Collaborations & strategic alliances and government funding & support for nanomaterials drive the growth of the global cerium oxide nanoparticles market.
PORTLAND, Ore, May 25, 2022 /PRNewswire/ -- Allied Market Research recently published a report, titled, "Cerium Oxide Nanoparticles Market by Form (Powder, and Dispersion) and Application (Energy Storage, Polishing, Catalyst, Personal Care & Cosmetics Products, Biomedical, and Others): Global Opportunity Analysis and Industry Forecast 2021–2030". As per the report, the global cerium oxide nanoparticles industry was accounted for $385.2 million in 2020, and is expected to reach $2.11 billion by 2030, growing at a CAGR of 19.0% from 2021 to 2030.
Drivers, restraints, and opportunities
Collaborations & strategic alliances and government funding & support for nanomaterials drive the growth of the global cerium oxide nanoparticles market. However, concerns over their environmental impact and their toxicity hinder the market growth. On the contrary, advancements of technologies, increase in R&D activities, and rise in opportunities in various industries would open new opportunities for the market players.
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During the pandemic, governments of various countries imposed strict regulations regarding lockdown and on import & export, which disrupted the supply chain and increased the raw material prices. Moreover, it created a huge supply & demand gap.
Demand for cerium oxide nanoparticles experienced a decline during the pandemic from the chemical, personal care & cosmetics, and electronics industries. This hampered the market investments.
The dispersion segment held the lion's share
By form, the dispersion segment held the largest share in 2020, accounting for around three-fifths of the Cerium Oxide Nanoparticles Market, due to size of nanoparticles being retained and preventing particle agglomeration in dispersion form. However, the powder segment is expected to register the highest CAGR of 20.3% during the forecast period, owing to growth of end-use industries such as biomedical, catalyst, and personal care & cosmetics.
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The biomedical segment to manifest the highest CAGR through 2030
By application, the biomedical segment would showcase the highest CAGR of 20.8% from 2021 to 2030, as cerium oxide nanoparticles are used in various biological fields including bioanalysis, biomedicine, drug delivery, and bio-scaffolding. However, the polishing segment held the largest share in 2020, contributing to more than one-third of the Cerium Oxide Nanoparticles Market, as cerium oxide nanoparticles polish and clean architectural glass and micro-roughness on glass that can build up from prolonged exposure to outside elements.
North America to dominate the market
By region, the market across North America held the largest share in 2020, accounting for more than two-fifths of the Cerium Oxide Nanoparticles Market, due to surge in investment in R&D in the region. However, the market across Asia-Pacific is expected to register the highest CAGR of 20.9% during the forecast period, due to rapid industrialization and increase in investment in biomedical and catalyst applications in emerging economies.
Major Market Players
Meliorum Technologies, Inc.
Inframat Advanced Materials, LLC
Nanostructured & Amorphous Materials, Inc.
Nanophase Technologies Corporation
Otto Chemie Pvt. Ltd.
Nyacol Nano Technologies, Inc.
SkySpring Nanomaterials, Inc.
Stream Chemicals, Inc.
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