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At a compound annual growth rate (CAGR) of 3.3% over the forecast period (2023-2030), the size of the global monazite market is expected to increase from USD 53.39 mn in 2022 to USD 65.9 mn by 2030.
Monazite is a phosphate mineral that is typically reddish-brown in color and contains rare-earth elements. Monazite is actually not just one mineral but a collection of minerals with varying compositions.Many placer deposits include it. In addition to South Africa and Madagascar, India also has a sizable monazite sand resource. India is rich in monazite reserves. The inclusion of thorium and uranium in monazite makes it radioactive. Key drivers driving the growth of the worldwide monazite market include the rising demand for rare earth elements, the expansion of the nuclear power industry, and the abundance of monazite. The growth of the monazite market is being fueled by the increasing demand for rare earth elements (REEs) in electronics and medical applications and the increased use of thorium in nuclear fuel. However, the worldwide monazite market is expected to be slowed by the high cost of monazite extraction and environmental problems associated with thorium mining. Factors impeding global monazite market expansion include the prevalence of low-grade sources of monazite and the stringency of government laws pertaining to monazite mining and processing.
Market Segmentation of Monazite
The worldwide monazite market is broken down into two distinct categories, namely, alkaline cracking and acid cracking. In terms of revenue share in 2022, acid cracking is by far the largest segment. The thorium and lanthanide components of monazite were first released after being heated in concentrated sulphuric acid between 120 and 150 °C (250 and 300 °F) for several hours. The acid-to-ore ratio determined the method used to isolate thorium from the lanthanides. The phosphate content of the ore was diminished and a large quantity of acid waste was generated due to the employment of acid methods. From 2022 to 2028, the market for alkaline cracking is expected to expand at a high compound annual growth rate (CAGR). Recently developed methods utilize a sodium hydroxide solution heated to roughly 140 C (280 F). The valuable phosphate in the ore can be recovered using this method and refined into crystalline trisodium phosphate. The mixture of lanthanide and lanthanide hydroxide can be converted into a solution of lanthanide chlorides by dissolving the less basic thorium hydroxide in hydrochloric acid. Monazite ore is first digested with sulfuric acid, and then the rare-earth metals are extracted via aqueous extraction. Multiple neutralizations and filtrations are needed in the process.
Analysis of the Monazite Industry Based on End Use
The global monazite market is divided into four different submarkets based on end use: chemical, metallurgy, electronics, and healthcare. In 2022, chemicals made up the biggest market share, and this trend is likely to continue throughout the forecasted period. The rare earth elements thorium and cerium can be found in monazite, making it a valuable mineral. It is often extracted along with other heavy minerals. Monazite sand has many applications, including construction and casting.
Importance of Monazite to the Industry
Demand from the final consumer market is on the rise.
Because of its many useful qualities, monazite is used in many different manufacturing processes. The chemical industry, the metalworking industry, the electronics industry, and the healthcare business all make use of monazite. The rare earth elements thorium and cerium can be found in monazite, making it a valuable mineral. Monazite is used extensively in the petrochemical sector. The global monazite market is expanding because of its widespread application in construction and foundry work.
Suppression of the Monazite Trade
The growth of the market will be stifled by rising production costs.
As a rare and valuable mineral, monazite is quite expensive. The demand for monazite rings and other jewelry is great, but the expensive prices make it out of reach for many people. The expansion of the worldwide monazite market is hampered by this issue. Raw material costs and bottlenecks in the supply chain are rising. The global shortage of minerals and other raw resources that occurred during the COVID pandemic may have an impact on the development of the monazite market.
Influential Patterns in the Market
Research and development (R&D) activities connected to the generation of atomic energy, in which monazite is employed, are one of the important trends driving the expansion of the worldwide monazite market. As a phosphate mineral, monazite is used as a commercial phosphorus resource. It is mined from granitic and gneissic rocks, as well as the debris left behind by these rocks, for use in jewelry and ring making. Monazite minerals are in high demand for use in jewelry and rings.
Report Coverage
Global Monazite research report categorizes the market for global based on various segments and regions, forecasts revenue growth, and analyzes trends in each submarket. Global Monazite report analyses the key growth drivers, opportunities, and challenges influencing the global market. Recent market developments and Monazite competitive strategies such as expansion, product launch and development, partnership, merger, and acquisition have been included to draw the competitive landscape in the market. The report strategically identifies and profiles the key Monazite market players and analyses their core competencies in each global market sub-segments.
Key Points Covered in the Report
Competitive Environment:
The research provides an accurate study of the major organisations and companies operating in the global Monazite market, along with a comparative evaluation based on their product portfolios, corporate summaries, geographic reach, business plans, Monazite market shares in specific segments, and SWOT analyses. A detailed analysis of the firms' recent news and developments, such as product development, inventions, joint ventures, partnerships, mergers and acquisitions, strategic alliances, and other activities, is also included in the study. This makes it possible to assess the level of market competition as a whole.
List of Major Market Participants
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)
Primary Target Market
Market Segment:
This study forecasts global, regional, and country revenue from 2019 to 2030. INFINITIVE DATA EXPERT has segmented the global Monazite market based on the below-mentioned segments:
Global Monazite Market, By Type
Acid Cracking
Alkaline Cracking
Global Monazite market, By Application
Chemical Industry
Metallurgy
Electronic Industry
Medical Industry
Global Monazite market, Regional Analysis
Monazite is a phosphate mineral that is typically reddish-brown in color and contains rare-earth elements. Monazite is actually not just one mineral but a collection of minerals with varying compositions.Many placer deposits include it. In addition to South Africa and Madagascar, India also has a sizable monazite sand resource. India is rich in monazite reserves. The inclusion of thorium and uranium in monazite makes it radioactive. Key drivers driving the growth of the worldwide monazite market include the rising demand for rare earth elements, the expansion of the nuclear power industry, and the abundance of monazite. The growth of the monazite market is being fueled by the increasing demand for rare earth elements (REEs) in electronics and medical applications and the increased use of thorium in nuclear fuel. However, the worldwide monazite market is expected to be slowed by the high cost of monazite extraction and environmental problems associated with thorium mining. Factors impeding global monazite market expansion include the prevalence of low-grade sources of monazite and the stringency of government laws pertaining to monazite mining and processing.
Market Segmentation of Monazite
The worldwide monazite market is broken down into two distinct categories, namely, alkaline cracking and acid cracking. In terms of revenue share in 2022, acid cracking is by far the largest segment. The thorium and lanthanide components of monazite were first released after being heated in concentrated sulphuric acid between 120 and 150 °C (250 and 300 °F) for several hours. The acid-to-ore ratio determined the method used to isolate thorium from the lanthanides. The phosphate content of the ore was diminished and a large quantity of acid waste was generated due to the employment of acid methods. From 2022 to 2028, the market for alkaline cracking is expected to expand at a high compound annual growth rate (CAGR). Recently developed methods utilize a sodium hydroxide solution heated to roughly 140 C (280 F). The valuable phosphate in the ore can be recovered using this method and refined into crystalline trisodium phosphate. The mixture of lanthanide and lanthanide hydroxide can be converted into a solution of lanthanide chlorides by dissolving the less basic thorium hydroxide in hydrochloric acid. Monazite ore is first digested with sulfuric acid, and then the rare-earth metals are extracted via aqueous extraction. Multiple neutralizations and filtrations are needed in the process.
Analysis of the Monazite Industry Based on End Use
The global monazite market is divided into four different submarkets based on end use: chemical, metallurgy, electronics, and healthcare. In 2022, chemicals made up the biggest market share, and this trend is likely to continue throughout the forecasted period. The rare earth elements thorium and cerium can be found in monazite, making it a valuable mineral. It is often extracted along with other heavy minerals. Monazite sand has many applications, including construction and casting.
Importance of Monazite to the Industry
Demand from the final consumer market is on the rise.
Because of its many useful qualities, monazite is used in many different manufacturing processes. The chemical industry, the metalworking industry, the electronics industry, and the healthcare business all make use of monazite. The rare earth elements thorium and cerium can be found in monazite, making it a valuable mineral. Monazite is used extensively in the petrochemical sector. The global monazite market is expanding because of its widespread application in construction and foundry work.
Suppression of the Monazite Trade
The growth of the market will be stifled by rising production costs.
As a rare and valuable mineral, monazite is quite expensive. The demand for monazite rings and other jewelry is great, but the expensive prices make it out of reach for many people. The expansion of the worldwide monazite market is hampered by this issue. Raw material costs and bottlenecks in the supply chain are rising. The global shortage of minerals and other raw resources that occurred during the COVID pandemic may have an impact on the development of the monazite market.
Influential Patterns in the Market
Research and development (R&D) activities connected to the generation of atomic energy, in which monazite is employed, are one of the important trends driving the expansion of the worldwide monazite market. As a phosphate mineral, monazite is used as a commercial phosphorus resource. It is mined from granitic and gneissic rocks, as well as the debris left behind by these rocks, for use in jewelry and ring making. Monazite minerals are in high demand for use in jewelry and rings.
Report Coverage
Global Monazite research report categorizes the market for global based on various segments and regions, forecasts revenue growth, and analyzes trends in each submarket. Global Monazite report analyses the key growth drivers, opportunities, and challenges influencing the global market. Recent market developments and Monazite competitive strategies such as expansion, product launch and development, partnership, merger, and acquisition have been included to draw the competitive landscape in the market. The report strategically identifies and profiles the key Monazite market players and analyses their core competencies in each global market sub-segments.
| REPORT ATTRIBUTES | DETAILS |
|---|---|
| Study Period | 2017-2030 |
| Base Year | 2022 |
| Forecast Period | 2022-2030 |
| Historical Period | 2017-2021 |
| Unit | Value (USD Billion) |
| Key Companies Profiled | 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) |
| Segments Covered | • By Product |
| Customization Scope | Free report customization (equivalent to up to 3 analyst working days) with purchase. Addition or alteration to country, regional & segment scope |
Key Points Covered in the Report
- Market Revenue of Monazite Market from 2021 to 2030.
- Market Forecast for Monazite Market from 2021 to 2030.
- Regional Market Share and Revenue from 2021 to 2030.
- Country Market share within region from 2021 to 2030.
- Key Type and Application Revenue and forecast.
- Company Market Share Analysis, Monazite competitive scenario, ranking, and detailed company
profiles. - Market driver, restraints, and detailed COVID-19 impact on Monazite
Market
Competitive Environment:
The research provides an accurate study of the major organisations and companies operating in the global Monazite market, along with a comparative evaluation based on their product portfolios, corporate summaries, geographic reach, business plans, Monazite market shares in specific segments, and SWOT analyses. A detailed analysis of the firms' recent news and developments, such as product development, inventions, joint ventures, partnerships, mergers and acquisitions, strategic alliances, and other activities, is also included in the study. This makes it possible to assess the level of market competition as a whole.
List of Major Market Participants
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)
Primary Target Market
- Market Players of Monazite
- Investors
- End-users
- Government Authorities
- Consulting And Research Firm
- Venture capitalists
- Third-party knowledge providers
- Value-Added Resellers (VARs)
Market Segment:
This study forecasts global, regional, and country revenue from 2019 to 2030. INFINITIVE DATA EXPERT has segmented the global Monazite market based on the below-mentioned segments:
Global Monazite Market, By Type
Acid Cracking
Alkaline Cracking
Global Monazite market, By Application
Chemical Industry
Metallurgy
Electronic Industry
Medical Industry
Global Monazite market, Regional Analysis
- Europe: Germany, Uk, France, Italy, Spain, Russia, Rest of Europe
- The Asia Pacific: China,Japan,India,South Korea,Australia,Rest of Asia Pacific
- South America: Brazil, Argentina, Rest of South America
- Middle East & Africa: UAE, Saudi Arabia, Qatar, South Africa, Rest of Middle East & Africa
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