February 22, 2024

The Global Bismuth Market Is Driven By Increasing Use In Medical Applications

Bismuth find wide applications in manufacturing of bismuth alloys, bismuth chemicals, cosmetics, paints & pigments, metallurgy, and more importantly medical applications. Bismuth compounds like bismuth subsalicylate and bismuth subcitrate are popularly used for treating diarrhea, upset stomach, and acid indigestion as they act as antacids. Bismuth is also used in manufacturing of Band-Aids and other bandages due to its non-toxic properties. Bismuth helps in preventing gastric ulcers and can relieve symptoms related to GERD (gastroesophageal reflux disease) and gastritis. The increasing prevalence of gastrointestinal issues around the world has led to rising demand for bismuth-based drugs, thus fueling growth of the bismuth market.

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:

One of the key trends in the bismuth market is increasing use in cosmetic industry. Bismuth oxychloride is widely used as a white or pearl essence in cosmetic products like face powders, eye shadows, blushes, etc due to its superior effect. It is known for making products shimmer and illuminate. Moreover, bismuth oxychloride provides a sheer and natural coverage making it suitable for all skin tones. It moisturizes the skin and gives an even tone without caking or settling into fine lines. Hence, rising demand for cosmetic products around the globe is boosting consumption of bismuth oxychloride, thereby driving growth of the overall bismuth market.

Porter’s Analysis
Threat of new entrants: Low capital requirements and brand recognition make it easy for new players to enter the Bismuth market.

Bargaining power of buyers: Buyers have moderate bargaining power due to availability of substitutes in the market.

Bargaining power of suppliers: Few manufacturers supply Bismuth which gives them higher bargaining power over buyers.

Threat of new substitutes: Substitutes like lead and tin pose low threat currently due to unique properties of Bismuth.

Competitive rivalry: Intense competition exists among existing players to gain market share.

Key Takeaways
The Global Bismuth Market Size is expected to witness high growth.

Regional analysis: North America is the largest Bismuth market followed by Europe and Asia Pacific. The US and Canada are major consumers in North America. Germany, UK, and France account for major share in the European market. Developing economies such as China and India are expected to drive the growth in Asia Pacific region.

Key players: 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., and Tech-Airport.

Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it