Key Vendors
The key vendors in the bismuth market are Hunan Jinwang
Bismuth Industry Co. Ltd (China), Hunan YuTeng Nonferrous Metals Co. (China),
Geotech Internation B. V. (Netherlands), and Orrion Chemicals (Europe).
The key players in the market continuously conduct
researches and development activities to boost the product sales, enhance their
brand, and increase their profitability.
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For instance, ANSTO recently contributed to a research
conducted by the University of Sydney, involving doping transition metals in a
polymorph of bismuth oxide with the aim to gain more structural stability. The
group of professors of the University of Sydney and researchers from ANSTO has
achieved the design and understanding of the complex crystal structure. They
have also tried to understand the chemistry behind a commensurate structure
within the fast-ion conducting stabilized bismuth oxide, co-doped with chromium
and niobium, Bi23CrNb3O45.
Market Synopsis
The global bismuth is bound to grow significantly, reaching
USD 302.39 MN with CAGR of 4.15% during forecast period (2016-2022), states
Market Research Future (MRFR). Escalating environmental regulations for lead
usage in various end-use industries benefit the bismuth market. Bismuth metal
is not toxic and poses no threat to the environment, enhancing its demand.
Also, stringent regulations and initiatives by manufacturers to phase out lead
production spur the bismuth market growth. The growing automotive industry
which uses bismuth in rust free coatings, pearlescent coatings, brake linings,
and clutch pads are also deemed to provide traction for the bismuth market
demand over the forecast period. Other than this, growing base metal tungsten
production is projected to increase bismuth supply in the market. It’s been
observed that new entrants are venturing in with high production capacity which
increases the competition within the bismuth market.
On the flip side, rigid regulations and mandates related to
contamination of resources and water footprint monitoring undermine the market
growth. However, increasing research activities to explore additional uses of
bismuth, its physical and chemical traits will elevate the product utilization
in more applications around the world, positively impacting the bismuth market.
A trend that is making its way into the global market is the
use of bismuth as an anode for Sodium-Ion Batteries (SIB).
Market Segmentation
The bismuth
market has been segmented on the basis of types, applications, and
region.
On the basis of type, the market is segmented by bismuth
oxide, bismuth oxychloride-BiOCI, bismuth subnitrate, bismuth subcarbonate and
bismuth aluminate. The bismuth oxide market has witnessed significant growth
due to its application in fireworks industry. It is commonly used to produce
the dragon's eggs effect in fireworks, replacing red lead.
By application, the market is segmented by pharmaceutical,
cosmetics, construction industry, automotive industry, chemical industry and
others. Rising disposable income of the working-class population in emerging
nations, growth in demand for pharmaceuticals & cosmetics has been
witnessed, resulting in increased demand for bismuth.
Regional Analysis
By region, the global bismuth market is segmented on the
basis of Asia Pacific, the United States of America (USA), Europe, Middle East
and Africa.
Considering value and volume, Asia Pacific is the leading
market during the forecast period. Presence of large-scale bismuth
manufacturers in China boosts the growth of the market. Growing population and
development of manufacturing facilities by prominent market players in this
region trigger the market growth immensely.
North America and Europe are expected to be the highest
consumers of bismuth oxide. The North America market for bismuth is mainly
driven by chemical industry. Huge demand for bismuth from personal care and
pharmaceuticals fuel the market growth. In pharmaceuticals sector, bismuth is used
in manufacturing of tablets and ointments. In personal care products, bismuth
is used in cosmetic products such as eye shadows, nail polishes, and creams
among others.
On the other hand, Europe bismuth market enjoys immense
growth due to its application in metal processing, as replacement to lead
compounds. Bismuth is also used as metal additives in galvanizing and casting
processes. Also, bismuth is used in specialty applications such as solders, and
high precision castings. Its applications in many industries increase its
appeal, resulting in heavy demand.
The Middle East and Africa market are exhibiting promising
growth due to increasing per capita disposable income and high sales of
personal care products combined with strong consumer base for various cosmetics
items in this region.
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