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.
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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).
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.
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 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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