Global Bismuth Market By Derivative (Oxides, Nitrates, Metals, Bismuth Salicylate, Bismuth Oxychloride, and Others), By Application (Pharmaceutical & Cosmetic Additives, Industrial Pigments, Metallurgical Additives, Fusible Alloys, and Others), By End-use Industry (Pharmaceutical, Cosmetic, Automotive, Electronics, and Paints & Coatings, Metallurgy, and Others), By Distribution Channel (Direct and Indirect), Region and Companies – Industry Segment Outlook, Market Assessment, Competition Scenario, Trends and Forecast 2024-2033

Report Overview

The Global Bismuth Market size is expected to be worth around USD 426 million by 2033 from USD 254.0 million in 2023, growing at a CAGR of 5.3% during the forecast period 2024 to 2033.

Bismuth (Bi) is a brittle, crystalline, and grey-white-colored metal that becomes slightly pinkish when oxidized. It is extracted as a by-product of the processing of lead, gold, silver, and copper metals and is rarely available naturally. China, Mexico, and Peru are some of its leading exporters.

Bismuth is widely used in several industrial applications for its low toxicity, high density, and corrosion resistance. The metal is used in atomic fire suppression systems, cosmetics, pigments, and fire protection systems. It is also used as a catalyst in the manufacturing of rubbers and synthetic fibers. Major applications of bismuth lie in the cosmetic, pharmaceutical, automotive, and electronics industries.

The increasing concerns regarding fire safety and the rising demand for several industrial applications are anticipated to drive the global bismuth market during the projection period. Bismuth is also used in the production of specialty ceramics and glass to promote unique properties such as thermal expansion and refractive index.

When added as a catalyst, it reduces the thermal stress on glass thereby improving its clarity. It also promotes durability, high heat resistance, and optical clarity to the glass. When used in the production of ceramics, it helps reduce the reaction by-products and increases efficiency speeding up the production process.

Therefore, it has several industrial applications as a catalyst in other industries as it selectively increases the yield and rate of the manufacturing process. This improves the profitability, sustainability, and quantity of end-products, which is expected to drive the global bismuth market in the coming years.

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.
• Bismuth oxychloride is used in cosmetics and skincare formulas owing to its anti-inflammatory and antibacterial properties.
• Bismuth subsalicylate is used as an active ingredient in pharmaceuticals Pepto-Bismol which is used to treat diarrhea, nausea, and heartburn.

By Derivative Analysis

Based on derivatives, the market is divided into oxides, nitrates, metals, bismuth salicylate, bismuth oxychloride, and others. The oxides segment held a dominant market share in 2023, with 34.5% owing to the increasing applications of the bismuth oxides (Bi2O3) in pharmaceuticals, cosmetics, and ceramics industries. Bismuth oxide is mainly used as catalysts, pigments, and antibacterial agents by replacing its toxic alternatives such as mercury, lead, arsenic, and mercury.

The growing trend toward non-toxic and eco-friendly products is expected to fuel this segment. The advancements in technology are leading to novel applications of bismuth oxides in solar cells and thermoelectric devices such as thermocouples and thermistors. This is mainly attributed to the bismuth oxide’s ability to seamlessly convert heat into electricity.

This makes it a crucial element in temperature measurement devices and other electrical applications. It is also used as a flux in the manufacture of soldering alloys. These alloys are required to have low melting points, to improve the flow of molten metal which makes it easier to join the metal components. The increasing applications in the electronic and metal industry are poised to drive the segment in the years to come.

By Application Analysis

Based on application, the market is segmented into pharmaceutical & cosmetic additives, industrial pigments, metallurgical additives, fusible alloys, and others. Among these, the pharmaceutical & cosmetic additives segment held a significant share of 38.9% due to the growing demand for bismuth-based products in the market.

This includes a range of cosmetics, personal care products, makeup cosmetics, and pharmaceuticals. Bismuth is safe to be added to various skincare application products as it has antibacterial properties. The growing demand for personal care, cosmetics, and makeup products is directly proportional to the growing population.

Bismuth cosmetics provide a distinctive shimmery appearance to our skin and give a smooth finishing effect to the makeup application. The rising trend of applying multiple-step beauty routines and the growing demand for natural makeup products are gaining traction in the market. Additionally, the rising influence of social media drives a majority of consumers to cosmetic products which is expected to drive the market in the cosmetics industry.

As bismuth has various anti-inflammatory properties, it is also used in pharmaceutical products such as ointments and topical applications used in wound care. It is also incorporated into pharmaceutical drugs that cure gastrointestinal upsets. The growing adoption of bismuth for its versatile applications is anticipated to drive this segment in the coming years.

By End-use Industry Analysis

The global bismuth market is segmented based on the end-use industry into pharmaceutical, cosmetic, automotive, electronics, and paints & coatings, metallurgy, and other. The pharmaceutical segment held the largest share of the market 37.5%, owing to the growing demand for bismuth-based medications in the market.

Bismuth acts as a promising active agent in treating stomach ulcers, irritable bowel syndrome, and diarrhea. The rising incidences of these stomach conditions are projected to create several opportunities for the market. Bismuth is also used to treat gastrointestinal infections in children’s gut health medication.

Bismuth is an alternative to antibiotics to treat certain infections which is boosting its adoption in the pharmaceutical industry. the rise of antibiotic-resistant bacteria in many individuals is projected to create opportunities for the market. Antimicrobial-resistant (AMR) bacteria refers to a rising immune response in our body to the same medication.

The bacteria, parasites, fungi, and viruses in our gut keep changing concerning the antibiotics we feed them through our food & medicines. If a particular medication is consumed in excess amounts, our gut bacteria grow resistant to it, thereby becoming ineffective. This necessitates bismuth-based drugs which do not form a habit to gut microbiome which is projected to drive the bismuth adoption in drugs.

For instance, according to the report generated by the World Health Organization (WHO) on November 21, 2023, AMR was directly responsible for 1.27 million global deaths in 2019 while it contributed to 4.95 million deaths in the year. The report adds that AMR is one of the top global public health and development threats, worldwide.

By Distribution Channel Analysis

Based on the distribution channel, the market is segmented into direct and indirect. Among these, the direct segment held a significant share of 66.7% driven by the surging demand for bismuth & its compounds from various end-user industries. Direct sales or B2B sales allow businesses to maintain close relationships with customers, enabling tailored solutions and improved customer service. Suppliers focus on building strong relationships with their key customers, such as cosmetics and pharmaceutical companies.

Furthermore, the direct sales channel lets customers gain unlimited customizations on their products. Suppliers can leverage the product pricing, distribution, and supply chains seamlessly with the help of direct sales. The increasing digitalization of businesses has optimized their routine processes with the help of automation.

The rising adoption of advanced technologies such as AI, IoTs, and digital marketing has enhanced the efficiency of everyday business operations, thereby improving the business reach and output. These factors are going to drive the segment during the forecast period.

Key Market Segments

By Derivative

• Oxides
• Nitrates
• Metals
• Bismuth Salicylate
• Bismuth Oxychloride
• Others

By Application

• Pharmaceutical & Cosmetic Additives
• Industrial Pigments
• Metallurgical Additives
• Fusible Alloys
• Others

By End-use Industry

• Pharmaceutical
• Cosmetic
• Automotive
• Electronics
• Paints & Coatings
• Metallurgy
• Others

By Distribution Channel

• Direct
• Indirect

Drivers

Increasing consumer shift toward non-toxic and ecofriendly materials is expected to drive the market.

Consumers are increasingly shifting to non-toxic & eco-friendly materials as they are prioritizing their health and environmental sustainability over affordability. The toxic elements such as mercury and lead generally tend to cause irreversible damage to the environment in the form of waste, or during their production processes. Consumers are becoming more aware of their footprint and are willing to work to reduce the same.

Bismuth has fewer toxins compared to other heavy metals and is hence adopted across various industries in the form of metallic bismuth and bismuth compounds. For instance, according to a 2024 report published by the National Institute of Health (NIH), industrial utilization solves half of the environmental problems the metal acts as an impeccable substitute for toxic metals and is referred to as a ‘green’ metal, which in turn is expected to boost the market in the coming years.

Restraints

Limited recycling and recovery of bismuth from waste materials is likely to hinder the market.

This is mainly attributed to the increasing dependency on the primary production of bismuth and the resulting supply constraints. Bismuth acts as a crucial component in several applications, hence its recycling is important to meet its consistent demand. However, the lack of efficient recycling technologies and advanced infrastructure creates challenges in bismuth recovery on a large scale.

This creates a major gap in supply and demand in the market, leading to price volatility and the availability of bismuth in abundance. This limitation makes manufacturers add alternative metals which further harm the environment. As bismuth is one of the rare metals found naturally, the inability to recycle it causes a great loss of resources, exacerbating supply chain vulnerabilities. Therefore, players in the market must invest in research to develop a methodology to recover maximum bismuth from the recycling materials.

Opportunities

Increasing demand for electric vehicles drives the market.

The growing advancements in the modern EV structure directly impact the increasing global interest in electronic vehicles. Bismuth is used in various components of EVs, including batteries, thermoelectric devices, high-temperature solders, and other important electrical components. The global recession significantly hikes petroleum costs, thereby impacting the prices of various propulsion liquids such as petrol, diesel, and others. This along with the increasing air pollution encourages end consumers to shift toward electric vehicles. the eco-friendliness of EVs aligns with the green metal bismuth which is projected to propel the market.

For instance, according to 2024 data published by the International Energy Agency, about 14 million new electric cars were sold globally which was about 3.5 million or 35 % higher compared to the previous year.

The EV batteries can be easily recharged or replaced owing to the rapid expansion and growing availability of EV battery swapping and charging stations. The vehicles give competitive mileage and performance compared to that of regular vehicles. EVs are also available in different vehicle types such as passenger, transport, private, and commercial vehicles. Additionally, the growing incorporation of technologically advanced features in EVs is anticipated to create lucrative opportunities for the market in the coming years.

Latest Trends

A growing focus on sustainable and responsible sourcing of bismuth is projected to drive the market.

This trend is driven by increasing regulatory pressures, consumer awareness, and industry initiatives. Sustainable sourcing ensures minimal environmental impact, fair labor practices, and transparent supply chains. As a result, bismuth suppliers are adopting responsible sourcing practices, such as recycling, reusing, and reducing waste.

This shift is expected to increase the demand for responsibly sourced bismuth, thereby driving the market. Companies are investing in sustainable technologies and partnerships to secure responsible bismuth supplies. Moreover, the growing number of companies prioritizing sustainability as a social responsibility are expected to drive this trend thereby further propelling the market in the coming years.

Geopolitical Impact Analysis

Geopolitical changes exert a significant influence on the global bismuth market, shaping its growth trajectory and dynamics. In 2020, the Covid-19 pandemic caused serious disruption in supply chains which created a significant gap in demand and supply of bismuth, worldwide.

Similarly, the US-China trade war situation imposed heavy tariffs on bismuth imports from China to the US, consequently reducing the profit margins for China-based bismuth exporters, which also affected the global bismuth trade prices in 2020. Such geopolitical events can influence bismuth production, exports, and imports, ultimately impacting the global bismuth trade.

Furthermore, regional conflicts, economic sanctions, and changes in government policies affect bismuth supply and demand leading to frequent price fluctuations. For instance, the Russia-Ukraine conflict has raised concerns related to bismuth supply from Russia, a significant bismuth producer. Although the EU’s ‘Green Deal 2020’ project aims to make Europe a clean energy nation by 2050, it is expected to favor Bismuth’s trades in the coming years.

Regional Analysis

North America is leading the Global Bismuth Market

North America dominated the market with the highest revenue 107.1 million, commanding a share of 42.2% owing to the rapid expansion of pharmaceuticals, cosmetics, and electronic industries in the region. The region has an established manufacturing base, innovative technological infrastructure, and stringent regulations favoring eco-friendly materials which are the key contributing factors to its dominance.

The region’s major players, such as Materion Corporation and Umicore, are investing heavily in research and development to expand bismuth applications. The growing adoption of bismuth in advanced devices manufacturing such as thermoelectric devices and solar cells is poised to gain traction for the market in the region.

The governments of technological leader countries such as Canada and the US are constantly working on making their industrial processes sustainable, which in turn is expected to fuel the market in the region during the forecast period.

Key Regions and Countries

• North America
  • The US
  • Canada
• Europe
  • Germany
  • France
  • The UK
  • Spain
  • Italy
  • Russia & CIS
  • Rest of Europe
• APAC
  • China
  • Japan
  • South Korea
  • India
  • ASEAN
  • Rest of APAC
• Latin America
  • Brazil
  • Mexico
  • Rest of Latin America
• Middle East & Africa
  • GCC
  • South Africa
  • Rest of MEA

Key Players Analysis

The major players in the global bismuth market are continuously investing in innovation and expansion. They invest in diverse business strategies to attain a higher position on the competitive ground.

5N Plus Inc., Angang Group International Trade Corporation, Bismuthsalts GmbH, Changsha Easchem Co., Limited, Chenzhou Mining Group Co., Ltd, and China Minmetals Corporation are the major players known for diversified bismuth production and supply chain network. These key players along with other industry participants collectively influence the market’s growth thereby altering its supply and demand.

Top Key Players

• 5N Plus Inc.
• Angang Group International Trade Corporation
• Bismuth salts GmbH
• Changsha Easchem Co., Limited
• Chenzhou Mining Group Co., Ltd
• China Minmetals Corporation
• Geotech International B.V
• Hunan Huaxin Rare & Precious Metals Technologies Co., Ltd.
• Hunan Jinwang Bismuth Industrial Co., Ltd
• Hunan Shizhuyuan Nonferrous Metals Co., Ltd.
• Hunan YuTeng Nonferrous Metals Co., Ltd.
• JX Nippon Mining & Metals Corporation
• M&K Metal Co.
• Martin Marietta
• Met-Mex Peñoles, S.A. de C.V.
• Nui Phao Mining Company Ltd.
• Rare Metal Resources B.V
• TIB Chemicals AG
• Tinco Group
• TTT Metal Powder
• Umicore N.V.
• Vital Materials Co., Ltd.
• Zhuzhou Keneng New Material Co., Ltd.
• Other Key Players

Recent Developments

• On May 6, 2024, 5N Plus Inc., announced the highlights of Microbion Corporation’s progress, a clinical-based pharmaceutical company which has its equity stakes. The company has recently published results for its drug products for its bismuth-based active pharmaceutical ingredient, Bismarck, which is capable of treating various diseases.
• On April 11, 2023, Indium Corporation launched Indalloy 303, a new bismuth-containing solder alloy. It is specially manufactured for low-temperature reflow processes that require enhanced thermal cycling reliability.

Report Scope