February 24, 2024
Bismuth Market

Bismuth Market Driven By Demand From Medical Applications Is Growing At A Considerable Rate

Bismuth is a metallic chemical element that possesses physicochemical properties like nontoxic, low melting point and is highly resistant to oxidation, corrosion and chemical attack. Bismuth finds wide usage in the manufacture of pharmaceutical preparations for treating gastrointestinal discomforts, skin diseases and cosmetic products. It also has demand from applications like metallurgy for manufacturing alloys, brake linings, firing weapons, fusible alloys and many more.

The global bismuth market size was valued at around US$ 380.90 Mn in 2023 and is estimated to exhibit a compound annual growth rate (CAGR) of 7% over the forecast period of 2023 to 2030.

The medical industry absorbs a major chunk of the bismuth output owing to its non-toxic nature and physiological properties. Bismuth is commonly used as antidiarrheals, antacids and active pharmaceutical ingredients (API) in remedies for treating upset stomach, gastric irritation and diarrhea. Cosmetic manufacturers also use bismuth for formulating products like lipsticks, nail enamels, makeup bases due to its skin adherence properties. Bismuth has also found increasing applications in electronics as pastes, foils and solders due to its low vapor pressure. The global bismuth market is anticipated to witness steady growth trajectory over the next few years, driven by rising demand from pharmaceutical and cosmetic industries.

Market key trends:

One of the key trends witnessed in the global bismuth market is the burgeoning demand from medical applications. Pharmaceutical companies are increasing their R&D investments to develop bismuth-based drugs due to its anti-diarrheal, anti-ulcer and anti-microbial properties. This is encouraging bismuth manufacturers to ramp up production capacities to cater to thegrowing pharmaceutical demand from both developed and developing nations. Another critical trend is the shifting focus towards environmental sustainability. Bismuth alloys containing lead help in fabrication of bullets, shot pellets and other ammunition. However, lead poses environmental hazards and health risks. Bismuth producers are developing eco-friendly lead-free bismuth alloys for ammunition manufacturing. This underscores the clean technology focus of bismuth players.

Porter’s Analysis

Threat of new entrants: Low. High capital requirements and strong economies of scale make entry difficult.

Bargaining power of suppliers: High. There are few suppliers and switching costs are high given the specialized product.

Bargaining power of buyers: High. Buyers have many suppliers to choose from and can negotiate favorable terms.

Threat of substitutes: Low. There are few product substitutes that can match bismuth’s properties and applications.

Competitive rivalry: High. Competition is strong among the major players.

Key Takeaways

The Global Bismuth Market Size is expected to witness high growth. North America holds the major share in the global bismuth market and is expected to witness significant growth over the forecast period. Key end-use industries such as pharmaceuticals, cosmetics, and metallurgy drive the regional market growth.

Asia Pacific is the fastest growing market for bismuth and is expected to register robust growth over the next few years. Growing pharmaceutical industry, increasing demand for cosmetics, and expanding metallurgy industry boost the regional market growth.

Key players operating in the bismuth market are 5N Plus Inc., Nyrstar NV, Met-Mex PeƱoles, Hunan Jinwang Bismuth Industry Co., Ltd., Bismuth Recycling Ltd. 5N Plus Inc. and Nyrstar NV are among the leading players in the global market with strong market presence across regions.

*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it