The cosmetic industry is increasingly using bismuth nitrate in lipsticks, eye shadows, nail polishes, and hair sprays, due to the surging public awareness regarding this compound and the ability of this compound to be used as a white pigment source. With the rising consciousness about personal appearance, the demand for cosmetic products will surge at a rapid pace. This will, therefore, accelerate the bismuth nitrate market at a CAGR of 5.1% during 2020–2030. According to P&S Intelligence, the market is expected to reach $287.7 million by 2030 from $190.6 million in 2019.

Additionally, the rapid expansion of the pharmaceutical sector in Asia-Pacific (APAC) will also support the market growth in the forecast years. This can be ascribed to the macroeconomic growth, booming population of geriatric patients, and mounting research and development (R&D) investments in APAC countries, such as India, China, and South Korea. Moreover, the growing need for proper access to healthcare facilities and medication is driving the production of pharmaceutical drugs in the region.

Globally, the APAC region accounted for the largest share in the bismuth nitrate market in 2019 and it is expected to continue witnessing the same trend throughout the forecast period as well. This can be attributed to the rising investments in R&D activities in the pharmaceutical industry for developing medicines for diseases that do not have any cure, hitherto. Moreover, the surging incidence of cancer in APAC is fueling the need for pain-relieving drugs, which, in turn, is driving the demand for bismuth nitrate in the region.

Thus, the growth of the pharmaceutical and cosmetic industries will propel the consumption of bismuth nitrate in the foreseeable future.