Cerium Oxide Nanoparticles Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

The market for cerium oxide nanoparticles is expected to grow at a CAGR of more than 15% globally during the forecast period. Cerium belongs to the lanthanide series and is rare earth metal (atomic number = 58). It is the most abundant rare earth metal which is present in two oxidation states i.e. +3 and +4. Cerium oxide is considered to be a lanthanide metal oxide and is used as an ultraviolet absorber catalyst polishing agent, gas sensors, etc. The growing demand from the semiconductor industry and rising utilization of polishing agents have been driving the market growth.

Key Highlights

• However, the toxic nature at high concentrations of cerium oxide nanoparticles and the unfavorable conditions arising due to the COVID-19 outbreak are likely to hinder the growth of the studied market.
• The potential application of nanoceria to be used as an antioxidant in medical applications are likely to provide opportunities for the Cerium oxide nanoparticles market over the next five years.
• North America region dominates the cerium oxide nanoparticles market, owing to growing application of cerium oxide nanoparticles in the region.

Key Market Trends

Chemical Mechanical Planarization (CMP) Segment to Dominate the Market

• Chemical Mechanical Planarization (CMP) segment stands to be the dominating segment owing to increased application of cerium oxide nanoparticles in CMP by emerging countries like China and India, along with developed countries like United States.
• Chemical mechanical planarization (CMP) process has been integrated with the semiconductor manufacturing to reduce uneven topography on the wafer. Consequently, cerium oxide nanoparticles are used to polish wafers during semiconductor circuit manufacturing which in turn expected to positively impact the market.
• Adoption of CMP (Chemical Mechanical Planarization), in turn, has increased owing to its use in integrated chip fabrication to remove surface materials and flatten the surface.
• The semiconductor industry witnessed steady growth in 2018, with an increase in memory prices, growing adoption of graphics processing units (GPUs) by cloud companies and data centers for tasks associated with artificial intelligence is anticipated to boost the demand for cerium oxide nanoparticles.
• All the aforementioned factors are expected to drive the market studied during the forecast period.

North America Region to Dominate the Market

• North America region stands to be the dominating market for cerium oxide nanoparticles owing to rising demand from various end-use industries including fuel additives, medical implants, UV filters, energy storage devices, and fuel cells is anticipated to augment the cerium oxide nanoparticles market
• Cerium oxide nanoparticles have antibacterial activity, neurodegenerative effect, SOD mimicking activity, catalase mimicking activity, and peroxidase mimicking activity which enhances its area of applicability in energy storage products, personal care products, polishing agent for glass mirrors, owing to its versatile properties and electronic configuration.
• In biomedical, cerium oxide is widely used for a spinal healing agent, neural damage care, and lowering oxidative stress-related diseases since it possesses antioxidant properties and a surge in the utilization of cerium oxide nanoparticles in the biomedical application is expected to drive the market growth.
• In energy applications, the cerium oxide nanoparticles are used as an electrolyte in solid oxide fuel cells (SOFC) because of their oxygen storage capacity and chemical reactivity. Solar power, wind power, and other sources of renewable energy witnessing an increase in market to overcome the environmental issues such as global warming.
• The demand for personal care products is increasing significantly owing to growing awareness towards sunscreen and other skin products. Nano ceria act as a UV filter in the sunscreen products. Moreover, they have biological oxidant property, which is highly preferred in the personal care products. As a result, the penetration of the nonoceria particles in personal care products.
• The North American region is witnessing a growth in the healthcare industry and presence of the largest producers and exporters of semiconductors driving the market for cerium oxide nanoparticles.
• Hence, all such market trends are expected to drive the demand for cerium oxide nanoparticles market in the region during the forecast period.

Competitive Landscape

The global cerium oxide nanoparticles market is partially consolidated in nature with some large players and many small players operating in the market. While some of the prominent players in the market include American Elements., Strem Chemicals, Inc., Nanophase Technologies Corporation, NYACOL Nano Technologies Inc. and Meliorum Technologies, Inc. amongst others.

Additional Benefits:

• The market estimate (ME) sheet in Excel format
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