The largescale adoption of bismuth nitrate over other derivates of bismuth and rapid growth of the pharmaceutical sector will drive the market for bismuth nitrate 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.
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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.
Geographically, the Asia-Pacific 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.
Thus, the increasing usage of bismuth nitrate in the pharmaceutical and medical industries will boost the market growth in the coming years.
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