The cerium market is a significant sector within the rare earth elements industry, driven by its diverse applications in various industries. Cerium is a silvery-white metal that belongs to the lanthanide series of elements. It is one of the most abundant rare earth elements and finds extensive use in numerous applications due to its unique properties.
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.
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One major factor contributing to the growth of the cerium market is its use in catalytic converters. Cerium-based catalysts are widely used in automotive catalytic converters to reduce emissions from internal combustion engines. Cerium helps in the oxidation of harmful pollutants such as carbon monoxide and nitrogen oxides, making it an essential component in the automotive industry's efforts to meet stringent emissions regulations.
Companies
Avalon Rare Metals Inc.
China Minmetals Rare Earth Co. Ltd.
Baotou Hefa Rare Earth Co. Ltd.
Lynas Corporation Ltd.
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Furthermore, cerium oxide, also known as ceria, is extensively used in the production of glass and ceramics. Ceria is added to glass formulations to enhance its refractive index, improve transparency, and reduce the transmission of ultraviolet (UV) radiation. In the ceramics industry, cerium compounds are utilized to achieve specific colors, enhance the durability of ceramic materials, and improve their mechanical properties.
Cerium is also employed in the manufacture of phosphors, which are essential components in lighting and display technologies. Cerium-based phosphors emit light when stimulated by an energy source, making them suitable for applications in fluorescent lamps, television screens, and electronic displays. With the growth of the lighting and consumer electronics industries, the demand for cerium-based phosphors is expected to increase.
Another significant application of cerium is in the production of catalysts for the petroleum refining industry. Cerium-based catalysts are utilized in various refining processes, including fluid catalytic cracking (FCC) and hydrocracking. These catalysts help improve the efficiency of refining operations and enhance the yield of valuable products, such as gasoline and diesel.
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Cerium Industry Survey Segmentation
By Oil Type:
- Mineral Oil
- Paraffinic
- Naphthenic
- Silicone Oil
- Bio-based Oil
By Application:
- Transformers
- Switchgear
- Reactors
By End-use Industry:
- Transmission & Distribution
- Power Generation
- Railways & Metros
By Region:
- North America
- Latin America
- Europe
- East Asia
- SAPeI
- Middle East & Africa
- India
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