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The bismuth market size is projected to increase by USD 114.13 million, at a CAGR of 4.91% between between 2023 and 2028. The market growth depends on several factors such as the rising need for thermoelectric materials, the innovations in metallurgical processes, and the limited availability of bismuth reserves.
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Bismuth is a chemical element with the symbol Bi and an atomic number of 83. It is a brittle, crystalline, white metalloid with a pinkish hue, typically found in its native form in minerals such as bismuthinite and bismite. Bismuth is notable for its relatively low melting point among metals and its ability to expand slightly when it solidifies, making it useful in certain applications such as casting and soldering.
The pharmaceuticals segment is estimated to witness significant growth during the forecast period. Bismuth compounds exhibit antimicrobial properties against a wide range of bacteria and fungi. They are effective in inhibiting the growth of Helicobacter pylori, a bacterium implicated in the development of peptic ulcers and gastritis. Bismuth-based medications offer dual therapeutic benefits by treating the underlying infection and alleviating associated symptoms. Moreover, bismuth compounds have cytoprotective effects on the gastrointestinal mucosa, helping to maintain mucosal integrity and reduce inflammation.
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The pharmaceuticals segment was the largest segment and was valued at USD 162.67 million in 2018. Furthermore, bismuth-based therapies are often used along with antibiotics for treating Helicobacter pylori infections. The addition of bismuth compounds to antibiotic regimens helps enhance treatment efficacy and reduce the development of antibiotic resistance, thereby improving patient outcomes and reducing the need for alternative treatments. Thus, these factors will enhance the growth of the pharmaceutical segment of the market during the forecast period.
The oxide?segment will account for the largest share of this segment. Bismuth oxide's optical properties benefit optoelectronics and telecommunications, while its electrical qualities enhance electronic components. It serves as a radiopaque contrast agent in medical imaging and has low toxicity, making it ideal for pharmaceuticals and environmental applications, including pollution remediation and catalytic converters. Thus, these factors will fuel the growth of the bismuth oxide segment of the market during the forecast period.
APAC is estimated to contribute 46% to the growth of the global market during the forecast period. Technavio's analysts have provided extensive insight into market forecasting, detailing the regional trends and drivers of market research and growth trajectory throughout the forecast period.
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The rising need for thermoelectric materials is the key factor driving market growth. Thermoelectric materials, including bismuth-based compounds like bismuth telluride, are crucial for converting waste heat into electricity. Increasing demand for thermoelectric technology drives innovation in bismuth materials and manufacturing processes. Industries such as automotive and aerospace utilize thermoelectric modules for efficient cooling and energy harvesting, contributing to bismuth market growth. Hence, the rising need for thermoelectric materials will boost the growth of the market during the forecast period.
The innovations in metallurgical processes is the primary trend shaping market growth. Innovations in ore processing, including advanced crushing and beneficiation methods, increase bismuth extraction efficiency. Hydrometallurgical techniques, like leaching and solvent extraction, are vital for bismuth extraction, while pyrometallurgical processes refine bismuth concentrates. Innovations in both methods enhance efficiency, reduce costs, and ensure product quality, meeting diverse application needs. Thus, such factors will drive market growth during the forecast period.
The limited availability of bismuth reserves is a challenge that affects market growth. Bismuth's production relies on lead and copper mining, with China dominating global output. Supply is vulnerable to primary metal price fluctuations and geopolitical factors. Exploration challenges, including complex geological settings and environmental regulations, hinder development. Concentrated production regions pose risks of supply chain disruptions and trade policy impacts. Thus, environmental concerns, habitat preservation, and community engagement are essential considerations for responsible bismuth production, which may impede market growth during the forecast period.
Companies are implementing various market trends and analysis strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market and resulting of market growth analysis.
5N Plus: The company offers bismuth chemicals which are used as a replacement for lead in other industrial applications, like coatings and pigments, and in electronics, optics and glass.
The market growth and forecasting report also includes detailed analyses of the competitive landscape of the market and information about 10 market companies, including:
BASF SE, Endo International Plc, Fortune Minerals Ltd, JINWANG Europe S.A.S, Masan Group, Merck KGaA, Nanorh, Omkar Speciality Chemicals Ltd., SHEPHERD CHEMICALS, Viavi Solutions Inc., Western Minmetals SC Corp., Xianyang jump hua bismuth industry Co. LTD, and Kurt J Lesker Co.
The market analysis and report of qualitative and quantitative analysis of companies has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize companies as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize companies as dominant, leading, strong, tentative, and weak.
The market forecasting report includes the adoption lifecycle of the market, covering from the innovator’s stage to the laggard’s stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their market growth and forecasting growth strategies.
Bismuth Market Scope |
|
Report Coverage |
Details |
Page number |
166 |
Base year |
2023 |
Historic period |
2018-2022 |
Forecast period |
2024-2028 |
Growth momentum & CAGR |
Accelerate at a CAGR of 4.91% |
Market Growth 2024-2028 |
USD 114.13 million |
Market structure |
Concentrated |
YoY growth 2023-2024(%) |
4.29 |
Regional analysis |
APAC, North America, Europe, Middle East and Africa, and South America |
Performing market contribution |
APAC at 46% |
Key countries |
US, China, South Korea, Japan, and Germany |
Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
Key companies profiled |
5N Plus, BASF SE, Endo International Plc, Fortune Minerals Ltd, JINWANG Europe S.A.S, Masan Group, Merck KGaA, Nanorh, Omkar Speciality Chemicals Ltd., SHEPHERD CHEMICALS, Viavi Solutions Inc., Western Minmetals SC Corp., Xianyang jump hua bismuth industry Co. LTD, and Kurt J Lesker Co. |
Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, and market condition analysis for the forecast period. |
Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
We can help! Our analysts can customize this market research report to meet your requirements.
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Application
7 Market Segmentation by Derivative Type
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Trends
11 Vendor Landscape
12 Vendor Analysis
13 Appendix
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