Cerium Market
Cerium Market Study by Dispersion and Powder for Glass, Catalysts, Alloys, and Others from 2024 to 2034
Analysis of Cerium Market Covering 30+ Countries Including Analysis of US, Canada, UK, Germany, France, Nordics, GCC countries, Japan, Korea and many more
Cerium Market Outlook (2024 to 2034)
According to a new Fact.MR research report, revenue from the global cerium market size is poised to reach US$ 306.4 million in 2024 and climb to US$ 444.9 million by the end of 2034. Worldwide sales of cerium are projected to rise at a 3.8% CAGR from 2024 to 2034.
Cerium is an element in chemistry with atomic number 58 and symbol Ce. When cerium comes into contact with air, it tarnishes from being a silvery-white, soft, ductile metal. Cerium is the second element in the lanthanide family, with a persistent +4 state that prevents it from oxidizing water, even though it often exhibits the +3 oxidation state that characterizes the series.
It is regarded as a rare element as well. Except in cases of severe or prolonged exposure, cerium is not highly hazardous to humans and has no recognized biological function. The glass and ceramic industry extensively utilizes cerium. Ce and its compounds are added to impart a yellow hue, eliminate unwanted pigmentation, increase radiation sensitivity, offer unique optical properties, and enhance structural integrity in dental materials.
Key Market Growth Drivers
- Increasing demand for cerium-based additives and catalysts in automotive emission control systems is complementing cerium market growth.
- Demand for glass polishing powder based on cerium is rising because of the increasing utilization of precision glass lenses, silicon wafers, liquid crystal displays, glass magnetic memory disks, etc.
- Significance of cerium in the production of flat panel display panels is rising. Because cerium stores electrical energy so well, it is also being employed more widely as an energy storage material.
- Cerium use is becoming more common in semiconductor applications due to qualities including excellent adsorption capacity and irradiation stability. The need for semiconductors is projected to rise in response to the growing demand for electronic goods including cellphones, laptops, PCs, consumer electronics, automotive electronics, and other industrial electronic devices.
- Ongoing efforts to enhance the effectiveness and efficiency of cerium are also driving up its sales.
Report Attribute | Detail |
---|---|
Cerium Market Size (2024E) | US$ 306.4 Million |
Forecasted Market Value (2034F) | US$ 444.9 Million |
Global Market Growth Rate (2024 to 2034) | 3.8% CAGR |
East Asia Market Share (2024E) | 26.70% |
North America Market Value (2024E) | US$ 50.3 Million |
Alloy Segment Value (2034F) | US$ 144.2 Million |
Key Companies Profiled | Lynas Corporation Ltd.; ProChem, Inc.; China Minmetals Rare Earth Co. Ltd.; Noah Chemicals Corporation; Arafura Resources Ltd.; Shepherd Chemical Company; NEO Performance Materials; Avalon Rare Metals Inc.; Mitsui Mining & Smelting Co., Ltd.; Baotou Hefa Rare Earth Co. Ltd.; Rainbow Rare Earths Limited; Metall Rare Earth; Greenland Minerals; American Elements. |
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Why is Application of Cerium Increasing across Industries?
“Use of Cerium Growing in Glass and Ceramic Industry to Remove Unwanted Pigmentation”
There are several uses for cerium metal and its related compounds, especially in glass and ceramic applications. Cerium and its compounds are added to these materials to give them a yellow color, remove unwanted pigmentation, cause glass to react to certain types of radiation, give glass unique optical characteristics, and strengthen some dental materials structurally. These beneficial properties meet the requirements of glass and ceramic production, boosting application and contributing to the expansion of the cerium market size. Beyond these sectors, its utilization extends to various other applications, including flints in lighters and self-cleaning ovens.
“Extensive Use of Cerium in Precision Glass Polishing, Electrodes, and Catalytic Converters”
Cerium stands out as the most abundant rare earth element, utilized in carbon-arc lighting, magnets, precision glass polishing, electrodes, and catalytic converters. Its use is on the rise in the electronics sector. Cerium oxide serves as a preventive measure against the darkening phenomena caused by electron bombardment during the operation of cathode-ray tube television glass plates.
Cerium plays a crucial role as a dopant in the production of phosphors for fluorescent lights, LEDs, and cathode ray tube (CRT) television displays. These diverse applications of cerium in electronic devices are boosting its usage.
What are the Health Risks Associated with Cerium Exposure in Occupational Settings?
“Increased Risk of Pulmonary Embolisms and Liver Disorders Associated with Cerium Exposure”
The market for cerium is being threatened by competition from alternatives such as other rare earth materials including lanthanum, neodymium, and praseodymium, which have some similar properties. A wide array of rare earth substitutes with similar or even enhanced properties and advancements in materials and renewable energy systems offer alternatives to cerium.
Materials such as graphene and carbon nanotubes exhibit superior mechanical and conductive properties compared to cerium-based materials. Ongoing innovations in renewable energy technologies, such as lithium-ion batteries and photovoltaic cells, incorporate alternative components to achieve greater performance and efficiency than cerium.
Another factor hindering market growth is the impact of cerium on human health. Cerium poses a significant occupational risk, primarily through inhalation of fumes and vapors during work. Prolonged exposure to this substance can lead to pulmonary embolisms, particularly with extended periods of exposure. Cerium accumulates in the human body and can potentially harm the liver.
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Country-wise Insights
The East Asian region is forecasted to lead the market with 26.7% revenue share in 2024 and is further projected to account for 28.6% by the end of 2034. The market in North America is calculated to expand at 4.5% CAGR over the next ten years (2024 to 2034).
Which Factors are Pushing Sales of Cerium in China?
“Expertise in Cerium Production and Discovery of New Mineral Resources Containing Cerium”
Attribute | China |
---|---|
Market Value (2024E) | US$ 45.7 Million |
Growth Rate (2024 to 2034) | 5.2% CAGR |
Projected Value (2034F) | US$ 75.6 Million |
China is one of the primary producers of cerium, boasting expertise in manufacturing various cerium-based products. Among these are polishing powder, extensively utilized in the glass industry, and cerium chloride, employed in chemical synthesis. China's renowned manufacturing sectors, including electronics, machinery, and automotive are also contributing to market growth. Cerium holds significance in alloy production, catalyst manufacturing, and the formulation of polishing compounds within these industries.
- In January 2024, China unearthed a new silicate mineral, Nipeiite-(Ce), with the highest cerium content ever recorded, at a rare-earth mine in the Henan Province of Central China. The Chinese Ministry of Natural Resources announced that this mineral had received recognition from the International Mineralogical Association. Experts suggest its potential applications in cutting-edge fields such as aerospace.
Which Cerium Market Trends are Suppliers in the United States Focusing On?
“Increased Demand for High-performance Materials in Aerospace and Automotive Manufacturing”
Attribute | United States |
---|---|
Market Value (2024E) | US$ 36.3 Million |
Growth Rate (2024 to 2034) | 4.6% CAGR |
Projected Value (2034F) | US$ 56.8 Million |
The United States is estimated to account for 72.2% of the cerium market share in North America in 2024. The country is popular for its automotive industry and cerium is a vital component of catalytic converters in the automotive industry because it helps to achieve catalysis to minimize the injection of poisonous emissions into the car exhaust. These advantages of cerium not only attracting companies from the automotive industry but also aerospace and manufacturing, which require high-performance materials.
- In March 2021, the United States Department of Energy stated its plans to allocate US$ 30 million for the study of rare earth metals. The funds are expected to assist with research and safeguard local supply chains for rare earth elements and other essential components used in industrial and battery applications. Wyoming, Texas, and California will continue to draw interest in the study of several rare earth elements.
Category-wise Insights
Based on form, the market is categorized into dispersion and powder. Cerium powder is used in diverse industry applications such as chemical and glass manufacturing and polishing. The gentle nature of cerium is driving its preference for cleaning various objects. Cerium powder is extensively utilized in the process of chemical mechanical planarization.
Use of cerium powder is a significant contributor to the decreasing levels of pollutants in the optics industry. Cerium powder targets ferrous impurities with a green tint, and it is used in the medical space because of its anti-toxin and anti-bacterial qualities.
Which Application is Generating Substantial Revenue for Companies?
“Extensive Use of Cerium in Grain Refining and Modification to Enhance Alloy Microstructure”
Attribute | Alloy |
---|---|
Segment Value (2024E) | US$ 97.8 Million |
Growth Rate (2024 to 2034) | 4% CAGR |
Projected Value (2034F) | US$ 144.2 Million |
Widespread use of cerium to improve the quality of different metal alloys is contributing to market expansion. Cerium plays a vital role as a powerful grain refiner and modifier that enhances the microstructure of alloys, which improves mechanical characteristics such as strength, toughness, and ductility. In addition, cerium serves as an impurity scavenger to remove impurities such as sulfur, oxygen, and nitrogen from molten metal, creating cleaner and more homogeneous alloys with fewer defects.
These advantages make cerium a significant additive in alloy production in the automotive, aerospace, and manufacturing sectors, which require high-performance materials.
Know thy Competitors
Competitive landscape highlights only certain players
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Competitive Landscape
Key players in the cerium market are Lynas Corporation Ltd., ProChem, Inc., China Minmetals Rare Earth Co. Ltd., Noah Chemicals Corporation, Arafura Resources Ltd., Shepherd Chemical Company, NEO Performance Materials, Avalon Rare Metals Inc., Mitsui Mining & Smelting Co., Ltd., Baotou Hefa Rare Earth Co. Ltd., Rainbow Rare Earths Limited, Metall Rare Earth, Greenland Minerals, and American Elements.
Top companies and scientists involved in the cerium and rare earth metal industry are experimenting more to develop new products and increase their application.
- In January 2024, in a rare earth mine, Chinese scientists found a novel silicate mineral high in cerium. The mineral is called Ni Pei Stone after eminent Chinese geologist Professor Ni Pei, who received approval from the International Mineralogical Association. The mineral Ni Pei Stone ranges in hue from pale red to reddish-brown and contains cerium.
Segmentation of Cerium Market Research
-
By Form :
- Dispersion
- Powder
-
By Application :
- Glass
- Catalysts
- Alloys
- Others
-
By Region :
- North America
- Western Europe
- Eastern Europe
- Latin America
- East Asia
- South Asia & Pacific
- Middle East & Africa
- FAQs -
How big is the cerium market in 2024?
The global market for cerium is estimated to reach US$ 306.4 million in 2024.
What are the projections for the worldwide market by 2034?
Cerium sales are calculated to reach US$ 444.9 million by the end of 2034.
At what rate is the demand for cerium projected to rise?
Demand for cerium is calculated to rise at 3.8% CAGR from 2024 to 2034.
Which region is the leading shareholder in the global market?
East Asia is estimated to account for 26.7% share of the global market in 2024.
At what pace is the South Korean market forecasted to expand?
The market for cerium in South Korea is projected to expand at 5.5% CAGR from 2024 to 2034.
What is the market scenario for cerium in Canada?
The market in Canada is projected to be valued at US$ 15.2 million by 2034-end.
Who are the market leaders in the cerium business?
Leading producers of cerium include Lynas Corporation Ltd., ProChem, Inc., and China Minmetals Rare Earth Co. Ltd.
Which form of cerium is estimated to account for high revenue generation?
Based on product form, the alloys segment is projected to account for 32.4% market share by 2034.