by Bismuth is widely used in pharmaceutical products owing to its non-toxic and acid neutralizing properties. It is used as antidiarrheal agent and also to treat non-ulcer dyspepsia, gastric ulcers, skin rashes and poisonings.
The global Bismuth Market is estimated to be valued at US$ 380.9 Mn in 2023 and is expected to exhibit a CAGR of 10% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
The growing pharmaceutical industry worldwide is majorly driving the demand for bismuth as it is widely used in medicines. As per recent estimates, the global pharmaceutical industry was valued at over US$ 1.2 trillion in 2020 and is growing steadily. With rising healthcare expenditures and increasing demand for medicines across the globe, especially in developing nations, the demand for bismuth from pharmaceutical manufacturers is expected to increase significantly over the forecast period. This will subsequently augment the growth of the global bismuth market during the same time period.
SWOT Analysis
Strength: Bismuth is a relatively abundant metal that has historically low price volatility. As an alloying element in alloys it enhances their corrosion-resistance capabilities.
Weakness: Supply chain of bismuth is concentrated in a few countries like China. Dependence on limited suppliers poses risk of supply disruptions. Production of bismuth involves complex recovery process from other ores which increases costs.
Opportunity: Growing demand from pharmaceutical industry for bismuth oxychloride and subsalicylate provides opportunities. Emerging applications in cosmetic industry for bismuth pigment is another avenue.
Threats: Alternatives like chromium oxide pigments pose threat to bismuth pigments market. Economic uncertainties and slowed industrial activities can impact growth of end use industries.
Key Takeaways
The Global Bismuth Market Size is expected to witness high growth over the forecast period.
Regional analysis – North America currently dominates the global market owing to large pharmaceutical industry in US and Canada that uses bismuth for over-the-counter drugs. Asia Pacific is witnessing fastest growth led by China which is a major consumer as well as producer of bismuth.
Key players operating in the bismuth market are The Armortex Group, Inc., Avon Barrier Corporation Ltd., Total Security Solutions (TSS), TSS Bulletproof, NASSAU Industrial Doors Limited, Insulgard Security Products, Protective Structures Ltd., Saab AB, Fenestration Solutions Inc., Blast Structures International Inc., RTS Tactical, J.P. Donovan Construction Inc., Tech-Airport, Strongwell Corporation, Oshkosh Corporation. These players are focused on expanding their production capabilities and global footprint through mergers & acquisitions to meet growing demand.
Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
