tin prices are considered as a restraining factor for growth of the tin chemicals market. According to London Metal Exchange in 2020, tin prices have increased by 55% since June 2020, reaching21,750 per ton in Feb 2021. Therefore, increasing prices and development of new alternatives to tin chemicals is expected to restrain growth of the tin chemicals market.

Market Trends

Global demand for tin has been on the rise due to significant advances in the chemical industry in recent years. In addition, there has been increasing use of tin plating among various industries to ensure the protection and safety of many products and systems. These are the important factors boosting the growth of the tin chemicals market at the global level. Further, growing use of tin chlorides such as stannous chloride dehydrates and stannous chloride anhydrous for applications in metalized glazing, electric components, and even in food industries for tin-packed food, is expected to create potential growth prospects for the market of tin chemicals.

Usage of a range of tin chemical variants is significant in traditional markets of electroplating such as giftware, wires, and tinplate. Tin chemicals are also largely used in PVC stabilizers where they have specific technical advantages. In recent years, tin chemicals have gained a number of industrial applications including surfaces treatment, plating, catalysts, reducing agents, glazes, and energy and electronic devices.

Figure 2. Global Tin Chemicals Market Value Share (%), By Application, 2021

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Tin Chemical demand increased in various end use industries such as packaging, chemical, automotive, construction and electronics and it is expected to drive the tin chemical market growth during forecast period. 

Electroplating and PVC Stabilizers has highest demanded applications of tin chemical. Players operating in the global tin chemical market are adopting different growth strategies such as mergers and acquisition to enhance their market share.  

Recent Developments

• In June 2020, Aurubis AG, largest tin, copper recycler worldwide acquired the recycling company Metallo, a global provider, and recycler of metals like tin, lead, nickel, copper, and zinc, to strengthen its global presence in the smelting business and to enhance its portfolio.
• According to India Brand Equity Foundation (IBFE) India construction industry is expected to emerge as a third largest construction industry worldwide and witnessing annual growth rate of 7.4% till 2025.
• In china International Tin Association Limited reported 8-10 % growth per annum for PVC stabilizers till 2020
• In February 2020, JFE Steel Corporation, the second largest Japanese steel manufacturer decided to close one of its tin mills, producing electrolytic tinplate, in the Chiba district of Japan by March 2020 to consolidate tinplate lines.

Competitive Section

Major players operating in the global tin chemicals market include, Mason Corporation, Ace Chemical Company, City Chemicals LLC, TIB Chemicals AG, Pfaltz & Bauer Inc., GFS Chemicals, Showa America, S V Plastochem Private Limited, Westman Chemicals Pvt, William Blythe, Haihang Industry Co.,Ltd, and Strem Chemicals.