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The global bismuth nitrate market stood at $190.6 million in 2019. The market is expected to demonstrate a CAGR of 5.1% during the forecast period (2020–2030). Some of the key growth factors of the bismuth nitrate industry include adoption of bismuth nitrate over other bismuth derivatives and rapid growth of the pharmaceutical sector in Asia-Pacific (APAC).
The pharmaceutical grade category held the largest revenue share in the bismuth nitrate industry in 2019, based on grade. This is majorly attributed to the high-volume consumption of the compound in drug manufacturing. In addition, the demand for bismuth nitrate is projected to increase, on account of increased investments in research & development (R&D), in order to discover new applications of pharmaceutical grade of the compound in the medical sector. Owing to such factors, the consumption of pharmaceutical grade bismuth nitrate is projected to increase, thereby boosting the market growth.
The drug formulation category is expected to hold the largest market share, on account of having the highest consumption, on the basis of application. The compound has the ability to prevent any sort of damage to kidneys and bone marrow of cancer patients, caused during cancer treatment. In addition, bismuth nitrate formulated drugs can cure duodenal ulcers. With the rise in number of such medical conditions, the consumption of the compound as a drug formulator has witnessed a rise.
The bismuth nitrate market is projected to showcase a positive impact post the COVID-19 pandemic, on account of increased consumption of the compound for medicated drug formulations. In addition, medical professionals are continuously striving, in order to achieve and formulate drugs that can serve as a vaccine to the novel coronavirus. Owing to such factors, the consumption of the composite is projected to increase during the forecast period.
Globally, APAC held the largest revenue share in the bismuth nitrate market in 2019, and the trend is likely to continue during the forecast period. This is majorly attributed to the increasing R&D investments in the pharmaceutical sector of the region, in order to develop drugs for diseases which at present have no cure. In addition, with the rising number of cancer patients in the region, the consumption of pain-relieving drugs has witnessed a rise. In order to cater to these demands, the consumption of the compound is witnessing a rise.
Moreover, the growth of end-use industries in developing nations present in the region, such as China, India, and several other Southeast Asian countries, the consumption of the compound is projected to increase in coming years, thereby propelling the bismuth nitrate market in the region.
The consumption of the compound has increased significantly in China, India, along with Southeast Asian countries, majorly on account of the rapid surge of the pharmaceutical sector in the region. Medical drug manufacturers are making hefty investments in the medical sector in China and India, on account of availability of low-cost raw materials in abundance, along with labor. In addition, the region serves as a prime location for supply of medicated drugs to Europe and Middle Eastern countries. This, in turn, is compelling foreign firms to set up their manufacturing bases in the region.
Moreover, rise in number of cancer patients is further propelling the production of medicated drugs with bismuth salts. In order to meet the demand arising from the healthcare sector, the consumption for bismuth nitrate is projected to increase in coming years, which, in turn, propelling the bismuth nitrate market growth during the forecast period in the APAC region.
The adoption of bismuth nitrate in cosmetic products, such as eye shadows, lipsticks, hair sprays, and nail polishes, is a key trend observed in the bismuth nitrate market. This can be attributed to the increasing awareness of benefits of the compound, as a source of white pigment in such products. With the growth of the global cosmetics industry, the consumption of the compound is likely to increase, in order to expand its application base in the sector.
In recent years, large-scale manufacturers have shifted their focus from usage of bismuth hydroxide, bismuth subsalicylate, bismuth sub carbonate, and bismuth oxychloride, among others, toward bismuth nitrate, on account of high suitability of bismuth nitrate to serve as a suitable reagent for selective oxidation of sulfides to sulfoxides. In addition, the compound has a lower cost, and is easy to handle, in comparison to other derivatives of bismuth. Such factors make the compound a highly suitable alternative for organic synthesis, which serves a broad range of applications. Therefore, the consumption of the compound has increased, and this trend is likely to continue during the forecast period.
|Base Year (2019) Market Size||$190.6 million|
|Forecast Period (2020-2030) CAGR||5.1%|
|Report Coverage||Market Trends, Revenue Estimation and Forecast, Segmentation Analysis, Regional and Country Breakdown, Company Share Analysis, Companies’ Strategical Developments, Competitive Benchmarking, Company Profiling|
|Market Size by Segments||Grade, Application, Region|
|Market Size of Geographies||U.S., Canada, Germany, France, Italy, U.K., Belgium, Netherlands, Japan, China, India, South Korea, Brazil, Mexico, Saudi Arabia, South Africa, U.A.E.|
|Secondary Sources and References (Partial List)||American Association for Cancer Research, American Cancer Society Inc., American Chemical Society, Association of the British Pharmaceutical Industry, National Cancer Institute, International Agency for Research on Cancer (IARC), World Health Organization (WHO)|
The pharmaceutical sector in developing countries of the APAC region, such as China, India, and South Korea, has showcased a profound growth, on account of their macroeconomic growth, increase in R&D investments, along with rise in geriatric patients. In addition, China and India are the most populated countries in the world, and in order to provide access to healthcare facilities to senior citizens and other mass population, the production of pharmaceutical drugs is witnessing a rapid increase. The prevalence of cancer patients in the region has increased drastically, which, in turn, has increased the consumption of drugs formulated with the composite.
Bismuth nitrate formulated drugs have the ability provide treatment for kidney damage, caused due to chemotherapies. Moreover, these drugs prevent any damage to the bone marrow caused by radiation, as well as it prevents digestive tract infection that can lead to ulcers (Helicobacter pylori). Owing to such benefits, the bismuth nitrate market is expected to grow during the forecast period in the region.
The global bismuth nitrate market is consolidated in nature, with the presence of few major players, such as Henan Coreychem Co. Ltd., American Elements, Hunan Jinwag Bismuth Industrial Co. Ltd., Thermo Fisher Scientific Inc., Avantor Inc., GFS Chemicals Inc., Sigma-Aldrich Corporation, and Strem Chemicals Inc.
In the recent years, players in the industry are entering intro strategic agreements, as well as are expanding their geographical presence, in order to gain a competitive edge. For instance:
In January 2019, The Shepherd Chemical Company announced an $8.5 million expansion of its Mirecourt, France European operation. The projected growth path at the Mirecourt location includes the addition of a third reactor, a new warehouse, and upgraded R&D pilot facilities.
In September 2019, The Shepherd Chemical Company signed an exclusive distribution agreement with Everchem Specialty Chemicals for BiCAT polyurethane catalysts in the U.S. and Canada. This strategic partnership with Everchem Specialty Chemicals will bring the ability to better serve customers with more packaging options, a broad portfolio of urethane raw materials, and improved ongoing technical support.
The bismuth nitrate market report offers comprehensive market segmentation analysis along with market estimation for the period 2014–2030.
Based on Grade
Based on Application