Bismuth Market Is Estimated To Witness High Growth
Bismuth is a silvery-gray metal which occurs naturally and has low toxicity. It is used in various applications such as pharmaceuticals, cosmetics, industrial applications and metallurgical applications. Bismuth is widely used to manufacture pharmaceutically important compounds due to its non-toxic and healing properties. It helps in relieving nausea, diarrhea, upset stomach and acid reflux disease. Some key bismuth products include citrate, nitrate, subsalicylate and pepto-bismol which is used to treat diarrhea, indigestion and stomach upset.
The global Bismuth Market is estimated to be valued at US$ 380.9 Mn in 2023 and is expected to exhibit a CAGR of 5.3% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Opportunity:
The growing medical applications of bismuth is estimated to drive the market growth over the forecast period. Bismuth is widely used in pharmaceutically important compounds due to its non-toxic and healing properties. It finds wide applications in treatment of various diseases including diarrhea, nausea, acid reflux and indigestion. Moreover, increasing bacterial infections worldwide is further estimated to boost the demand for antibiotics containing bismuth during the forecast period. The expanding healthcare industry along with rising per capita healthcare spending is expected to offer significant growth opportunities for bismuth producers over the coming years.
Porter’s Analysis
Threat of new entrants: The threat of new entrants is low as the market is consolidated with key established players and requires high initial investments.
Bargaining power of buyers: The bargaining power of buyers is moderate as buyers have many established suppliers to choose from but the products have differentiation.
Bargaining power of suppliers: The bargaining power of suppliers is moderate as raw materials require specific technical know-how but there are also many raw material suppliers.
Threat of new substitutes: The threat of substitutes is low as bismuth has unique properties and no direct replacement is available.
Competitive rivalry: Competition is intense.
SWOT Analysis
Strength: Bismuth has properties like lower toxicity and higher ductility. Demand is driven by growing end use industries.
Weakness: Market is small and fluctuating bismuth prices impact profitability. Further R&D is required to develop new applications.
Opportunity: Potential applications in pharmaceutical, metallurgy and electronics industries can drive future growth. Emerging economies offer new market opportunities.
Threats: Stringent regulations and policies impact bismuth production. Supply shortage and environmental concerns also act as threats.
Key Takeaways
The global Bismuth Market Demand is expected to witness high over the forecast period led by increasing use in alloys, pharmaceuticals, metallurgy industries. The global bismuth market is estimated to be valued at US$ 380.9 Mn in 2023 and is expected to exhibit a CAGR of 5.3% over the forecast period 2023-2030.
The Asia Pacific region currently dominates the market owing to large production and presence of key players in China. Asia Pacific will continue its dominance in the coming years led by China which accounts for over 60% of global bismuth production. Countries like India are also emerging as high growth markets.
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