Growth Of The Global Bismuth Market Is Being Accelerated By Increased Demand From Pharmaceutical Industry

 


Bismuth compounds are widely used in the pharmaceutical industry as active ingredients in medicines for treating gastrointestinal discomfort due to conditions like upset stomach, heartburn, and diarrhea. Bismuth subsalicylate, the best-known over-the-counter drug for relieving acid indigestion, upset stomach, and diarrhea, has been in use for over a century. Bismuth compounds also have applications in cosmetics owing to their skin lightening properties.

The global Bismuth Market is estimated to be valued at US$ 380.90 million 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 increased demand from the pharmaceutical industry is one of the key trends driving the growth of the Bismuth market. Rapid urbanization and changing lifestyles have led to a rise in lifestyle diseases like gastrointestinal disorders, thereby increasing the consumption of antacids and other gastrointestinal medications that use bismuth compounds as active ingredients. Additionally, bismuth-based medicines also experience less antibiotic resistance as compared to other pharmaceutical drugs which is further fueling their demand from pharmaceutical manufacturers.

Segment Analysis

The global bismuth market is dominated by bismuth alloys sub segment which accounted for nearly 35% market share in 2023. Bismuth alloys are primarily used in solders for electronics and connectors industry. They exhibit high thermal stability, good electrical conductivity and have low melting point compared to other metal alloys. These properties make bismuth alloys ideal for use as solders. The demand from electronics sector is rising with increasing use of electronic devices globally which is driving the bismuth alloys sub segment.

Key Takeaways

The Global Bismuth Market Size is expected to witness high growth over the forecast period of 2023 to 2030. The market is projected to grow at a CAGR of 7% during this period and reach a size of US$ 680.23 Mn by 2030.

Regional analysis

Asia Pacific region currently dominates the global bismuth market with a share of over 35% global market in 2023. Growth rates are highest in this region primarily due to presence of large electronics manufacturing base and rapid industrialization. China accounts for major share of both production and consumption of bismuth in the world. Followed by Asia Pacific, Europe is the second largest market for bismuth. The medical application of bismuth compounds continues to drive the demand in the Europe bismuth market.

Key players

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. 5N Plus Inc. is currently the global market leader with a share of approximately 20% in terms of volume. The company has strong export markets across various regions. Met-Mex Peñoles and Nyrstar are other major bismuth producers across the globe. Hunan Jinwang Bismuth Industry Co. and Bismuth Recycling Ltd focus on downstream applications of bismuth alloys and pharmaceutical grade bismuth compounds.

For More Insights, Read: https://www.newsstatix.com/bismuth-market-size-share-and-growth-forecast-2023-2030/

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