Tin Bar Market

The global tin bar market is expected to see a rise in consumption over the next eight years, with a forecasted CAGR of +2.2% in volume and +4.6% in value from 2022 to 2030. China leads the market in both consumption and production, with the United States being a key exporter. Despite a reduction in global tin bar consumption and production in 2022, the market is expected to gradually increase. Various countries have shown different rates of growth in terms of consumption, production, imports, and exports over the past decade.

Market Forecast

Driven by rising demand for tin bar worldwide, the market is expected to start an upward consumption trend over the next eight years. The performance of the market is forecast to increase slightly, with an anticipated CAGR of +2.2% for the period from 2022 to 2030, which is projected to bring the market volume to 131K tons by the end of 2030.

In value terms, the market is forecast to increase with an anticipated CAGR of +4.6% for the period from 2022 to 2030, which is projected to bring the market value to $3.3B (in nominal prices) by the end of 2030.

Consumption

World Consumption of Tin Bars, Rods, Profiles And Wires

In 2022, global tin bar consumption reduced to 110K tons, which is down by -6% compared with 2021. Overall, consumption showed a relatively flat trend pattern. Over the period under review, global consumption attained the maximum volume at 123K tons in 2019; however, from 2020 to 2022, consumption stood at a somewhat lower figure.

The global tin bar market revenue dropped to $2.3B in 2022, falling by -7.2% against the previous year. This figure reflects the total revenues of producers and importers (excluding logistics costs, retail marketing costs, and retailers' margins, which will be included in the final consumer price). Over the period under review, consumption saw a relatively flat trend pattern. Global consumption peaked at $2.5B in 2021, and then reduced in the following year.

Consumption By Country

China (21K tons) constituted the country with the largest volume of tin bar consumption, comprising approx. 19% of total volume. Moreover, tin bar consumption in China exceeded the figures recorded by the second-largest consumer, India (9.1K tons), twofold. The third position in this ranking was held by the United States (8.8K tons), with an 8% share.

From 2012 to 2022, the average annual rate of growth in terms of volume in China amounted to +1.8%. In the other countries, the average annual rates were as follows: India (+1.9% per year) and the United States (+1.0% per year).

In value terms, China ($421M) led the market, alone. The second position in the ranking was taken by India ($198M). It was followed by Japan.

From 2012 to 2022, the average annual rate of growth in terms of value in China amounted to +1.4%. The remaining consuming countries recorded the following average annual rates of market growth: India (+2.5% per year) and Japan (-1.8% per year).

The countries with the highest levels of tin bar per capita consumption in 2022 were Japan (43 kg per 1000 persons), Turkey (31 kg per 1000 persons) and Vietnam (29 kg per 1000 persons).

From 2012 to 2022, the most notable rate of growth in terms of consumption, amongst the key consuming countries, was attained by Vietnam (with a CAGR of +12.6%), while consumption for the other global leaders experienced more modest paces of growth.

Production

World Production of Tin Bars, Rods, Profiles And Wires

In 2022, the amount of tin bars, rods, profiles and wires produced worldwide shrank to 112K tons, waning by -5.1% against 2021 figures. Overall, production, however, continues to indicate a relatively flat trend pattern. The most prominent rate of growth was recorded in 2018 with an increase of 16%. Over the period under review, global production hit record highs at 124K tons in 2019; however, from 2020 to 2022, production failed to regain momentum.

In value terms, tin bar production contracted to $2.2B in 2022 estimated in export price. Over the period under review, production, however, recorded a relatively flat trend pattern. The growth pace was the most rapid in 2018 with an increase of 22% against the previous year. Over the period under review, global production hit record highs at $2.4B in 2019; however, from 2020 to 2022, production failed to regain momentum.

Production By Country

The countries with the highest volumes of production in 2022 were China (20K tons), the United States (17K tons) and India (8.9K tons), with a combined 41% share of global production. Japan, Pakistan, Indonesia, Russia, Nigeria, Brazil, South Korea, Germany, Turkey and Saudi Arabia lagged somewhat behind, together comprising a further 35%.

From 2012 to 2022, the most notable rate of growth in terms of production, amongst the main producing countries, was attained by Saudi Arabia (with a CAGR of +14.0%), while production for the other global leaders experienced more modest paces of growth.

Imports

World Imports of Tin Bars, Rods, Profiles And Wires

Global tin bar imports shrank dramatically to 22K tons in 2022, falling by -19.8% against the previous year's figure. In general, imports saw a deep setback. The growth pace was the most rapid in 2014 when imports increased by 44% against the previous year. Over the period under review, global imports hit record highs at 61K tons in 2012; however, from 2013 to 2022, imports stood at a somewhat lower figure.

In value terms, tin bar imports contracted modestly to $726M in 2022. Overall, imports showed a abrupt curtailment. The pace of growth was the most pronounced in 2021 when imports increased by 54%. Global imports peaked at $1.2B in 2012; however, from 2013 to 2022, imports stood at a somewhat lower figure.

Imports By Country

In 2022, Vietnam (2.9K tons), followed by Malaysia (1.7K tons), Taiwan (Chinese) (1.6K tons), China (1.5K tons), the United States (1.5K tons) and Mexico (1.2K tons) were the major importers of tin bars, rods, profiles and wires, together achieving 47% of total imports. The following importers - Hong Kong SAR (825 tons), Spain (742 tons), Thailand (679 tons), the UK (591 tons), Turkey (560 tons), South Korea (539 tons) and Romania (460 tons) - together made up 20% of total imports.

From 2012 to 2022, the biggest increases were recorded for South Korea (with a CAGR of +21.6%), while purchases for the other global leaders experienced more modest paces of growth.

In value terms, Vietnam ($125M), China ($68M) and the United States ($58M) constituted the countries with the highest levels of imports in 2022, with a combined 35% share of global imports. Mexico, Hong Kong SAR, South Korea, Thailand, Taiwan (Chinese), the UK, Spain, Malaysia, Romania and Turkey lagged somewhat behind, together comprising a further 33%.

Among the main importing countries, South Korea, with a CAGR of +34.5%, saw the highest rates of growth with regard to the value of imports, over the period under review, while purchases for the other global leaders experienced more modest paces of growth.

Import Prices By Country

In 2022, the average tin bar import price amounted to $32,458 per ton, picking up by 23% against the previous year. In general, import price indicated resilient growth from 2012 to 2022: its price increased at an average annual rate of +5.0% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, tin bar import price increased by +62.8% against 2019 indices. The most prominent rate of growth was recorded in 2021 when the average import price increased by 31% against the previous year. Over the period under review, average import prices reached the maximum in 2022 and is likely to see gradual growth in the immediate term.

There were significant differences in the average prices amongst the major importing countries. In 2022, amid the top importers, the country with the highest price was South Korea ($60,427 per ton), while Malaysia ($8,955 per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by South Korea (+10.7%), while the other global leaders experienced more modest paces of growth.

Exports

World Exports of Tin Bars, Rods, Profiles And Wires

In 2022, the amount of tin bars, rods, profiles and wires exported worldwide reduced markedly to 24K tons, falling by -15.9% compared with the year before. In general, exports continue to indicate a abrupt contraction. The most prominent rate of growth was recorded in 2021 when exports increased by 18% against the previous year. The global exports peaked at 47K tons in 2014; however, from 2015 to 2022, the exports failed to regain momentum.

In value terms, tin bar exports reduced slightly to $591M in 2022. Overall, exports showed a pronounced decrease. The pace of growth was the most pronounced in 2021 when exports increased by 38%. Over the period under review, the global exports attained the peak figure at $1.1B in 2014; however, from 2015 to 2022, the exports remained at a lower figure.

Exports By Country

In 2022, the United States (9.5K tons) represented the key exporter of tin bars, rods, profiles and wires, comprising 39% of total exports. Malaysia (1.7K tons) took a 6.9% share (based on physical terms) of total exports, which put it in second place, followed by Thailand (6.5%), Germany (5%) and Taiwan (Chinese) (4.5%). South Korea (918 tons), Hong Kong SAR (838 tons), Poland (598 tons), Japan (585 tons), Singapore (584 tons), Brazil (534 tons), China (530 tons) and Indonesia (507 tons) followed a long way behind the leaders.

From 2012 to 2022, average annual rates of growth with regard to tin bar exports from the United States stood at +5.4%. At the same time, Brazil (+6.7%), Malaysia (+4.5%) and Thailand (+2.6%) displayed positive paces of growth. Moreover, Brazil emerged as the fastest-growing exporter exported in the world, with a CAGR of +6.7% from 2012-2022. South Korea experienced a relatively flat trend pattern. By contrast, Germany (-3.8%), Indonesia (-4.8%), Taiwan (Chinese) (-5.3%), China (-6.7%), Japan (-7.0%), Hong Kong SAR (-11.8%), Poland (-12.1%) and Singapore (-29.0%) illustrated a downward trend over the same period. From 2012 to 2022, the share of the United States, Malaysia, Thailand, South Korea and Brazil increased by +27, +4.6, +3.9, +1.7 and +1.6 percentage points, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, the United States ($72M), Thailand ($64M) and Malaysia ($51M) appeared to be the countries with the highest levels of exports in 2022, with a combined 32% share of global exports.

Malaysia, with a CAGR of +15.7%, saw the highest rates of growth with regard to the value of exports, among the main exporting countries over the period under review, while shipments for the other global leaders experienced more modest paces of growth.

Export Prices By Country

In 2022, the average tin bar export price amounted to $24,529 per ton, surging by 18% against the previous year. Over the period from 2012 to 2022, it increased at an average annual rate of +2.5%. As a result, the export price attained the peak level and is likely to continue growth in the immediate term.

Prices varied noticeably by country of origin: amid the top suppliers, the country with the highest price was Japan ($49,589 per ton), while the United States ($7,568 per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Malaysia (+10.7%), while the other global leaders experienced more modest paces of growth.

Source: IndexBox Market Intelligence Platform