Cerium Oxide Nanoparticles Market Size, Share & Trends Analysis growing at a CAGR of 8.2% from 2024 to 2030
The global cerium oxide nanoparticles marketsize was valued at USD 763.8 million in 2023 and is projected to grow at a 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.
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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.
