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

Q: What is the global market size of Monazite Market?

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).

Q: Which region accounted for the largest share in Global Monazite Market?

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.

Report ID: SQMIG15A2106 | Region: Global | Published Date: July, 2024
Pages: 242 | Tables: 62 | Figures: 75

Monazite Market News

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 Market Report Snapshots

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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).

The monazite market is highly competitive with the presence of local as well as companies. The major players are adopting several growth strategies such as product launches, acquisitions, and collaborations, which are contributing to the growth of monazite market. '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)'

Increasing demand from end use industry

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 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.

On the basis of region, monazite market is divided into North America, Europe, Asia Pacific and MEA. In 2022, Asia Pacific dominated 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 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.

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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

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