Bismuth is a metallic chemical element that is used in various industries such as pharmaceuticals, metallurgy, and cosmetics owning to its properties. In pharmaceutical industry, it is used in medications for treating gastro-intestinal problems and soothing an upset stomach as bismuth subsalicylate. It is also used as a cosmetic pigment in makeup products like lipsticks, blushes and concealers owing to its ability to neutralize skin redness very effectively.
The global Bismuth Market is estimated to be valued at US$ 380.9 Mn in 2023 and is expected to exhibit a CAGR of 5.3% over the forecast period 2023-2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends: Rising demand for bismuth in pharmaceutical formulations used for treating gastrointestinal problems and increasing use of bismuth compounds as cosmetic pigments in various makeup products are some of the key factors propelling the growth of bismuth market. Bismuth subsalicylate, an over-the-counter drug containing bismuth is widely used for treating GI issues like diarrhea, indigestion and acid reflux. Due to its soothing effects, the drug is emerging as a common treatment option for relieving symptoms caused due to gastrointestinal disorders. Moreover, bismuth vanadate is gaining significant popularity as a cosmetic pigment in lipsticks, blushes and foundations due its ability to neutralize redness very effectively on skin. This property of bismuth pigments is driving their increasing use in cosmetic industry.
SWOT Analysis
Strength: Bismuth metal has high thermal and electrical conductivity, low toxicity, and is corrosion resistant. These properties make it suitable for various industrial applications.
Weakness: The mining and processing of bismuth requires high capital investment and advanced technologies to extract it from its ores. This leads to relatively higher production costs.
Opportunity: Increasing usage of bismuth alloys in automotive, electrical, pharmaceutical, and cosmetic industries due to their low toxicity. The growing solar panel market also provides growth opportunities for bismuth telluride thermoelectric materials.
Threats: Volatile prices of bismuth majorly influenced by fluctuating supply from limited mining sources pose major threat. Substitute materials can also replace bismuth in certain applications.
Key Takeaways
The global Bismuth Market Analysis is expected to witness high over the forecast period of 2023 to 2030 supported by growing end-use industries. The global Bismuth Market is estimated to be valued at US$ 380.9 Mn in 2023 and is expected to exhibit a CAGR of 5.3% over the forecast period 2023-2030.
Asia Pacific dominates the global market currently due to strong presence of mining and end-use industries in China and other developing Asian countries. The Asia Pacific bismuth market is estimated to expand at a CAGR of around 5.6% during the forecast years.
Key players operating in the bismuth market are A Guangdong Guanhao High-Tech, Hansol Paper Co., Ltd., Sappi Group, Neenah Coldenhove, Ahlstrom-MunksjÃ, The Felix Schoeller Group, Beaver Paper & Graphic Media Inc., Jiangyin Allnice Digital Technology, Seiko Epson Corporation, B.N Papeis. Among these, A Guangdong Guanhao High-Tech is the largest producer of bismuth in the world with mining and refining facilities located in China. The company aims to expand production capacity to cater to the growing demand for bismuth from various end-use industries globally.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
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