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

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.