The global Cerium Market size is expected to reach USD 340.9 million by 2028, according to a new report by Grand View Research, Inc. The market is expected to expand at a CAGR of 3.8% from 2021 to 2028. Demand for electronics is projected to benefit the market, as cerium oxide finds applications in semiconductor products.
Properties such as strong adsorption capacity, and irradiation stability has increased the popularity of cerium in semiconductor applications. Increasing demand for electronic products such as smartphones, computers, laptops, consumer electronics, automotive electronics, and other industrial electronics is projected to push the demand for semiconductors, thus benefiting the growth of the industry.
Emerging economies such as India, Brazil, and South-East Asian countries are projected to remain the fastest-growing markets for electronic products. Some of the influencing factors that are likely to drive these markets include decreasing prices of electronics, rising disposable income, and a growing middle-class population. For instance, it has been estimated that the middle-class population in India is likely to reach over 580 million by 2025 from 250 million in 2020.
Major demand for the market comes from the glass industry mainly from glass polishing applications. Cerium products are used for polishing purposes, they also smoothen indentations and microscopic bumps on glass surfaces. Numerous companies have invested in research and development activities, to reduce the waste generated during the glass polishing process. For instance, Konica Minolta, Inc. has introduced recycling technology for cerium oxide polishing for its optical device production sites in Japan and overseas. This has benefited the company to reduce the waste generated during the process, thus reducing the use of cerium by around 10% from previous levels.
In the previous 2-3 decades, the use of cerium for catalysts applications, primarily in automotive exhaust emissions has increased at a faster pace. Global focus to reduce greenhouse gas emissions has forced automakers to develop technologies that can reduce these emissions efficiently. Thus, the demand for products is likely to rise as governments in various countries start tightening various emission laws.
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Cerium Market Report Highlights
- By application, glass was the largest segment in 2020. It accounted for a revenue share of over 41.0% and is projected to maintain its position over the forecast period. The necessity of glass products in construction, automotive, aerospace, and other industrial applications drives the growth of the segment
- In terms of revenue, the alloys application segment is likely to grow at the fastest rate of 4.1% from 2021 to 2028. Rising demand for metal products post-covid-19 is likely to support the market growth over the short term
- Asia Pacific is likely to remain the leading regional market for cerium. It accounted for a volume share of over 78.0% in 2020. The key factor which is likely to promote the market growth is large volume production in end-use industries such as glass, automotive, electronics, and construction
- Industry participants are likely to focus on the acquisition of new resources. The limited resources of rare earth elements including cerium are likely to benefit the exploration of new cerium resources around the world