Bismuth is a chemical compound that looks like white crystalline and is highly diamagnetic in nature among all metal. It has a high electrical resistance and has extremely highest Hall effects of any metals. It is used to manufacture low melting solders and fusible alloys and are also used in the manufacturing of pharmaceutical products for treating stomach ache as it is best known for Pepto-Bismol. Moreover, it is also used in the production of acrylonitrile, which is further used as raw materials for manufacturing synthetic fibers and rubbers products. Furthermore, bismuth is also used in the manufacturing of shot and shotguns. Bismuth oxides, bismuth nitrates, bismuth salicylate, and bismuth oxychloride are some of the major derivatives of bismuth.
The global bismuth market was estimated to be valued a little less than US$ 300 million in terms of revenue in 2018 and is predicted to grow at a CAGR of 6.2% during the forecast period (2019 to 2027)
Growing lead-replacement with bismuth across paints & coatings industry due to strict government rules and regulations is propelling market growth of bismuth. Bismuth-based coatings such as bismuth vanadate are considered as an ideal alternative for lead chromate and are projected to gain traction in the years to come. Many key coating manufacturers in the global market are shifting to bismuth-based coatings from hazardous lead-based coatings. For instance, in 2015 BASF SE, one of the leading chemical company completely phased out production of pigments containing lead chromate and the company is setting a new production facility for bismuth vanadate, which is expected to commence operations by 2017 end.
Growing usage of bismuth as metallurgical additives is expected to foster the market growth of bismuth in the years to come. Small of bismuth as an additive is used in the copper, aluminum, iron, and steel production to toughen and make the alloys more machinable. Moreover, it is also used as a fish sinker as it is the best alternative to lead. For example, various developed countries such as the UK and the U.S. has have prohibited the use of lead-based fish sinker in order to prevent poisoning of lead. Aforementioned factors are projected to augment the market growth of bismuth.
Growing usage of tungsten and tin across certain application is projected to restrain the market growth of bismuth. Metals such as lead tellurium and selenium are now used as a replacement for bismuth in manufacturing alloys due to its volatility in prices, technical drawbacks, and potential health hazards, some manufacturers are switching to alternative lead-free alloys. Moreover, selenium is also considered as a good alternative to lead, which is also expected to hamper the market growth of bismuth over the forecast period.
Among application, pharmaceutical dominated the global bismuth market in 2018 with around 32% of market share in terms of revenue, followed by cosmetics and industrial pigments, respectively.
The growing focus of manufacturers to adopt growth strategies such as merger and acquisition for expanding their presence in the market is expected to foster the market growth of bismuth over the forecast time period. For instance, in February 2019, Vital Materials has reached a final agreement with French company Orrion Chemicals for the acquisition of bismuth specialties activity supported by Spanish entity Orrion Chemicals Bischem (OCB). Therefore, the growing adoption of such smart strategies among key will favor the market growth in the years to come.
Increasing launch of bismuth-based pigment by key players in order to meet the rising demand for bismuth is expected to foster market growth over the forecast period. For instance, in January 2019, DCC Lansco has introduced the world's strongest bismuth vanadate available in the market, providing over 20% greater color strength compared to conventional grades. DCC Yellow RMXS is a bright lemon shade yellow pigment that offers the highest color strength of any bismuth vanadate pigment in the market with outstanding hiding power, exceptional durability and superior dispersibility that can be incorporated into a multitude of coatings systems.
Key players operating in the global bismuth market are Hunan Jinwang Bismuth Industry Co. Ltd., Hunan Shizhuyuan Nonferrous Metals Co., Ltd., Hunan Huaxin Rare & Precious Metals Technologies Co., Ltd., Hunan YuTeng Nonferrous Metals Co., Ltd., Nui Phao Mining Company Ltd., Met-Mex Peñoles, S.A. de C.V., and 5N Plus Inc.
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