The global cerium market is likely to increase from a valuation of US$ 255 Mn in 2022 to US$ 375 Mn by the end of 2032, with the market expanding at a steady CAGR of 3.9% through 2032. The use of cerium in catalysts is projected to increase at a similar rate (3.8%) CAGR over the next ten years.
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Cerium is a rare earth metal that has many uses in industry, including catalysts, polishing agents, and industrial abrasives. Cerium has recently seen an increase in demand due to its importance in the manufacturing of flat panel display screens. Cerium is also being used more broadly as an energy storage material due to its ability to store electrical energy efficiently. Cerium's market price is driven by demand and supply dynamics and can be affected by factors such as changes in the global economy or geopolitical tensions.
The Cerium market consists of both buyers and sellers. The buyers are mainly manufacturers who use Cerium for their products; these include companies that produce electronics, automotive components, specialty chemicals, and medical equipment. The sellers are Cerium ore miners, refiners, recyclers, and traders. Cerium ore miners are responsible for extracting Cerium from the earth's crust; these are often located in countries such as China and India where Cerium reserves are abundant. Refiners process Cerium ore into different forms such as ingots or powder before selling it to buyers; they may also refine Cerium carbonates or oxides into various forms of Cerium metal. Recyclers collect scrap Cerium from factories and other sources to melt down and reuse; this helps to reduce waste but also ensures a continuous supply of Cerium for the market. Finally, traders buy Cerium from miners or refiners and resell it to buyers at a higher price to make a profit; this helps ensure a more liquid market for Cerium.
Cerium pricing is determined largely by supply and demand dynamics with prices fluctuating depending on current market conditions. Global economic growth affects the demand for goods containing Cerium while geopolitical tensions can lead to supply disruptions which can drive up prices significantly. Prices have been volatile over the past few years due to a combination of these factors but overall have trended upwards since 2016 when Chinese government restrictions on rare earth mining caused prices to spike sharply upwards until 2018 when prices started their gradual decline again.
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In recent years there has been increasing interest in recycling Cerium due to its environmental benefits as well as economic gains due to reduced costs associated with mining new ore deposits; currently around 10-15% of all global Cerium production comes from recycled sources while some industry experts predict that this figure could rise even further in future years as regulations become stricter around mining activities related to rare earth metals like Cerium. Additionally, there is increasing interest in alternative sources for obtaining cerous oxide such as fly ash produced during coal burning processes which could provide additional supplies of cerous oxide without having to resort to mining activities which could help offset some of the current volatility associated with the cerous oxide market in future years ahead .
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