In a first of its kind for the sector, the International Tin Association (ITA) has launched its strategic report – TIN2030: A Vision for Tin. This thought-leading initiative has been compiled in collaboration with a broad range of stakeholders from across the sector. Identifying both opportunities and challenges, it highlights the crucial role of tin as a resource to enable the global energy transition and digitalisation. There will be new opportunities to work together on ESG issues to underpin supply.
“Looking into the next decade, the tin industry faces dramatic new market dynamics and ESG demands. It is important for us in the sector to understand what lies ahead so we can take advantage of the unprecedented opportunities and challenges”, said Helen Prins, CEO of ITA. “We foresee that the next decade will see a wakeup to tin with a new wave of efforts to secure a sustainably sourced supply.”
The report highlights the impact of global changes on the sector. Changes such as rising geopolitical tensions, climate change urgency and macroeconomic shocks. According to the ITA research, this will lead to increased competition for vital resources including tin. Tin supply chains will need to adapt rapidly to meet these challenges while also working together to manage increased ESG expectations and demonstrate how the tin sector is building a better future for everyone.
The report highlights the importance of tin to everyday life and its growing role as an essential enabler for the energy transition and digitalisation. As the glue that holds together almost all electronic and electrical infrastructure, its significance will increase. Another strong indication that the demand for tin will surge. ITA estimates that $1.4 billion is needed to deliver 50,000 tpa more tin by 2030.
Better communication and collaboration on ESG will be needed to develop a holistic understanding of risks and meaningful standards. Increased engagement with ASM will increase business opportunities and rewards. The market will differentiate companies who strive beyond minimum requirements, including those achieving UN 2030 SDG’s.
TIN2030 represents a landmark effort in terms of bringing the industry together to think about the future of the sector. A pioneering effort led by ITA in its unique position at the heart of the industry. Through this holistic approach, ITA has been able to integrate perspectives from across the sector to best understand what the future is likely to hold for this vital metal.