Cerium Market is projected to grow at significant CAGR close to 3.56%

The global cerium market is anticipated to grow at a CAGR of 3.56% during the forecast period.

NOIDA, UTTAR PRADESH, INDIA, December 10, 2024 /EINPresswire.com/ -- According to a new study published by Knowledge Sourcing Intelligence, the global cerium market¹ is projected to grow at a CAGR of 3.56% between 2025 and 2030.

Cerium (Ce) is a rare earth metal element, extracted from the ores of Bastnasite and Monazite, that has some unique properties making it useful in various applications such as being used as a catalyst in automobiles for reducing emissions, acting as a polishing compound, decolorizing agent in glass etc. It is generally sold in oxide powder form having wider adaptability across several industry verticals such as in glass and ceramics production, particularly as an addition to glass metal and ceramic glasses, refractory ceramics and glass polishing, catalysts, and others. In pure form, the metal is used in casting alloys, in addition to aluminium, iron, battery, magnesium, and vacuum alloys. Cerium is a silvery-white and soft metal that is ductile as well.

One key driving force behind the cerium industry’s growth is the rising global mining of rare earth metals. Cerium oxide and ceramics are being adopted more widely across various industries such as glass, petroleum, refinery, and others. In the automotive industry, cerium is used in catalytic converters in cars. Owing to the presence of cerium, car converters can operate at a high temperature. It is anticipated that robust growth in the automotive sector will drive significant growth opportunities for Cerium during the forecasted period. Thus, the growth in the end-user industry will be growing the market demand for cerium during the forecast period.

The cerium market is witnessing key developments, such as the 2023 cooperation agreement between Xiamen Tungsten and China Rare Earth Group to set up joint ventures for advancing the rare earth industry in the Fujian province. This partnership aims to enhance the resource development, processing capabilities and supply chain in the region to accelerate the strategic coordination between central and local corporations.

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The Global Cerium Market is segmented by application into polishing, catalysing and others. Cerium Oxide is beneficial in polishing with high precision and fewer scratches & favourable suspension properties, widely used in industrial product polishing and various optical glass devices, television kinescopes, optical spectacle lenses, oscilloscopes², plate glass, semiconductor chips, metal precision and others. Cerium is also used in a variety of applications to act as a catalyst such as for removing harmful emissions in automotive exhaust, to generate syngas mixtures in steam & dry methane reforming and many others. The other use of cerium includes its usage in paint coatings³, biomedical, electrodes and more. During the forecast period, the catalysis segment will continue to hold the largest market segment as it is used to reduce emissions from automobiles. The growing number of vehicles along with the growing concern and steps taken by the government to reduce harmful emissions will be driving the catalysis segment.

The Global Cerium Market is segmented by glass, automotive, petroleum & chemical processing and others. Cerium Oxide is used for a variety of purposes in the glass industry including glass polishing, UV absorption, color control, radiation shielding and many more. It is used as a decolorizing agent in the glass industry to enhance the quality and clarity of glass products, including windows, lenses and mirrors. It is also used to reduce the amount of scrap glass produced during the manufacturing process. In the automotive industry, cerium is used as a catalytic converter, fuel additive, glass window composition, polishing agent, sensor and corrosion resistance including some other uses as well. It is used as a catalytic converter to reduce emissions in the exhaust fumes from automobiles. During the forecast period, the automotive segment will continue to dominate the cerium market as cerium is most widely used as a catalyst and automobiles are the largest user of catalysis cerium.

Based on geography, Asia-Pacific is anticipated to dominate the global cerium market during the forecast period. The major economies like China, Japan, India, and South Korea will be driving the Asia Pacific’s cerium market. The growing use of rare earth metals in the various industries of growing economies of Asia-Pacific including the fastest-growing automotive industry and the growing investment in clean energy will be leading the region in the global market.

The report includes the major players operating in the global cerium market: NEO, Rainbow Rare Earths, Hefa Rare Earth, Shephard Chemical Company, American Elements, Lynas Rare Earths, Avalon Advanced Materials and Arafure Resources Ltd.

The market analytics report segments the Global Cerium Market as follows:

• By Application

o Polishing
o Catalysing
o Others

• By End-User Industry

o Glass
o Automotive
o Petroleum and Chemical Processing
o Others

• By Geography

o North America

• USA
• Canada
• Mexico

o South America

• Brazil
• Argentina
• Others

o Europe

• Germany
• France
• United Kingdom
• Spain
• Others

o Middle East and Africa

• Saudi Arabia
• UAE
• Israel
• Others

o Asia Pacific

• China
• Japan
• India
• South Korea
• Indonesia
• Taiwan
• Others

Companies Profiled:

• NEO
• Rainbow Rare Earths
• Hefa rare Earth
• Shepherd Chemical Company
• American Elements
• Lynas Rare Earths
• Avalon Advanced Materials
• Arafura Resources Ltd.

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Ankit Mishra
Knowledge Sourcing Intelligence
+1 850-250-1698
info@knowledge-sourcing.com
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¹ https://www.knowledge-sourcing.com/report/global-cerium-market
² https://www.knowledge-sourcing.com/report/oscilloscope-market
³ https://www.knowledge-sourcing.com/report/global-paints-and-coatings-market