The global Cerium market size is expected to be worth around US$ 440.9 million by 2030, according to a new report by Vision Research Reports.
The global Cerium market size was valued at US$ 260.4 million in 2020 and is anticipated to grow at a CAGR of 4.8% during forecast period 2021 to 2030.
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Report Coverage
| Report Scope | Details |
| Market Size | USD 440.9 million by 2030 |
| Growth Rate | CAGR of 4.8% From 2021 to 2030 |
| Base Year | 2021 |
| Forecast Period | 2021 to 2030 |
| Segments Covered | Application |
| Regional Scope | North America, Europe, Asia Pacific, Latin America, Middle East & Africa |
| Companies Mentioned | Arafura Resources Ltd, Lynas Rare Earths Ltd, Avalon, Rainbow Rare Earths Limited, METALL RARE EARTH LIMITED, Hefa Rare Earth, and Greenland Minerals |
Growth Factors
Rising disposable income, and a growing middle-class population. For instance, it has been estimated that the middle-class population in India is likely to reach over 580 million by 2025 from 250 million in 2020.
Major demand for the market comes from the glass industry mainly from glass polishing applications. Cerium products are used for polishing purposes, they also smoothen indentations and microscopic bumps on glass surfaces. Numerous companies have invested in research and development activities, to reduce the waste generated during the glass polishing process.
By Application Analysis
Glass was the largest segment in 2020 and accounted for a revenue share of over 41% in the same year. Cerium is mainly used for glass polishing applications owing to its physio-chemical properties. Glass polishing powders lose their ability to polish gradually during the application owing to an accumulation of other compounds on powders.
Demand for cerium-based glass polishing powders is projected to increase on the account of increasing usage of liquid crystal displays, glass display panels, precision glass lenses, silicon wafers, glass magnetic memory disks, and other industrial glass applications.
Catalysts application segment is projected to grow at a CAGR of 4.7% from 2021 to 2030. Internal combustion vehicles emit harmful gases such as nitrogen oxide, carbon monoxide, and various hydrocarbons.
By Regional Analysis
Europe is anticipated to grow at a rate of 4.2% from 2021 to 2030. Recycling of rare earth elements is projected to create new avenues for market vendors, as recycling is limited in Europe and North America, compared to China and Japan.
Asia Pacific dominates the market with a volume share of over 79% in 2020, the region is also anticipated to remain the fastest-growing market around the world. This growth is likely to be led by China, which is the leading producer and consumer in the industry.
Key Players
- Arafura Resources Ltd
- Lynas Rare Earths Ltd
- Avalon
- Rainbow Rare Earths Limited
- METALL RARE EARTH LIMITED
- Hefa Rare Earth
- Greenland Minerals
Market Segmentation
- By Application
- Glass
- Catalysts
- Alloys
- Others
- Regional
- North America
- U.S.
- Canada
- Mexico
- Europe
- Germany
- France
- UK
- Asia Pacific
- China
- India
- Japan
- Central & South America
- Brazil
- Middle East & Africa (MEA)
- South Africa
- North America
The study objectives of this report are:
- To analyze and study the global market capacity, production, value, consumption, status (2017-2020) and forecast (2021-2030);
- Focuses on the key manufacturers, to study the capacity, production, value, market share and development plans in future.
- Comprehensive company profiles covering the product offerings, key financial information, recent developments, SWOT analysis, and strategies employed by the major market players
- To define, describe and forecast the market by type, application and region.
- To analyze the global and key regions market potential and advantage, opportunity and challenge, restraints and risks.
- To identify significant trends and factors driving or inhibiting the market growth.
- To analyze the opportunities in the market for stakeholders by identifying the high growth segments.
- To strategically analyze each submarket with respect to individual growth trend and their contribution to the market
- To analyze competitive developments such as expansions, agreements, new product launches, and acquisitions in the market
- To strategically profile the key players and comprehensively analyze their growth strategies.
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