Bismuth Nitrate Market to Record an Exponential CAGR by 2021-2031

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Bismuth Nitrate: Introduction

• Bismuth nitrate is a salt that contains the heavy metal bismuth. Bismuth nitrate is used for preventing kidney damage caused by cancer drugs. It is also used for preventing bone marrow damage caused by radiation and digestive tract infection that can lead to ulcers.
• Bismuth salts are also added to cosmetics, batteries, paints, and pigment plastics during the manufacturing process. Bismuth supplements often contain bismuth as bismuth subsalicylate, bismuth subcitrate, bismuth subgallate, and other salt forms.
• In December 2019, the U.S. Food and Drug Administration added bismuth nitrate to the Dietary Supplement Ingredient Advisory List

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Key Drivers and Restraints of Bismuth Nitrate Market

• Significant growth in the pharmaceutical sector across the globe is the key factor driving the global bismuth nitrate market. Rise in demand for health supplements and cosmetics is also augmenting the market.
• Increase in usage of bismuth nitrate as a pigment in paints and cosmetics is also boosting the bismuth nitrate market
• Fluctuation in raw material prices is expected to challenge the global bismuth nitrate market. Thus, the global bismuth nitrate market is likely to be adversely affected in the long run.

Bismuth Nitrate: Grade Segment

• In terms of grade, the bismuth nitrate market can be segmented into pharmaceutical grade and industrial grade
• Major applications of pharmaceutical grade bismuth nitrate include usage of salts of bismuth nitrate in prevention of damage often occurring from cancer medications. Other uses of pharmaceutical grade bismuth nitrate primarily comprise health supplement drinks and salts used against digestive tract infections.
• Industrial grade bismuth nitrate is mainly used as a pigment in various industries including paints & coatings, cosmetics, and batteries
• Bismuth nitrate solution is primarily used as pigment in the paints & coatings industry. Eastern countries use bismuth nitrate in the manufacture of cosmetics; however, most of the Asian countries, including China, use bismuth nitrate in the manufacture of batteries.
• Demand for bismuth nitrate is likely to rise during the forecast period due to the rise in manufacture of EV batteries across the world

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COVID-19 Impact on Bismuth Nitrate Market

• On January 30, 2020, the International Health Regulations Emergency Committee of the World Health Organization (WHO) declared the Coronavirus disease (COVID-19) outbreak a public health emergency of international concern. Originating in China, the virus has spread to at least 214 countries and territories around the world.
• Several governments and private sector businesses are operating at a limited capacity or have ceased operations completely due to recent events surrounding the COVID-19 pandemic
• Manufacture of various consumer goods and other products across the globe came to a halt due to the unavailability of raw materials, shortage of labor, etc. This is expected to hamper the bismuth nitrate market. Supply of bismuth nitrate is expected to be on track in the near future, due to the easing of restrictions in many countries across the globe.

Asia Pacific to Dominate Global Bismuth Nitrate Market

• In terms of region, the bismuth nitrate market can be divided into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa
• Asia Pacific leads the global bismuth nitrate market. Significant rise in the manufacture of cosmetic products in developed economies is the key factor driving the bismuth nitrate market in the region.
• Paint & coatings and cosmetic sectors in Asia Pacific have been attracting significant investments from across the globe due to the growth in the industrial sector, large population base, and availability of labor at a low cost in the region. Thus, Asia Pacific is one of the highly lucrative regions of the global bismuth nitrate market.
• China is considered the largest regional countries of the bismuth nitrate market in Asia Pacific. Significant growth in the construction industry is augmenting the demand for paints. This is the major factor driving the demand for bismuth nitrate in China. Rapid industrialization and growing preference for bismuth nitrate over conventional products are likely to accelerate the demand for bismuth nitrate in the country.