SEATTLE, April 19, 2019 (GLOBE NEWSWIRE) -- The global tin chemicals market is estimated to reach 77.4 KT by 2027 from 61.7 KT in 2018, and is projected to exhibit a CAGR of 2.75% over the forecast period (2019–2027).
Key Trends and Analysis of the Tin Chemicals Market:
Since 2005, after the regulations imparted by the European Union (EU) on use of chromium in cements, tin chemicals such as stannous sulphate or stannous chloride are used in cement additives to reduce the natural level of chrome (VI) component in cement and mortar formations. Tin chemicals permanently reduce chrome (VI) substance and immobilize them, which makes tin sulphate a better alternative than other additives such as iron sulphate. Therefore, significant growth in construction industry is expected to drive demand for tin chemicals. For instance, according to the Chartered Institute of Building, the global construction industry is expected to account for 14.7% of the worldwide GDP by 2030. Moreover, the global construction market is projected to be valued at US$ 17.5 trillion by 2030 from US$ 8 trillion in 2015.
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Among applications, the PVC stabilizers segment is expected to witness significant market share over the forecast period. This is owing to excellent properties offered by tin chemicals such as good color retention, high transparency, and early coloring. According to the European Stabilizer Producer Association (ESPA), tin stabilizers are also approved for use in food contact applications, potable water applications, and in rigid medical applications.
Major players in the PVC industry are focused on expanding their production capacity, which in turn increases demand for PVC stabilizers, thereby driving the tin chemicals market growth. For instance, Shintech, the U.S.-based subsidiary of Japan’s Shin-Etsu—announced to expand its PVC output at Louisiana complex by 58% to over 1 million mt/year, along with other upstream PVC expansions, by late 2020 or early 2021.
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Key Market Takeaways:
- Among regions, Asia Pacific is expected to account for significant market share during the forecast period. This is owing to increasing use of tin chemicals in various end-use industries such as automotive, packaging, chemical industry, construction, and others in the region. Tin chemicals are utilized in various automotive applications such as seat cushions, coatings, plastics, and others. Significant growth in the automotive industry in emerging economies of the region such as China and India is expected to fuel demand for tin chemicals in the region. For instance, according to the U.S. International Trade Organization (ITA) 2017, China was the world’s largest vehicle market, reporting sales of over 28 million units in 2016, which is expected to reach 35 million units by 2025.
- Moreover, significant growth in the packaging industry in emerging economies such as India is also expected to aid the tin chemicals market growth in the region. For instance, according to fact book released by ‘Interpack Alliance’, India packaging industry revenue was US$ 32.0 billion in 2015, and is expected to reach US$ 73.0 billion by 2020.
- Some of the 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.
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