Bismuth Market To Reach USD 426 Mn by 2033 with 5.3% CAGR

Updated · Jan 16, 2025

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Table of Contents

Introduction
Key Takeaways
Emerging Trends
Use Cases
Major Challenges
Market Growth Opportunities
Recent Developments
Conclusion

Introduction

New York, NY – January 16, 2025 – The Bismuth Market is set for notable growth in the coming decade, with expectations to expand from a valuation of USD 254.0 million in 2023 to around USD 426 million by 2033. This projected growth, at a steady compound annual growth rate (CAGR) of 5.3% from 2024 to 2033.

Bismuth’s rise in popularity is driven by its critical role in pharmaceuticals, cosmetics, and the manufacturing of low-melting alloys and fire safety devices. Market expansion is further fueled by bismuth’s environmentally friendly properties, making it a preferred substitute for lead in many applications.

This shift not only meets regulatory standards that phase out harmful substances but also opens new avenues for bismuth’s applications in green technologies and sustainable practices. The market’s robust outlook is supported by continuous innovations and growing applications in sectors seeking non-toxic and eco-friendly solutions.

Key Takeaways

In 2023, the Global Bismuth market generated a revenue of USD 254.0 million, with a CAGR of 5.3%, and is expected to reach USD 426 million by the year 2033.
The derivative held a major share of the market, with the oxides segment taking the lead in 2023 with a market share of 34.5%.
By application, the pharmaceutical & cosmetic additives accounted for a significant share of 38.9%.
By end-use industry, the pharmaceutical segment among the other sub-segments held a significant share of the market with 37.5% of the global bismuth market.
By distribution channel, the direct channel segment accounted for the dominant share of 66.7%.
The North American region led the market by securing a market share of 42.2% in 2023.
Bismuth has a low melting point, of about 271°C and a higher boiling point of 1560°C which makes it a useful element in fire safety systems, thermometers, and pharmaceuticals.

Emerging Trends

Growing Demand in Pharmaceuticals and Cosmetics: Bismuth compounds, notably bismuth oxychloride, are increasingly used in pharmaceuticals for their antibacterial properties and in cosmetics for their iridescent appearance. This trend is driven by the demand for non-toxic and effective additives in these industries.
Innovation in Electronics: The use of bismuth in electronics is on the rise due to its non-toxic properties and effectiveness in producing thermoelectric materials. As industries seek safer and more efficient materials, bismuth’s role in electronic components, especially in green technologies, is expected to grow significantly.
Expansion in Green Technologies: Bismuth is being explored for its potential in eco-friendly applications. Its use in solar cell technology and as a catalyst for chemical reactions highlights its utility in sustainable technologies, aligning with global shifts towards environmental conservation.
Substitution for Lead: Bismuth is becoming a popular non-toxic alternative to lead in various applications, including ammunition and paint. This shift is largely regulatory-driven as industries and governments seek to reduce environmental and health hazards associated with lead.
Advancements in Alloy Production: The metallurgical sector is innovating with bismuth alloys, which offer low melting points and are useful in fire safety systems, fusible links, and electrical fuses. This niche application is expanding as safety regulations in industrial and residential environments become stricter.

Use Cases

Pharmaceuticals: Bismuth compounds, such as bismuth subsalicylate, are commonly used in medications to treat digestive issues like indigestion and diarrhea. Their antibacterial properties also make them effective in treating certain infections.
Cosmetics: Bismuth oxychloride is a popular ingredient in cosmetics, providing a shimmery, pearlescent effect in products like eyeshadows and powders. Its non-toxic nature and ability to adhere well to the skin enhance its appeal in the beauty industry.
Metallurgy: Bismuth is used to create low-melting-point alloys for applications such as fire detection systems and electrical fuses. These alloys melt under specific conditions, triggering safety mechanisms in devices like automatic sprinklers.
Electronics: Bismuth telluride is utilized in thermoelectric devices that convert temperature differences into electrical voltage. This property is harnessed in applications like portable coolers and power generation systems.
Pigments: Bismuth vanadate serves as a non-toxic yellow pigment in paints and coatings, often replacing more hazardous substances. Its vibrant color and stability make it suitable for artistic and industrial applications.

Major Challenges

Limited Availability: Bismuth is relatively rare, with few viable deposits globally. Its production is often a byproduct of extracting other metals like lead, making its supply dependent on the mining activities of these primary metals. This scarcity can lead to supply constraints and affect market stability.
Price Volatility: The market experiences fluctuations in bismuth prices due to its limited supply and varying demand across industries. Such volatility can impact profitability and deter investment in production and application development, posing a challenge for market participants.
Competition from Substitutes: Bismuth faces strong competition from alternative materials that can effectively replace lead without using bismuth. For example, materials like zinc have been increasingly used in place of lead in ammunition manufacturing, impacting Bismuth’s market share.
Regulatory Challenges: Compliance with environmental and safety regulations can pose challenges for bismuth producers. Strict government laws limiting the usage of certain metals due to their unique features can retard the industry’s growth globally.
Health Concerns: Growing health risks related to the use of bismuth in cosmetics and pharmaceuticals can obstruct the global bismuth industry proliferation. Economic oscillations can impact product prices and demand, challenging global industry expansion.

Market Growth Opportunities

Rising Use in Cosmetics: The cosmetics industry offers a growing market for bismuth oxychloride, a key ingredient in makeup products for its shimmery and reflective properties. With increasing consumer demand for premium cosmetic formulations, this segment is poised for growth.
Substitution for Lead: As regulations phase out toxic materials like lead, bismuth is emerging as a non-toxic alternative in alloys, ammunition, and soldiers, creating significant market opportunities.
Expansion in Asia-Pacific: Rapid industrialization and the growth of end-use sectors like electronics, pharmaceuticals, and automotive in Asia-Pacific are driving demand for bismuth. Countries like China and India are expected to lead this regional expansion.
Development of Bismuth-Based Catalysts: The chemical industry is exploring bismuth as a catalyst in eco-friendly processes. Its use in converting CO2 into useful chemicals aligns with the global push for sustainability.
Applications in Energy Storage: Research into bismuth’s role in advanced battery systems and energy storage solutions offers a promising avenue for innovation and market expansion.

Recent Developments

China Minmetals Corporation, As one of the world’s largest metal and mineral trading companies, China Minmetals has been active in the bismuth market: In 2022, China Minmetals reported owning over 52,000 valid patents, many related to bismuth processing and applications. The company established the Central Research Institute of China Minmetals in 2022, focusing on developing new technologies for metal processing, including bismuth.
Hunan Jinwang Bismuth Industrial Co. Ltd, This major Chinese bismuth producer has undergone significant changes: In July 2020, Hunan Jinwang Bismuth Industry Co. Ltd. entered a merger and reorganization process, seeking new investors to strengthen its position in the bismuth market. The company has been working on expanding its overseas presence, particularly in Europe, through its subsidiary Jinwang Europe Co., Ltd.
Acquisition and Collaboration: In December 2024, JX Nippon Mining & Metals Corporation (JX Advanced Metals) reached an agreement with JX Nippon Oil & Gas Exploration Corporation to acquire 49% of the shares of JX Metals Resources Exploration & Development Co., Ltd. (JX MRE&D). This collaboration aims to leverage JX MRE&D’s mineral resources technology capabilities in various fields, including oil and natural gas extraction and Carbon Capture and Storage (CCS).
Investment in Manufacturing: In October 2022, JX Nippon Mining & Metals USA, Inc. broke ground on a new state-of-the-art electronic materials manufacturing plant in Mesa, Arizona. The 273,000-square-foot plant, expected to be operational in early 2024, will produce sputtering targets for semiconductors and create more than 100 jobs by 2025.
Expansion of Production Capacity: In December 2022, JX Nippon Mining & Metals (JXNMM) announced an investment in the expansion of tantalum concentrate production in collaboration with AMG Advanced Metallurgical Group N.V. This expansion is occurring alongside AMG’s already announced increase in spodumene capacity.

Conclusion

The Bismuth Market is experiencing steady growth, driven by its increasing use in industries such as pharmaceuticals, cosmetics, and metallurgy. The Asia-Pacific region, particularly China, leads in both production and consumption of bismuth, contributing significantly to market expansion. However, challenges such as the availability of cost-effective alternatives and potential health concerns may impact future growth. Nonetheless, ongoing research into new applications and the development of eco-friendly materials present promising opportunities for the bismuth market moving forward.