BISMUTH OXYCHLORIDE MARKET ANALYSIS

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2. BISMUTH OXYCHLORIDE MARKET ANALYSIS • Bismuth oxychlorideis a synthetically prepared white or nearly white amorphous or finely crystalline powder. Bismuth oxychloride is used as a color additive in various products such as drugs, coatings, printing inks, and automotive paints. Major end-use industries for bismuth oxychloride include cosmetics and personal care, pharmaceutical, and automotive. Growth of these industries is expected to increase the demand for bismuth oxychloride in the near future.

3. According to a report titled 'The Pharmaceutical Industry and Global Health' published by the International Federation of Pharmaceutical Manufacturers & Associations (IFPMA) in 2017, the global pharmaceutical industry is projected to reach US$ 1,430 billion by 2020. Therefore, growth of end-use industries is expected to drive growth of the global bismuth oxychloride market. • Key players are focused on development of cosmetic products that can offer enhanced properties such as better smoothness and whiteness. This in turn is expected to boot demand for bismuth oxychloride. Moreover, key players are also focused on developing hybrid powder technology, in order to offer efficient formulation for cosmetic products providing number of benefits such as UV-stable pigment technology, good adhesion, and extended wear with a soft satin finish. For instance, BASF offers Chroma-Lite Brown CL4509 cosmetic grade pigment, which is a mixture of mica, BiOCl, yellow iron oxide, and red iron oxide. Such hybrid/composite pigments combine the performance benefits of all ingredients. For instance, mica substrate improves crystal strength of the formulation. Therefore, hybrid powder is expected to witness major demand in the global bismuth oxychloride market during the forecast period.

4. Figure 1. Global Bismuth Oxychloride Market Share (%), By Region, 2018

5. However, bismuth, which is the major raw material required for bismuth oxychloride manufacturing, is a by-product of lead, tin, or copper, extraction process, and is then purified. Purified bismuth is chlorinated to form the pigment bismuth oxychloride, which may contain toxic impurities such as lead that could enter product formulations, in which bismuth oxychloride is used as an additive. As a result, government regulatory authorities have set strict regulations on impurities present in bismuth oxychloride. • According to specific requirements for using bismuth oxychloride as a color additive, Code of Federal Regulations (21CFR73.1162) of the U.S. FDA, bismuth oxychloride should not contain Lead (Pb) more than 20 parts per million (ppm), Arsenic (As) not more than 3ppm, Mercury (Hg) not more than 1 ppm, and volatile matter not more than 0.5%. Therefore, adverse effects due to long-term exposure to bismuth oxychloride, and stringent guidelines by regulatory authorities are expected to hamper the market growth.

6. Figure 2. Global Bismuth Oxychloride Market Share (%), By End-Use Industry, 2018

7. In 2018, Asia Pacific accounted for the largest revenue share in the global bismuth oxychloride market. Moreover, North America contributed for second largest revenue share in the market and recorded a CAGR of 4.0% during 2019 to 2027. Pharmaceutical industry is expected to contribute to growth of the global bismuth oxychloride market in North America over the forecast period. For instance, according to a report ‘The Pharmaceutical Industry and Global Health’ published by The International Federation of Pharmaceutical Manufacturers & Associations, in 2017, the share of the U.S. in the global pharmaceutical industry is expected to increase from 40.3% in 2015 to 41% in 2020. Therefore, growing pharmaceutical industry in the U.S. is expected to drive growth of the bismuth oxychloride market in North America.

8. Based on end-use industry, cosmetics segment held the largest revenue share of 74.9% in the global bismuth oxychloride market in 2018. This is attributing to significant growth in cosmetics industry, which is supported by rising awareness and demand for safe or non-toxic cosmetics. For instance, according to The Ministry of Economy, Trade and Industry (METI), Japan, in 2015, the production of cosmetics was 403.08 in million kilograms in Japan and increased to 434.07 million kilograms in 2017. • Major players operating in the global bismuth oxychloride market are Geotech International B.V, BASF SE, Satyam Pharma-Chem Pvt. Ltd., Uni-Powder, Zhonglan Industry Co., Ltd., Ava Chemicals Pvt. Ltd., OmkarSpeciality Chemicals Ltd., Vital Materials Co., Limited, Hangzhou Rebtech Novel Material Co., Ltd., Nanoshel LLC, and Muby Chemicals.

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