Bismuth Oxide Market Size, Share, Growth, and Industry Analysis, By Type (Wet Process, Pyro metallurgical Process, and Other), By Application (Electronic Industrial, Glass Industrial, Chemical Industrial, and Others), Regional Insights and Forecast From 2025 To 2033

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BISMUTH OXIDE MARKET OVERVIEW

The global bismuth oxide market is anticipated to witness consistent growth, starting at USD 0.12 billion in 2024, reaching USD 0.12 billion in 2025, and climbing to USD 0.16 billion by 2033, with a steady CAGR of 3.6% from 2025 to 2033 during the forecast year.

Bismuth oxide, represented by the chemical formula Bi2O3, is a heavy, solid compound with a color that can range from yellow to brown, depending on particle size. It holds a diverse range of applications across various industries. In medicine, bismuth oxide is used in certain gastrointestinal medications and anti-diarrheal agents. It also plays a role in ceramics and glass production, finding use in dielectric materials, ferrites, and specialty glass types like optical glass and enamels. Additionally, bismuth oxide is a key ingredient in pyrotechnics, contributing to the vibrant colors produced in fireworks displays.

In the semiconductor field, it has been explored for potential applications due to its distinctive properties. Despite its applications, bismuth oxide, like many heavy metals, should be handled with care as it can be toxic when ingested in large quantities. It has limited environmental impact since it is relatively insoluble in water and doesn't easily leach into the environment. Bismuth oxide's unique properties make it an important compound in various industries, contributing to advancements in medicine, materials science, and the visual arts, particularly in pyrotechnics and specialty glass production.

BISMUTH OXIDE MARKET KEY FINDINGS

• Market Size and Growth: The global bismuth oxide market is projected to reach USD 152.72 million by 2031, growing from USD 119.23 million in 2024, indicating steady demand across applications.

• Key Market Driver: The electronics industry significantly drives demand, with the powder segment valued at USD 0.46 billion in 2023, owing to its applications in electronics, cosmetics, and pharmaceuticals.

• Major Market Restraint: China, producing over 80% of the world's bismuth supply, imposed export restrictions in February 2025, impacting global availability and pricing.

• Emerging Trends: There's a growing focus on producing ultra-high-purity grades of Bi₂O₃ and developing sustainable, environmentally friendly production processes to meet specific application requirements.

• Regional Leadership: North America leads the market, with the bismuth oxide market anticipated to grow at a CAGR of 9.17%, reaching a projected value of USD 22.75 billion by 2032, up from USD 13.44 billion in 2024.

• Competitive Landscape: The global market for bismuth was valued at USD 450.9 million in 2024 and is projected to reach USD 634.9 million by 2030, indicating active participation from key industry players.

• Market Segmentation: The market is segmented by type into powder, nano powder, granules, and others, with the powder segment holding a significant share due to its wide applications.

• Recent Development: China's export controls on bismuth and its compounds, announced in February 2025, have significant implications for global supply chains and market dynamics.

COVID-19 IMPACT

Price Fluctuations to Hamper Demand Significantly

The COVID-19 pandemic has been unprecedented and staggering, with bismuth oxide experiencing lower-than-anticipated demand across all regions compared to pre-pandemic levels. The sudden rise in CAGR is attributable to the market’s demand returning to pre-pandemic levels.

COVID-19 had a life changing impact globally. The bismuth oxide market was significantly affected. The virus had various impacts on different markets. Lockdowns were imposed in several nations. This erratic pandemic caused disruptions on all sorts of businesses. Restrictions tightened during the pandemic due to increasing number of cases. Numerous Industries were affected. However, the market for bismuth oxide experienced a reduced demand.

The pandemic disrupted global supply chains, affecting the production and distribution of chemicals, including bismuth oxide. Delays in the supply chain, border closures, and disruptions in transportation and logistics could have affected the availability and pricing of bismuth oxide. Many manufacturing facilities faced challenges in maintaining regular operations due to lockdowns, reduced workforce, and safety measures. This could have impacted the production of bismuth oxide and related compounds.

The disruptions in supply and demand, coupled with changes in market dynamics, might have led to price fluctuations for bismuth oxide. The availability and cost of raw materials, as well as transportation and labor expenses, could have influenced pricing. The pandemic may have temporarily slowed down research and development activities related to bismuth oxide and its potential applications in various fields. Laboratories and research facilities faced operational challenges during lockdowns. The market is anticipated to boost the bismuth oxide market growth following the pandemic.

LATEST TRENDS

Nanomaterials and Nanotechnology to Broaden Market Prospects

Bismuth oxide nanoparticles and nanostructures have been the subject of research for various applications, including electronics, catalysis, and energy storage. Researchers have been exploring the unique properties of bismuth oxide at the nanoscale for improved performance in various technologies. Bismuth oxide is being investigated for potential use in advanced energy storage systems, such as lithium-ion batteries and supercapacitors. Its high theoretical capacity and favorable electrochemical properties make it a candidate for next-generation energy storage devices.

Bismuth-based catalysts, including bismuth oxide, have gained attention for their catalytic activity in chemical reactions, particularly in environmental and energy-related processes. Research continues to focus on optimizing these catalysts for improved efficiency and selectivity. Bismuth oxide has thermoelectric properties, making it valuable for converting heat into electricity. Research is ongoing to enhance the thermoelectric efficiency of bismuth oxide materials, potentially leading to applications in waste heat recovery and power generation.

• Price Surge in Bismuth Metal: According to the U.S. Geological Survey (USGS), the average annual price for bismuth (in-warehouse, Rotterdam) in 2023 was $4.10 per pound, marking a 5% increase from 2022 and the highest annual average price since 2018.

• Expansion in High-Purity Bismuth Oxide: Shepherd Chemical launched a new line of ultra-high-purity Bi₂O₃ in 2023, catering to the growing demand in electronics and pharmaceuticals.

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BISMUTH OXIDE MARKET SEGMENTATION

By Type

Based on type, the market is divided into Wet Process, Pyro metallurgical Process, and Other.

Wet Process holds a major segment by type of the global market.

By Application

Based on application, the market is bifurcated into electronic industrial, glass industrial, chemical industrial, and others.

Electronic Industrial as application holds a major segment by application of the global market.

DRIVING FACTORS

Low Toxicity to Boost Market Demand

Bismuth and its compounds, including bismuth oxide, are known for their low toxicity compared to other heavy metals. This makes them attractive for applications where safety and environmental concerns are paramount. Bismuth oxide exhibits unique physical and chemical properties, such as its high dielectric constant, thermoelectric properties, and semiconductor behavior. These properties make it valuable for a wide range of applications, including electronics, energy storage, and catalysis.

Thermoelectric Applications to Boost Market Flux

The thermoelectric properties of bismuth oxide, including its ability to convert heat into electricity, make it appealing for waste heat recovery and power generation, contributing to energy efficiency and sustainability efforts. Bismuth oxide nanoparticles have gained interest in medical imaging and therapy due to their low toxicity and potential as contrast agents in imaging techniques like computed tomography (CT) scans. Bismuth oxide is being explored for its capacity to remove heavy metals and pollutants from water and soil, addressing environmental pollution and water purification challenges. These factors are anticipated to drive the bismuth oxide market share.

• China's Dominance in Production: China produced over 80% of the world's approximately 13,000 tons of bismuth in 2024, underscoring its significant influence on global supply.

• Non-Toxic Alternative to Lead: The global bismuth market was valued at $450.9 million in 2024, reflecting its growing adoption as a non-toxic substitute for lead in various applications.

RESTRAINING FACTOR

Efficiency and Performance to Hamper Market Necessity

While bismuth oxide has promising properties, it may not always outperform other materials in specific applications. Researchers and engineers must carefully consider whether bismuth oxide is the best choice for their intended purposes. Bismuth oxide has lower electrical and thermal conductivity compared to other materials like metals. This limitation can make it less suitable for certain applications in electronics and heat transfer. Bismuth oxide, while relatively abundant, can still be expensive due to extraction, refinement, and processing costs. This cost factor can limit its use in some applications.

• Export Restrictions by China: In February 2025, China imposed export controls on bismuth and its compounds, affecting over 80% of the global supply and leading to potential shortages and price volatility.

• Environmental Concerns in Production: Traditional wet bismuth processing methods generate waste materials, prompting a shift towards cleaner technologies like the arc method to mitigate environmental impact.

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BISMUTH OXIDE MARKET REGIONAL INSIGHTS

Asia Pacific to Dominate the Market Owing to Significant Reserves of Bismuth

Asia Pacific is the major shareholder for the bismuth oxide market. The region has traditionally been a major shareholder in the production of bismuth oxide. This is primarily due to its significant reserves of bismuth mineral resources, including bismuthinite. The region’s dominance in bismuth production is supported by its mining industry, which extracts bismuth as a byproduct of other metal ores. The availability of raw materials and established mining infrastructure has given the region a competitive advantage in bismuth oxide production. The region is in the position as a major shareholder is also driven by its role in the global manufacturing and export industries, where bismuth oxide finds applications in electronics, chemicals, and pharmaceuticals.

KEY INDUSTRY PLAYERS

Key Players Focus on Partnerships to Gain a Competitive Advantage

Prominent market players are making collaborative efforts by partnering with other companies to stay ahead in the competition. Many companies are also investing in new product launches to expand their product portfolio. Mergers and acquisitions are also among the key strategies used by players to expand their product portfolio.

• Hunan Jinwang (China): Hunan Jinwang Bismuth Industry Co. Ltd. has an annual bismuth production capacity of 8,000 tons, making it one of the largest producers globally.

• Shepherd Chemical (U.S.): Shepherd Chemical specializes in the production of metal-based chemicals, including bismuth oxide. The company offers engineered bismuth oxide formulations for high-temperature catalysts, contributing to 9–13% of the global market share.

List of Top Bismuth Oxide Companies

• 5N Plus [Canada]
• Shepherd Chemical [U.S.]
• Clark Manufacturing [U.S.]
• Hunan Jinwang [China]
• Xianyang Yuehua [China]

REPORT COVERAGE

This research profiles a report with extensive studies that take into description of the firms that exist in the market affecting the forecasting period. With detailed studies done, it also offers a comprehensive analysis by inspecting the factors like segmentation, opportunities, industrial developments, trends, growth, size, share, restraints, etc. This analysis is subject to alteration if the key players and probable analysis of market dynamics changes.