The Cerium Oxide Nanoparticles Market revenues were estimated at US$ 604.9 Mn in 2021 and is anticipated to grow at a CAGR of 22.5% from 2022-2032, according to a recently published Fact.MR report. By the end of 2032, the market is expected to reach a valuation of US$ 4.6 Bn.
One of the key factors fuelling the market growth is an increase in demand from the semiconductor and healthcare industries. The market for cerium oxide nanoparticles is on rise due to the quick adoption of polishing agents. The market is also increasing as a result of rising knowledge of bio-relevant characteristics and their uses in biomedical and catalytic processes. The rate of expansion of the cerium oxide nanoparticles market is positively impacted by technological advancement and the growing demand for these nanoparticles for the treatment of various ailments.
North America is expected to be the largest Cerium Oxide Nanoparticles Market. Various factors that are responsible for it are the presence of the key producers and exporters of semiconductors in the region which continue to flourish. The market’s growth rate in the region is also boosted by the rising number of chemical mechanical planarization (CMP) applications and expansion in the healthcare industry. The government is supporting the region’s chemical products sector with enhanced investment rules, a highly skilled workforce, and accessible infrastructure because the region is home to major international automobile businesses.
Key Takeaways from the Study
- Cerium Oxide Nanoparticles Market was valued at US$ 604.9 Bn in 2021. According to Fact.MR, Cerium Oxide Nanoparticles Market revenue would increase 7.6X between 2022 and 2032, reaching roughly US$ 4.6 Bn in 2032.
- In terms of Application Type, Polishing application is projected to account for the highest projected CAGR of over 23.3%. between 2017 and 2021.
- In terms of form, Dispersion form accounted for the highest CAGR of 19.3% during the historical period.
- US is the dominant country in Cerium Oxide Nanoparticles Market with an absolute dollar growth opportunity of over US$ 1.2 Bn.
Advanced Maintenance Analytics: Chemical manufactures have been using advanced maintenance analytics to use their data to get the most of the their most expensive assets. Moreover, predictive-maintenance system can be used to avoid problems that could be unseen when using traditional techniques. Moreover, by applying advanced analytics, companies can detect the circumstances that tend to cause a break. Predictive maintenance is also helpful in reducing machine downtime by 30-50%. Moreover, this combines a detailed analysis of data from various sensors with the plant engineer’s expert knowledge, and examined the process variables. This also enabled the company to develop a methodology to predict when a failure is possible.
- For instance, MQS, startup based in Denmark combines quantum-based computational tools and thermodynamic modelling to calculate material properties. Moreover, the startup also simplifies and accelerates R&D processes in various sectors such as pharma, biotech, and chemical industry.
Also, the software applies prediction models and algorithms to generate new materials for batteries and sustainable solvents, as well as new drugs and bio-degradable plastics.
The companies in Cerium Oxide Nanoparticles Market are focused on their alliances, technology collaborations, and product launch strategies. The Tier 2 Players in the market are targeting to increase their Cerium Oxide Nanoparticles Market share.
Some of the recent developments in the Cerium Oxide Nanoparticles Market are:
- In March 2022, BioCurity announced that the United States Patent and Trademark Office has granted BioCurity’s United States patent, which covers the use of the company’s cerium oxide nanoparticles to lessen radiation therapy side effects in patients with lung and pancreatic cancer who also receive chemotherapy as part of their treatment plan.
- In October 2021, Cerion LLC, one of the largest producers and consumers of cerium oxide nanoparticles, was acquired by Netum Group Ltd. With this acquisition, Netum expands both its footprint in the Turku economic zone as well as its resources for digital growth and knowledge management.