Bismuth Market Size to Reach USD 426 Million by 2033

Introduction

The global bismuth market is projected to grow steadily, with its market size expected to reach USD 426 million by 2033, up from USD 254.0 million in 2023, reflecting a CAGR of 5.3% during the forecast period from 2023 to 2033. The growth of the bismuth market is primarily driven by its expanding use in pharmaceuticals, cosmetics, and the automotive sector. Bismuth is known for its non-toxic nature and is increasingly being utilized as a safer alternative to lead in various applications, especially in metal alloys, pigments, and solders. Additionally, the increasing demand for bismuth in renewable energy technologies, such as solar panels and electric vehicles, has further supported market expansion.

However, the market faces some challenges, particularly the fluctuating availability and pricing of raw materials. Bismuth is often obtained as a by-product of lead and tungsten mining, making its supply highly dependent on the production of these other metals. Moreover, environmental regulations, especially in Europe and North America, have created obstacles for manufacturers in sourcing bismuth through traditional mining methods, pushing companies toward sustainable and eco-friendly alternatives.

Recent developments in the market include the growth of bismuth-based alloys as substitutes for lead in automotive and electronic components, spurred by stricter environmental policies. Technological advancements in bismuth recycling have also gained traction, allowing industries to meet rising demand while addressing environmental concerns. With increasing research and development efforts focusing on the material’s potential applications, the bismuth market is set to see sustained growth over the coming decade.

Tosoh Corporation is actively involved in the hypochlorous acid (HOCl) market, focusing on producing high-quality solutions for water treatment, sanitation, and industrial disinfection. Leveraging its strong research and development capabilities, Tosoh produces eco-friendly, stable hypochlorous acid formulations that meet the growing demand for safe and sustainable disinfectants. The company emphasizes expanding its market reach, particularly in Asia, where environmental regulations are driving the need for green chemical solutions across various sectors.

Oxyfresh Corporation specializes in hypochlorous acid-based products for healthcare and personal care markets. Oxyfresh’s HOCl solutions are widely recognized for their gentle yet effective antimicrobial properties, particularly in dental care and wound healing applications. Through innovative formulations, the company offers safe, non-toxic alternatives to traditional disinfectants, aligning with the increasing demand for clean, green healthcare products. Their range includes dental rinses and over-the-counter skin treatments, broadening their influence in the personal care market.

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.

Emerging Trends

Increased Use in Medical and Pharmaceutical Applications: Bismuth is seeing increased demand in the pharmaceutical sector due to its non-toxic nature. It is widely used in medicines for gastrointestinal issues, such as bismuth subsalicylate, which is effective in treating indigestion and diarrhea. The rising focus on developing eco-friendly pharmaceuticals is also contributing to its growth.
Substitution for Lead: Due to stringent environmental regulations on lead usage, bismuth is increasingly being used as a lead substitute in various industries, particularly in soldiers and ammunition. This trend is expected to grow as more countries, especially in Europe and North America, adopt stricter regulations against harmful metals.
Growth in Green Energy Technologies: The growing focus on renewable energy sources, such as solar energy and electric vehicles, is boosting the demand for bismuth in alloys and thermoelectric devices. Its application in high-performance alloys for solar panels and battery systems positions bismuth as a key material in the shift toward sustainable energy.
Expansion in Cosmetic and Pigment Sectors: Bismuth compounds, particularly bismuth oxychloride, are widely used in the cosmetics industry to create shimmering effects in products like powders and eyeshadows. The trend toward clean beauty and non-toxic ingredients is driving growth in this segment.
Advancements in Recycling Technology: New recycling techniques have made it easier to recover bismuth from industrial waste, reducing dependence on primary sources and making its use more sustainable. This is critical as bismuth is often produced as a by-product of lead and copper mining.

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Use Cases

Bismuth is widely used in medicines for gastrointestinal issues, such as bismuth subsalicylate (found in Pepto-Bismol), which is effective for treating diarrhea, indigestion, and heartburn. The global demand for such medicines has led to increased production of pharmaceutical-grade bismuth.
Bismuth is used as a lead substitute in soldering and alloy production due to its similar properties but without toxicity. It is used in plumbing, electronics, and automotive industries to meet environmental regulations on reducing lead use
Bismuth oxychloride is used in cosmetics to provide a pearlescent effect in products like powders and eyeshadows. The cosmetics market has driven consistent demand for bismuth, especially with the rising trend of non-toxic beauty products.
Bismuth is used in radiation shielding materials, especially in medical imaging and nuclear reactors, due to its high density and ability to block radiation. This makes it a critical material for safety in healthcare settings.
Bismuth is being used in the development of thermoelectric devices and solar energy technologies. Its use in advanced battery systems, particularly for renewable energy storage, is expected to grow significantly as the demand for green technologies rises

Key Players

5N Plus Inc. is a key player in the bismuth sector, specializing in producing high-purity bismuth for various applications, including electronics, pharmaceuticals, and industrial products. The company focuses on refining and recycling bismuth from secondary streams, allowing for cost-efficient production. Recently, 5N Plus shifted its strategy to increase the purchase of commercial-grade bismuth due to supply shortages in raw material slag. This approach ensures they continue meeting global demand while maintaining their strong presence in the specialty chemicals market.

Angang Group International Trade Corporation, a Chinese conglomerate, is actively involved in the bismuth market through its extensive mining and metal trading operations. The company supplies large quantities of bismuth for industrial and manufacturing applications, particularly in the production of alloys, pharmaceuticals, and lead-free products. Angang Group’s strategic focus on metals has enabled it to remain a key supplier in both domestic and international markets, positioning itself as a significant player in the growing global demand for bismuth.

Bismuth Salts GmbH is a key player in the bismuth market, specializing in the production of bismuth salts and compounds for industrial, pharmaceutical, and cosmetic applications. The company focuses on delivering high-purity bismuth salts for use in sectors such as healthcare and chemical manufacturing. Bismuth Salts GmbH continues to innovate in sustainable bismuth production, catering to the growing global demand for eco-friendly and non-toxic materials, making it a trusted supplier for industries requiring high-quality bismuth-based products.

Changsha Easchem Co., Limited is a leading Chinese company engaged in the distribution of bismuth compounds and rare earth materials. The company offers a broad range of bismuth-based chemicals, including bismuth trioxide and bismuth nitrate, for use in pharmaceuticals, electronics, and industrial applications. Changsha Easchem is recognized for its strong focus on quality control and global distribution, supplying bismuth products to international markets while maintaining competitive pricing and adhering to high environmental standards.

Chenzhou Mining Group Co., Ltd. is a significant player in the global bismuth sector, located in Hunan, China, which is home to about half of the world’s bismuth reserves. The company specializes in mining and refining bismuth and other non-ferrous metals. Its operations contribute significantly to global bismuth supply, particularly for use in pharmaceuticals, alloys, and semiconductors. As a member of the Chenzhou Bismuth Association, the company is involved in efforts to have a greater influence on global bismuth pricing and market dynamics.

China Minmetals Corporation, one of China’s largest state-owned enterprises, plays a crucial role in the bismuth market through its extensive mining, refining, and trading operations. As part of its diverse portfolio, the company supplies large quantities of bismuth for various industrial applications, including the production of lead-free alloys, pharmaceuticals, and chemical agents. With its global reach and strong market presence, China Minmetals is positioned to meet the rising global demand for bismuth, especially as industries increasingly seek environmentally friendly materials.

Geotech International B.V. is a Dutch company specializing in the development and distribution of special effect pigments, including bismuth-based pigments used in industries such as cosmetics, coatings, and plastics. Their focus on innovation and sustainability has led to the creation of high-quality pigments that enhance product appearance while aligning with eco-friendly practices. Geotech has been active in the global market for over 30 years, providing custom formulations and technical support to ensure high-performance pigments for a wide range of applications.

Hunan Huaxin Rare & Precious Metals Technologies Co., Ltd. is a significant player in China’s bismuth market, specializing in the extraction and refining of bismuth and other rare metals. The company is a key supplier of high-purity bismuth products used in pharmaceuticals, electronics, and alloys. Hunan Huaxin is known for its technological advancements in metal processing, positioning itself as a leader in the global supply chain for bismuth and contributing to the growing demand for non-toxic, lead-free alternatives across industries.

JX Nippon Mining & Metals Corporation is heavily involved in the bismuth sector, particularly through its advanced materials division. The company focuses on producing high-purity bismuth for use in a range of industries, including semiconductors, electronics, and green energy. As part of its global operations, JX Nippon aims to innovate in materials science, with a focus on sustainable solutions, including the recycling of key metals. Its advanced capabilities help meet the growing demand for bismuth-based components in high-tech applications, especially in the renewable energy and electronics sectors.

M&K Metal Co. plays a vital role in the bismuth industry by providing specialized bismuth products for various industrial applications. The company is known for supplying high-purity bismuth used in the manufacturing of lead-free alloys, electronics, and pharmaceuticals. M&K Metal Co. is dedicated to quality and sustainability, ensuring its products meet the stringent requirements of modern industries. Through its operations, the company has established itself as a key supplier in the global bismuth market.

Martin Marietta operates in the bismuth sector primarily through its involvement in the mining and production of industrial minerals. Although the company is better known for its production of aggregates, cement, and other building materials, its focus on specialty chemicals and metals, including bismuth, contributes to its diverse portfolio. Martin Marietta ensures a steady supply of bismuth for industrial applications, particularly in alloys and environmentally friendly products, aligning with the global demand for sustainable materials across various industries.

Met-Mex Peñoles, S.A. de C.V. is a leading producer of refined bismuth, positioning itself as one of the largest players in the global bismuth market. The company’s metallurgical complex in Torreón, Mexico, processes significant quantities of bismuth, along with other non-ferrous metals like zinc, lead, and silver. Peñoles supplies high-purity bismuth used in pharmaceuticals, alloys, and industrial applications, making it a crucial supplier in the global market. Their focus on refining and sustainability further strengthens their leadership in the sector.

Nui Phao Mining Company Ltd., a subsidiary of Masan High-Tech Materials, operates one of the largest polymetallic mines in the world, located in Vietnam. The mine is a significant producer of bismuth, along with tungsten, fluorspar, and copper. The company’s strategic focus on sustainable mining and its strong presence in global bismuth production have made it a critical supplier to industries like electronics, pharmaceuticals, and green technology. Nui Phao is a key player in promoting eco-friendly practices in metal extraction and processing, supporting global demand for high-purity bismuth.

Rare Metal Resources B.V. is a prominent supplier of bismuth and other rare metals, primarily serving the European market. The company specializes in sourcing and distributing high-quality bismuth for various industrial applications, including the production of lead-free alloys, pharmaceuticals, and chemicals. Rare Metal Resources is known for its focus on sustainability and quality, ensuring a reliable supply chain for its global customers while adhering to strict environmental standards.

TIB Chemicals AG is a major player in the bismuth sector, providing high-purity bismuth compounds that cater to industries such as pharmaceuticals, electronics, and coatings. The company specializes in creating bismuth-based solutions that are used in eco-friendly applications, aligning with the industry’s move toward sustainable practices. TIB Chemicals continues to innovate with bismuth-based catalysts and additives, ensuring high performance and meeting global demand for non-toxic materials across sectors like healthcare and industrial manufacturing.

Tinco Group plays an important role in the bismuth market through its mining and refining operations, focusing on the production of high-grade bismuth for industrial applications. Known for its commitment to sustainability and efficiency, the company provides bismuth for use in alloys, electronics, and environmentally safe products. Tinco’s supply chain management ensures the reliable delivery of bismuth, particularly in the global shift toward lead-free products and other green technologies.

Conclusion

Hydrochloric acid plays a crucial role in various sectors, including the steel industry for rust removal, water treatment for pH adjustment, and the production of chlorine compounds used in plastics and pharmaceuticals. Growing industrial activities, advancements in chemical production, and the rising need for effective water treatment solutions are expected to drive the demand for hydrochloric acid in the coming years.