Bismuth Nitrate Market Research Report: By Grade (Pharmaceutical Grade, Industrial Grade), Application (Drug Formulation, Chemical Manufacturing) - Global Industry Analysis and Demand Forecast to 2030
New York, Nov. 05, 2020 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Bismuth Nitrate Market Research Report: By Grade, Application - Global Industry Analysis and Demand Forecast to 2030" - https://www.reportlinker.com/p05982432/?utm_source=GNW
According to a report , the global bismuth nitrate market is predicted to register significant growth in the years to come. The growth of the market can be owing to the rapid expansion of the pharmaceutical sector in the Asia-Pacific region (APAC), which, in turn, is due to the increasing research & development investments and rising consumption of medicated drugs with bismuth nitrate formulation. Moreover, various medical manufacturers are setting up their production facilities in China and India, which is also predicted to drive the market.
In terms of application, the bismuth nitrate market is categorized into chemical manufacturing, drug formulation, and others. Among these, the drug formulation application is predicted to account for the largest share of the market in the near future, as bismuth nitrate is being consumed increasingly for making different drugs. In addition to this, the compound is also being utilized for new drug manufacturing processes for developing treatments of diseases that don’t have a cure yet.
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.
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.
Read the full report: https://www.reportlinker.com/p05982432/?utm_source=GNW
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