Bismuth Is Estimated To Witness High Growth Owing To Increasing Industrial Application
Bismuth is a silvery-white crystalline metal that is used in cosmetics, metallurgy, and pharmaceutics. It is a brittle metal with a pink tint that has unusually low thermal and electrical conductivity. It can be easily cast and formed where some other metals would be too stiff or crack under the same conditions. It also has a high melting point and low toxicity compared to other metals. Owing to its physical properties, bismuth finds wide application in construction, industrial machinery, electronics and more. The global demand for bismuth has surged due increase in industrial activities.
The global bismuth market is estimated to be valued at US$ 380.9 Mn in 2023 and is expected to exhibit a CAGR of 5.3% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Dynamics:
One of the key drivers for growth of the bismuth market is the rising industrial application of bismuth. Bismuth alloys find widespread use due to their low melting point, non-toxic nature, and thermal and electrical properties. They are extensively used as fusible alloys in various industries such as electronics, plumbing, electrical engineering, and construction. Additionally, bismuth alloys are also used as bearing shells, printer's metal, and castings. Another major application area is metallurgy where bismuth is added to enhance properties of other metals. It improves machinability, prevents oxidation and corrosion, thereby increasing lifespan of industrial machinery.
SWOT Analysis
Strength: Bismuth market has strong demand from various end-use industries such as cosmetics, pharmaceuticals and industrial. Bismuth acts as important ingredient in several products like cosmetics and medicines. It has wide applications in manufacturing bismuth alloys and other bismuth compounds which are acting as a fuel for the market growth. The market offers opportunity to substitute toxic elements with bismuth in various industries.
Weakness: Although bismuth is not toxic, overexposure to it can cause poisoning which needs to regulated carefully. Mining activities related to bismuth extraction have environmental impacts. Supply constraints and volatility in bismuth prices are major challenges faced.
Opportunity: Growth of end-use industries like cosmetics, pharmaceutical will augment the demand for bismuth. Rising health conscious population increases consumption of medicines containing bismuth. Development of bismuth based advanced materials opens new avenues.
Threats: Fluctuations in raw material prices can impact bismuth production cost. Strong competition from alternatives in end-use sectors poses threat. Environmental regulations related to mining can restrain growth.
Key Takeaways
The global Bismuth Market is expected to witness high growth. The global bismuth market is estimated to be valued at US$ 380.9 Mn in 2023 and is expected to exhibit a CAGR of 5.3% over the forecast period 2023 to 2030.
Regional analysis related content comprises the Asia Pacific region dominates the market holding around 48% share owing to large presence of manufacturing and mining capacities in China. Countries like India and Japan also contribute significantly to regional market growth.
Key players related content comprises Key players operating in the Bismuth market are A Guangdong Guanhao High-Tech, Hansol Paper Co., Ltd., Sappi Group, Neenah Coldenhove, Ahlstrom-MunksjÃ, The Felix Schoeller Group, Beaver Paper & Graphic Media Inc., Jiangyin Allnice Digital Technology, Seiko Epson Corporation, B.N Papeis. The market is fragmented with presence of local and global suppliers. Market leaders are focusing on capacity expansions and backward integration to gain competitive advantage.
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