Market Trends of Cerium Oxide Nanoparticles Industry
This section covers the major market trends shaping the Cerium Oxide Nanoparticles Market according to our research experts:
Chemical Mechanical Planarization (CMP) Segment to Dominate the Market
- Chemical Mechanical Planarization (CMP) segment stands to be the dominating segment owing to increased application of cerium oxide nanoparticles in CMP by emerging countries like China and India, along with developed countries like United States.
- Chemical mechanical planarization (CMP) process has been integrated with the semiconductor manufacturing to reduce uneven topography on the wafer. Consequently, cerium oxide nanoparticles are used to polish wafers during semiconductor circuit manufacturing which in turn expected to positively impact the market.
- Adoption of CMP (Chemical Mechanical Planarization), in turn, has increased owing to its use in integrated chip fabrication to remove surface materials and flatten the surface.
- The semiconductor industry witnessed steady growth in 2018, with an increase in memory prices, growing adoption of graphics processing units (GPUs) by cloud companies and data centers for tasks associated with artificial intelligence is anticipated to boost the demand for cerium oxide nanoparticles.
- All the aforementioned factors are expected to drive the market studied during the forecast period.
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North America Region to Dominate the Market
- North America region stands to be the dominating market for cerium oxide nanoparticles owing to 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
- Cerium oxide nanoparticles have antibacterial activity, neurodegenerative effect, SOD mimicking activity, catalase mimicking activity, and peroxidase mimicking activity which enhances its area of applicability in energy storage products, personal care products, polishing agent for glass mirrors, owing to its versatile properties and electronic configuration.
- In biomedical, cerium oxide is widely used for a spinal healing agent, neural damage care, and lowering oxidative stress-related diseases since it possesses antioxidant properties and a surge in the utilization of cerium oxide nanoparticles in the biomedical application is expected to drive the market growth.
- In energy applications, the cerium oxide nanoparticles are used as an electrolyte in solid oxide fuel cells (SOFC) because of their oxygen storage capacity and chemical reactivity. Solar power, wind power, and other sources of renewable energy witnessing an increase in market to overcome the environmental issues such as global warming.
- The demand for personal care products is increasing significantly owing to growing awareness towards sunscreen and other skin products. Nano ceria act as a UV filter in the sunscreen products. Moreover, they have biological oxidant property, which is highly preferred in the personal care products. As a result, the penetration of the nonoceria particles in personal care products.
- The North American region is witnessing a growth in the healthcare industry and presence of the largest producers and exporters of semiconductors driving the market for cerium oxide nanoparticles.
- Hence, all such market trends are expected to drive the demand for cerium oxide nanoparticles market in the region during the forecast period.
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