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Cesium (Cs) is chemical element classified as metal with atomic number 55.it is a soft silver-gold colored alkali metal with very low melting point as compared to other metals. It has chemical and physical properties similar to metals like rubidium and potassium. It is highly reactive, pyrophoric and is least electronegative metal. It is generally employed in various end-uses including petroleum exploration, electronics, chemical, medical and industrial sector.
Increasing demand for cesium and cesium compounds from multiple end-use sector is likely to fuel market growth. Increasing use of cesium as feedstock for wide range of compounds and derivatives shall positively impact market growth. Additionally, increasing adoption of cesium compounds for cancer treatment shall bolster the market growth.
However, radioactive nature of cesium isotopes can significantly have harmful effects on living organisms. This is expected to hinder market growth.
Key Market Driver -
Growing demand for cesium compounds from end-use sector.
Key Market Restraint -
Radioactive nature of certain isotopes.
Based on grade the market is segmented into technical, pharmaceutical, and optical Based on end-user industry, market is segmented into medical, healthcare, chemical, oil & gas, and others.
From a geographical standpoint, the market is categorized into North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa.
The global cesium market consists of global & regional players operating. Some of the key players in the market include, American Elements, Bat New Materials Co. Ltd., Frontier Lithium Inc, Pioneer Resources Ltd, ProChem Inc, Cabot Corp, Avalon Advanced Materials Inc, GFS Chemicals Inc., and others.
The market has been segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. North America held key share in 2019 and is estimated to dominate the market. Additionally, increasing demand from oil & gas sector shall drive the regional growth. Increasing demand from Asia Pacific attributed to the large manufacturing base is expected to support growth. Europe is expected to show significant growth due to the increasing demand from healthcare and medical sector. Latin America and Middle East & Africa shall exhibit sluggish growth by the end of forecast period.
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