Cerium Oxide Nanoparticles Market Size, Share & Trends Analysis Report By Application (Energy Storage, Polishing Agent, Personal Care, Pharmaceuticals), By Region, And Segment Forecasts, 2024 - 2030

Report Overview

The global cerium oxide nanoparticles market size was valued at USD 763.8 million in 2023 and is projected to grow at a compound annual growth rate (CAGR) of 8.2% from 2024 to 2030. The growth of this market is primarily driven by factors such as the growing adoption by the automotive industry for enhanced catalytic performance and continuous research activities, which are leading to increasing application areas such as pharmaceuticals, petrochemicals, and energy storage. In addition, cerium oxide nanoparticles are increasingly utilized in the development of drug delivery systems by the healthcare industry.

The extraordinary catalytic properties of cerium oxide nanoparticles have generated numerous applications and enormous growth in demand. Solid oxide fuel cells, which are extensively used for power generation, including off-grid remote generation and auxiliary power units (APUs) in vehicles, use cerium oxide nanoparticles (CeONPs) as electrode materials. Furthermore, CeONPs can swiftly move between Ce4+ and Ce3+ oxidation states.

Ongoing research in industries such as biomedical and universities worldwide adds to the growth opportunities for this market. The antioxidant properties of cerium oxide nanoparticles are investigated for utilization in developing treatments and therapies related to stress-derived diseases, cancer treatments, and drug delivery. Research in 2020 by researchers at the University of Central Florida has shown evidence regarding the role of cerium oxide nanoparticles in speeding up the process of diabetic wound healing and reducing the harm that radiation can cause.

Application Insights

The energy storage segment dominated the global market and accounted for a revenue share of 34.5% in 2023. The growth of this segment is mainly driven by the use of cerium oxide nanoparticles in auxiliary power units. It is also extensively used to develop fuel cells, solar cells, and rechargeable batteries. In addition, ongoing research regarding cerium oxide (CeO2) adds to further advancements related to energy storage and conservation technologies, which also influence this segment's growth. Electrochemical excellence shown by cerium oxide nanoparticles, abilities to serve as promising electrode material, and higher capacities to store oxygen are some of the key factors that have fuelled the use of cerium oxide nanoparticles in lithium-ion batteries, solid oxide fuel cells, and supercapacitors as well.

The polishing agent segment is expected to experience a significant CAGR from 2024 to 2030. The cerium oxide nanoparticles are widely utilized as a polishing agent in the semiconductor manufacturing industry for wafer surfaces and integrated circuits. In addition, cerium oxide nanoparticles are used in polishing activities in sectors such as glass, ceramic, metals, automotive, jewelry, and others.

Regional Insights

North America dominated the global cerium oxide nanoparticles market and accounted for a revenue share of 34.6 % in 2023. The growth of this market is primarily driven by large-scale research activities related to the use of cerium oxide nanoparticles in various application areas, including drug delivery, biomedical applications, the automotive industry, energy storage, and others. Their use mainly influences the demand for cerium oxide nanoparticles in fuel cells and semiconductor finishing. The growth of the region's healthcare industry and automotive manufacturing sector is expected to increase demand for cerium oxide nanoparticles in the approaching years.

U.S. Cerium Oxide Nanoparticles Market Trends

The U.S. cerium oxide nanoparticles market held the regional industry's largest revenue share, accounting for 79.9% in 2023. Demand from energy storage and semiconductor manufacturing influences this market. The catalytic conversion capacities of cerium oxide nanoparticles and increasing research activities focused on their use in drug delivery and cancer treatments in the country are expected to result in higher market growth.

Europe Cerium Oxide Nanoparticles Market Trends

Europe was identified as a lucrative region in 2023. Stringent emission regulations are vital in the growing demand for catalytic converters. In addition, the strategic advancements by regional authorities to ensure growth for the electronics and semiconductor industry are expected to influence the development of this market during the forecast period.

Asia Pacific Cerium Oxide Nanoparticles Market Trends

Asia Pacific cerium oxide nanoparticles market is expected to experience the fastest CAGR of 8.5% in 2023. Growth of this market is mainly influenced by factors such as the presence of multiple large enterprises operating in the manufacturing industry, especially in China, Japan, India, and South Korea, the rising use by the electronics and optics industry in the region, growing demand for renewable energy solutions, and continuous research leading to applications in biomedical businesses.

Key Companies & Market Share Insights

Some of the key companies operating in the global cerium oxide nanoparticles market include American Elements, Inframat, SkySpring Nanomaterials, Inc., Cerion, LLC, Meliorum Technologies, Inc. and others. The major market participants address growing demand and competition by adopting strategies such as enhanced product portfolios, increased focus on research & development, ties with other organizations and economies for exports, and more.

• American Elements, a prominent company in manufacturing and distributing advanced materials, offers a range of elements, biomaterials, catalysts, chemicals & salts, dental materials, electronic materials, oxides, and more. Its portfolio includes aluminum cerium oxide nanoparticles, cerium oxide calcium doped nanoparticles, cerium oxide gadolinium doped nanoparticles, cerium oxide samarium doped nanoparticles, cerium oxide yttria doped nanoparticles, and cerium zirconium oxide nanoparticles.

Cerium Oxide Nanoparticles Market Report Scope

Global Cerium Oxide Nanoparticles Market Report Segmentation

This report forecasts revenue growth at global, regional, and country levels and analyses the latest industry trends in each of the sub-segments from 2018 to 2030. For this study, Grand View Research has segmented the global cerium oxide nanoparticles market report based on application and region. 

• Application Outlook (Revenue, USD Million, 2018 - 2030)

  • Energy Storage

  • Polishing Agent

  • Personal Care

  • Pharmaceuticals

  • Others

• Regional Outlook (Revenue, USD Million, 2018 - 2030)

  • North America

    • U.S.

    • Canada

    • Mexico

  • Europe

    • UK

    • Germany

    • Italy

    • Spain

    • France

  • Asia Pacific

    • China

    • India

    • Japan

  • Latin America

    • Argentina

    • Brazil

  • Middle East and Africa (MEA)

    • South Africa

    • Saudi Arabia