July 03, 2020
According to the research report titled ‘Global Bismuth Market Size study with COVID-19 impact, by Derivatives (Bismuth Nitrate, Bismuth Oxide, Bismuth Oxychloride, Bismuth Subnitrate, Bismuth Sub Carbonate and Bismuth Aluminate), by End-Use Industries (Pharmaceutical, Cosmetics and Pigments, Electronic, Automotive and Others) and Regional Forecasts 2020-2026’, available with Market Study Report LLC, global bismuth market generated revenues worth USD 260.47 million in the year 2019 and is anticipated to showcase a y-o-y growth rate of 4.99% between 2020 and 2026.
For those uninitiated, bismuth is a white, brittle crystalline element which has a pinkish tinge and possess similar chemical properties to that of antimony and arsenic. It is found in ores such as bismite and bismuthinite. Its low thermal conductivity, high electrical resistance and diamagnetic properties have allowed for its use across various industry verticals.
Rising adoption of bismuth in automotive applications is one of the key factors driving the market growth. In fact, Minor Metals Trade Association states that around 2 ounces of bismuth is utilized per vehicle.
Increasing automobile production is also facilitating the market expansion. According to OICA (International Organization of Motor Vehicle Manufacturer), global production of passenger cars totaled at 72.10 million units in 2016, which increased to 73.45 million units in the year 2017. It further states that worldwide commercial vehicle production, which includes both heavy trucks & buses as well as lightweight vehicles, had reached 22.87 million units in 2016 and grew to 23.84 million units in the year 2017.
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Growing demand for bismuth from pharmaceutical sector is stimulating the industry outlook. However, easy availability of bismuth alternatives such as antibiotics, alumina and others for pharmaceutical applications may act as a restraining factor to the overall market growth.
Since bismuth is widely used across various end-use industries including automotive, electronics, pharmaceuticals etc., the outbreak of COVID-19 has adversely impacted the global bismuth market growth owing to the enforcement of strict lockdown and shutdown of several industries in order to curb the spread of the infection.
Considering the geographical landscape, North America bismuth market is predicted to expand significantly during the forecast period, primarily due to growing demand for bismuth from automotive sector. On the other hand, Asia-Pacific market is slated to record momentous growth during 2020-2026. Rising adoption of bismuth in pharmaceutical sector is favoring the market outlook in APAC.
The major companies formulating the competitive landscape of global bismuth market are Western Minmetals (SC) Corp., Zhuzhou Keneng New Material Co. Ltd., Xianyang Jump Hua Bismuth Industry Co. Ltd., Fortune Minerals Ltd., Nui Phao Mining Joint Venture Co. Ltd., Peñoles S.A.B. de C.V., Hunan Jinwang Bismuth Industry Co., Merck KGaA, Omkar Speciality Chemicals Ltd. and 5N Plus Inc. among others.