BISMUTH MARKET ANALYSIS

Global bismuth market size is expected to reach US$ 665.6 Mn by 2031, from US$ 454.2 Mn in 2023, exhibiting a compound annual growth rate (CAGR) of 5.6% during the forecast period. Bismuth is a brittle and white crystalline compound with slight pink color and is widely used across alloys, fire extinguishers, cosmetics, and ammunition. It has a low melting point which makes it ideal for manufacturing alloys as it can be used to mold in any number of shapes. Bismuth has applications in pharmaceuticals, cosmetics, industrial pigments, metallurgical additives, and fusible alloys. It is also used in the chemicals, metallurgical, cosmetics, and paints & coatings, and electronics sectors as it is the least toxic heavy metal. Commercially, it is available in the form of pellets, needles, ingots, and powder. Moreover, it can be used in place of lead across a wide range of applications.

Global Bismuth Market Regional Insights:

• Asia Pacific is expected to be the largest market for bismuth, accounting for over 38.5% of the market share in 2023. The Asia Pacific region has been the dominant and the fastest-growing region in the bismuth market, owing to the ever-growing industries such as pharmaceuticals, electrical and electronics, automotive, and others.
• Europe is the second-largest market for bismuth, accounting for a market share of 23.0% in 2023. Bismuth market is witnessing favorable growth as the pharmaceutical and cosmetics industries are expanding in Europe, which accelerates sales growth. This is boosting the market growth in the region.
• North America is the third-largest market for bismuth, accounting for a market share of 20.3% in 2023, increasing technological innovations in the pharmaceutical, medical devices, and battery systems in the North America region. This is expected to boost the market growth in this region during the forecast period.

       Figure 1. Global Bismuth Market Share (%), By Region, 2023

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Analyst’s Views:

Global bismuth market is expected to witness moderate growth over the next five years. While bismuth has several applications in sectors such as pharmaceuticals, cosmetics, and metallurgy, demand is limited due to the availability of close substitutes. Bismuth is mainly used in pharmaceutical formulations where it has properties similar to lead and is a safer alternative. However, generics and focus on cost-effective treatments may restrain its usage. Opportunities exist as bismuth alloys are finding increasing applications as non-toxic solders for electronics. Its usage as pigments in cosmetics including makeup and nail polishes is also likely to drive the market expansion. The cosmetics industry is growing steadily which supports bismuth consumption. Europe dominates bismuth consumption due to its large pharmaceutical production base while China and India are major suppliers globally. Asia Pacific is projected to witness the fastest gains owing to rising pharmaceutical exports from India and China along with a booming cosmetics industry in the region. Growth in North America will be steady with established healthcare infrastructure and high personal care products usage.

Global Bismuth Market Drivers:  

• Growth in pharmaceutical industry applications of bismuth compounds: The pharmaceutical industry is increasingly using bismuth compounds in various applications which is positively impacting the growth of the bismuth market. Bismuth subsalicylate which is commonly known by its trade name Pepto-Bismol, is a vital bismuth compound that is widely used in over-the-counter gastrointestinal drugs to treat diarrhea, indigestion, and upset stomach. It works by secreting mucus and acting as an adhesive in the stomach to coat lesions and protect the gastro-intestinal lining. In the past few years, there has been a rise in consumption of Pepto-Bismol across global markets due to growing incidence of diarrhea, gastroenteritis, and other digestive issues. For instance, according to the World Health Organization (WHO), approximately 50% (over 3 billion) of the world populations are known to be infected with Helicobacter pylori, mainly in the developing countries. Among those, hundreds of millions of people develop peptic ulceration during their lifetime and still tens of millions might progress to gastric cancer.
• Rising demand from cosmetic industry: The cosmetic industry has witnessed tremendous growth over the past few years with increased expenditure on skincare and makeup products globally. Bismuth has several properties that make it highly useful for the cosmetic industry. It is non-toxic and hypoallergenic thereby providing a safe alternative to other metals in cosmetic formulations. Bismuth also has skin calming and soothing properties, thus making it an active ingredient in many skincare products targeted for sensitive skin. With the rising health and hygiene concerns, the demand for mild and natural cosmetic products has surged significantly. For instance, according to statistics provided by the United Nations Com trade database, the global imports of bismuth compounds for use in pharmaceutical and cosmetic applications rose by over 12% from 2020 to 2021.

Global Bismuth Market Opportunities:

• Emerging applications in automotive industry: The automotive industry has been increasingly utilizing bismuth in recent years and this trend is likely to accelerate further in the coming decades. Bismuth finds wide usage in manufacturing automotive components that require high melting point and low thermal conductivity properties. For instance, in 2022, according to the International Energy Agency’s report, electric car sales are estimated to rise over 25% annually till 2030 driven by supportive government policies in major markets like the European Union (EU) and China.
• Potential in optics and optoelectronics domain:  The optics and optoelectronics sector are witnessing significant growth globally driven by increasing demand for fiber optic cables, optical sensors, Light-Emitting Diode (LED) lighting, and displays. Bismuth has certain properties like high refractive index, non-toxicity, ductility which make it suitable for applications in this domain. It can replace traditionally used materials like lead and provide environmentally friendly solutions. Bismuth alloys can be used to manufacture fiber optic cables that have advantages like flexibility, high data carrying capacity and resistance to environmental factors. The internet of things (IOT) is widely being adopted across industries with need for more optical connectivity. For instance,, according to the data provided by the International Telecommunication Union (ITU), the number of IoT ( Internet of Things) connections is expected to triple from 8 billion in 2020 to 25 billion by 2030. This growing need for optical networks will drive the demand for bismuth-enabled fiber optic cables.

Global Bismuth Market Trends:

• Rising research and development (R&D) investments by manufacturers: Rising R&D investments by manufacturers is having a significant influence on the bismuth market. Many manufacturers have been increasing their spending on new product development and innovations that are related to bismuth in recent years. They are investing heavily in developing more advanced bismuth alloys, new grades of bismuth metal with improved properties, and other bismuth-based formulations for use across diverse industries. The surging R&D focus and new product launches are enabling manufacturers to penetrate new application segments, replace existing alternatives, and improve functionality at lower costs. By offering better and customized bismuth solutions, these companies are witnessing significant growth in demand and sales volumes. They are also able to command premium prices for their innovative bismuth products.
• Shift toward organic bismuth compounds: The contract catering industry is undergoing significant changes due to the growing digitization and rising popularity of online platforms. Many market players are developing online portals and mobile applications that allow their business customers to conveniently view meal options, customize menus, generate food orders and dietary requirements, track deliveries, and manage invoices and payments. This digital transformation is helping contract caterers to reduce operational costs and improve their service quality. It is also enabling them to scale up operations and expand their customer base rapidly. 

Global Bismuth Market Restraints:

• Availability of substitute products: Global bismuth market has been facing strong competition from substitute products which is proving to be a major restraining factor for its growth. Bismuth is mainly used as a non-toxic replacement for lead in products like cosmetics, pharmaceuticals, and ammunition. However, there are other non-toxic metals which can effectively replace lead without using bismuth. For example, materials like zinc have been increasingly used in place of lead in ammunition manufacturing. For instance, according to data provided by the National Shooting Sports Foundation, the use of non-toxic zinc cores in ammunition increased from 25% in 2012 to over 75% in 2020.
• Fluctuations in bismuth ore prices: Fluctuations in the prices of bismuth ore have significantly restrained the growth of the bismuth market over the past few years. Bismuth is extensively used across different industries such as metallurgical, chemical, pharmaceutical, electronics, and rubber for various applications. However, as bismuth is a by-product obtained during extraction of other metals such as lead, its supply heavily depends on the production of primary metals. Any disruptions or fluctuations in the production of primary metals indirectly impacts the availability of bismuth ore. For instance, according to the United States Geological Survey (USGS), between 2020 and 2022, average prices of bismuth ore fluctuated between US$5 and US$8 per kilogram due to temporary closure of mines in China and Central Asia Pacific amidst the pandemic.
• Counterbalance - The development or increased availability of substitute materials with similar properties could decrease the demand for bismuth. If these alternatives are cheaper or more readily available, they could be preferred over bismuth in certain applications.

Figure 2. Global Bismuth Market Share (%), By End User, 2023

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Recent Developments:

• In March 2023, Endo International plc. announced that one of its operating companies, Par Pharmaceutical, Inc., began shipping the first generic version of Allergan's Pylera (bismuth subcitrate potassium, metronidazole, tetracycline hydrochloride) 140 mg, 125 mg, and 125 mg capsules in the U.S., following final approval from the U.S. Food and Drug Administration (FDA) of its abbreviated new drug application. Endo International plc. is a specialty pharmaceutical company. The company is committed to improve the lives of patients through the development, manufacturing, marketing, and distribution of high-value branded pharmaceutical products, generic pharmaceuticals, and sterile injectable.
• In March 2022, OFS and Viavi Solutions announced their collaboration on a test and measurement-focused amplifier based on a new OFS Bismuth-doped fiber which could be produced at sufficient volumes to meet the growing demand for 400GbE and 800GbE test applications worldwide. OFS is a U.S.-based technology company known for designing and manufacturing fiber optic solutions. Viavi Solutions is an U.S.-based network test, measurement, and assurance technology company. Viavi Solutions manufactures testing and monitoring equipment for networks and develops optical technology for various applications including material quality control, currency anti-counterfeiting, and 3D motion sensing. 

Top Companies in the Global Bismuth Market

• Hunan Jinwang Bismuth Industry Co. Ltd.
• Hunan Shizhuyuan Nonferrous Metals Co., Ltd.
• Hunan Huaxin Rare & Precious Metals Technologies Co., Ltd.
• Hunan YuTeng Nonferrous Metals Co., Ltd.
• Nui Phao Mining Company Ltd.
• Met-Mex Peñoles, S.A. de C.V.
• 5N Plus Inc.

Definition: Bismuth is a chemical element with the symbol Bi and atomic number 83. It is a brittle, grayish-white, red-tinged, metallic element that is used in various applications, including manufacture of fusible alloys, medicine, and pigments for cosmetics and chemical reactions. Bismuth is relatively non-toxic and has a low melting point, thereby making it suitable for various applications. It is found in nature in small quantities and is often extracted from its ores through a process involving leaching and precipitation.