Cerium Oxide Nanoparticles Market Future Prospects of 2024
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Rising demand from various end-use industries including fuel additives, medical implants, UV filters, energy storage devices, and fuel cells is anticipated to augment the cerium oxide nanoparticles market during the next few years. Furthermore, the application scope of cerium oxide nanoparticles is increasing in end-user industries such as electronics. This, in turn, has proved to be one of the key factors driving the market during the last few years. Additionally, technological advancements combined with growing research activities in nanoparticle applications is expected to fuel usage of cerium oxide in various applications. This, in turn, would propel the cerium oxide nanoparticles market in the next few years.
Cerium oxide nanoparticles have a wide range of applications across various end-user industries such as medical, automotive, energy, electronics, personal care and cosmetics. Medical was one of the key application segments of the cerium oxide nanoparticles market in the last few years. A similar trend is expected to continue during the forecast period owing to its growing usage as a UV light sorbent, antioxidant, and spinal healing agent, and in neural damage care. Automotive is expected to be another key application of cerium oxide nanoparticles. Cerium oxide is found in two oxidation states: Ce3+ and Ce4+. Its unique property of switching its electronic configuration and oxidation state to suit the environment makes it a valuable catalyst. Hence, it is used in catalytic convertors. Researchers have discovered an added utility for cerium oxide nanoparticles in the production of fuel cells. This is expected to boost the market on account of increasing demand for fuel cells across the globe.
Cosmetics, personal care and electronics, applications are anticipated to witness substantial growth in the cerium oxide nanoparticles market on account of growing demand for these products. Researchers have discovered a quick, cost-effective and easy technique for the production of nanomaterials of different metallic oxides employing green chemistry. This is likely to provide lucrative opportunities to the cerium oxide nanoparticles market during the next few years.
This is projected to drive demand for cerium oxide nanoparticles in the region. Asia Pacific is anticipated to witness extensive growth during the next few years due to increasing demand for cerium oxide nanoparticles in applications such as medical and automotive.
Furthermore, presence of growing economies such as China and India is expected to boost the market on account of growing automotive industry in the region. Latin America is anticipated to witness steady growth in the cerium oxide nanoparticles market owing to high demand from end-user industries predominantly driven by growth in the automotive industry in the region. Middle East and Africa is anticipated to expand on similar lines, especially in growing economies such as South Africa and countries in GCC.
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Major players in the cerium oxide nanoparticles market include nanoMAG, LLC, NYACOL Nano Technologies Inc., Nanophase Technologies Corporation, SkySpring Nanomaterials, Inc., Strem Chemicals, Inc., Inframat Advanced Materials LLC, Meliorum Technologies, Inc., ANP Co., LTD., and Nanostructured & Amorphous Materials, Inc.
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