Cerium Oxide Nanoparticles Market - Forecast(2023 - 2028)

Cerium Oxide Nanoparticles Market Overview

Cerium Oxide Nanoparticles market size is estimated to reach US$1.8 billion by 2027, after growing at a CAGR of 18.1% during the forecast period 2022-2027. Cerium oxide nanoparticles, also known as nanoceria, are ceria nanoparticles with diameters ranging from 1 to 500 nm. Due to their superior physio-chemical characteristics and presence of reactive oxygen, which improve the performance of the final product, cerium oxide nanoparticles are increasingly in demand for use in a variety of industrial applications. These applications include chemical mechanical planarization (CMP), solar cells, catalyst, fuel additive and more. Cerium oxide nanoparticles are widely employed in the biomedical & pharmaceutical industry. Since the global biomedical & pharmaceutical industry is growing, it is supporting the Cerium Oxide Nanoparticles industry growth. According to the Pharmaceutical Industry and Global Health 2021 report published by the International Federation of Pharmaceutical Manufacturers & Associations (IFPMA), the production value of the biopharmaceutical industry amounted to US$1.2 trillion in 2018, more than US$200 billion higher than in 2014 globally. Several end-use industries in the Cerium Oxide Nanoparticles industry suffered negative effects as a result of the novel coronavirus pandemic, which had a direct impact on the Cerium Oxide Nanoparticles market size in the year 2020.

Cerium Oxide Nanoparticles Market Report Coverage

The “Cerium Oxide Nanoparticles Market Report – Forecast (2022-2027)” by IndustryARC, covers an in-depth analysis of the following segments in the Cerium Oxide Nanoparticles industry.

Key Takeaways

• North America dominates the Cerium Oxide Nanoparticles market, owing to the increasing biomedical & pharmaceutical industry in North America. This increase in biomedical & pharmaceutical production and demand can be attributed to the increasing prevalence of chronic diseases in North America.
• Government spending in the semiconductor industry is advantageous to the sector. In the industry, nanoceria is employed as a polishing agent. Consequently, throughout the forecast period, growth in the semiconductor industry is anticipated to drive up market demand.
• The capacity of Cerium Oxide Nanoparticles to reduce particle emission makes them useful for use as catalyst converters and fuel additives in the automotive sector. The demand for automobiles has increased around the world, which may help raise the demand for Cerium Oxide Nanoparticles over the forecast period.
• However, it is estimated that high production costs and stringent environmental regulations concerning nanoparticles may hamper the commercial applications of Cerium Oxide Nanoparticles, which would impede the expansion of the Cerium Oxide Nanoparticles market size.

Cerium Oxide Nanoparticles Market Segment Analysis – by Type

The dispersion segment held a significant share in the Cerium Oxide Nanoparticles market in 2021 and is estimated to grow at a CAGR of 18.3% during the forecast period 2022-2027. Cerium oxide nanoparticles can be found in concentrated (up to 50 weight percent) dispersions in DI water, either as untreated particles or as particles stabilized using a unique surface treatment method. Low pH (5) does not affect the stability of the non-surface-treated Cerium Oxide aqueous dispersions. The nanoparticles can be formulated into systems with a pH range of 4 to 10 using surface-treated aqueous Cerium Oxide dispersions. Additionally, tailored Cerium Oxide dispersions can be made for particular solvent types or application requirements (e.g. non-volatile liquids, plasticizers and more). As a result, the demand for dispersed cerium oxide nanoparticles is on a significant upsurge, thereby driving segmental growth.

Cerium Oxide Nanoparticles Market Segment Analysis – by End-use Industry

The Biomedical & Pharmaceutical segment held a significant share in the Cerium Oxide Nanoparticles market share in 2021 and is forecasted to grow at a CAGR of 18.7% during the forecast period 2022-2027. This is due to the growing demand for Cerium Oxide Nanoparticles from the Biomedical & Pharmaceutical industry. In addition to having antibacterial and neurodegenerative properties, these particles also mimic SOD, catalase and peroxidase. The most common cause of death in the world is cancer and cerium oxide nanoparticles have cytoprotectant properties that enable them to cause ROS formation in cancer cells, which makes them effective anticancer agents. According to the American Cancer Society, in the United States, 1.9 million new cases of cancer are anticipated to be discovered in 2022. Worldwide, 19.3 million new cancer cases are anticipated to be diagnosed in 2020. A total of 29.5 million new cases of cancer are anticipated annually by 2040, along with 16.4 million cancer-related deaths. As a result of this increasing prevalence of cancer, the Cerium Oxide Nanoparticles market is also being propelled.

Cerium Oxide Nanoparticles Market Segment Analysis – by Geography

North America held the largest Cerium Oxide Nanoparticles market share of up to 38.6% in 2021, owing to the bolstering growth of the biomedical & pharmaceutical sector in North America. According to the 2019 PMPRB Annual Report, from 2011 to 2019, the value of the total pharmaceutical sales (including non-patented over-the-counter medicines) in Canada increased by 35.3% to $29.9 billion. According to the International Trade Administration (ITA), the pharmaceutical sale in Mexico increased from US$10.03 billion in 2018 to US$10.80 billion in 2019 and US$11.10 billion in 2020. The United States (U.S.) medical and health research and development (R&D) investment reached US$245.1 billion in 2020, an 11.1% increase from 2019. With the increasing biomedical & pharmaceutical production, the demand for Pharmacological Agents significantly increased, which accelerated the demand for Cerium Oxide Nanoparticles in North America.

Cerium Oxide Nanoparticles Market Drivers

Federal Government Initiatives Regarding Semiconductor:

To reduce uneven topography on the wafer, the chemical mechanical planarization (CMP) process has been implemented in semiconductor manufacturing. Most semiconductor fabrication facilities that create features with sizes smaller than 0.35 microns currently use the process. Cerium oxide nanoparticles are used to create the slurry. The federal government has started several programs to boost semiconductor production. The US government invested a sizeable sum of money in domestic chip manufacturing and innovation in June 2021 to strengthen America's semiconductor supply chains. The Japanese government had grand plans to encourage the international expansion of domestic semiconductor companies and increase their annual sales to more than US$114 billion by 2030. Such government initiatives are ramping up the production of semiconductors, thereby, propelling the demand for Cerium Oxide Nanoparticles. 

Increasing Automobile Production:

Cerium Oxide Nanoparticles are used as a catalyst because ceria can be easily reversed between the transition states of Ce3+ and Ce4+. Since they can release oxygen without decomposing, these particles serve as catalytic converters in automobiles. Globally, the automotive industry is expanding. The International Organization of Motor Vehicle Manufacturers (OICA) estimated that heavy truck production in Europe increased by 31%, from 236,328 units in 2020 to 308,300 units in 2021. India's domestic automobile production increased between FY16 and FY20 at a compound annual growth rate (CAGR) of 2.36 percent, with 26.36 million vehicles produced in FY20, according to the India Brand Equity Foundation (IBEF). With the increasing automobile production, the demand for Cerium Oxide Nanoparticles as a catalyst is also increasing, thereby acting as a driver for the Cerium Oxide Nanoparticles market during the forecast period.

Cerium Oxide Nanoparticles Market Challenge

Toxicity Caused Due to Nanoparticles:

The rapid advancement of nanotechnology has made people more aware of the potential toxicity of nanomaterials. Several factors can contribute to nanoparticle toxicity, including particle size, surface characteristics, cell type and exposure method. Since they are more easily absorbed into the bloodstream or central nervous system, smaller particles can be toxic. As a result, it has been demonstrated that nanoceria can stimulate and catalyze the production of ROS in a variety of biological systems. The toxic effects of CeO2 nanoparticles are dose- and time-dependent. Elevated oxidative stress increases the production of malondialdehyde and lactate dehydrogenase, which are markers of lipid peroxidation and cell membrane damage, respectively. Free radicals generated by exposure to 3.5 to 23.3 microg/ml CeO2 nanoparticles cause significant oxidative stress in the cells, as reflected by reduced glutathione and alpha-tocophe. Thus, a significant factor limiting the market's growth is the toxicity brought on by nanoparticles.

Cerium Oxide Nanoparticles Industry Outlook

Technology launches, acquisitions and R&D activities are key strategies adopted by players in the Cerium Oxide Nanoparticles market. The top 10 companies in the Cerium Oxide Nanoparticles market are:

1. Cerion
2. American Elements
3. Plasmachem
4. Inframat Advanced Materials
5. Nanophase Technologies
6. nanoMAG
7. Meliorum Technologies Inc.
8. Nanostructured & Amorphous Materials Inc.
9. ANP Corporation
10. Skyspring Nanomaterials Inc.

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