Tin Ores And Concentrates Market

The global market for tin ores and concentrates is expected to show continued growth over the next eight years, with consumption forecasted to increase at a CAGR of +3.6% and market value to reach $6.4B by 2030. China leads in both consumption and imports, while Australia is the top exporter. The article provides detailed information on market performance, consumption trends, production volumes, import/export dynamics, and key players in the market.

Market Forecast

Driven by increasing demand for tin ores and concentrateses worldwide, the market is expected to continue an upward consumption trend over the next eight years. Market performance is forecast to decelerate, expanding with an anticipated CAGR of +3.6% for the period from 2022 to 2030, which is projected to bring the market volume to 830K tons by the end of 2030.

In value terms, the market is forecast to increase with an anticipated CAGR of +4.2% for the period from 2022 to 2030, which is projected to bring the market value to $6.4B (in nominal prices) by the end of 2030.

Consumption

World Consumption of Tin Ores And Concentrates

In 2022, global consumption of tin ores and concentrateses soared to 626K tons, picking up by 18% compared with the year before. In general, the total consumption indicated resilient growth from 2012 to 2022: its volume increased at an average annual rate of +5.4% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, consumption increased by +20.8% against 2019 indices. Global consumption peaked at 703K tons in 2016; however, from 2017 to 2022, consumption stood at a somewhat lower figure.

The global tin ores and concentrates market revenue expanded slightly to $4.6B in 2022, growing by 4.4% 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). Overall, the total consumption indicated a noticeable expansion from 2012 to 2022: its value increased at an average annual rate of +4.7% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, consumption increased by +37.7% against 2019 indices. Global consumption peaked in 2022 and is expected to retain growth in the immediate term.

Consumption By Country

China (244K tons) constituted the country with the largest volume of tin ores and concentrates consumption, accounting for 39% of total volume. Moreover, tin ores and concentrates consumption in China exceeded the figures recorded by the second-largest consumer, Finland (76K tons), threefold. Turkey (69K tons) ranked third in terms of total consumption with an 11% share.

From 2012 to 2022, the average annual growth rate of volume in China amounted to +22.3%. The remaining consuming countries recorded the following average annual rates of consumption growth: Finland (+0.4% per year) and Turkey (+6.8% per year).

In value terms, China ($1.3B) led the market, alone. The second position in the ranking was taken by Turkey ($527M). It was followed by Malaysia.

In China, the tin ores and concentrates market increased at an average annual rate of +22.1% over the period from 2012-2022. In the other countries, the average annual rates were as follows: Turkey (+5.4% per year) and Malaysia (+1.9% per year).

In 2022, the highest levels of tin ores and concentrates per capita consumption was registered in Finland (14 kg per person), followed by Sierra Leone (4 kg per person), Bolivia (2 kg per person) and Congo (1.9 kg per person), while the world average per capita consumption of tin ores and concentrates was estimated at 0.1 kg per person.

In Finland, tin ores and concentrates per capita consumption remained relatively stable over the period from 2012-2022. In the other countries, the average annual rates were as follows: Sierra Leone (-0.3% per year) and Bolivia (+3.7% per year).

Production

World Production of Tin Ores And Concentrates

In 2022, global production of tin ores and concentrateses totaled 393K tons, with an increase of 6.5% compared with the previous year. The total output volume increased at an average annual rate of +1.4% over the period from 2012 to 2022; the trend pattern remained consistent, with only minor fluctuations being recorded throughout the analyzed period. The pace of growth was the most pronounced in 2020 with an increase of 25%. As a result, production reached the peak volume of 415K tons. From 2021 to 2022, global production growth remained at a somewhat lower figure.

In value terms, tin ores and concentrates production contracted to $3.7B in 2022 estimated in export price. In general, production saw pronounced growth. The most prominent rate of growth was recorded in 2014 when the production volume increased by 167%. As a result, production attained the peak level of $9.1B. From 2015 to 2022, global production growth failed to regain momentum.

Production By Country

The countries with the highest volumes of production in 2022 were Finland (76K tons), Turkey (69K tons) and Indonesia (35K tons), together accounting for 46% of global production.

From 2012 to 2022, the most notable rate of growth in terms of production, amongst the leading producing countries, was attained by Turkey (with a CAGR of +6.8%), while production for the other global leaders experienced more modest paces of growth.

Imports

World Imports of Tin Ores And Concentrates

In 2022, supplies from abroad of tin ores and concentrateses increased by 28% to 292K tons, rising for the second year in a row after four years of decline. In general, imports posted a resilient expansion. The growth pace was the most rapid in 2013 with an increase of 104%. Over the period under review, global imports hit record highs at 414K tons in 2016; however, from 2017 to 2022, imports remained at a lower figure.

In value terms, tin ores and concentrates imports soared to $2.9B in 2022. Overall, imports enjoyed a strong expansion. The pace of growth was the most pronounced in 2021 when imports increased by 89%. Global imports peaked in 2022 and are likely to see steady growth in years to come.

Imports By Country

China dominates imports structure, recording 244K tons, which was approx. 83% of total imports in 2022. It was distantly followed by Malaysia (20K tons) and Thailand (19K tons), together comprising a 14% share of total imports.

China was also the fastest-growing in terms of the tin ores and concentrateses imports, with a CAGR of +22.4% from 2012 to 2022. At the same time, Thailand (+21.0%) displayed positive paces of growth. By contrast, Malaysia (-2.6%) illustrated a downward trend over the same period. While the share of China (+34 p.p.) and Thailand (+2.2 p.p.) increased significantly in terms of the global imports from 2012-2022, the share of Malaysia (-33.9 p.p.) displayed negative dynamics.

In value terms, China ($2B) constitutes the largest market for imported tin ores and concentrateses worldwide, comprising 69% of global imports. The second position in the ranking was held by Malaysia ($425M), with a 14% share of global imports.

In China, tin ores and concentrates imports increased at an average annual rate of +27.8% over the period from 2012-2022. In the other countries, the average annual rates were as follows: Malaysia (+3.5% per year) and Thailand (+39.8% per year).

Import Prices By Country

The average tin ores and concentrates import price stood at $10,078 per ton in 2022, rising by 13% against the previous year. Over the period under review, the import price continues to indicate perceptible growth. The most prominent rate of growth was recorded in 2021 an increase of 76%. Global import price peaked in 2022 and is likely to see steady growth in the near future.

Prices varied noticeably by country of destination: amid the top importers, the country with the highest price was Malaysia ($20,823 per ton), while China ($8,373 per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Thailand (+15.5%), while the other global leaders experienced more modest paces of growth.

Exports

World Exports of Tin Ores And Concentrates

After two years of growth, overseas shipments of tin ores and concentrateses decreased by -10.9% to 59K tons in 2022. In general, total exports indicated notable growth from 2012 to 2022: its volume increased at an average annual rate of +4.5% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, exports increased by +38.9% against 2019 indices. The most prominent rate of growth was recorded in 2014 with an increase of 103%. As a result, the exports reached the peak of 68K tons. From 2015 to 2022, the growth of the global exports remained at a lower figure.

In value terms, tin ores and concentrates exports rose modestly to $796M in 2022. Overall, exports, however, continue to indicate a resilient increase. The pace of growth appeared the most rapid in 2014 when exports increased by 99% against the previous year. The global exports peaked in 2022 and are likely to see steady growth in years to come.

Exports By Country

In 2022, Australia (17K tons), distantly followed by Brazil (11K tons), Congo (6.2K tons), Rwanda (3.8K tons), Nigeria (3.1K tons) and Lao People's Democratic Republic (3K tons) represented the main exporters of tin ores and concentrateses, together committing 76% of total exports. Russia (2.4K tons), Vietnam (2.2K tons), Malaysia (2K tons), Democratic Republic of the Congo (1.9K tons), Thailand (1K tons) and Namibia (0.9K tons) followed a long way behind the leaders.

From 2012 to 2022, the biggest increases were recorded for Malaysia (with a CAGR of +154.9%), while shipments for the other global leaders experienced more modest paces of growth.

In value terms, Australia ($260M) remains the largest tin ores and concentrates supplier worldwide, comprising 33% of global exports. The second position in the ranking was held by Congo ($128M), with a 16% share of global exports. It was followed by Brazil, with a 9.3% share.

From 2012 to 2022, the average annual growth rate of value in Australia stood at +8.6%. The remaining exporting countries recorded the following average annual rates of exports growth: Congo (+11.5% per year) and Brazil (+16.9% per year).

Export Prices By Country

In 2022, the average tin ores and concentrates export price amounted to $13,419 per ton, picking up by 14% against the previous year. Overall, export price indicated a temperate expansion from 2012 to 2022: its price increased at an average annual rate of +3.5% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, tin ores and concentrates export price increased by +50.2% against 2019 indices. The most prominent rate of growth was recorded in 2021 an increase of 31% against the previous year. Over the period under review, the average export prices hit record highs in 2022 and is expected to retain growth in years to come.

There were significant differences in the average prices amongst the major exporting countries. In 2022, amid the top suppliers, the country with the highest price was Malaysia ($21,109 per ton), while Thailand ($5,538 per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Namibia (+38.4%), while the other global leaders experienced more modest paces of growth.

Source: IndexBox Market Intelligence Platform