PUBLISHER: Stratistics Market Research Consulting | PRODUCT CODE: 1530720
PUBLISHER: Stratistics Market Research Consulting | PRODUCT CODE: 1530720
According to Stratistics MRC, the Global Cerium Oxide Nanoparticles Market is accounted for $928.79 million in 2024 and is expected to reach $2973.23 million by 2030 growing at a CAGR of 21.4% during the forecast period. Cerium oxide nanoparticles, or CeO2 nanoparticles for short, have special qualities that make them useful for a range of applications. Because of their capacity to transition between the oxidation states of Ce3+ and Ce4+, these nanoparticles are well-known for their high catalytic activity, which promotes redox reactions. They also play a critical role in automobile catalytic converters, which reduce exhaust emissions owing to their remarkable oxygen storage capacity.
According to the American Chemical Society, advancements in nanotechnology have revolutionized materials science and enabled breakthroughs in fields ranging from medicine to energy storage.
Increasing demand for car catalytic converters
Due to their effective oxygen storage and release capabilities, cerium oxide nanoparticles are widely utilized in automotive catalytic converters. With the help of this characteristic, toxic gases like nitrogen oxides and carbon monoxide can be converted into less toxic emissions like nitrogen and carbon dioxide. Additionally, the heightened emphasis on vehicle emissions reduction by the automotive industry in order to comply with strict environmental regulations has led to a notable increase in the demand for cerium oxide nanoparticles.
Scalability and cost concerns
The high cost of producing cerium oxide nanoparticles on a commercial scale is one of the main obstacles. Higher production costs are often caused by the need for complex procedures and specialized equipment in the synthesis of nanoparticles with consistent quality and purity. Furthermore, this may prevent them from being widely used, especially in markets with tight budgets or in situations where economies of scale are essential.
Technological developments in biomedicine and healthcare
Cerium oxide nanoparticles present prospects for novel therapeutic treatments, targeted drug delivery methods, and diagnostic instruments in the healthcare industry. Their biocompatibility and antioxidant qualities are especially helpful in treating diseases linked to oxidative stress, promoting wound healing, and advancing imaging methods. Moreover, improved healthcare outcomes and personalized medicine may be possible with further research.
Severe rivalry and substitution
Cerium oxide and other nanoparticles-related materials and technologies are fierce competitors in the market, offering comparable or better qualities. Developments in materials science and nanotechnology could result in the creation of more economical, effective, or environmentally friendly alternatives. Additionally, in some markets and applications, this might lessen the need for cerium oxide nanoparticles.
The market for cerium oxide nanoparticles has experienced a variety of effects from the COVID-19 pandemic. Initially, delays in production and distribution had an impact on market availability due to disruptions in global supply chains and manufacturing operations. The demand from industries that use cerium oxide nanoparticles extensively, like the automotive, electronics, and construction sectors, was further suppressed by a reduction in industrial activity and strict lockdown measures implemented in many nations. However, demand increased as economies gradually recovered, especially in healthcare applications where cerium oxide nanoparticles are used in diagnostics and therapeutics.
The Powder segment is expected to be the largest during the forecast period
The powder segment typically holds the largest share in the cerium oxide nanoparticles market. Powdered cerium oxide nanoparticles are widely used across various industries due to their ease of handling, versatile applications, and ability to be integrated into different manufacturing processes. They are extensively employed in automotive catalytic converters for emissions control, where their high surface area and catalytic properties are crucial. Additionally, powdered cerium oxide nanoparticles find applications in polishing agents for precision optics, electronics, and ceramics due to their abrasive properties and ability to achieve fine surface finishes.
The Healthcare segment is expected to have the highest CAGR during the forecast period
The healthcare segment typically exhibits the highest CAGR in the cerium oxide nanoparticles market. This growth is driven by increasing research and development activities focused on utilizing cerium oxide nanoparticles in biomedical applications. In healthcare, these nanoparticles are valued for their antioxidant properties, biocompatibility, and potential therapeutic benefits in treating oxidative stress-related diseases and enhancing drug delivery systems. Moreover, their role in diagnostic imaging and biomarker detection further boosts demand.
In the cerium oxide nanoparticle market, the Asia-Pacific region usually holds the largest share. Widespread industrial activity in nations like China, Japan, South Korea, and India, especially in the automotive and electronics industries, is what fuels this dominance. The extensive use of cerium oxide nanoparticles in catalytic converters, electronics polishing, and other industrial applications is made possible by these countries strong infrastructures for advanced material research and development. Furthermore, the region's substantial market share is also largely due to rising investments in healthcare infrastructure and rising demand for cutting-edge medical technologies.
The North American region has the highest CAGR in the cerium oxide nanoparticles market. Growing investments in R&D, especially in environmental and biomedical applications, are the main driver of this growth. Technological innovation and regulatory frameworks that facilitate the use of cutting-edge materials such as cerium oxide nanoparticles are highly valued in North America. Moreover, propelling market growth is the region's robust healthcare sector and strict environmental regulations that are creating a demand for cleaner technologies.
Key players in the market
Some of the key players in Cerium Oxide Nanoparticles market include Solvay, Nyacol Nano Technologies Inc., BASF, Advanced Nano Products Co., Ltd., Evonik Industries, Inframat Corporation, Strem Chemicals, Inc., Meliorum Technologies, Inc., Nanoshell, American Elements Inc, SkySpring Nanomaterials, Inc., Umicore, Cerion, LLC, Nanophase Technologies Corporation and Plasmachem GmbH.
In July 2024, BASF and ENGIE have signed a seven year biomethane purchase agreement (BPA). Under the BPA, ENGIE will supply BASF with 2.7 to 3.0 terawatt hours of biomethane throughout the term of the agreement. BASF uses certified biomethane at its Ludwigshafen,Germany and Antwerp,Belgium sites as a sustainable alternative to fossil raw materials in its manufacturing process.
In June 2024, Solvay, a leader in rare earth materials supply for catalysis and electronics, and Cyclic Materials, an advanced metals recycling company building a circular supply chain for rare earth elements and other critical metals, announced the signing of an agreement for the supply of recycled mixed rare earth oxide (rMREO) from Cyclic Materials to Solvay, with shipments to begin in late 2024.
In February 2024, Vattenfall and Evonik have inked new long-term electricity supply contracts, aiming to bolster Evonik's green energy consumption for chemical production. Commencing in 2025, two solar parks operated by Vattenfall in Schleswig-Holstein will furnish Evonik with approximately 120 gigawatt hours of solar power annually over a decade, under fixed conditions termed as "Power Purchase Agreements" (PPA).