USD 38 million
Bismuth Market Size, Share, Growth Analysis, By Derivatives(Bismuth Nitrate, Bismuth Oxide, Bismuth Oxychloride, Bismuth Subcarbonate), By End-user(Pharmaceuticals, Automotive, Electrical and Electronics, Cosmetics), By Region - Industry Forecast 2024-2031
Report ID:
SQMIG15A2301 |
Region:
Global |
Published Date: February, 2024
Pages:
157
|Tables:
67
|Figures:
75
Bismuth Market Insights
Global Bismuth Market size was valued at USD 38 million in 2021 and is poised to grow from USD 40 million in 2022 to USD 62 million by 2030, at a CAGR of 4.90% during the forecast period (2023-2030).
The global bismuth market has experienced steady growth in recent years, driven by various factors including increasing applications in industries such as healthcare, electronics, and cosmetics. Bismuth, a brittle and crystalline metal, finds extensive use in pharmaceuticals for its antacid and anti-diarrheal properties, as well as in the manufacturing of alloys, soldering materials, and pigments. Additionally, the growing demand for bismuth-based compounds in the electronics industry, particularly in the production of thermoelectric materials, further contributes to market growth. The healthcare sector plays a significant role in driving the demand for bismuth. Bismuth compounds are utilized in a range of medical applications, including gastrointestinal treatments, wound care, and imaging agents. Furthermore, the cosmetics industry utilizes bismuth oxychloride as a key ingredient in various makeup products due to its pearlescent and light-reflecting properties.
However, the global bismuth market also faces certain challenges. One of the primary challenges is the limited availability of bismuth reserves. Bismuth is a relatively rare element, and the scarcity of viable deposits makes it challenging to meet the growing demand. Additionally, the extraction and refining processes for bismuth can be complex and costly, impacting the overall supply chain. Furthermore, the market faces competition from alternative materials and substitutes. For instance, the increasing use of lead-free solders and alloys poses a challenge to bismuth-based soldering materials. The development of sustainable and environmentally friendly alternatives may also impact the demand for bismuth in various applications. Despite these challenges, the global market is expected to witness continued growth in the coming years. The increasing demand for bismuth in diverse industries, coupled with ongoing research and development efforts to expand its application scope, are likely to drive market expansion. Additionally, the growing focus on sustainable and eco-friendly materials presents opportunities for the bismuth market to develop innovative solutions and overcome existing challenges.
Market Snapshot - 2023-2030
Global Market Size
Largest Segment
Pharmaceuticals
Fastest Growth
Pharmaceuticals
Growth Rate
4.90% CAGR
Global Bismuth Market ($ Bn)
Country Share for Asia-Pacific Region (%)
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Bismuth Market Segmental Analysis
Global Bismuth Market is segmented by derivatives, end-user and region. Based on derivatives, the market can be segmented into Bismuth Nitrate, Bismuth Oxide, Bismuth Oxychloride, Bismuth Subcarbonate, and Others. Based on end-user, the market is segmented into Pharmaceuticals, Automotive, Electrical and Electronics, Cosmetics, and Others. Based on region, the market is segmented into North America, Europe, Asia Pacific, Middle East and Africa, and Latin America.
Analysis By Derivatives
The global bismuth market can be segmented by derivatives into Bismuth Nitrate, Bismuth Oxide, Bismuth Oxychloride, Bismuth Sub carbonate, and Other Derivatives. Bismuth Oxide dominated the market. Bismuth Oxide, also known as bismuth trioxide or bismuth (III) oxide, is a widely used compound with various applications. It finds extensive utilization as a catalyst in the production of acrylic fibers, as a pigment in ceramics and glass, and as a component in the manufacturing of electronic devices. The high demand for bismuth oxide across multiple industries establishes it as the dominant segment in the global bismuth market.
The fastest growing derivative in the market is Bismuth Oxychloride. Bismuth Oxychloride is a compound commonly used in cosmetics, especially in the production of face powders, foundations, and blushes. It possesses unique pearlescent properties, providing a shimmering effect in cosmetics, making it popular among consumers. The increasing demand for cosmetics and the rising trend of using natural and mineral-based ingredients in beauty products contribute to the rapid growth of the Bismuth Oxychloride segment in the global bismuth market.
Analysis By End User
The global bismuth market can be segmented by end-user industries into Pharmaceuticals, Automotive, Electrical and Electronics, Cosmetics, and Other End-user Industries. Pharmaceuticals dominated the global market. Bismuth compounds are widely used in the pharmaceutical sector for their antacid and anti-diarrheal properties. Bismuth subsalicylate, for example, is commonly employed in over-the-counter medications for the treatment of gastrointestinal disorders. The pharmaceutical industry's demand for bismuth is driven by the increasing prevalence of digestive ailments and the need for effective gastrointestinal treatments.
The fastest growing end-user industry in the market is Electrical and Electronics. Bismuth is utilized in various electronic applications, including the production of thermoelectric materials, which convert heat into electricity. The growing demand for thermoelectric devices in sectors such as renewable energy, automotive, and consumer electronics drives the need for bismuth-based materials. The ability of bismuth to exhibit high thermoelectric efficiency and low toxicity makes it an attractive choice for such applications, contributing to the rapid growth of the Electrical and Electronics segment in the global bismuth market.
Global Bismuth Market By End user
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Bismuth Market Regional Insights
Asia Pacific dominated the global market. Asia Pacific accounts for a significant share of the global market due to the presence of major bismuth-producing countries such as China and Vietnam. China, in particular, is the largest producer and consumer of bismuth globally, driving the dominance of the Asia Pacific region. The growing industrial sectors, including electronics, pharmaceuticals, and cosmetics, contribute to the strong demand for bismuth in this region.
The fastest growing region in the bismuth market is expected to be Latin America. Latin America has witnessed increasing bismuth exploration and mining activities in countries like Bolivia and Peru. These countries have significant bismuth reserves and are focusing on expanding their production capacities to meet the growing demand. Additionally, the region's growing pharmaceutical and cosmetics industries, coupled with increasing investments in infrastructure development, are expected to drive the bismuth market's growth in Latin America.
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Bismuth Market Dynamics
Drivers
Increasing Applications in Electronics
- The expanding electronics industry, particularly in sectors such as renewable energy, automotive, and consumer electronics, is driving the demand for bismuth. Bismuth-based materials are utilized in thermoelectric devices, which convert heat into electricity, contributing to energy-efficient solutions and the growing demand for bismuth.
Rising Demand in Cosmetics
- Bismuth-based compounds, such as bismuth oxychloride, are utilized in the cosmetics industry. These compounds provide a pearlescent effect in makeup products like powders, foundations, and blushes. The trend of natural and mineral-based cosmetics has fueled the demand for bismuth in the cosmetics sector.
Restraints
Environmental and Health Concerns
- Some bismuth compounds can have environmental and health implications. For instance, bismuth compounds may be toxic or pose risks if not handled properly. Ensuring safe handling and disposal practices is necessary to address environmental and health concerns associated with bismuth usage.
Competition from Substitutes
- Bismuth faces competition from alternative materials and substitutes in various applications. For example, the use of lead-free solders and alloys as substitutes for bismuth-based materials in soldering applications is a significant challenge. The development of sustainable and cost-effective alternatives may impact the demand for bismuth in specific industries.
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Bismuth Market Competitive Landscape
The global bismuth market exhibits a competitive landscape with several players striving to establish their presence and gain a significant market share. The market is characterized by the presence of both global and regional players, each focusing on product development, expansion strategies, and technological advancements to strengthen their market position. The competition among these players is driven by factors such as product quality, pricing, distribution networks, and customer relationships. Additionally, market participants engage in strategic collaborations, partnerships, and mergers and acquisitions to expand their product portfolios and geographic reach. The competitive landscape of the global market fosters innovation, encourages research and development activities, and ultimately benefits consumers through a wider range of products and improved product offerings.
Top Player’s Company Profile
- Met-Mex Peñoles, S.A. de C.V. - Mexico
- Umicore N.V. - Belgium
- Nui Phao Mining Company Limited - Vietnam
- Chenzhou Mining Group Co., Ltd. - China
- Angang Group International Trade Corporation - China
- Tinco Group - China
- Bismuthsalts GmbH - Germany
- M&K Metal Co. - US
- Vital Materials Co., Ltd. - China
- Zhuzhou Keneng New Material Co., Ltd. - China
- TTT Metal Powder - Japan
- Rare Metal Resources B.V. - Netherlands
- China Minmetals Corporation - China
- Changsha Easchem Co., Limited - China
- Hunan YuTeng Nonferrous Metals Co., Ltd. - China
- TIB Chemicals AG - Germany
- JX Nippon Mining & Metals Corporation - Japan
Recent Developments
- In January 2023, The Bismuth Institute announced the launch of its new website, which provides information about bismuth and its applications.
- In February 2023, The European Bismuth Association released a report on the bismuth market, which forecast that the market will grow at a CAGR of 6.9% from 2022 to 2032.
- In March 2023, A new bismuth mine was opened in Bolivia, which is expected to increase the global supply of bismuth.
Bismuth Key Market Trends
- Increasing Use in Thermoelectric Applications: Bismuth's excellent thermoelectric properties have led to its increasing use in thermoelectric applications. Thermoelectric materials that convert heat into electricity are gaining traction in industries such as automotive, renewable energy, and aerospace. Bismuth-based materials, known for their high thermoelectric efficiency, low toxicity, and cost-effectiveness, are being utilized to improve energy efficiency and reduce carbon emissions.
- Rising Demand in Medical and Pharmaceutical Applications: Bismuth compounds are extensively used in medical and pharmaceutical applications. The increasing prevalence of gastrointestinal disorders and the need for effective treatments have fueled the demand for bismuth-based medications. Additionally, bismuth is being explored for its potential applications in areas such as antimicrobial agents and cancer therapeutics, opening new avenues for growth in the medical sector.
Bismuth Market SkyQuest Analysis
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Co-relates, and Analyses the Data collected by means of Primary Exploratory Research backed by robust Secondary Desk research.
According to our global bismuth market analysis, the market is driven by factors such as the increasing demand for bismuth in pharmaceuticals, electronics, cosmetics, and other applications. The pharmaceutical industry's reliance on bismuth compounds for gastrointestinal treatments and the growing prevalence of digestive ailments contribute to the market's expansion. Additionally, the electronics sector benefits from bismuth's thermoelectric properties, facilitating the production of energy-efficient devices. The cosmetics industry also contributes to the market's growth, as bismuth-based compounds offer unique pearlescent properties for makeup products. Technological advancements, product innovations, and the emergence of sustainable and eco-friendly applications further drive market growth. However, the limited availability of bismuth reserves and the competition from substitute materials pose challenges. Nevertheless, with ongoing research and development efforts, expanding applications, and the exploration of new markets, the global market is poised for continued growth, offering opportunities for market players to enhance their offerings and cater to the evolving needs of various industries.
| Report Metric | Details |
|---|---|
| Market size value in 2021 | USD 38 million |
| Market size value in 2030 | USD 62 million |
| Growth Rate | 4.90% |
| Base year | 2023 |
| Forecast period | 2023-2030 |
| Forecast Unit (Value) | USD Million |
| Segments covered |
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| Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
| Companies covered |
|
| Customization scope | Free report customization with purchase. Customization includes:-
|
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Table Of Content
Executive Summary
Market overview
- Exhibit: Executive Summary – Chart on Market Overview
- Exhibit: Executive Summary – Data Table on Market Overview
- Exhibit: Executive Summary – Chart on Bismuth Market Characteristics
- Exhibit: Executive Summary – Chart on Market by Geography
- Exhibit: Executive Summary – Chart on Market Segmentation
- Exhibit: Executive Summary – Chart on Incremental Growth
- Exhibit: Executive Summary – Data Table on Incremental Growth
- Exhibit: Executive Summary – Chart on Vendor Market Positioning
Parent Market Analysis
Market overview
Market size
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- SWOT Analysis
KEY MARKET INSIGHTS
- Technology Analysis
- (Exhibit: Data Table: Name of technology and details)
- Pricing Analysis
- (Exhibit: Data Table: Name of technology and pricing details)
- Supply Chain Analysis
- (Exhibit: Detailed Supply Chain Presentation)
- Value Chain Analysis
- (Exhibit: Detailed Value Chain Presentation)
- Ecosystem Of the Market
- Exhibit: Parent Market Ecosystem Market Analysis
- Exhibit: Market Characteristics of Parent Market
- IP Analysis
- (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
- Trade Analysis
- (Exhibit: Data Table: Import and Export data details)
- Startup Analysis
- (Exhibit: Data Table: Emerging startups details)
- Raw Material Analysis
- (Exhibit: Data Table: Mapping of key raw materials)
- Innovation Matrix
- (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
- Pipeline product Analysis
- (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
- Macroeconomic Indicators
COVID IMPACT
- Introduction
- Impact On Economy—scenario Assessment
- Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
- Revised Market Size
- Exhibit: Data Table on Bismuth Market size and forecast 2021-2027 ($ million)
- Impact Of COVID On Key Segments
- Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
- COVID Strategies By Company
- Exhibit: Analysis on key strategies adopted by companies
MARKET DYNAMICS & OUTLOOK
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- Regulatory Landscape
- Exhibit: Data Table on regulation from different region
- SWOT Analysis
- Porters Analysis
- Competitive rivalry
- Exhibit: Competitive rivalry Impact of key factors, 2021
- Threat of substitute products
- Exhibit: Threat of Substitute Products Impact of key factors, 2021
- Bargaining power of buyers
- Exhibit: buyers bargaining power Impact of key factors, 2021
- Threat of new entrants
- Exhibit: Threat of new entrants Impact of key factors, 2021
- Bargaining power of suppliers
- Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
- Competitive rivalry
- Skyquest special insights on future disruptions
- Political Impact
- Economic impact
- Social Impact
- Technical Impact
- Environmental Impact
- Legal Impact
Market Size by Region
- Chart on Market share by geography 2021-2027 (%)
- Data Table on Market share by geography 2021-2027(%)
- North America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- USA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Canada
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Europe
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Germany
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Spain
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- France
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- UK
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Europe
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Asia Pacific
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- China
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- India
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Japan
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Korea
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Asia Pacific
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Latin America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Brazil
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of South America
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Middle East & Africa (MEA)
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- GCC Countries
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Africa
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of MEA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
KEY COMPANY PROFILES
- Competitive Landscape
- Total number of companies covered
- Exhibit: companies covered in the report, 2021
- Top companies market positioning
- Exhibit: company positioning matrix, 2021
- Top companies market Share
- Exhibit: Pie chart analysis on company market share, 2021(%)
- Total number of companies covered
Methodology
For the Bismuth Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Bismuth Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Analyst Support
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Bismuth Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Bismuth Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
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