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Bismuth Market is Estimated to Witness High Growth Owing to Opportunity in Pharmaceutical Applications

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Mia Yates
 Bismuth Market is Estimated to Witness High Growth Owing to Opportunity in Pharmaceutical Applications

Bismuth is a semi-metallic chemical element with atomic number 83. It finds wide applications in pharmaceuticals due to its non-toxic property. The element is used in various drugs as antidiarrheal, antacids and skin care products. It helps in relieving symptoms caused by gastrointestinal issues. With rising prevalence of digestive disorders worldwide, demand for bismuth-containing drugs is increasing significantly.

The global Bismuth Market is estimated to be valued at US$ 380.90 Mn 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 Opportunity:

The rapid growth in pharmaceutical applications of bismuth offers high growth potential to the market. According to WHO, around 2 million people die each year from diarrheal diseases caused by contaminated food or water. As a non-toxic element, bismuth compounds are widely used in antidiarrheal drugs. Increasing spending on healthcare and rising awareness about digestive health in developing nations will further drive the demand for antidiarrheal and antacid drugs containing bismuth. This robust demand from pharmaceutical industry for bismuth compounds will present lucrative opportunity for market players over the forecast period.

Porter's Analysis

Threat of new entrants: Medium. Starting a bismuth production business requires high capital investments to establish mining and refining operations. Bargaining power of buyers: Medium. The market is dominated by a few large buyers who can negotiate favorable prices. Bargaining power of suppliers: Medium to high. Raw materials are limited and suppliers have some control over pricing. Threat of new substitutes: Low. Bismuth has unique properties that are difficult to substitute. Competitive rivalry: High. The market is fragmented with many mid-sized players competing on pricing and quality.

SWOT Analysis

Strengths: Bismuth finds applications in many end-use industries like pharmaceuticals, cosmetics, alloys etc. due to its unique properties.

Weaknesses: Narrow natural resource base as bismuth deposits are scarce. Production dependent on few countries.

Opportunities: Growing demand from emerging applications in electronics and renewable energy sectors.

Threats: Supply constraints due to limited mining capacities. Rising input and logistics costs poses challenges.

Key Takeaways

The Global Bismuth Market Size is expected to witness high growth over the forecast period of 2023 to 2030.

Regionally, Asia Pacific dominates the global production and consumption of bismuth mainly due to the presence of China which accounts for over 70% of the global bismuth output.

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 a major Canadian producer and distributor of ultra-high-purity metals and compounds. Nyrstar NV is a large multinational metals mining and smelting company headquartered in Belgium. Met-Mex Peñoles is the largest bismuth producer in the world based in Mexico. Hunan Jinwang Bismuth Industry Co. Ltd. and Bismuth Recycling Ltd. are other notable players focused on bismuth manufacturing and recycling, respectively.

For More Insights, Read: https://www.newswirestats.com/bismuth-market-demand-growth-and-regional-outlook-by-2030/


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