Ceria Market Size, Share, Growth, and Industry Growth by Type (Purity No More Than 2N, Purity 3N-4N, and Purity No Less Than 5N), By Application (Polishing, Catalysis, Glass Additives, and Others) Regional Forecast to 2028

Updated On: 15 May 2023

REPORT OVERVIEW

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The global ceria market size was USD  77 million in 2021. The global COVID-19 pandemic has been unprecedented and staggering, with the ceria market experiencing higher-than-anticipated demand across all regions compared to pre-pandemic levels. As per our research, the market is projected to touch USD 115.8 million by 2028, exhibiting a CAGR of 6.0% during the forecast period. The sudden spike in CAGR is attributable to demand returning to pre-pandemic levels once the pandemic is over.

Ceria is a mixture of iron, aluminium, and other metals. It is a major component of steel and is used in concrete and other construction materials. Batteries, fertilisers, chemicals, and domestic items like pots and pans can all be made from cerium. As a byproduct of many industrial production processes, it is a white powder that catalyses a variety of chemical reactions that allow for the modification, oxidation, reduction, and inclusion of diverse materials into polymeric ones. Iron, magnesium, and aluminium oxide are all present in the reddish-brown, naturally occurring earth mineral known as ceria.

In order to boost its market share, it must be used in the industrial sector. The stock prices of significant producers are anticipated to rise as a result of high demand and rising utilisation. This is a high temperature, high pressure fluid used in industrial settings such as the production of carbon electrodes, refractories, and ceramics. It is anticipated that ceria will contain more silicon than is necessary for industrial use. This will enable businesses to increase their output and lower their costs, which will encourage other businesses to use it and further affect demand.

COVID-19 Impact: High Production Cost to Delay the Market Growth

The COVID-19 pandemic has greatly affected the market for various materials that are used to make products. The market for various materials required to create ceria has been significantly impacted by the COVID-19 pandemic. As a result, a number of producers and merchants have raised their product prices and cut back on their product offerings. As a result of the shortfall, companies are now looking into alternative methods for producing and distributing their goods, including online and retail sales. A number of compounds with substantial economic effects have been affected by the pandemic in terms of research, development, manufacture, and sales. The coagulation agents wouldn't be used very much if the blood clotting process was slowed down and negatively affected by the virus. This could pose a serious threat to the expansion of the market.

LATEST TRENDS

"Expanding Usage to Increase Market Growth"

It has long been used as an affordable supply of silicon for the production of glass and the cultivation of crops like rice. The widespread usage of this product was originally restricted to industry, but with the development of mobile devices, personal computers, and other electronics, there is now a demand for even more affordable silicon oxides, from which they can be made on an industrial scale and at a very cheap cost. This mineral has long been employed in the energy sector, but it has only lately started to be used extensively in the silicon oxides sector.

SEGMENTATION

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• By Price Level

Based on price level; the market is divided into Purity No More Than 2N, Purity 3N-4N, and Purity No Less Than 5N

Purity No Less Than 5N is the leading part of this segment.

• By Application

Based on application; the market is divided into Polishing, Catalysis, and Glass Additives

Polishing is the leading part of the application segment.

DRIVING FACTORS

"Finding Space in Other Industry to Increase Market Demand"

It is a metal that is often used in the production of nuclear power plants because it is radiation resistant and does not accumulate carbon or other pollutants. In order to extract energy from hydrocarbon fuels, it is also used in liquid metal batteries. Over the past ten years, the market has experienced substantial growth. Because of this product's exceptional qualities, businesses are attempting to find other uses for it. This is causing the market to expand while also helping it establish a presence in numerous new markets.

"Introduction of New Catalyst to Increase the Growth Speed"

The market is anticipated to expand quickly over the next few years as new catalyst types are developed, laws are changed, and businesses look for greater returns than what is now commercially feasible, particularly through chemical recycling. The desire for applications that save energy and the environment, as well as the broad maturity of technology and application sectors, will drive the development of the new generation of catalysts. Due to the quick depletion of resources, it is anticipated that current catalyst technologies will reach their limits and need to be replaced. In order to satisfy market demands, new catalyst introductions are necessary.

RESTRAINING FACTORS

"Slow Progress in Technology lead to Slow Market Growth"

The limited availability of technology is the fundamental drawback of the market. There are times when it is challenging for investors to turn a profit due to the lack of new, inventive items. While they wait for these new items to become accessible, investors may be cautious and hesitant to use this choice. Social, legal, and financial problems define the ceria market. The development will have an impact on both producers and consumers in the context of the import of raw materials and the export of products. The market for cerium oxide is new due to its high cost and little demand.

REGIONAL INSIGHTS

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"Asia Pacific to Lead Market owing to Increasing Production."

The ceria market share is presently the largest in asia pacefic, and it is expected to grow rapidly in the future years. It is the key raw material in lithium-ion batteries. Growing demand for lithium in the battery market is expected to boost its demand in this region. There is an increased demand for cerium in the production of lithium ion batteries, which are used for electric vehicles and mobile devices. The asia pacefic region is growing rapidly and will continue to dominate the global cerium market in coming years.

KEY INDUSTRY PLAYERS

"Key Players in the Market to Fasten the Market Growth"

The data used in the analysis of the ceria market incorporates a variety of sources. Some of these sources include trade journals, statistics published by industry associations, academic research, and government reports. Data is also gathered from global stakeholders that report on the market, including manufacturers, distributors, suppliers, micro-experts and others. The study provides information on industry players and their involvement in the sector. Collaborations, technological advancements, acquisitions, mergers, and the growth of industrial facilities are examples of information collection and reporting techniques.

List of Market Players Profiled

• China Northern Rare Earth (China)
• Chinalco Rare Earth & Metal (China)
• Golden Dragon Rare-Earth (China)
• China Minmetals Rare Earth (China)
• Shenghe Resources (China)
• China Southern Rare Earth (China)
• Sichuan JCC Rare Earth Metals (China)
• Grirem Advanced Materials (China)
• Lynas Rare Earths (Malaysia)
• Neo Performance Materials (Canada)

REPORT COVERAGE

The report provides an up to date and detailed assessment of the current state of the market, covering all important segments including such as raw materials, technology and equipment, demand and supply analysis, production capacity analysis, and industry chain analysis. This report assesses the market opportunities and market risks associated with the development of various segments. The main drivers and restraints are also examined to estimate the impact of these factors on the market's growth. The study assesses the performance of key companies for the forecasted period, and their roles in the market dynamics are analyzed.