Because of its medicinal properties, bismuth nitrate has found wide application in drug formulations to treat diseases such as cancer and duodenal diseases. Moreover, in the cosmetics industry, the compound is used for the production of lipsticks, nail paints, eye shadows, and hair sprays. The increasing awareness on the benefits of bismuth nitrate as a source of white pigment is the key reason behind its increasing consumption in the cosmetics industry.
Additionally,
the rapid growth of the pharmaceutical sector in the Asia-Pacific (APAC) region
and increasing usage of the compound over other bismuth derivates will drive
the growth of the bismuth nitrate market at a CAGR of 5.1% during the
forecast period of 2020–2030. The market was valued at $190.6 million in 2019, and
its revenue is set to increase steadily till 2030. India, China, and South
Korea will generate huge a demand for bismuth nitrate in the coming years.
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This can be attributed to the significant expansion of the pharmaceutical sector in these emerging economies of the APAC region. The growing pharmaceutical industry is an outcome of the increasing investments in research and development (R&D), macroeconomic growth, increasing geriatric population, increasing expenditure on healthcare, and rising number of cases of cancer, which already leads to 9.6 million deaths each year (World Health Organization estimates). The increase in the cases of cancer and growth in the elderly population have led to an increase in the demand for drugs.
The grade segment of the bismuth nitrate market is bifurcated into industrial grade and pharmaceutical grade. Of the two, the pharmaceutical grade category held the larger revenue share in the market in 2019, and it will continue to be the frontrunner during the forecast period. The growth of this bifurcation will be driven by the increasing usage of the compound in drug formulations and heavy investments in R&D to discover new applications of the salt in the medical industry.
The increasing demand for drugs will thus contribute massively to the growth of the market. Additionally, the benefits offered by bismuth nitrate make it important for the cosmetics industry, which is itself growing on account of the increasing disposable income and appearance consciousness.
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