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

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.