Bismuth is a metal that expands when solidifying. It has been used in alloys, cosmetics, pharmaceuticals, and electronics. In alloys, bismuth acts as a machinability enhancer and deoxidizer. It enhances machinability by encouraging chip formation during cutting. In cosmetics, bismuth oxychloride is used as a pearl essence in eye shadows and face powders. Bismuth subsalicylate is used as an active ingredient in pediatric swallowable tablets for treating diarrhea, indigestion, and upset stomach. In electronics industry, bismuth telluride is used in thermoelectric cooling modules and Peltier coolers for efficient cooling of electronics components.
The global bismuth market is estimated to be valued at US$ 380.9 Mn or Mn in 2023 and is expected to exhibit a CAGR of 10% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Dynamics:
The growing end-use industries such as alloys, cosmetics, pharmaceuticals, and electronics are driving the growth of the global bismuth market. Bismuth's expansion property makes it ideal for use in casting alloys for dental applications and fishing sinkers. It has relatively low toxicity and is used as a replacement for lead in linoleum, glass, ceramics, solders, and type metal. Bismuth is also finding increasing usage in thermoelectric materials for electronics cooling. Bismuth telluride is a good thermoelectric material that is used in Peltier coolers. The increasing demand for thermoelectric cooling in electronics and growing electronics industry is fueling the demand for bismuth telluride and driving the growth of the bismuth market.
SWOT Analysis
Strength: Bismuth market is expected to witness robust growth over the forecast period owing to increasing usage of bismuth in various end-use industries like automotive, infrastructure and construction. Bismuth has superior properties such as highdensity, malleability and lower melting point which makes it suitable for usage in applications requiring radiation shielding. Moreover, bismuth alloys are corrosion resistant and less toxic in nature.
Weakness: Volatility in raw material prices can hamper the growth of bismuth market as variations in raw material costs directly impacts the manufacturing costs. Moreover, availability of substitute metals also poses a threat to the dominance of bismuth in end-use industries.
Opportunity: Rising usage of bismuth alloys in applications requiring high density and radiation shielding properties offers significant growth opportunities. Growing infrastructure development activities in emerging nations of Asia Pacific and Latin America will further drive the demand. Additionally, research and development towards new applications will expand the scope of bismuth market.
Threats: Stringent environmental regulations regarding toxic byproducts generation during manufacturing process poses severe threats. Imposition of trade barriers can disrupt supply chain and pricing dynamics.
Key Takeaways
The Global Bismuth Market Size is expected to witness high growth over the forecast period owing to widespread application across industries. The market size is projected to reach US$ 380.9 Mn by 2024 expanding at a CAGR of around 10% during the forecast period.
Regional analysis: Asia Pacific dominates the global bismuth market and the trend is expected to continue owing to robust growth of end-use industries in China, India and other developing Asian countries. Growing automotive, industrial and construction activities will augment the demand for bismuth alloys in the region. Moreover, presence of key manufacturers will further support the regional market growth.
Key players: Key players operating in the bismuth market are The Armortex Group, Inc., Avon Barrier Corporation Ltd., Total Security Solutions (TSS), NASSAU Industrial Doors Limited, Insulgard Security Products, Protective Structures Ltd., Saab AB, Fenestration Solutions Inc., Blast Structures International Inc., RTS Tactical, J.P. Donovan Construction Inc., Tech-Airport, Strongwell Corporation, Oshkosh Corporation. These players are focusing on capacity expansion and new product launches to strengthen their market position.
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