Bismuth is a brittle crystalline metal which is commonly used for applications requiring non-toxicity, low melting point, and dimensional stability. It is commonly used as a pharmaceutical ingredient in medicines to treat gastro-intestinal issues. Growing prevalence of gastrointestinal disorders worldwide has propelled the demand for bismuth pharmaceuticals such as antacids and antidiarrheal drugs, thereby driving the bismuth market growth. Bismuth is also used as a non-toxic replacement for lead in applications such as cosmetics, metallurgy, and electronics.
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 increasing demand from medical industry has emerged as a key trend fueling the growth of bismuth market over the forecast period. The widespread use of bismuth in manufacturing antidiarrheal drugs and antacids can be attributed to its non-toxic nature. According to a report by World Health Organization, over 2 billion cases of diarrhea diseases are reported annually across the globe, with major cases from Africa, Southeast Asia and children under 5 years of age. The growth in prevalence of diarrhea together with rising health awareness has led to increased uptake of bismuth based medicines, which in turn has augmented the demand for bismuth over the years.
Segment Analysis
The global bismuth market is segmented by type and application. By type, the market is dominated by bismuth oxychloride sub-segment due to its extensive use in cosmetics applications owing to its ability to provide excellent coverage and absorb UV lights, which helps providing protection to the skin.
Key Takeaways
The Global Bismuth Market Size is expected to witness high growth at a CAGR of 10% during the forecast period of 2023 to 2030. The market size is projected to grow from US$ 380.9 Mn in 2024 to over US$ 700 Mn by 2030.
Regional analysis: Asia Pacific region dominated the global bismuth market in 2024 with a share of over 35%, due to high demand from cosmetic and pharmaceutical industries from China, India and other developing countries of the region. Further, growth of end use industries and rising per capita expenditure on personal care products is expected to aid the market growth at the fastest pace in the region during the forecast period.
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. The Armortex Group, Inc., Avon Barrier Corporation Ltd. are identified as the prominent players owing to their diverse product portfolio and strong distribution network across various countries.
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