With the rapid growth of the pharmaceutical sector in the APAC region, on account of increased R&D investments and rise in consumption of medicated drugs with bismuth nitrate formulation, the overall consumption of bismuth nitrate has witnessed a rise. This consumption pattern is likely to continue during the forecast period, as several medical manufacturers aiming for setting up their production facilities in emerging nations, such as China and India. Therefore, the consumption of bismuth nitrate in the pharmaceutical industry in the region is projected to increase during the forecast period.
Consumption of Pharmaceutical Grade Bismuth Nitrate to Remain Dominant
The global bismuth nitrate market is categorized into pharmaceutical grade, industrial grade, and others, on the basis of grade. Among these, the pharmaceutical grade category is projected to witness the highest growth during the forecast period. This can be attributed to the high-volume consumption of the compound in medicated drugs, owing to its ability to prevent any sort of kidney damage to patients during chemotherapies. In addition, pharmaceutical grade bismuth nitrate is vastly used in drugs for the treatment of ulcers.
The bismuth nitrate market is categorized into drug formulation, chemical manufacturing, and others, on the basis of application. The drug formulation category is expected to hold the largest revenue share during the forecast period. This can be primarily due to high-volume consumption of bismuth nitrate for drug manufacturing. In addition, the consumption of the compound is witnessing a rise for new drug manufacturing, in order to develop drugs for the treatment of diseases which at present have no cure.
Geographically, the bismuth nitrate market in APAC is expected to witness a strong growth, on account of increased R&D investments, along with facility expansion of several large-scale drug manufacturers, which require bismuth nitrate as a raw material. In addition, rise in number of cancer patients in the region is further increasing the consumption of such drugs for the prevention of kidney damage caused during chemotherapies.
Strategic Agreements and Geographical Expansion are Key Measures Adopted by Market Players
Players in the bismuth nitrate market are implementing a strong focus on facility expansion along with entering into strategic agreements with other players involved in the industry, in order to gain a competitive edge. For instance, in January 2019, The Shepherd Chemical Company, which is a prominent player involved in the manufacturing of metal-based chemistries, announced an $8.5 million expansion of its Mirecourt, France European operation. This expansion would upgrade the existing R&D facilities, along with a new warehouse being setup, as well as setup of a third reactor in the facility, in order to increase the production capacity.
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In addition, in September 2019, The Shepherd Chemical Company announced its agreement for the exclusive distribution of BiCAT polyurethane catalysts in the U.S. and Canada, with Everchem Specialty Chemicals.
Some of the key players operating in the global bismuth nitrate market include American Elements, Thermo Fischer Scientific Inc., Avantor Inc., GFS Chemicals Inc., Merck KGaA, Strem Chemicals Inc., Henan Coreychem Co. Ltd., Orrion Chemicals Bischem, and The Shepherd Chemical Company.