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The cesium market size is forecast to increase by USD 1,680.79 MT, at a CAGR of 2.44% between 2022 and 2027.
The growth of the market depends on several factors, including the growing importance of cesium in cancer treatment, the diversified applications of the chemical, and the increase in the use of chemicals in photoelectric cells. It also includes an in-depth analysis of drivers, trends, and challenges. Furthermore, the report includes historic market data from 2017 to 2021.
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The innovative features and user interfaces are notably driving the market growth, although factors such as availability of substitutes may impede the market growth. Our researchers analyzed the data with 2022 as the base year, along with the key drivers, trends, and challenges. A holistic analysis of drivers will help companies refine their marketing strategies to gain a competitive advantage.
Key Driver
The increasing use of cesium in cancer treatment is driving the market growth. This chemical is a natural mineral that has been reported to be effective in treating cancer. It can penetrate the cancerous cells and change the acidic pH to alkaline pH. Once the pH is alkaline, cesium destroys the enzyme system of the cancer cell and thus its reproducing ability. Cesium chloride is used in medical imaging, cancer therapy, and positron emission tomography (PET) in the medical and healthcare industry.
An increasing number of cancer patients are demanding safe medical treatments, wherein these chemical isotopes are used, which is expected to drive market growth in the future. Cesium-based cancer treatment therapy is not only cost-effective but also provides a safe and side-effect-free treatment advantage. Thus, the increasing importance and demand for chemicals in cancer treatment can promote the growth of the market during the forecast period.
Significant Trend
Increasing demand for cesium in petroleum extraction is a major trend influencing the market growth. In the oil and gas industry, the aqueous or brine solution of the chemical formate is extensively used as a drilling fluid and a drill tip lubricant in petroleum exploration. The chemical formate is produced by treating cesium hydroxide with formic acid. It can be effectively used even if the downhole temperature and pressure are very high. Thus, the demand for the chemical is increasing in the oil and gas industry, owing to its suitability.
Cesium can also be effectively used as a completion fluid for oil extraction applications. Cesium formate (the brine solution) is frequently used for such applications due to its appropriate density and flow characteristics. Thus, the suitability of cesium formate for the petroleum extraction process due to its characteristics and properties can promote the growth of the market during the forecast period.
Major Challenge
The availability of substitutes is a major hindrance to the market growth. In comparison to cesium, rubidium has cost advantages and extraction possibilities. Thus, it is used extensively in fireworks, PET, scanning, medical imaging, and radiography. In addition, rubidium, potassium, and sodium have significantly replaced cesium in magnetohydrodynamic power generation systems.
In comparison to this chemical, rubidium, germanium, potassium, selenium, and sodium are more environment-friendly, and thus they are effectively used as photosensitive materials. Sodium-potassium formate brines and zinc-bromide can also be used instead of cesium formate brine as a drilling fluid in the oil and gas industry. Thus, specific parameters and advantages of substitutes, such as cost efficiency, extraction benefits, environment-friendly nature, and safety in terms of handling, can significantly hinder the growth of the market during the forecast period.
The report includes the adoption lifecycle of the market, covering from the innovator’s stage to the laggard’s stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their growth strategies.
Market Customer Landscape
Companies are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.
adva.com - The company offers cesium solutions such as OSA 3230 Series, OSA 3300 HP. Also, this segment focuses on developing hardware and software for open networking technology such as optical networking, synchronization, and carrier ethernet and virtualization.
The report also includes detailed analyses of the competitive landscape of the market and information about 15 market companies, including:
Qualitative and quantitative market research and growth analysis of companies has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. In market growth analysis, data is qualitatively analyzed to categorize companies as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize companies as dominant, leading, strong, tentative, and weak.
The market share growth by the medical and pharmaceutical segment will be significant during the forecast period. In organic chemistry, cesium fluoride is used as a base and an anhydrous source of fluoride ions. In processes like cyclization, esterification, and polymerization, the chemical's salts can occasionally take the place of potassium or sodium salts. The chemical has also been utilized in thermoluminescent radiation dosimetry (TLD), which converts crystal defects caused by radiation exposure into light emissions proportional to the dose absorbed. Thus, the cumulative radiation dose can be measured by using a photomultiplier tube to measure the light pulse. Hence, the increase in the need for the chemical in the medical and pharmaceutical sectors will drive the growth of the segment in the global market during the forecast period.
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The medical and pharmaceuticals was valued at 8,603.01 MT in 2017 and continued to grow by 2021. Cesium is an element that is not radioactive in its natural form; it can, however, be made radioactive in a lab. Both non-radioactive and radioactive types of the chemical are utilized in the medical industry as medication. Non-radioactive cesium is used orally to treat cancer despite grave concerns over its safety. This is referred to as high pH therapy at times. People who advocate high pH therapy claim that ingesting cesium chloride lowers the acidity (and raises the pH) of tumor cells, which are said to be extremely acidic. But science does not back up these claims. There is no evidence in scientific literature that normal and malignant cells have pH values that are different from one another or that cesium alters the pH of either type of cell. Moreover, the chemical has been used for years in molecular biology to separate virus particles, subcellular organelles and fractions, and nucleic acids from biological samples using density gradient ultracentrifugation.
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North America is estimated to contribute 37% to the growth of the global market during the forecast period. Technavio’s analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period. The growing importance of cesium in varied applications, such as nuclear medicine, analytical chemistry, and electric power generation, will propel the growth of the market in this region. Canada and the US are the major countries that consume cesium, and this can significantly help retain the region's market share during the forecast period.
The report forecasts market growth by revenue at global, regional & country levels and provides a market research report analysis of the latest market trends and analysis and growth opportunities from 2017 to 2027.
The market plays a crucial role in various high-tech applications due to cesium's unique properties. It finds applications in drilling fluids, optical glass, catalytic promoters, and vacuum tubes. Cesium's radioactivity surveillance capabilities make it integral to equipment like cesium clocks and atomic clocks, ensuring precision in timekeeping for technologies such as web and cellular devices, and global positioning system satellites.
Cesium's electron frequency range, measured in cycles per second, contributes to its accuracy, defining one second precisely. In the healthcare sector, cesium is utilized in neuroimaging and research methodologies. Additionally, its significance extends to the petroleum sector, where it serves as a drill point lube and supports petrochemical processing. The international market price for cesium is influenced by microeconomic factors, mineral commodities like lepidolite and pollucite, and its role in advanced technologies like cesium lasers, ballistic missiles, and magnetohydrodynamic power production. Recognized for combat uses and essential minerals, cesium continues to be a key element in driving advancements across various industries.
Cesium Market Scope |
|
Report Coverage |
Details |
Page number |
159 |
Base year |
2022 |
Historic period |
2017 - 2021 |
Forecast period |
2023-2027 |
Growth momentum & CAGR |
Accelerate at a CAGR of 2.44% |
Market growth 2023-2027 |
1680.79 MT |
Market structure |
Concentrated |
YoY growth 2022-2023(%) |
2.0 |
Regional analysis |
North America, APAC, Europe, Middle East and Africa, and South America |
Performing market contribution |
North America at 37% |
Key countries |
US, Canada, Zimbabwe, China, and Germany |
Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
Key companies profiled |
A.B. Enterprises, Absco Ltd., ADVA Optical Networking SE, Albemarle Corp., American Elements, Avalon Advanced Materials Inc., Barentz International BV, Battle Chemicals Co. Ltd., Cabot Corp., EMEC, GFS Chemicals Inc., Global Pharma Chem, Materion Corp., Merck KGaA, Microsemi Corp., ProChem Inc., Schlumberger Ltd., Thermo Fisher Scientific Inc., Island Pyrochemical Industries Corp., and Power Metals Corp. |
Market dynamics |
Parent market analysis, Market Forecasting, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID 19 impact and recovery analysis and future consumer dynamics, Market condition analysis for forecast period |
Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
We can help! Our analysts can customize this market research report to meet your requirements.
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by End-user
7 Market Segmentation by Product
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Trends
11 Vendor Landscape
12 Vendor Analysis
13 Appendix
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