NEW YORK, July 27, 2018 (GLOBE NEWSWIRE) -- The global cerium oxide nanoparticles market is expected to witness a CAGR of 21.5% and is projected to reach USD 972.4 million by 2024. Increasing demand from various end-use industries is expected to augment market growth over the forecast period. Moreover, government incentives to help support innovations in nanotechnology are likely to propel the market growth during 2018-2024.
Cerium oxide nanoparticles are synthesized from nanostructured cerium oxide through various processes such as sol-gel technique, microemulsion process, co-precipitation, among others. Cerium oxide has catalytic, neuroprotective, radical-scavenging, anti-oxidizing, anti-inflammatory, antimicrobial, and optical properties. Cerium oxide nanoparticles have applications in energy storage, chemical mechanical planarization, polishing agents, biomedical, personal care, pharmaceutical, and others fields stemming from its various physio-chemical properties.
Chemical Mechanical Planarization (CMP) segment held the largest share of the market in 2017
Chemical mechanical planarization segment held the largest share of the market in terms of revenue in 2017. Cerium oxide nanoparticles are utilized in chemical mechanical planarization process for semiconductor wafers; this process involves chemical and physical processing of semiconductors for polishing. The growth in the chemical mechanical planarization (CMP) segment is fuelled by exponential growth in the semiconductor industry.
Cerium Oxide Nanoparticle market – regional insight
North America held the largest share of the market in 2017 and the trend is likely to continue over the forecast period. This can be attributed to the increasing demand from biomedical applications, such as protection against radiations, cellular damage mediated by toxicants, among others. Asia Pacific is expected to witness the fastest CAGR over the forecast period owing to the demand from semiconductor industry for application in chemical mechanical planarization.
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Key findings from the report:
This report segments cerium oxide nanoparticles market based on form, application, and region.
By Form
By Application
Region
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