The cosmetic industry is increasingly using bismuth nitrate in lipsticks, eye shadows, nail polishes, and hair sprays, due to the surging public awareness regarding this compound and the ability of this compound to be used as a white pigment source. With the rising consciousness about personal appearance, the demand for cosmetic products will surge at a rapid pace. This will, therefore, accelerate the bismuth nitrate market at a CAGR of 5.1% during 2020–2030. According to P&S Intelligence, the market is expected to reach $287.7 million by 2030 from $190.6 million in 2019.
Pharmaceutical companies use bismuth nitrate to produce drugs for cancer patients, as this compound prevents damage to the kidneys and bone marrow of cancer patients, which is usually caused during cancer treatment. Besides, drugs derived from this salt can also cure duodenal ulcers. With the rising prevalence of cancer, the usage of this salt as a drug formulator will amplify in the coming years. Additionally, the compound is also being used to produce drugs for diseases that do not have a cure at present.
The grade segment of the bismuth nitrate market is classified into industrial grade, pharmaceutical grade, and others, including food grade, military grade, and technical grade. Among these, the pharmaceutical grade category held the largest market share in 2019 and it is expected to register the fastest growth in the forecast years. This can be primarily owed to the extensive use of pharmaceutical grade bismuth nitrate in several medicated drugs, owing to its ability to prevent any damage to the kidney in patients during chemotherapies, and hefty investments in R&D activities for its discovering new pharmaceutical applications.
In recent years, numerous manufacturing companies have shifted their focus from bismuth oxychloride, bismuth hydroxide, bismuth subsalicylate, and bismuth subcarbonate to bismuth nitrate, as this salt is highly suitable as a reagent for the selective oxidation of sulfides to sulfoxides. Besides, the low cost of the compound in comparison to other derivatives has also boosted its adoption in several manufacturing units. Owing to these advantages, this salt is being used as an alternative to organic synthesizers in several end-use industries.
Globally, the APAC region accounted for the largest share in the bismuth nitrate market in 2019 and it is expected to continue witnessing the same trend throughout the forecast period as well. This can be attributed to the rising investments in R&D activities in the pharmaceutical industry for developing medicines for diseases that do not have any cure, hitherto. Moreover, the surging incidence of cancer in APAC is fueling the need for pain-relieving drugs, which, in turn, is driving the demand for bismuth nitrate in the region.
Thus, the growth of the pharmaceutical and cosmetic industries will propel the consumption of bismuth nitrate in the foreseeable future.
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