Growing Incidence of Cancer Fueling Demand for Bismuth Nitrate in Asia-Pacific

The largescale adoption of bismuth nitrate over other derivates of bismuth and rapid growth of the pharmaceutical sector will drive the bismuth nitrate market at a CAGR of 5.1% during the forecast period. 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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On the basis of grade, the bismuth nitrate market is divided into, industrial grade, pharmaceutical grade, and others. Out of these, the highest CAGR is projected to be witnessed by the pharmaceutical grade division in the years to come, which is due to the high-volume consumption of bismuth nitrate in medicated drugs. The compound has the ability to prevent different sorts of kidney damage to patients during chemotherapies. Moreover, this compound is extensively utilized in drugs that are used for treating ulcers.

When geographical scenario is considered, the APAC region is predicted to advance at the fastest pace in the coming years. This is because of the surging research & development investments and expansion of facilities of various large-scale drug manufacturers in the region, which need bismuth nitrate as a raw material. Furthermore, the growing number of cancer patients in the APAC region is also driving the demand for bismuth nitrate.

The companies in the bismuth nitrate market are focusing on facility expansion and entering in strategic agreements with other companies for gaining a competitive edge in the industry. For example, The Shepherd Chemical Company announced regarding the expansion, of $8.5 million, of its Mirecourt, France European operation, in January 2019. The expansion is for upgrading existing R&D facilities and setting up new warehouses. In addition, a new reactor is also expected to be setup in the expanded facility for increasing the production capacity.

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Some other key players in the bismuth nitrate market are American Elements, Avantor Inc., Merck KGaA, GFS Chemicals Inc., Strem Chemicals Inc., Orrion Chemicals Bischem, Thermo Fischer Scientific Inc., Henan Coreychem Co. Ltd., and The Shepherd Chemical Company.

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This release was published on openPR.