Rising Cosmetics Production Generating High Need of Bismuth Nitrate

Factors such as the increase in the application of bismuth nitrate over other bismuth derivates, rapid growth of the pharmaceutical sector, and expansion of end-use industries in emerging economies are expected to drive the bismuth nitrate market at a CAGR of 5.1% during 2020–2030. Moreover, the market is witnessing the increasing adoption of the chemical in nail polishes, lipsticks, eye shadows, and hair sprays.

One of the key factors boosting the market growth is the surging adoption of the compound over other derivatives of bismuth. In recent years, large-scale manufacturers have shifted their focus from using bismuth oxychloride, bismuth hydroxide, bismuth subsalicylate, and bismuth subcarbonate to bismuth nitrate owing to the ability of the compound to serve as a suitable reactant for the selective oxidation of sulfides to form sulfoxides. Furthermore, the compound has a low cost and easy-to-handle features. Thus, it is widely used in various applications as an alternative to organic synthesis.

Geographically, the Asia-Pacific bismuth nitrate industry generated the highest revenue in 2019, and it is expected to witness the same trend during the forecast period. This is ascribed to the increasing R&D investments in the pharmaceutical sector to develop drugs for diseases that do not have any cure. Moreover, APAC is the prime supplier of medicated drugs to several Middle Eastern and European nations. Thus, foreign companies are becoming compelled to establish their manufacturing bases in the region. Additionally, the increasing prevalence of cancer in APAC facilitates the market growth.

Thus, the increasing application of bismuth nitrate over other bismuth derivates and growing pharmaceutical sector are projected to boost the market growth in the coming years.