ALBANY, New York, October 16, 2018 /PRNewswire/ --
The demand within the global tin market has been escalating, majorly due to the useful properties of tin metal, finds Transparency Market Research (TMR). The competitive landscape of the global market for tin is hugely fragmented due to the presence of a massive number of vendors of varying sizes and capacities. The major market players have tie ups with huge industrial units in the electronic, automotive, and IT sector, and these vendors use their connections to the large manufacturing units to enhance their growth prospects. Furthermore, the large market players in the global tin market have a competitive advantage because they can cater to the huge demand that comes from industrial units.
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The small and medium-sized players in the global market for tin have been focusing on expanding their production base in order to have a greater reach and larger per capita production. This strategy is expected to help them in avoiding a demand-supply that often affects the integrity and value of the tin manufacturers. Strategic partnerships and alliances amongst several medium-sized tin vendors are expected to pose a threat to the growth of the old and established players in the years to come. However, with dedicated teams for marketing, business development, and production analysis, the larger market players expected to keep reaping massive revenues over the coming years.
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Transparency Market Research (TMR) predicts that the global tin market would trace a moderately steep graph of growth with a CAGR of 3.4% over the period 2015 and 2023. The cumulative value of the global market for tin is expected to touch US$7.29 bn by 2023, rising up from a value of US$7.4bn in 2014. On the basis of applications, tin is expected to find great relevance in the process of soldering. Based on geography, the market for tin in North America has been attracting huge-scale demand in recent times.
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Industrial Applications of Tin Bolter Demand
The demand within the global market for tin has been rising on account of several advancements in the chemicals industry. Tin is a key metal that has a silvery-white appearance, and its atomic number is 50. The electronics industry has emerged as a key user of tin for the manufacture of several devices and equipments. Furthermore, the use of tin in glass manufacturing and soldering is another key standpoint that has enunciated the growth prospects of the global tin market in recent times. Several industries deploy tin plating as a key process for the protection and safety of several products and systems. Owing to the aforementioned factors, the demand within the global market for tin is expected to reach new heights in the years to come by.
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High Costs of Tin to Hamper Market Growth
Despite to the splendid metallic and physical properties of tin and its application across multiple industries, the high cost of this metal still makes its usage a matter of question for several industries. A number of small and medium-sized manufacturers of electronics have been reluctant to use tin due to affordability restraints, which takes a huge consumer base away from the tin market. Nevertheless, the chemical, physical, and material properties of tin are commendable which makes it a key area of study for scientists and researchers.
The review is based on TMR's report "Tin Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2015 - 2023".
Global Tin Market can be segmented on the basis of the following parameters:
Tin Market - Application Analysis
- Tin Plating
- Brass & Bronze
- Others (Including lithium-ion batteries, ammunitions, solar cells, etc.)
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SOURCE Transparency Market Research