Bismuth is a metal commonly used in pharmaceuticals due to its nontoxic and antacid properties. Bismuth pharmaceutical preparations are used to treat various gastrointestinal conditions like diarrhea, indigestion, and stomach upset. Bismuth is also used as a coating for non-absorbable pharmaceuticals to prevent corrosion of the capsule. In addition, bismuth alloys and composites are gaining prominence in cosmetics, electronics, and automotive sectors.
The global Bismuth Market is estimated to be valued at US$ 380.90 Mn in 2023 and is expected to exhibit a CAGR of 7% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
The increasing usage in medical sector is one of the key trends driving the growth of the bismuth market. Bismuth salicylate and subsalicylate are widely used to treat diarrhea, indigestion, and upset stomach. Bismuth pharmaceuticals works by decreasing gastrointestinal secretion and motility, adhering to the lining of stomach and intestines, and killing Helicobacter pylori bacteria responsible for gastrointestinal ulcers. This wide application in gastrointestinal conditions has led to an increase in consumption of bismuth compounds in pharmaceutical industry over the years. Growing prevalence of gastrointestinal diseases worldwide is further expected to spur the demand for bismuth compounds from medical applications over the forecast period.
SWOT Analysis
Strength: Bismuth has properties like non-toxicity and stability at high temperatures which makes it suitable for many applications. It has applications in pharmaceuticals, metallurgy and other industries.
Weakness: Availability of alternatives in some applications can threaten bismuth market. Bismuth deposits are limited and procurement of raw materials can be a challenge.
Opportunity: Growing pharmaceutical industry and demand for greener products provide growth opportunities for bismuth. Development of new applications in emerging areas like electronics can boost market growth.
Threats: Volatility in prices of bismuth can impact the profitability of players. Environmental regulations regarding mining activities need to be complied with.
Key Takeaways
The Global Bismuth Market Size is expected to witness high growth over the forecast period supported by rising demand from end-use industries. The pharmaceutical industry is the major consumer of bismuth globally due to its non-toxic properties and use in various medicines.
The Asia Pacific region currently dominates the global bismuth market owing to the presence of major bismuth miners and consumers in China and other Asian countries. This is attributed to factors like presence of major bismuth mining countries like China and availability of raw materials. Countries like China, Japan and South Korea are also major consumers of bismuth contributing significantly to the regional market growth.
Key players operating in the bismuth market are 5N Plus Inc., Nyrstar NV, Met-Mex Peñoles, Hunan Jinwang Bismuth Industry Co., Ltd., Bismuth Recycling Ltd. These players are focused on capacity expansion plans and backward integration to gain competitive advantage. There is also a growing focus on developing new applications of bismuth in emerging sectors like electronics and solar photovoltaics.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
