Global Bismuth Market Revenue Pegged at USD 302.39 MN with 4.15% CAGR Over Forecast Period (2016-2022), States MRFR
The growing automotive industry which uses bismuth in rust free coatings, pearlescent coatings, brake linings, and clutch pads are also deemed to provide traction for the bismuth market demand over the forecast period. Other than this, growing base metal tungsten production is projected to increase bismuth supply in the market. It’s been observed that new entrants are venturing in with high production capacity which increases the competition within the bismuth market.
On the flip side, rigid regulations and mandates related to contamination of resources and water footprint monitoring undermine the market growth. However, increasing research activities to explore additional uses of bismuth, its physical and chemical traits will elevate the product utilization in more applications around the world, positively impacting the bismuth market. The global Bismuth Market Size is bound to grow significantly, reaching USD 302.39 MN with CAGR of 4.15% during forecast period (2016-2022), states Market Research Future (MRFR). Escalating environmental regulations for lead usage in various end-use industries benefit the bismuth market. Bismuth metal is not toxic and poses no threat to the environment, enhancing its demand. Also, stringent regulations and initiatives by manufacturers to phase out lead production spur the bismuth market growth.
A trend that is making its way into the global market is the use of bismuth as an anode for Sodium-Ion Batteries (SIB).
The bismuth market has been segmented on the basis of types, applications, and region.
On the basis of type, the market is segmented by bismuth oxide, bismuth oxychloride-BiOCI, bismuth subnitrate, bismuth subcarbonate and bismuth aluminate. The bismuth oxide market has witnessed significant growth due to its application in fireworks industry. It is commonly used to produce the dragon's eggs effect in fireworks, replacing red lead.
By application, the market is segmented by pharmaceutical, cosmetics, construction industry, automotive industry, chemical industry and others. Rising disposable income of the working-class population in emerging nations, growth in demand for pharmaceuticals & cosmetics has been witnessed, resulting in increased demand for bismuth.
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By region, the global bismuth market is segmented on the basis of Asia Pacific, the United States of America (USA), Europe, Middle East and Africa.
Considering value and volume, Asia Pacific is the leading market during the forecast period. Presence of large-scale bismuth manufacturers in China boosts the growth of the market. Growing population and development of manufacturing facilities by prominent market players in this region trigger the market growth immensely.