Bismuth – production, market and price development, and applications

Bismuth has previously been primarily a byproduct of lead refining, while several other ores have only played a subordinate role in its extraction. The production of bismuth has shifted away from lead ore beneficiation to extraction from copper, tin, zinc, tungsten, and molybdenum ores. This shift in extraction was accompanied by the concentration of extraction efforts in only a few countries. In addition to perceived scarcity, prices of the commodity have been volatile while the world's refinery production has been steadily increasing, fuelled by increasing demand and technological leaps, resulting in surges of increased demand accompanied by soaring prices. This review gives a brief overview of bismuth reserves and ores together with its extraction from different ore types. Afterwards, the development of the mine and refinery production in combination with the market price is discussed and the reasons for the volatility of the commodity price delineated, underscoring its status as a byproduct of primary commodities. Subsequently, the applications of bismuth are detailed and this detailed description is employed to underscore the economic importance of bismuth. Finally, the criticality of the metal is explained by also discussing the geological concentration, ability of substitution, recycling, and depletion.