Bismuth Market

The global bismuth market is projected to see continued growth in consumption over the next eight years, with a forecasted CAGR of 5.4% from 2022 to 2030. China takes the lead as the country with the largest volume of bismuth consumption and production, with significant growth rates in both areas. The article also highlights trends in production, exports, and imports of bismuth in various countries, showing fluctuations in market performance over the years.

Market Forecast

Driven by increasing demand for bismuth worldwide, the market is expected to continue an upward consumption trend over the next eight-year period. Market performance is forecast to accelerate, expanding with an anticipated CAGR of +5.4% for the period from 2022 to 2030, which is projected to bring the market volume to 32K tons by the end of 2030.

In value terms, the market is forecast to increase with an anticipated CAGR of +7.3% for the period from 2022 to 2030, which is projected to bring the market value to $441M (in nominal prices) by the end of 2030.

Consumption

World Consumption of Bismuth

In 2022, after two years of decline, there was significant growth in consumption of bismuth, when its volume increased by 11% to 21K tons. In general, the total consumption indicated a temperate expansion from 2012 to 2022: its volume increased at an average annual rate of +2.0% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, consumption decreased by -18.8% against 2019 indices. Global consumption peaked at 26K tons in 2019; however, from 2020 to 2022, consumption remained at a lower figure.

The global bismuth market value was estimated at $250M in 2022, increasing by 12% against the previous year. This figure reflects the total revenues of producers and importers (excluding logistics costs, retail marketing costs, and retailers' margins, which will be included in the final consumer price). Overall, consumption, however, saw a pronounced shrinkage. As a result, consumption reached the peak level of $392M. From 2015 to 2022, the growth of the global market failed to regain momentum.

Consumption By Country

China (10K tons) constituted the country with the largest volume of bismuth consumption, comprising approx. 49% of total volume. Moreover, bismuth consumption in China exceeded the figures recorded by the second-largest consumer, the United States (2.5K tons), fourfold. Germany (1.1K tons) ranked third in terms of total consumption with a 5.3% share.

In China, bismuth consumption increased at an average annual rate of +14.7% over the period from 2012-2022. In the other countries, the average annual rates were as follows: the United States (+11.7% per year) and Germany (+1.5% per year).

In value terms, China ($95M) led the market, alone. The second position in the ranking was taken by the United States ($29M). It was followed by Lao People's Democratic Republic.

In China, the bismuth market expanded at an average annual rate of +7.0% over the period from 2012-2022. In the other countries, the average annual rates were as follows: the United States (+5.9% per year) and Lao People's Democratic Republic (-6.6% per year).

In 2022, the highest levels of bismuth per capita consumption was registered in Lao People's Democratic Republic (134 kg per 1000 persons), followed by Peru (13 kg per 1000 persons), Germany (13 kg per 1000 persons) and Vietnam (9.1 kg per 1000 persons), while the world average per capita consumption of bismuth was estimated at 2.6 kg per 1000 persons.

In Lao People's Democratic Republic, bismuth per capita consumption declined by an average annual rate of -8.1% over the period from 2012-2022. In the other countries, the average annual rates were as follows: Peru (-8.0% per year) and Germany (+0.8% per year).

Production

World Production of Bismuth

In 2022, production of bismuth increased by 2.4% to 23K tons for the first time since 2019, thus ending a two-year declining trend. The total output volume increased at an average annual rate of +1.9% from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. The most prominent rate of growth was recorded in 2016 with an increase of 42%. Global production peaked at 25K tons in 2019; however, from 2020 to 2022, production remained at a lower figure.

In value terms, bismuth production contracted to $183M in 2022 estimated in export price. Overall, production, however, saw a abrupt decrease. The pace of growth appeared the most rapid in 2021 when the production volume increased by 21%. Global production peaked at $399M in 2014; however, from 2015 to 2022, production stood at a somewhat lower figure.

Production By Country

The country with the largest volume of bismuth production was China (16K tons), comprising approx. 71% of total volume. Moreover, bismuth production in China exceeded the figures recorded by the second-largest producer, Vietnam (2K tons), eightfold. The third position in this ranking was held by Lao People's Democratic Republic (1K tons), with a 4.4% share.

In China, bismuth production expanded at an average annual rate of +8.6% over the period from 2012-2022. In the other countries, the average annual rates were as follows: Vietnam (-8.8% per year) and Lao People's Democratic Republic (-6.7% per year).

Imports

World Imports of Bismuth

In 2022, supplies from abroad of bismuth decreased by -12.4% to 11K tons for the first time since 2019, thus ending a two-year rising trend. Overall, total imports indicated buoyant growth from 2012 to 2022: its volume increased at an average annual rate of +5.0% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. The most prominent rate of growth was recorded in 2018 when imports increased by 19%. Over the period under review, global imports attained the maximum at 12K tons in 2021, and then shrank in the following year.

In value terms, bismuth imports reduced to $124M in 2022. In general, imports showed a pronounced contraction. The most prominent rate of growth was recorded in 2021 with an increase of 38%. Global imports peaked at $200M in 2014; however, from 2015 to 2022, imports failed to regain momentum.

Imports By Country

The United States represented the main importing country with an import of around 3.1K tons, which finished at 28% of total imports. Germany (1,359 tons) ranks second in terms of the total imports with a 13% share, followed by the Netherlands (12%), Belgium (6.6%) and Vietnam (5%). The following importers - India (431 tons), Japan (385 tons), Italy (379 tons), Brazil (322 tons), the UK (321 tons), China (270 tons), Hong Kong SAR (261 tons) and South Korea (181 tons) - together made up 23% of total imports.

From 2012 to 2022, average annual rates of growth with regard to bismuth imports into the United States stood at +6.1%. At the same time, Vietnam (+129.4%), Belgium (+32.6%), the Netherlands (+11.5%), Italy (+9.3%), India (+9.2%), Brazil (+7.7%), South Korea (+2.7%), Japan (+2.5%) and Germany (+1.6%) displayed positive paces of growth. Moreover, Vietnam emerged as the fastest-growing importer imported in the world, with a CAGR of +129.4% from 2012-2022. China experienced a relatively flat trend pattern. By contrast, Hong Kong SAR (-2.1%) and the UK (-3.8%) illustrated a downward trend over the same period. From 2012 to 2022, the share of Belgium, the Netherlands, Vietnam and the United States increased by +6, +5.3, +5 and +2.7 percentage points, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, the largest bismuth importing markets worldwide were the United States ($27M), Vietnam ($17M) and Germany ($15M), with a combined 48% share of global imports.

Vietnam, with a CAGR of +139.0%, saw the highest rates of growth with regard to the value of imports, in terms of the main importing countries over the period under review, while purchases for the other global leaders experienced more modest paces of growth.

Import Prices By Country

The average bismuth import price stood at $11,394 per ton in 2022, with an increase of 12% against the previous year. In general, the import price, however, showed a deep contraction. The most prominent rate of growth was recorded in 2021 an increase of 24%. Over the period under review, average import prices hit record highs at $24,026 per ton in 2014; however, from 2015 to 2022, import prices failed to regain momentum.

There were significant differences in the average prices amongst the major importing countries. In 2022, amid the top importers, the country with the highest price was Vietnam ($30,724 per ton), while Belgium ($7,672 per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Vietnam (+4.2%), while the other global leaders experienced a decline in the import price figures.

Exports

World Exports of Bismuth

After four years of growth, overseas shipments of bismuth decreased by -19.4% to 13K tons in 2022. Over the period under review, total exports indicated a moderate increase from 2012 to 2022: its volume increased at an average annual rate of +4.3% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, exports increased by +35.3% against 2017 indices. The most prominent rate of growth was recorded in 2021 when exports increased by 45% against the previous year. As a result, the exports reached the peak of 16K tons, and then fell significantly in the following year.

In value terms, bismuth exports dropped rapidly to $118M in 2022. In general, exports recorded a noticeable slump. The pace of growth appeared the most rapid in 2021 with an increase of 77%. Over the period under review, the global exports hit record highs at $252M in 2014; however, from 2015 to 2022, the exports failed to regain momentum.

Exports By Country

In 2022, China (6.1K tons) was the main exporter of bismuth, constituting 48% of total exports. Vietnam (1.6K tons) ranks second in terms of the total exports with a 13% share, followed by the Netherlands (9.3%), Belgium (9.1%) and South Korea (6.4%). The United States (568 tons) and Germany (258 tons) followed a long way behind the leaders.

From 2012 to 2022, average annual rates of growth with regard to bismuth exports from China stood at +2.7%. At the same time, Belgium (+70.7%), Vietnam (+33.0%), the Netherlands (+28.5%), South Korea (+13.9%) and Germany (+2.4%) displayed positive paces of growth. Moreover, Belgium emerged as the fastest-growing exporter exported in the world, with a CAGR of +70.7% from 2012-2022. By contrast, the United States (-4.1%) illustrated a downward trend over the same period. From 2012 to 2022, the share of Vietnam, Belgium, the Netherlands and South Korea increased by +13, +9, +8.1 and +3.7 percentage points, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, China ($49M) remains the largest bismuth supplier worldwide, comprising 42% of global exports. The second position in the ranking was held by Vietnam ($13M), with an 11% share of global exports. It was followed by the Netherlands, with an 8.5% share.

From 2012 to 2022, the average annual growth rate of value in China stood at -6.8%. The remaining exporting countries recorded the following average annual rates of exports growth: Vietnam (+24.2% per year) and the Netherlands (+16.2% per year).

Export Prices By Country

In 2022, the average bismuth export price amounted to $9,273 per ton, almost unchanged from the previous year. Overall, the export price, however, saw a abrupt setback. The most prominent rate of growth was recorded in 2021 when the average export price increased by 22% against the previous year. Over the period under review, the average export prices hit record highs at $22,327 per ton in 2014; however, from 2015 to 2022, the export prices stood at a somewhat lower figure.

There were significant differences in the average prices amongst the major exporting countries. In 2022, amid the top suppliers, the country with the highest price was Germany ($29,175 per ton), while Belgium ($7,227 per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by the United States (+3.4%), while the other global leaders experienced a decline in the export price figures.

Source: IndexBox Market Intelligence Platform