Increasing Product Use in Cosmetics Industry Driving Bismuth Nitrate Market

Bismuth Nitrate Market To Generate $287.7 Million Revenue in 2030

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The largescale adoption of bismuth nitrate over other derivates of bismuth and rapid growth of the pharmaceutical sector will drive the bismuth nitrate market at a CAGR of 5.1% during the forecast period (2020–2030). The market was valued at $190.6 million in 2019 and it is expected to reach $287.7 million by 2030. Additionally, the increasing adoption of the compound in the cosmetics industry for the production of hair sprays, nail polishes, eye shadows, and lipsticks has become a key market trend.

Moreover, the growing inclination toward bismuth nitrate over other derivatives of bismuth will facilitate the market growth in the coming years. In recent years, largescale manufacturers have increased their focus from bismuth oxychloride, bismuth hydroxide, bismuth subsalicylate, and bismuth sub carbonate to bismuth nitrate, owing to the high suitability of the compound to serve as a suitable reactant for selective oxidation of sulfides to form sulfoxides. Besides, the low cost and easy-to-handle features of the compound have also accounted for its higher popularity over other derivatives.

Download report sample at: https://www.psmarketresearch.com/market-analysis/bismuth-nitratemarket-report/report-sample The grade segment of the bismuth nitrate market is classified into pharmaceutical grade and industrial grade. Of these, the pharmaceutical grade held the larger revenue share in 2019, owing to the high-volume consumption of the reagent in drug production. Besides, hefty investments in the research and development (R&D) for the discovery of novel applications of this grade of bismuth nitrate in the medical industry supported its demand. Owing to these factors, the consumption of pharmaceutical grade of the compound will also increase in the future.

The players in the bismuth nitrate market are strongly focusing on facility expansion and increasingly entering into strategic agreements with other companies to gain a competitive edge. For instance, The Shepherd Chemical Company, in September 2019, entered into an exclusive distribution agreement with Everchem Specialty Chemicals. Under this agreement, the company will distribute BiCAT polyurethane catalysts in Canada and the U.S. With this agreement, Everchem Specialty Chemicals will be able to provide better packaging options, improved technical support, and enhanced products to its customers.

Geographically, the Asia-Pacific (APAC) bismuth nitrate market generated the highest revenue in 2019, and it is expected to continue its dominance during the forecast period. This is due to the rising R&D investments in the pharmaceutical industry to develop medications for diseases, which do not have any cure, at present. Moreover, the increasing prevalence of cancer in the region also facilitates the market growth. Cancer patients require pain-relieving drugs in large quantities and the requirement for such medicines will accelerate the demand for bismuth nitrate in the future.

Additionally, the APAC bismuth nitrate market is also expected to demonstrate the fastest growth during the forecast period, due to the soaring consumption of the compound in India and China, on account of rapid expansion of the pharmaceutical sector. Manufacturers of medical drugs are making huge investments in the medical industry in these countries, due to the abundant availability of low-cost materials and labor. APAC also acts as the prime supplier of medicated drugs to Middle Eastern and European countries. This is, therefore, compelling foreign companies to establish their manufacturing bases in the region.

Browse full report at: https://www.psmarketresearch.com/marketanalysis/bismuth-nitrate-market-report Thus, the increasing usage of bismuth nitrate in the pharmaceutical and medical industries will boost the market growth in the coming years.

Market Size Breakdown by Segment

By Grade •

Pharmaceutical Grade

•

Industrial Grade

By Application •

Drug Formulation

•

Chemical Manufacturing

Geographical Analysis •

•

•

•

•

North America o

U.S.

o

Canada

Europe o

U.K.

o

Germany

o

Italy

o

France

o

Belgium

o

Netherlands

Asia-Pacific (APAC) o

China

o

India

o

Japan

o

South Korea

Latin America (LATAM) o

Brazil

o

Mexico

Middle East & Africa (MEA) o

Saudi Arabia

o

U.A.E.

o

South Africa

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