USD 53.38 million
Monazite Market Size, Share, Growth Analysis, By Type(Acid Cracking and Alkaline Cracking), By Application(Chemical Industry, Metallurgy, Electronic Industry, Medical Industry), By Region - Industry Forecast 2024-2031
Report ID:
SQMIG15A2106 |
Region:
Global |
Published Date: July, 2024
Pages:
242
|Tables:
62
|Figures:
75
Monazite Market Insights
Global Monazite Market size was valued at USD 53.38 million in 2021 and is poised to grow from USD 54.61 million in 2022 to USD 65.5 million by 2030, growing at a CAGR of 2.3% in the forecast period (2023-2030).
Monazite is a rare-earth element-containing phosphate mineral that is primarily reddish-brown in colour. Due to variability in composition, monazite is considered a group of minerals.It is frequently found in placer deposits. Monazite sands are found in significant quantities in South Africa, Madagascar, and India. Monazite deposits are abundant in India. Monazite is radioactive due to the presence of thorium and uranium.
The increasing demand for rare earth elements, growth in nuclear power generation, and the availability of monazite in abundance are some of the key factors driving the growth of the global monazite market. Moreover, the rising demand for REEs in electronics and medical applications, as well as the increasing use of thorium in nuclear fuel, are propelling the growth of the monazite market. However, the high cost of monazite extraction and environmental concerns related to thorium mining are likely to restrain the growth of the global monazite market. Furthermore, the stringent government regulations regarding the mining and processing of monazite and the presence of low-grade sources of monazite are some of the factors hampering the growth of the global monazite market.
US Monazite Market is poised to grow at a sustainable CAGR for the next forecast year.
Market Snapshot - 2024-2031
Global Market Size
Largest Segment
Acid cracking
Fastest Growth
Acid cracking
Growth Rate
2.3% CAGR
Global Monazite Market ($ Bn)
Country Share for North America Region (%)
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Monazite Market Segmental Analysis
Global monazite market is segmented on the basis of type, application and region. On the basis of type, global monazite market is segmented into, alkaline cracking and acid cracking. On the basis of application, global monazite market is segmented into chemical, metallurgy, electronic and medical. On the basis of region, global monazite market is divided into North America, Europe, Asia Pacific, Latin America, and MEA.
Monazite Market Analysis by Type
On the basis of type, global monazite market is segmented into, alkaline cracking and acid cracking. The acid cracking segment holds the largest segment in terms of revenue shares in 2022. Monazite was initially heated in strong sulphuric acid to temperatures between 120 and 150 °C (250 and 300 °F) for several hours in order to break it and release the thorium and lanthanide components. Different techniques were used to separate thorium from the lanthanides depending on the acid-to-ore ratio. The use of acid techniques produced a significant amount of acid waste and reduced the phosphate content of the ore.
The alkaline cracking segment grows at significant CAGR during forecast period 2022 to 2028. A more recent process uses a hot sodium hydroxide solution (73%) at about 140 °C (280 °F). With the use of this procedure, the ore's precious phosphate content can be extracted and converted into crystalline trisodium phosphate. Hydrochloric acid can be used to dissolve the less basic thorium hydroxide and produce a solution of lanthanide chlorides from the mixture of lanthanide and lanthanide hydroxide. The extraction of rare-earth metals from monazite ore begins with digestion with sulfuric acid followed by aqueous extraction. The process requires many neutralization and filtrations.
Monazite Market Analysis by Application
On the basis of application, global monazite market is segmented into chemical, metallurgy, electronic and medical. The chemical segment accounted for the largest market share in the year 2022 and is expected to dominate throughout the analysis period. Monazite is an important source of thorium, cerium, and other rare elements. It is frequently mined as a by-product of deposits of heavy minerals. Sand made of monazite is used in building and casting.
Global Monazite Market Size By Type
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Monazite Market Regional Insights
On the basis of region, global monazite market is divided into North America, Europe, Asia Pacific and MEA. In 2022, Asia Pacific dominated global monazite market and is expected to do so during the analysis period. The increasing population and growing economies such as India, China, and Japan are driving the demand for monazite minerals in the region. In China, Monazite's key players include Hongyuan Rare Earth, and Xiangjiang River Rare Earth, which are global top two manufacturers holding a share of over 95%. With a market share of over 70%, Hunan Province leads, followed by Jiangxi Province's roughly 15%. The lack of diversity in supply chains makes markets unstable and vulnerable to disruption. China is the largest producer of monazite. The Chinese mine produces 80% or more of the world's monazite. These minerals are needed for the manufacture of neodymium-iron-boron (NdFeB) magnets, an important use of neodymium, praseodymium, and dysprosium, and companies in China manufacture more than 80% of these magnets.
Most of the monazite in the world is found in India, Malaysia, Vietnam, and Brazil. The largest deposits of monazite can be found in Sri Lanka and southern India. According to the Atomic Minerals Directorate for Exploration and Research (AMD), a constituent Unit of the Department of Atomic Energy (DAE), India has 10.70 million tonnes of Monazite which contains 9,63,000 tonnes of Thorium Oxide. North America followed by Europe grows at significant CAGR during forecast period.
Global Monazite Market Size By Region
- Largest
- Fastest
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Monazite Market Dynamics
Monazite Market Driver
- Increasing demand from end use industry
Monazite has various properties, having a wide range of applications in industry. Monazite is used in the chemical industry, metallurgy, electronic industry, and medical industry. Monazite is an important source of thorium, cerium, and other rare elements. In the chemical industry, huge use of monazite. Sand-made monazite is used in building and casting, all these factors drive the growth of global monazite market.
Monazite Market Restraint
- Rising costs of production to restrain market growth
Monazite is a precious mineral have a high cost. The demand for jewellery and rings made up of monazite is high but all the consumers cannot afford to buy them at high prices. This factor hampers the growth of global monazite market worldwide. The price of raw materials and the supply chain of the material are becoming high. As we have seen a shortage of minerals and other raw materials globally during the COVID pandemic same could restrain global monazite market growth and slow down the demand for global monazite market growth.
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Monazite Market Competitive Landscape
The monazite market is highly competitive with the presence of local as well as global companies. The major players are adopting several growth strategies such as product launches, acquisitions, and collaborations, which are contributing to the growth of global monazite market.
Monazite Market Top Player's Company Profiles
- Lynas Corporation Ltd (Australia)
- Indian Rare Earths Limited (India)
- Guangdong Rare Earths Industry Group Co., Ltd. (China)
- Iluka Resources Limited (Australia)
- China Northern Rare Earth Group High-Tech Co., Ltd. (China)
- Chongqing Polycomp International Corp (China)
- Jiangxi Tungsten Industry Group Co., Ltd. (China)
- Arafura Resources Limited (Australia)
- Rainbow Rare Earths Ltd (United Kingdom)
- Alkane Resources Ltd (Australia)
- Hastings Technology Metals Ltd (Australia)
- Matamec Explorations Inc. (Canada)
- Medallion Resources Ltd (Canada)
- Greenland Minerals Ltd (Australia)
- Namibia Rare Earths Inc. (Canada)
- Peak Resources Ltd (Australia)
- Rare Earth Salts (USA)
- Search Minerals Inc. (Canada)
- Stans Energy Corp (Canada)
- Texas Mineral Resources Corp (USA)
Monazite Market Recent Developments
- On 29th August 2022, the Canadian government stated, that it will invest around US $24 million to develop a rare earth processing plant in the province of Saskatchewan by the end of 2022.
- On 13th Dec 2019, The United States department of defence funded Australia's Lynas Rare Earths Processing Plant to construct a manufacturing facility for the rare earth element in Texas, United States.
Monazite Key Market Trends
- Monazite is used in the production of atomic energy and related R&D activities are one of the key trends that drive the growth of global monazite market. Monazite is a phosphate mineral; it is a commercial source of phosphorus. It occurs as small heavy crystals in granitic and gneissic rocks and their detritus which is used in jewellery and ring preparation. Jewellery and rings made from monazite minerals are in high demand worldwide.
Monazite Market SkyQuest Analysis
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our business information services team that collects, collates, co-relates, and analyses the data collected by means of primary exploratory research backed by the robust secondary desk research.
According to our global monazite market analysis, by region, Asia Pacific dominated global market and is expected to do so during the analysis period. India and China are leading source of monazite mineral. In China, Monazite's key players include Hongyuan Rare Earth, Xiangjiang River Rare Earth, etc. global top two manufacturers hold a share of over 95%. On the basis of type, acid cracking segment holds the largest segment in terms of revenue shares in 2022. Sand-made monazite is used in building and casting, all these factors drive the growth of global monazite market. The increasing costs of production restrain global market growth.
| Report Metric | Details |
|---|---|
| Market size value in 2023 | USD 53.38 million |
| Market size value in 2031 | USD 65.5 million |
| Growth Rate | 2.3% |
| Forecast period | 2024-2031 |
| Forecast Unit (Value) | USD Million |
| Segments covered |
|
| Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
| Companies covered |
|
| Customization scope | Free report customization with purchase. Customization includes:-
|
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Table Of Content
Executive Summary
Market overview
- Exhibit: Executive Summary – Chart on Market Overview
- Exhibit: Executive Summary – Data Table on Market Overview
- Exhibit: Executive Summary – Chart on Monazite Market Characteristics
- Exhibit: Executive Summary – Chart on Market by Geography
- Exhibit: Executive Summary – Chart on Market Segmentation
- Exhibit: Executive Summary – Chart on Incremental Growth
- Exhibit: Executive Summary – Data Table on Incremental Growth
- Exhibit: Executive Summary – Chart on Vendor Market Positioning
Parent Market Analysis
Market overview
Market size
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- SWOT Analysis
KEY MARKET INSIGHTS
- Technology Analysis
- (Exhibit: Data Table: Name of technology and details)
- Pricing Analysis
- (Exhibit: Data Table: Name of technology and pricing details)
- Supply Chain Analysis
- (Exhibit: Detailed Supply Chain Presentation)
- Value Chain Analysis
- (Exhibit: Detailed Value Chain Presentation)
- Ecosystem Of the Market
- Exhibit: Parent Market Ecosystem Market Analysis
- Exhibit: Market Characteristics of Parent Market
- IP Analysis
- (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
- Trade Analysis
- (Exhibit: Data Table: Import and Export data details)
- Startup Analysis
- (Exhibit: Data Table: Emerging startups details)
- Raw Material Analysis
- (Exhibit: Data Table: Mapping of key raw materials)
- Innovation Matrix
- (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
- Pipeline product Analysis
- (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
- Macroeconomic Indicators
COVID IMPACT
- Introduction
- Impact On Economy—scenario Assessment
- Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
- Revised Market Size
- Exhibit: Data Table on Monazite Market size and forecast 2021-2027 ($ million)
- Impact Of COVID On Key Segments
- Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
- COVID Strategies By Company
- Exhibit: Analysis on key strategies adopted by companies
MARKET DYNAMICS & OUTLOOK
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- Regulatory Landscape
- Exhibit: Data Table on regulation from different region
- SWOT Analysis
- Porters Analysis
- Competitive rivalry
- Exhibit: Competitive rivalry Impact of key factors, 2021
- Threat of substitute products
- Exhibit: Threat of Substitute Products Impact of key factors, 2021
- Bargaining power of buyers
- Exhibit: buyers bargaining power Impact of key factors, 2021
- Threat of new entrants
- Exhibit: Threat of new entrants Impact of key factors, 2021
- Bargaining power of suppliers
- Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
- Competitive rivalry
- Skyquest special insights on future disruptions
- Political Impact
- Economic impact
- Social Impact
- Technical Impact
- Environmental Impact
- Legal Impact
Market Size by Region
- Chart on Market share by geography 2021-2027 (%)
- Data Table on Market share by geography 2021-2027(%)
- North America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- USA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Canada
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Europe
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Germany
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Spain
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- France
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- UK
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Europe
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Asia Pacific
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- China
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- India
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Japan
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Korea
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Asia Pacific
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Latin America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Brazil
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of South America
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Middle East & Africa (MEA)
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- GCC Countries
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Africa
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of MEA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
KEY COMPANY PROFILES
- Competitive Landscape
- Total number of companies covered
- Exhibit: companies covered in the report, 2021
- Top companies market positioning
- Exhibit: company positioning matrix, 2021
- Top companies market Share
- Exhibit: Pie chart analysis on company market share, 2021(%)
- Total number of companies covered
Methodology
For the Monazite Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Monazite Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Analyst Support
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Monazite Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Monazite Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
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