metallothermic process which in turns gives cerium of higher purity. Cerium is used as catalysts and adhesives in numerous commercial applications. Cerium exhibits properties similar to that of calcium and accumulates in the bones in small amounts. Cerium can be found in small amounts in barley and tobacco plants.
The global cerium market is likely to increase from a valuation of US$ 255 Mn in 2022 to US$ 375 Mn by the end of 2032, with the market expanding at a steady CAGR of 3.9% through 2032.
The use of cerium in catalysts is projected to increase at a similar rate (3.8%) CAGR over the next ten years.
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In terms of demand, Asia Pacific is the leading region for cerium market. The demand for cerium is significant from China and Japan. Growing demand from electronics sector in this region is likely to be one of the major drivers for the cerium market. North America market is likely to grow in near future owing to various manufacturing techniques and decreasing dependency on China for the cerium. Increasing demand in North America has lead to increased number of explorations and investments in this region. Europe is likely to be stable market for cerium and will follow similar trend in near future. The Rest of the World market is anticipated to have average demand for cerium in near future.
Companies Covered in This Report
- Avalon Rare Metals Inc.
- China Minmetals Rare Earth Co. Ltd.
- Baotou Hefa Rare Earth Co. Ltd.
- Lynas Corporation Ltd.
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Recent Industry Development
- The U.S. Department of Energy, in March 2021, announced US$ 30 Mn in funds to explore rare earth metals. The fund is predicted to provide assistance to research and secure the local supply chains for the available rare earth and some other vital elements that are used in industrial and battery applications. The states of Wyoming, Texas, and California are predicted to remain attraction points for the exploration of many rare earth elements.
- Product Overview
Cerium is a very soft and ductile metal that oxidizes very easily in the air. The metallic cerium is manufactured using a metallothermic process which in turn gives cerium of higher purity. Cerium is used as catalysts and adhesives in numerous commercial applications. Cerium exhibits properties similar to that of calcium and accumulates in the bones in small amounts. Cerium can be found in small amounts in barley and tobacco plants.
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