Global Bismuth Market, By Derivatives (Bismuth Nitrate, Bismuth Oxide, Bismuth Oxychloride, Bismuth Subcarbonate, and Other), By End User (Pharmaceuticals, Automotive, Electrical and Electronic, Cosmetics, and Others), and By Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa) is estimated to be valued at US$ 454.2 Mn in 2023 and is expected to exhibit a compound annual growth rate (CAGR) of 5.6% during the forecast period (2024-2031), as highlighted in a new report published by Coherent Market Insights.
Bismuth is a chemical compound that looks like white crystalline and is highly diamagnetic in nature among all metal. It has a high electrical resistance and has the highest hall effects of any metals. It is used to manufacture low melting solders and fusible alloys and is also used in the manufacturing of pharmaceutical products for treating stomach ache as it is best known for Pepto-Bismol. Moreover, it is also used in the production of acrylonitrile, which is further used as raw materials for manufacturing synthetic fibers and rubbers products. Furthermore, bismuth is also used in the manufacturing of shot and shotguns. Bismuth oxides, bismuth nitrates, bismuth salicylate, and bismuth oxychloride are some of the major derivatives of bismuth.
Global Bismuth Market – Impact of Coronavirus (COVID-19) Pandemic
The World Health Organization (WHO) designated the illness caused by the Severe Acute Respiratory Syndrome Coronavirus 2 (SARS-CoV-2), which first appeared in Wuhan (province of Hubei, China), in the last months of 2019, as "coronavirus disease 2019" or COVID-19. This virus spreads quickly and had a serious negative impact on the economies, social behaviors, and healthcare of every country in the world.
COVID-19 affected the economy in three main ways: by directly affecting production and demand, by creating disruptions in distribution channels, and through its financial impact on firms and financial markets. Due to the lockdown, several countries, such as India, China, Brazil, and others, faced problems regarding the transportation of things from one place to another.
Supply chain disruptions: COVID-19 has led to interruptions in mining operations and logistics, thereby causing delays and shortages in raw material supplies. As bismuth is often a by-product of lead, zinc, and other metal mining, the slowdown in these mining activities directly affected bismuth production.
Operational challenges: Lockdowns and social distancing measures impacted the workforce across the mining and manufacturing sectors. These measures led to reduced operational capacity and productivity.
Fluctuating demand: The demand for bismuth depends largely on its end-use applications. With key industries like automotive, pharmaceuticals, and electronics experiencing a downturn during the pandemic, the demand for bismuth used in the manufacturing components for these industries also declined.
Price volatility: The uncertainty regarding the length and severity of the pandemic created a volatile market, with prices being influenced by disruptions in supply and changes in demand patterns.
Health and pharmaceutical sector: Bismuth compounds, especially bismuth subsalicylate, are used in medicine. There could have been a variable impact - either a spike in demand for pharmaceuticals linked to treating COVID-19 symptoms or a reduction in the production of other pharmaceuticals due to shifts in manufacturing priorities.
Innovation and research and development (R&D): During the pandemic, some research and development activities were put on hold, slowing the pace of innovation which could have implications on the future applications and demand for bismuth.
Market recovery: The speed at which markets have recovered from the effects of the pandemic varied by region, based on factors such as vaccination rates, the effectiveness of public health responses, government stimulus packages, and the resilience of the local economy. Companies in the bismuth market, and others allied to it, have had to be agile in response to the changing landscape brought about by the pandemic.
Link - https://www.coherentmarketinsights.com/market-insight/bismuth-market-3439
Global Bismuth Market: Key Developments
- In September 2023, Fortune Minerals Limited and Rio Tinto collaborated to develop technology that will enhance the recovery of the critical minerals, cobalt and bismuth. Through this partnership, Fortune Minerals Limited aims to increase the value of critical mineral supply chain investments and increase planned cobalt and bismuth refining operations to process co-product streams of the minerals recovered from the Kennecott smelter. Fortune Minerals Limited is a Canada-based development stage mining company focused on advancing the vertically integrated No Information and Communication Order (NICO) cobalt-gold-bismuth-copper project, which includes a proposed mine and mill in the Northwest Territories. Rio Tinto is a British-Australian multinational company that is the world's second largest metals and mining corporation. The company also supplies industrial minerals such as borax, titanium dioxide, and salt.
Key Takeaways of the Bismuth Market
- Global bismuth market is expected to exhibit a CAGR of 5.6% during the forecast period (2024-2031)
- It profiles key players in the global bismuth market based on the following parameters – company highlights, products portfolio, key highlights, financial performance, and strategies
- Key companies covered as a part of this study include 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., and 5N Plus Inc.
