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 2025-2032

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 Insights

Monazite Market size was valued at USD 0 Million in 2023 and is poised to grow from USD 0 Million in 2024 to USD 0 Million by 2032, growing at a CAGR of 2.3% during the forecast period (2025-2032).

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.

Monazite Market Report Snapshots

License Type Top market research company in USA

File Type

$5,300

BUY NOW GET FREE SAMPLE

Want to customize this report?

Our industry expert will work with you to provide you with customized data in a short amount of time.

REQUEST FREE CUSTOMIZATION

FAQs

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.

Feedback From Our Clients

"We have purchased recently a report from SkyQuest Technology, and we are happy to inform you that this report was so useful and practical for our team. Skyquest Team was very active and our queries were followed up completely.It was amazing. "

- Mr. Ali Zali, Commercial Director, ICIIC Iran.

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 2025-2032

Monazite Market Insights

Monazite Market Report Snapshots

Want to customize this report?

FAQs

What is the market size of Monazite Market?

Who are the key vendors in the Monazite Market?

What is the key driver of Monazite Market?

What is the key market trend for Monazite Market?

Which region accounted for the largest share in Monazite Market?

Request Free Customization

Related Reports

Feedback From Our Clients

$5,300