Cerium Oxide Nanoparticles Market to Grow with a CAGR of 12.44% through 2028
Increasing
utilization in the energy storage sector and as polishing agent are factors
driving the Global Cerium Oxide Nanoparticles Market in the forecast period 2024-2028.
According to
TechSci Research report, “Cerium Oxide Nanoparticles Market – Global
Industry Size, Share, Trends, Competition Forecast & Opportunities,
2028”, the Global Cerium Oxide Nanoparticles Market stood at USD 565.23
million in 2022 and is anticipated to grow with a CAGR of 12.44% in the
forecast period, 2024-2028. The surge in demand for cerium oxide nanoparticles
is a significant driver of revenue growth across a diverse spectrum of sectors,
encompassing healthcare, automotive, energy, electronics, and more. These
nanoparticles find widespread utilization within these industries, catering to
a multitude of purposes such as radiation shielding, fuel cells, cleaning
processes, and catalytic applications, among others. The healthcare industry
notably capitalizes on cerium oxide nanoparticles due to their exceptional
antioxidant properties, rendering them highly valuable in a range of
applications including drug delivery, gene therapy, and cancer treatment.
Furthermore, the escalating demand for cerium oxide nanoparticles within the
healthcare sector is intimately linked to the increasing prevalence of chronic
ailments such as cancer, cardiovascular diseases (CVDs), and neurological
disorders. This prevalence is a significant driving force behind the market's
revenue growth trajectory.
Moreover,
the automotive sector stands as a prominent consumer of cerium oxide
nanoparticles, particularly in the context of creating automotive catalysts.
These catalysts play a crucial role in reducing harmful emissions emitted by
vehicles, and the utilization of calcium oxide nanoparticles is integral to
their production. The escalating requirement for cerium oxide nanoparticles
within the automotive domain is primarily driven by stringent government
regulations that are aimed at curbing emissions from automobiles. These
regulations have instigated a growing need for advanced solutions, spurring the
demand for cerium oxide nanoparticles in the automotive industry.
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Furthermore,
Cerium oxide nanoparticles find extensive applications in the electronics
sector, serving various functions such as in display screens, memory devices,
and sensors, among other applications. Additionally, the upsurge in research
and development initiatives in the field of nanotechnology, coupled with a
strong emphasis on producing environmentally-friendly and sustainable products,
is anticipated to be a driving force behind the growth in market revenue. The
utilization of cerium oxide nanoparticles is on the rise within a multitude of
environmental applications, spanning from wastewater treatment and air
purification to radiation protection, all contributing to the expanding scope
and demand for these nanoparticles, will create beneficial opportunities for
the growth of the cerium oxide nanoparticles market.
Global
Cerium Oxide Nanoparticles Market is segmented into form, application, regional
distribution, and company
Based on its
form, the dispersion segment has emerged as the predominant market leader.
Cerium oxide nanoparticle dispersions encompass suspensions of cerium oxide
(ceria) nanoparticles within water or organic solvents, like ethanol or mineral
oil. The concept of nanoparticle dispersion, ranging from entities as minuscule
as atoms to microparticles, has garnered substantial attention. These
particles, possessing a diverse array of specialized functionalities, enhance
our comprehension of the natural world while also serving as a foundation for
the advancement of novel cutting-edge technologies.
Furthermore, in
the upcoming period, significant expansion is projected for the powder segment
of nano cerium oxide. Nano cerium oxide powders find application across a wide
spectrum of fields, including catalysts, fuel cells, solid oxide fuel cells,
oxygen sensors, abrasive agents, and as additives in various materials. These
powders' amplified surface area and heightened reactivity render them highly
valuable for catalytic processes, where both efficiency and performance are of
paramount importance. Additionally, their distinctive optical properties are
harnessed in applications associated with optoelectronics and photonics.
Based on
application, the energy storage
segment commands the highest share of revenue. The nanoceria market is on the
cusp of substantial growth, propelled by the rapid expansion of industries in
emerging economies like India, China, and Japan. Its exceptional capability to
act as a catalyst, proficiently absorbing or releasing oxygen without
undergoing decomposition in combustion engines, along with its application as a
fuel additive in energy storage systems, is set to drive the demand for
nanoceria in the foreseeable future. Particularly promising is the potential
growth in the energy storage sector, where nanoceria's distinct capacity to
function as a catalyst, facilitating the absorption and release of oxygen
within combustion engines, holds great significance. Additionally, the polishing
agent sector is projected to experience noteworthy expansion over the forecast
period. Cerium oxide nanoparticles have gained popularity as polishing agents
in industries such as glass, optics, and semiconductors, owing to their
impressive polishing efficiency and cost-effectiveness. The demand for these
nanoparticles is steadily rising due to the increasing requirement for
high-quality glass and optical components across various end-use sectors.
Furthermore, as the demand for advanced semiconductor devices and electronics
continues its upward trajectory, the usage of cerium oxide nanoparticles as
polishing agents is poised to become even more prevalent within the
semiconductor industry in the coming years.
Based on region,
North America took center stage as the leading contender in the global cerium
oxide nanoparticles market owing to its robust automotive sector. The stringent
emission regulations prevalent in this region serve as a driving force for the
demand for advanced catalyst materials, and cerium oxide nanoparticles are at
the forefront of efforts to mitigate harmful exhaust emissions. Furthermore,
North America is making significant strides in the field of energy storage,
encompassing the domain of electric vehicles and renewable energy technologies.
This surge in demand further augments the utilization of cerium oxide
nanoparticles, finding applications in crucial areas such as lithium-ion
batteries and other energy storage solutions. Adding to North America's
supremacy in the cerium oxide nanoparticles industry is the presence of
well-established research institutions, constant technological advancements,
and an ever-growing emphasis on research and development within the realm of
nanotechnology. These factors collectively contribute to North America's
leadership position in harnessing the potential of cerium oxide nanoparticles
to drive innovations in various industrial applications.
Major companies
operating in Global Cerium Oxide Nanoparticles Market are:
- Meliorum Technologies, Inc.
- Nanophase Technologies Corporation
- SkySpring Nanomaterials, Inc.
- Nanostructured & Amorphous
Materials, Inc.
- Inframat Advanced Materials, LLC
- American Elements
- Reinste Nano Ventures Pvt Ltd.
- NYACOL Nano Technologies, Inc
- Merck KGaA
- Nanoshel LLC
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“With the
burgeoning scope of applications for cerium oxide nanoparticles, the
significance of research and development (R&D) investments is growing as a
fundamental pillar of market expansion. Various sectors, including industries,
academia, and governmental bodies, are dedicating significant resources to
delve into and unveil the extensive capabilities of nanoceria. This substantial
investment is fostering a culture of innovation, resulting in the
identification of new applications and the refinement of existing ones. The
prevailing trend of intensified R&D investment underscores the profound
transformative potential that cerium oxide nanoparticles are poised to bring to
a multitude of industries create a lucrative opportunity in the market growth,”
said Mr. Karan Chechi, Research Director with TechSci Research, a
research-based management consulting firm.
“Cerium Oxide
Nanoparticles Market - Global Industry Size, Share, Trends, Opportunity, and
Forecast, 2018-2028 Segmented By Form (Dispersion, Powder), By Application
(Energy Storage, Polishing Agent, Personal Care, Pharmaceuticals, Others), By
Region, By Competition Forecast
& Opportunities, 2018-2028F”, has evaluated the future growth
potential of Global Cerium Oxide Nanoparticles Market and provides statistics
& information on market size, structure and future market growth. The
report intends to provide cutting-edge market intelligence and help decision
makers take sound investment decisions. Besides, the report also identifies and
analyzes the emerging trends along with essential drivers, challenges, and
opportunities in Global Cerium Oxide Nanoparticles Market.
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