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.
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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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