New York, Sept. 28, 2022 (GLOBE NEWSWIRE) -- The global cerium market is worth US$ 255 Mn as of now and expected to reach US$ 375 Mn by the end of the year 2032 at a CAGR of 3.9% from 2022 to 2032.
With demand for rare earth elements skyrocketing, the cerium market is bound to grow on a grand note in the forecast period.
It is a known fact that cerium is amongst the abundant rare elements discovered on the earth. It has a silvery-white color and possesses ductility and softness. The origin could be traced to the year 1803. It belongs to lanthanide series. Cerium naturally occurs in the form of an array of minerals like silicates, carbonates (bastnaesite), phosphates (Monazite), oxides, and cerite. As far as commercial applications are concerned, bastnaesite and monazite are the mineral resources commonly used.
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Cerium-based glass polishing powders have been in great demand since the last few years. This could be attributed to growing utilization of glass display panels, liquid crystal displays, silicon wafers, precision glass lenses, glass magnetic memory disks, and likewise. The other application doing the rounds is “energy-saving lamp”. This is another factor driving the growth of cerium market.
Key Takeaways from Cerium Market
- Glass accounts for more than 40% of the overall market and the scenario is expected to remain unchanged even in the forecast period.
- Europe is expected to witness a CAGR of ~3% in the cerium market between 2022 and 2032.
- North America is expected to grow on a significant note in the cerium market. The US Department of Energy, in March 2021, did announce US$ 30 Mn funds to explore rare earth minerals. The states like Wyoming, Texas, and California are slated to stay focused regarding exploration of the rare earth elements in the years to come.
- The Asia-Pacific holds more than 70% of the market share, led by China.
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“With the Europe and the US being at the forefront of revamping the semiconductor industry, the cerium market is bound to grow on an invincible note in the near future”, says an analyst from Persistence Market Research.
Market Competition
Persistence Market Research has entailed the key developments in cerium market.
- The Environmental Department of the Gipuzkoa Provincial Council, Spain, and the Ceit Technology Centre, in May 2021, entered into a partnership for developing a recycling process for rare earth elements, that too, from electronics. Thus, dependence on outstation imports could be reduced.
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What does the Report Cover?
- Persistence Market Research offers a unique perspective and actionable insights on the cerium market in its latest study, presenting historical demand assessment of 2016 – 2021 and projections for 2022 – 2032.
- The research study is based on application (glass, catalysts, alloys, and others).
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