New York, NY -- (SBWire) -- 08/19/2020 --According to a report by P&S Intelligence, 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.

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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.

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Geographically, the bismuth nitrate market in APAC is expected to witness a strong growth, on account of increased R&D investments, along with facility expansion of several large-scale drug manufacturers, which require bismuth nitrate as a raw material. In addition, rise in number of cancer patients in the region is further increasing the consumption of such drugs for the prevention of kidney damage caused during chemotherapies.

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