Bismuth Market Size, Share, and Industry Analysis, By Derivative (Bismuth Nitrate, Bismuth Oxide, Bismuth Oxychloride, Bismuth Subcarbonate, and Others), By End-use Industry (Pharmaceutical & Cosmetics, Chemicals, Automotive, Electrical & Electronics, and Others), and Regional Forecast, 2024-2032

The pharmaceutical industry is the primary industry driving the bismuth market. Bismuth compounds are extensively used in the manufacturing of drugs. The bismuth drugs are mainly used in the treatment of gastrointestinal diseases and ailments. Changing food habits are resulting in increased cases of GIT diseases, leading to increased demand for bismuth for drug manufacturing from the pharmaceutical industry.

Rising demand for bismuth derivatives is significantly driving the bismuth market. Bismuth nitrate is mainly used for the prevention of kidney damage caused by anti-cancer drugs. It is also used in the treatment of digestive tract infection which helps in the prevention of ulcers. Moreover, it finds applications in the prevention of bone marrow damage caused by harmful radiation.

• Researchers discovered new bismuth compounds in previously known systems of two elements. Scientists identified RE3Bi7 for the first time. The newly discovered material has a potential for energy applications.

Different bismuth derivatives, including bismuth nitrate, bismuth oxide, bismuth oxychloride, and bismuth subcarbonate, are used in chemicals, automotive, and electronics for several applications. For instance, bismuth compounds are used in the electronics industry for improving and altering the properties of ceramic materials and also in the manufacturing of semiconductors. Therefore, the growing electrical and electronics industry is significantly driving the growth of the bismuth market. 

• In 2022, the Asia Pacific region dominated the bismuth market with around 30% of the market share.

The major bismuth market consumers by region are China, Japan, and India in Asia Pacific; the U.S. & Canada in North America; Germany and France in Europe; and Saudi Arabia and UAE in the Middle East.

• China is the largest consumer of bismuth, amounting to around 15% of the global market.


• Hong Kong is the second largest exporter of semiconductor devices, with exports of around USD 19 billion in 2022.

Segmentation

Key Insights

The report covers the following key insights:

• Key Market Trends


• Sustainability Scenario of Bismuth Market.


• Key Developments in Bismuth Market.


• Latest Technological Advancements


• Impact of COVID-19 on Bismuth Market.

Analysis by Derivative

By derivative, the market is segmented into bismuth nitrate, bismuth oxide, bismuth oxychloride, bismuth subcarbonate, and others. The bismuth nitrate segment holds a significant share of the global bismuth market.

• Different bismuth derivatives, including bismuth nitrate, bismuth oxide, bismuth oxychloride, and bismuth subcarbonate, are used in several crucial applications in various end-use industries, such as pharmaceuticals and cosmetics.


• Bismuth nitrate is mainly used in the pharmaceutical industry for the manufacturing of drugs used in gastrointestinal diseases and ailments. It is also used in the formulation of drugs used in the prevention of kidney damage caused by anti-cancer drugs.   

Analysis by End-use Industry

By end-use Industry, the market is segmented into pharmaceutical & cosmetics, chemicals, automotive, electrical & electronics, and others. The pharmaceutical and cosmetics segment holds a significant share of the global bismuth market.

• Rising demand from pharmaceuticals and cosmetics is the major factor driving the global bismuth market. Applications of the bismuth in the formulations of many drugs used in different ailments and diseases is the key factor driving its demand from the pharmaceutical industry.


• Increased demand from electricals & electronics and automotive industries is anticipated to drive the market growth significantly. For example, the electrical & electronics industry is witnessing a higher demand for bismuth owing to its applications in various processes and semiconductor manufacturing.


• In addition, unexplored bismuth presents more potential for research and development, which is driving its demand from the chemical industry.

Regional Analysis

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The global market is geographically segmented into North America, Europe, Asia Pacific, Latin America and the Middle East & Africa. Asia Pacific holds a significant share of the global bismuth market. Higher demand from the pharmaceutical industry in the region is the primary factor driving the bismuth demand in the region. One of the largest and fastest-growing electrical and electronics industries in the region is driving the bismuth demand in the region at faster space. Increasing research and development activities in the developing economies of the region, including China and India, are driving bismuth demand from the chemical industry.

Top Electronics Exporter Countries Globally, 2022

• China - 34%


• Taiwan - 11%


• South Korea - 7%


• Vietnam - 5%


• Malaysia - 5%


• Japan - 4%


• Rest of World - 34%

Key Players Covered

The report includes the profiles of key players, such as BASF SE, Omkar Speciality Chemicals Ltd., Hunan Jinwang Bismuth Industry Co. Ltd., Peñoles, Nui Phao Mining Joint Venture Co.Ltd, Fortune Minerals Ltd, Xianyang Jump Hua Bismuth Industry Co. LTD, Zhuzhou Keneng New Material Co. Ltd., Western Minmetals (SC) Corporation, SHENZHEN CHINARY CO. LTD.

Key Industry Developments

• In April 2022, Shepherd Colour launched Bismuth Vanadate Yellow with its newest Digital Exhibition.  It is extensively used in outstanding performance yellow color matching & is approved by regulators and included in the chemistry registry. 


• In March 2022, Viavi Solutions and OFS agreed to cooperate for large-scale manufacturing of OFS Bismuth-doped fiber for 400/800GbE testing applications.