Cerium oxide nanoparticles are widely being used in several applications across various end-user industries during the last few years due to cerium’s property of promptly adjusting its electronic configuration, consistent to its environment. The cerium oxide nanoparticles market has witnessed robust growth in the last few years owing to its applications in catalytic convertors, biomedical applications, environmental protection, and energy. Demand for cerium oxide nanoparticles is anticipated to increase significantly during the forecast period due to its distinctive properties such as UV filtering, high ionic conductivity, and radical scavenging.
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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 during the next few years. Furthermore, the application scope of cerium oxide nanoparticles is increasing in end-user industries such as electronics. This, in turn, has proved to be one of the key factors driving the market during the last few years. Additionally, technological advancements combined with growing research activities in nanoparticle applications is expected to fuel usage of cerium oxide in various applications. This, in turn, would propel the cerium oxide nanoparticles market in the next few years.
Cerium Oxide Nanoparticles Market: Trends and Opportunities
Cerium oxide nanoparticles have a wide range of applications across various end-user industries such as medical, automotive, energy, electronics, personal care and cosmetics. Medical was one of the key application segments of the cerium oxide nanoparticles market in the last few years. A similar trend is expected to continue during the forecast period owing to its growing usage as a UV light sorbent, antioxidant, and spinal healing agent, and in neural damage care. Automotive is expected to be another key application of cerium oxide nanoparticles. Cerium oxide is found in two oxidation states: Ce3+ and Ce4+. Its unique property of switching its electronic configuration and oxidation state to suit the environment makes it a valuable catalyst. Hence, it is used in catalytic convertors. Researchers have discovered an added utility for cerium oxide nanoparticles in the production of fuel cells. This is expected to boost the market on account of increasing demand for fuel cells across the globe. Cosmetics, personal care and electronics, applications are anticipated to witness substantial growth in the cerium oxide nanoparticles market on account of growing demand for these products. Researchers have discovered a quick, cost-effective and easy technique for the production of nanomaterials of different metallic oxides employing green chemistry. This is likely to provide lucrative opportunities to the cerium oxide nanoparticles market during the next few years.
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Cerium Oxide Nanoparticles Market: Geographical and Competitive Dynamics
North America is expected to be the largest market for cerium oxide nanoparticles, accounting for substantial share of the global demand during the forecast period. Growing research and development activities related to production of cerium oxide has proved to be a critical market driver in North America. Europe is expected to be the second-largest market for cerium oxide nanoparticles in terms of regional segmentation. End-user applications such as medical, automotive, and energy are estimated to drive the cerium oxide nanoparticles market in the region. Major automotive OEMs are present in Europe. This is projected to drive demand for cerium oxide nanoparticles in the region. Asia Pacific is anticipated to witness extensive growth during the next few years due to increasing demand for cerium oxide nanoparticles in applications such as medical and automotive. Furthermore, presence of growing economies such as China and India is expected to boost the market on account of growing automotive industry in the region. Latin America is anticipated to witness steady growth in the cerium oxide nanoparticles market owing to high demand from end-user industries predominantly driven by growth in the automotive industry in the region. Middle East and Africa is anticipated to expand on similar lines, especially in growing economies such as South Africa and countries in GCC.