Cerium Market Consumption and Revenue Forecast by Regions 2028
Cerium Industry Overview
The global cerium market size was valued at USD 253.4 million in 2020 and is expected to grow at a compound annual growth rate (CAGR) of 3.8% from 2021 to 2028. The cerium market is projected to witness moderate growth, as demand for rare earth elements has been witnessing a positive trend in end-use industries.
Cerium is the most abundant rare earth element found on the earth. It is soft and ductile with silvery-white color. It is a member of the lanthanide series and was first discovered in 1803. Cerium and other lanthanide members naturally occur in an array of minerals such as phosphates (e.g., Monazite), carbonates (e.g., bastnaesite), silicates, cerite, and oxides. However, monazite and bastnaesite are the most common mineral resources for commercial applications.
Gather more insights about the market drivers, restrains and growth of the Global Cerium Market
Initiatives by the U.S. government to expand the local rare earth elements industry is projected to create a positive impact on the cerium market. The new government of the country is looking to revamp its semiconductor industry through USD 2 trillion infrastructure investment.
These funds are likely to assist in researching and securing the local supply chains for rare earth and other important elements used in battery and industrial applications. States such as California, Texas, and Wyoming are likely to remain in focus for the exploration of rare earth elements over the coming years.
The extraction of rare earth elements is likely to remain a challenge due to a combination of technical, environmental, and political factors. Many regions such as North America and Europe have abundant resources, but lack expertise and skill compared to countries such as China in exploration and processing. This is likely to hinder the cerium market growth over the shorter term.
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- Rare Earth Elements Market – The global rare earth elements market size was valued at USD 2.80 billion in 2018 and is estimated to witness a CAGR of 10.4% from 2019 to 2025. Cerium, neodymium, lanthanum, praseodymium, yttrium, and dysprosium are the most commonly used rare earth elements.
- Automotive Electronics Market – The global automotive electronics market size was valued at USD 217.86 billion in 2020 and is expected to expand at a compound annual growth rate (CAGR) of 7.9% from 2021 to 2028.
Market Share Insights
- May 2021: The Environmental Department of the Gipuzkoa Provincial Council, Spain, and the Ceit Technology Centre has formed a partnership to develop a recycling process for rare earth elements from electronics.
- March 2021: The U.S. Department of Energy announced USD 30 million in funds for the exploration of rare earths.
- February 2021: The government ordered to review gaps in the domestic supply chains for rare earth elements.
Key Companies profiled:
Some prominent players in the global cerium market include
- Arafura Resources Ltd
- Lynas Rare Earths Ltd
- Avalon
- Rainbow Rare Earths Limited
- METALL RARE EARTH LIMITED
- Hefa Rare Earth
- Greenland Minerals
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