Global Cerium Market Overview
The Cerium Market Size was estimated at 1.51 (USD Billion) in 2022. The Cerium Industry is expected to grow from 1.59(USD Billion) in 2023 to 2.5 (USD Billion) by 2032. The Cerium Market CAGR (growth rate) is expected to be around 5.16% during the forecast period (2024 - 2032).
Key Cerium Market Trends Highlighted
Some unique characteristics of cerium coupled with the rising demand from various industrial sectors are driving the market growth. Some of the major trends in the cerium market include the increasing use of cerium oxide in modern catalytic converters, increasing demand in automobile, glass and ceramic industries, and usage as glass polish and decolorant.
There are opportunities for cerium oxide-based products in the emerging technologies of clean energy generation, such as fuel cells and solar cells. With the current trends, increasing demand for lightweight materials in the aerospace and automotive markets is also anticipated to boost market growth.
Recent developments in the cerium industry involve the use of cerium-based materials in such applications as energy storage devices, such as lithium-ion batteries with incorporated cerium compounds that increase storage capacities and battery lifespan. Moreover, the market is observing the production of rare earth materials, including cerium, through greener processes.
Source: Primary Research, Secondary Research, MRFR Database and Analyst Review
Cerium Market Drivers
Advanced Materials and Electronics
The increasing demand for advanced materials and electronics is a key factor driving the cerium market. Cerium is widely used in various electronic applications, such as capacitors, transistors, and lasers. It is also used in the production of advanced materials, such as ceramics and glass. The growing use of cerium in these applications is expected to boost market growth over the coming years. As the adopted tension technologies for transport and procurement continue to increase, the Cerium Market Industry is also expected to grow in the future.Similarly, cerium is also being increasingly used in catalytic converters and other end-use applications with the rising adoption of advanced materials. Finally, the increasing demand for cerium in the medical and healthcare sector has been a contributing factor to the market’s overall growth.
Automotive Industry
The automotive industry is another major driver of the cerium market. Cerium is used in the production of catalytic converters, which are essential for reducing emissions from vehicles. The increasing demand for vehicles, particularly in developing countries, is expected to drive growth in the cerium market in the coming years. The Cerium Market Industry is expected to witness significant growth, driven by increasing demand from the automotive sector.The growing adoption of cerium in catalytic converters, along with its use in other automotive applications, is expected to propel market growth. Additionally, the rising production of vehicles, particularly in emerging economies, is further contributing to the market's expansion.
Medical and Healthcare
The growing incorporation of cerium in various medical applications has made the medical and healthcare industry one of the major markets for cerium. In the healthcare industry, cerium is increasingly being used in imaging agents, drug delivery systems, and bone implants. The growing amount of medical treatments and procedures is predicted to increase the demand for cerium, and the resultant increasing adoption of cerium is anticipated to cater to market growth for the element.The Cerium Market Industry remains expected to grow at a steady pace owing to the rising demand from the medical and healthcare sector. It is expected that the growing application of cerium in imaging agents, drug delivery systems and bone implants will drive market growth. Additionally, the rising number of chronic diseases and the increasing healthcare expenditure are also among the factors accelerating market growth.
Cerium Market Segment Insights
Cerium Market Type Insights
The Cerium Market is segmented by type into Cerium Oxide, Cerium Metal, Cerium Fluoride, Cerium Nitrate, and Cerium Hydrate. Cerium Oxide is the largest segment, as it has a wide range of applications in the glass and ceramics, polish and catalysis industries. In 2023, the Cerium Market revenue was estimated at 1.2 Billion USD, and it is projected to grow to 1.7 Billion USD by 2032, with a CAGR of 5.1%. Cerium Metal is a significant segment for the Cerium Market, as it is used as an alloy and pyrotechnic. The need for stronger and lighter materials in the aerospace and automotive industries is driving the growth of Cerium Metal.Cerium Fluoride and Cerium Nitrate are the emerging segments, as they are used in the production of optical material and catalysts. The rising demand for high-performance optical materials and led catalysts due to the increasing demand for electronics and health care is driving the growth of Cerium Fluoride and Cerium Nitrate. Cerium Hydrate is the sixth-largest segment, as it is used in the manufacture of other cerium compounds and as an additive in various materials. The growth of Cerium Hydrate is driven by the growing demand for cerium-based materials in the aerospace, automotive, electronics, and healthcare industries.Thus, the market segments each provide information on the relative importance of each type of cerium and their growth prospects. Knowing the market segments helps to identify high-growth segments and design specific strategies to target them.
Source: Primary Research, Secondary Research, MRFR Database and Analyst Review
Cerium Market Application Insights
The application segment that will likely lead in terms of revenue in the Cerium Market by 2023 is that of automotive catalysts. Given the increasing adoption of catalytic convertors in automobiles to curb emissions, there will likely be an impetus in the usage of cerium as a material in this area. Surprisingly however, the segments that will likely be the highest growth segments will be those of polishing and lighting. Polishing, as an application of cerium, will gain in share as the manufacturers in the metals, glass, and ceramics industry are particularly dependent on the polishing properties of cerium oxide to give objects a reflective finish.At the same time, the lighting sector will likely grow and witness the fastest growth rate as the usage of cerium is central to the manufacturing processes of energy-efficient lighting solutions. The chemical industry is the other major application of cerium for the manufacture of a host of chemicals such as the cerium auxiliary agents and the cerium pigment and cerium oxide. The alloying ratio will also grow at a slow but consistent rate as the use of cerium as an alloying agent, with metals such as steel and aluminum is vital to the production of these metals.
Cerium Market End-use Industry Insights
The end-use industry segment plays a crucial role in shaping the dynamics of the Cerium Market. Among the key end-use industries for cerium are: Automotive and Transportation: Cerium is used in automotive catalytic converters to reduce harmful emissions. The growing demand for cleaner vehicles is expected to drive the growth of this segment. Lighting: Cerium is used in phosphors for fluorescent and LED lighting. The increasing adoption of energy-efficient lighting solutions is anticipated to boost the demand for cerium in this segment. Chemical and Pharmaceutical: Cerium is used as a catalyst in various chemical reactions and as an ingredient in pharmaceutical formulations.The growing demand for specialty chemicals and pharmaceuticals is expected to support the growth of this segment. Electronics: Cerium is used in polishing slurries for semiconductor manufacturing and as a dopant in certain electronic materials. The thriving electronics industry is anticipated to drive the demand for cerium in this segment. Aerospace: Cerium is used in high-temperature alloys and coatings for aerospace applications. The growing demand for lightweight and durable materials in the aerospace industry is expected to boost the demand for cerium in this segment.The Cerium Market segmentation provides valuable insights into the specific applications and growth opportunities within each end-use industry. Understanding these segment dynamics enables market participants to tailor their strategies and capitalize on emerging opportunities.
Cerium Market Regional Insights
The regional segmentation of the Cerium Market offers valuable insights into market dynamics and revenue generation across different geographical regions. North America, Europe, APAC, South America, and MEA are prominent regions in the market. In 2023, North America held a significant share of the Cerium Market revenue, driven by advanced industrial infrastructure and high demand from automotive, aerospace, and medical industries. Europe holds a substantial market share due to the presence of major automotive manufacturers and a strong chemical industry.APAC is a rapidly growing market, driven by increasing demand from emerging economies like China and India. South America and MEA contribute a smaller share to the market, but offer potential for growth due to untapped resources and developing manufacturing sectors. By 2030, the Cerium Market is projected to reach a valuation of USD 2.5 billion, exhibiting steady market growth.
Source: Primary Research, Secondary Research, MRFR Database and Analyst Review
Cerium Market Key Players And Competitive Insights:
Major players in the Cerium Market industry are adopting various growth strategies, such as mergers and acquisitions, to expand their presence in the market. Leading Cerium Market players are also focusing on expanding their product portfolio by investing in research and development activities. The Cerium Market is characterized by intense competition among existing players, leading to ongoing market development and innovation. Established players in the Cerium Market industry are strategizing to strengthen their market position by adopting a customer-centric approach, investing in advanced technologies, and expanding their geographical reach.One of the prominent players in the Cerium Market, Iluka Resources Limited (Australia), is a leader in mineral sand exploration and production. The company possesses a significant cerium mining and processing operation, catering to a wide range of end-use industries. Iluka's commitment to sustainable mining practices and focus on innovation has enabled it to maintain a strong position in the cerium market. The company's exploration and production activities span across Australia, Sierra Leone, and Sri Lanka, ensuring a reliable supply of high-quality cerium to its customers.A notable competitor in the Cerium Market, Chemours Company (U.S.), holds a significant market share in the cerium industry. The company's cerium production facilities are located in the United States and China, providing a strategic footprint. Chemours has established itself as a reliable supplier of high-purity cerium oxide to various industries, including glass and ceramic manufacturing, polishing and abrasives, and catalysis applications. The company's investment in research and development has led to the development of innovative cerium-based products, further strengthening its position in the market.
Key Companies in the Cerium Market Include:
-
Sichuan Shenghe Resources
-
Fujian Xingmin
-
Nexter
-
Japan New Metals
-
IMERYS
-
China Southern Rare Earth
-
Ganzhou Yinfu Zinc Industry
-
Myanmar New Star
-
China North Rare Earth
-
Molycorp
-
Glass Resources
-
Shandong Zibo Yongxin Mining
-
Baita Mining
-
Quantum Materials
-
Materion Corp
-
Tanbreez Mining
Cerium Market Industry Developments
The cerium market is anticipated to expand significantly over the forecast period due to rising demand from various end-use industries. In 2023, the market was valued at around USD 1.59 billion and is projected to reach USD 2.5 billion by 2032, exhibiting a CAGR of approximately 5.16%. This growth can be attributed to increasing applications of cerium in automotive catalysts, glass polishing, and ceramic manufacturing.Recent news developments in the cerium market include the announcement of new production facilities and partnerships. For instance, in January 2023, China's Lynas Rare Earths announced plans to build a new rare earth separation plant in Malaysia, which is expected to significantly increase its cerium production capacity. Moreover, in February 2023, Solvay and Materion entered into a strategic partnership to develop and commercialize advanced cerium-based materials for various applications.
Cerium Market Segmentation Insights
Cerium Market Type Outlook
-
Cerium Oxide
-
Cerium Metal
-
Cerium Fluoride
-
Cerium Nitrate
-
Cerium Hydrate
Cerium Market Application Outlook
-
Automotive Catalysts
-
Lighting
-
Polishing
-
Chemical Industry
-
Alloying
Cerium Market End-use Industry Outlook
Cerium Market Regional Outlook
-
North America
-
Europe
-
South America
-
Asia Pacific
-
Middle East and Africa
| Report Attribute/Metric |
Details |
| Market Size 2022 |
1.51(USD Billion) |
| Market Size 2023 |
1.59(USD Billion) |
| Market Size 2032 |
2.5(USD Billion) |
| Compound Annual Growth Rate (CAGR) |
5.16% (2024 - 2032) |
| Report Coverage |
Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Base Year |
2023 |
| Market Forecast Period |
2024 - 2032 |
| Historical Data |
2019 - 2023 |
| Market Forecast Units |
USD Billion |
| Key Companies Profiled |
Sichuan Shenghe Resources, Fujian Xingmin, Nexter, Japan New Metals, IMERYS, China Southern Rare Earth, Ganzhou Yinfu Zinc Industry, Myanmar New Star, China North Rare Earth, Molycorp, Glass Resources, Shandong Zibo Yongxin Mining, Baita Mining, Quantum Materials, Materion Corp, Tanbreez Mining |
| Segments Covered |
Type, Application, End-use Industry, Regional |
| Key Market Opportunities |
Electric vehicles Hightech glass applications Rechargeable batteries Medical imaging Oil refining |
| Key Market Dynamics |
Rising demand for automotive catalytic converters Growing use in polishing and abrasives Expanding applications in glass and ceramics Increasing adoption in phosphors and luminescent materials Technological advancements in cerium extraction and processing |
| Countries Covered |
North America, Europe, APAC, South America, MEA |
Frequently Asked Questions (FAQ) :
The Cerium market is projected to reach a valuation of 1.59 billion USD in 2023.
The Cerium market is anticipated to grow at a CAGR of 5.16% from 2024 to 2032.
The Cerium market is forecast to attain a valuation of 2.5 billion USD by 2032.
Currently, the Asia-Pacific region holds the largest market share in the Cerium market.
Cerium finds applications in various industries, including catalysis, polishing, and glass and ceramics.
Major players in the Cerium market include Molycorp, Lynas, and China Minmetals Rare Earth.
The Cerium market may face challenges related to supply chain disruptions and environmental regulations.
Increasing demand from the automotive and electronics industries is driving the growth of the Cerium market.
The Cerium market may witness mergers and acquisitions as companies seek to consolidate their market position
Government regulations on mining and environmental protection can impact the supply and demand dynamics of the Cerium market.
