PUBLISHER: Fortune Business Insights Pvt. Ltd. | PRODUCT CODE: 1887163
PUBLISHER: Fortune Business Insights Pvt. Ltd. | PRODUCT CODE: 1887163
The global cerium market continues to expand steadily, driven by increasing applications across catalysts, glass polishing, electronics, and renewable energy technologies. According to the Fortune Business Insights data, the cerium market was valued at USD 143.9 million in 2024, is set to rise to USD 153.8 million in 2025, and is projected to reach USD 244.9 million by 2032, exhibiting a CAGR of 6.9% during the forecast period. This long-term growth reflects the rising adoption of cerium-based materials in automotive emission control, precision glass manufacturing, and sustainable energy solutions.
Market Insights and Growth Factors
Cerium (Ce), the most abundant element among the lanthanides, plays a crucial role in modern industrial applications. Its oxide and metallic forms are used widely in automotive catalytic converters, LCD panel polishing, metallurgy, and chemical production. The increasing demand from the global automotive sector-particularly for three-way catalytic converters-is a major contributor to market growth. The expansion of the electric vehicle (EV) industry also supports demand, as certain hybrid and plug-in vehicle platforms continue to require cerium-enhanced catalysts.
Another strong factor fueling growth is the surge in consumer electronics production. Cerium-based polishing powders remain essential for high-quality optical and display glass used in smartphones, tablets, TV panels, and semiconductor components. The market also benefits from advancements in cerium oxide nanoparticles, which are gaining importance in biomedical coatings, UV-blocking materials, and renewable energy devices.
Regional Highlights
Asia Pacific dominated the global cerium market in 2024, accounting for 72.34% of total share. The region's market rose from USD 97.1 million in 2023 to USD 104.1 million in 2024, driven primarily by China's extensive rare earth mining and refining capabilities. China remains the world's largest producer and consumer of cerium, supported by its electronics, automotive, renewable energy, and metallurgy sectors. Japan and South Korea also show strong demand, particularly in high-end electronics, batteries, and solar technologies.
In North America, growing investments in domestic rare earth mining and processing-particularly in the United States-are aimed at reducing reliance on Chinese supply chains. Demand for cerium is rising from automotive catalytic converters, EV production, and new energy applications. Similarly, Europe is witnessing steady growth due to strict emission standards, rising EV output, and intensified efforts to localize critical mineral supply chains. Meanwhile, the Middle East, Africa, and Latin America continue to show moderate but increasing consumption driven by industrial expansion and clean energy initiatives.
Market Dynamics
The key trend shaping market progress is the rapid adoption of cerium in smart electronics, precision optical manufacturing, and energy-efficient technologies. Cerium's phosphorescent properties make it indispensable in display panels and LED lighting. Its role in polishing applications remains dominant, supported by growth in electronics and semiconductor fabrication.
Market drivers include stricter global emission regulations, which continue to accelerate the use of cerium-based catalytic converters in internal combustion and hybrid vehicles. Advancements in cerium nanocatalysts for hydrogen production, petroleum refining, and sustainable energy systems are also contributing to rising demand.
However, the market faces restraints due to supply concentration-with China controlling 60-70% of global rare earth output. This dependency creates global supply chain vulnerabilities. Environmental concerns surrounding rare earth extraction also pose challenges.
Segmentation Highlights
By type, cerium oxide led the market in 2024 due to its widespread application in catalysts, glass polishing powders, SOFC fuel cells, and solar technologies. Cerium metal is also expanding in use, particularly in alloys, industrial components, and phosphors for LED displays.
By application, glass emerged as the largest segment, supported by extensive usage in high-precision optical and display glass polishing, decolorization, and UV-blocking glass production. The catalyst segment also shows strong growth due to rising adoption of cerium-based emission-control systems.
Conclusion
With market size increasing from USD 143.9 million in 2024 to an anticipated USD 244.9 million by 2032, the global cerium industry is set for sustained growth. Rising demand from automotive catalysts, consumer electronics, renewable energy, and high-end industrial applications continues to drive the market forward.
Segmentation By Type
By Application
By Geography