Market Trends of Bismuth Industry
Pharmaceuticals Industry to Dominate the Market
- Bismuth compounds have been widely employed in medicine, particularly for the treatment of gastrointestinal disorders. Bismuth contains antimicrobial, anti-leishmanial, and anti-cancer characteristics in addition to its well-known gastroprotective benefits and efficiency in treating Helicobacter pylori infection.
- Adults and teenagers, for example, are given bismuth subsalicylate to treat diarrhea. It is also used to treat the symptoms of an upset stomach in adults and teenagers, such as heartburn, indigestion, and nausea, among other problems.
- According to AstraZeneca, the projected pharmaceutical sales in 2024 are expected to be USD 633 billion for North America, holding the major share, followed by the European Union (excluding the United Kingdom), with USD 287 billion in the second position. This is followed by the Southeast, and East Asia is expected to register a revenue of USD 232 billion.
- AstraZeneca also stated that the total pharmaceutical sales in the United States until the third quarter of 2022 were more than USD 600 billion, approximately 8% more than the total sales in the whole of the year 2021. On the other hand, Europe was responsible for generating around USD 213 billion in sales in the first three quarters of 2022.
- Several of the world's leading pharmaceutical companies are headquartered in the United States of America. Pfizer, AbbVie, Bristol-Myers Squibb, Merck & Co., and Johnson & Johnson are among them. AbbVie alone generated USD 55 billion in revenue in 2021. Furthermore, the HHS estimated that the United States healthcare system spent more than USD 600 billion on prescription medications in 2021.
- With approximately 400 pharmaceutical companies, Germany is one of the world's largest pharmaceutical countries. Furthermore, according to the European Federation of Pharmaceutical Industries and Associations, Germany was ahead of Switzerland, the United Kingdom, and France in terms of pharma industry R&D spending in 2022, with EUR 8,466 million (USD 9 billion) spent on research.
- Thus, owing to the aforementioned factors, the pharmaceuticals sector is anticipated to be a strong driver for the growth of the market studied during the forecast period.
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Asia-Pacific to Dominate the Market
- The Asia-Pacific region has been the most dominant and fastest-growing region for the bismuth market, owing to the ever-growing industries such as pharmaceuticals, electrical and electronics, automotive, and many others.
- In the global pharmaceuticals sector, India has always been a prominent and expanding player. India is one of the world's major suppliers of generic medicines, accounting for 20% of the global supply by volume. Indian drugs are exported to more than 200 countries in the world, with the United States being the key market. Furthermore, India's generic drugs satisfy 40% of the generic drug demand in the United States and 30% in the United Kingdom. The domestic drug manufacturers consist of a chain of around 10,500 companies.
- Furthermore, according to the People's Republic of China's Ministry of Finance, overall public expenditure on health care and hygiene increased by around 17% in 2022 compared to 2021, amounting to approximately CNY 2.25 trillion (USD 330 billion).
- Furthermore, the Ministry of Health, Labor, and Welfare in Japan estimated that by 2021, there would be around 240 drug manufacturing plants in Japan with monthly output values ranging from JPY 1 million (USD 9,125) to JPY 5 million (USD 45,625). In the same year, 163 manufacturers reported an average medicine production value of over JPY 1 billion (USD 9.1 million).
- Additionally, bismuth is commonly used in the automotive industry. In order to shield windscreen seals from deterioration due to UV rays and temperature changes, vehicle glass frit coatings contain bismuth. It is also used to protect brake linings from corrosion coatings in vehicles, among other things.
- In terms of car production and sales of all types, China has been the largest and most dominant nation. According to the Chinese Automobile Manufacturers Association, China's automobile output was expected to increase by 3.4% in 2022 over the previous year. In 2022, over 27 million automobiles were manufactured, up from 26.08 million units in 2021.
- Moreover, in India, according to the Society of Indian Automobile Manufacturers, the total automotive production was estimated to be close to 23 million units in FY 2022. Two-wheelers made up the majority of the total production, accounting for about 74% of the total.
- All the aforementioned factors, in turn, are expected to drive the market for bismuth in the region during the forecast period.
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