Bismuth Vanadate (molecular formula BiVO4), is an inorganic pigment, which imparts a range of greenish shades or greenish yellow shades. Bismuth vanadate exhibits characteristic properties such as high colour strength, high brightness, and high gloss among others. Bismuth vanadate is a non-hazardous inorganic pigment and is manufactured by dissolving bismuth nitrate with sodium vanadate and sodium molybdate in nitric acid, then by precipitation it produces complex mixture of metals.
After calcination, it produces crystalline bismuth vanadate. Bismuth vanadate exhibits similar properties as that of other yellowish pigments such as lead chromate pigment. Being a lead- chromate free pigment, the demand for bismuth vanadate is increasing in high quality coatings involved in industries such as in automotive refinish paints.
By combining with other pigments, it produces orange, green and red colour shades with relatively higher hiding power. It can be used in indoor and outdoor applications owing to its characteristic properties such as weathering fastness and brightness. Also, bismuth vanadate offers high temperature stability, thus rendering it ideal for use in the plastics industry.
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Global Bismuth Vanadate Market: Dynamics
Growing demand for high performance pigments from the end use industries have resulted in increase in demand for pigments such as bismuth vanadate. Furthermore, regulations prevailing in developed regions such as North America and Europe over the use of lead chromate pigments are expected to in turn drive the demand for bismuth vanadate as an effective alternative.
Moreover, the growing demand for bismuth vanadate from end use industries such as plastic and polymer, paint & coatings and others drive the global bismuth vanadate market. Increasing preference for environmentally friendly pigments in order to support the sustainable development are expected to bolster the growth of the global market for bismuth vanadate during the forecast period.
Besides these, the higher cost of bismuth vanadate as compared to other alternative pigments, is expected to have a negative impact on the growth of the market.
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Global Bismuth Vanadate Market: Segmentation
The global bismuth vanadate market is mainly segmented on the basis of end use industry, which includes, rubber and plastics, inks, detergents, paints and coatings, paper, cosmetics and other industries.
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Global Bismuth Vanadate Market: Regional Outlook
Global bismuth vanadate market is dominated by the Asia Pacific (APAC) region in terms of production and consumption. In APAC, China and India are expected to dominate the market of bismuth vanadate owing to the presence of major manufacturing players and mainly, the growing end use industries such as paint & coatings, plastic & polymer industries and chemical, among others.
It is estimated that APAC will remain the major market for bismuth vanadate and is projected to register healthy CAGR over the forecast period. Europe is the next big market for bismuth vanadate owing to the increasing regulatory pressure from REACH on the use of lead chromate pigment that resulted in rise in demand for bismuth vanadate and is expected to register significant growth over the forecast period.
North America is expected to dominate the bismuth vanadate market and is projected to register healthy CAGR over the forecast period. Furthermore, Latin America and Middle East & Africa (MEA) are expected to register sluggish growth over the forecast period.
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Global Bismuth Vanadate Market: Market Participants
Some of the examples of market participants in the global bismuth vanadate market identified across the value chain include: BASF SE, Domion Colour Corporation, Dimacolor Industry Group Co., Ltd., Heubach GmbH, Bruchsaler Farbenfabrik GmbH & Co. KG and Harold Scholz & Co. GmbH, among others. The companies are primarily focusing on improving manufacturing processes in order to maintain competitive advantage in global bismuth vanadate market during the forecast period.
In order to cater to the increasing demand for bismuth vanadate, companies are expanding their production capacity and strengthening the sales strategies. Furthermore, companies are focusing on different strategies such as acquisition and mergers in order to maintain the market share in the global bismuth vanadate market.
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