Global Bismuth Market size was valued at USD 464.17 Million in 2023 and is expected to reach USD 759.17 Million by 2032, at a CAGR of 5.8% during the forecast period 2023-2032
The global bismuth market is expected to grow significantly during the forecast period owing to the growing demand for bismuth from various end use industries such as pharmaceuticals, cosmetics, automotive, electronics, paints & coatings, metallurgy others.
The rapidly expanding global pharmaceutical industry is expected to create lucrative opportunities for bismuth as it is mainly used in various drug formulations. For instance, according to the International Federation of Pharmaceutical Manufacturers & Associations, the global pharmaceutical manufacturing industry was valued at USD 523.48 Bn in 2022 and is expected to grow at a CAGR of 8% during the forecast period, which in turn is expected to boost the demand for bismuth in various drug formulations, thereby boosting market growth.
However, the lack of universal directives about the usage of bismuth is restraining the market growth. Every country has different regulations and guidelines for the usage of bismuth. Bismuth manufacturers find it very difficult to cope with country wise regulations, which in turn discourage the investment market, thereby restraining market growth.
The growing use of bismuth in automotive battery system manufacturing is expected to create lucrative opportunities for the market during the forecast period. Automotive manufacturers are using bismuth as a substitute to lead acid in battery manufacturing systems. This in turn is expected to create more opportunities for the market during the forecast period.
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Key Takeaways of the Global Bismuth Market:
- The global Bismuth market is expected to exhibit a CAGR of 38% during the forecast period. The rapidly growing end use industries coupled with the beneficial properties of bismuth offer lucrative growth opportunities for players in the global Bismuth market.
- Among derivatives types, Bismuth oxychloride led the global market with a market share of 32.45% and is expected to keep its dominance during the forecast period. Bismuth oxychloride is a synthetic less-toxic nacreous pigment. It is widely used in various cosmetic formulations such as many cosmetic and personal care products, including make-up, nail products, and cleansing products. Bismuth Oxide is second second-largest and fastest growing segment.
- By end use industry, pharmaceuticals led the market in 2022. Bismuth-based drugs are used primarily to treat ulcers caused by Helicobacter pylori and other gastrointestinal ailments. In various drug formulations, bismuth based drugs are combined with antibiotics, making them ideal for multiple therapy regimens and overcoming bacterial resistance. Automotive is fastest fastest-growing end use industry in the global bismuth market owing to the growing usage of bismuth in various automotive applications such as the casting of metal alloys, windows, battery systems etc.
- By Distribution Channel, the direct distribution channel segment held the highest market share in 2022 and is expected to keep its dominance during the forecast period because the majority of the bismuth manufacturers sell bismuth directly to end users. Direct distribution channel gives more control over the whole process.
- Among regions, Asia Pacific held the highest market share of 37.45% in 2022 and is expected to keep its dominance during the forecast period. China is a major manufacturer of bismuth in the world it accounts for about 70% of global bismuth production. Easy availability of raw materials, low cost labour force and supportive government policies are propelling the production of bismuth in China, which in turn boosts the demand for bismuth in nearby countries such as India, Japan, S. Korea and others.
Custom Market Insights has comprehensively analyzed Bismuth market. The driving forces as well as considerable restraints, challenges, trends, and opportunities have been analysed and explained in depth to attain a balanced scenario. Segment wise market size and market share analysis are covered to portray the probable picture of this exuberant industry.
List of the prominent players in the Bismuth Market:
- Nui Phao Mining Joint Venture Co.Ltd
- Fortune Minerals Ltd
- Xianyang Jump Hua Bismuth Industry Co. LTD
- Zhuzhou Keneng New Material Co. Ltd
- Western Minmetals (SC) Corporation
- SHENZHEN CHINARY CO. LTD
- 5N Plus
- Omkar Speciality Chemicals Pvt Ltd
- Martin Marietta Inc
- Hunan Jinwang Bismuth Industry Co. Ltd
- Met-Mex Peñoles S.A. de C.V.
- Hunan YuTeng Nonferrous Metals Co. Ltd.
- The Kurt J. Leskar Company
- Others
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