Westford USA, April 14, 2023 (GLOBE NEWSWIRE) -- The Monazite market will reach USD 64.03 million by 2030, with a CAGR of 2.3% during the forecast period (2023-2030), driven by various factors. These include increasing demand for rare earth metals, government initiatives and policies, industrialization, limited availability, and geopolitical factors. Monazite, a significant source of rare earth metals such as cerium, lanthanum, and neodymium, is in high demand in high-tech industries such as electronics, renewable energy, and electric vehicles.
According to research conducted by SkyQuest, neodymium demand is expected to increase by 700% by 2050 due to the growing use of wind turbines and electric vehicles. The International Renewable Energy Agency (IRENA) report also indicates that the renewable energy sector, particularly solar and wind power, is driving the demand for rare earth metals, which are essential components in these technologies.
Browse in-depth TOC on "Monazite Market"
- Pages - 242
- Tables - 62
- Figures - 67
In contemporary times, the role of monazite as a major source of rare earth metals, including cerium, lanthanum, and neodymium, makes its market of significant importance in various high-tech industries, such as electronics, renewable energy, and electric vehicles. The increasing demand for these industries is driving the demand for monazite. Moreover, the thorium content in monazite is used in nuclear technology as an alternative fuel, with potential benefits of reduced waste production and increased safety.
Prominent Players in Monazite Market
- Lynas Corporation
- Iluka Resources
- China Northern Rare Earth Group High-Tech Co., Ltd.
- Arafura Resources
- Avalon Advanced Materials
- Alkane Resources Ltd.
- Rare Element Resources
- Ucore Rare Metals Inc.
- Indian Rare Earths Limited
- Greenland Minerals Ltd.
- Hastings Technology Metals Ltd.
- Molycorp, Inc.
- Texas Rare Earth Resources Corp.
- Frontier Rare Earths Limited
- Great Western Minerals Group
- Medallion Resources Ltd.
- Peak Resources Limited
- Namibia Rare Earths Inc.
- Northern Minerals Limited
- Rainbow Rare Earths Limited
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Rare Earth Magnet Production Segment to Drive Higher Sales as Rare Earth Magnets are Used in Various Applications, such as Electric Vehicles, Wind Turbines
A recent analysis highlights that the Rare Earth Magnet Production segment is a significant contributor to the rapid development of the Monazite market in 2021, and this trend is expected to continue from 2022 to 2030. The demand for rare earth magnets in various applications, including electric vehicles, wind turbines, and other high-tech industries, is expected to grow, which will drive the demand for rare earth magnets and consequently for monazite. Furthermore, the SkyQuest report estimates that the rare earth magnets segment of the monazite market will grow at a CAGR of 9.7% during the forecasted period.
The research analysis also indicates that North America is poised to become a dominant player in the Monazite market from 2022 to 2030. SkyQuest projects that the region will grow at a CAGR of 4.82% during the forecast period. The increasing demand for rare earth metals in various end-use industries such as automotive, aerospace, and electronics, the adoption of electric vehicles, the development of new technologies, and the increasing focus on sustainability and renewable energy are driving this expansion in the region.
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Chemical Type Segment to Exhibit Strong Growth Due to Increasing Demand for Rare Earth Metals from High-Tech Industries
The Monazite market is experiencing dominance from the Chemical Type segment, which is expected to maintain its lead from 2022 to 2030 due to the increasing demand for rare earth metals in high-tech industries and the favorable properties of rare earth metals produced from monazite. According to SkyQuest's report, the Chemical Type segment of the Monazite market is projected to grow at a CAGR of 5.7% from 2023 to 2030.
Moreover, the Asia Pacific region has emerged as a significant force in the Monazite market and is poised to maintain its leading position by 2030. SkyQuest predicts significant growth in the Monazite market for the Asia Pacific region, with a projected CAGR of 5.97% during the forecast period. This growth can be attributed to rapid industrialization and urbanization, resulting in an increasing demand for high-tech products such as smartphones, electric vehicles, and renewable energy systems that rely heavily on rare earth metals produced from monazite.
A comprehensive analysis of the major players in the Monazite market has been recently conducted in a report. The report encompasses various aspects, including collaborations, mergers, innovative business policies, and strategies, providing valuable insights into key trends and breakthroughs in the market. Furthermore, the report scrutinizes the market share of the top segments and presents a detailed geographic analysis. Lastly, the report highlights the major players in the industry and their endeavors to develop innovative solutions to cater to the growing demand.
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Key Developments in Monazite Market
- Energy Fuels Inc. (NYSE American: UUUU) (TSX: EFR) has completed the acquisition of seventeen (17) mineral concessions in the State of Bahia, Brazil, totaling 15,089.71 hectares through its wholly owned Brazilian Subsidiary Energy Fuels Brazil, Ltda. The acquisition was approved by the Brazilian Government, and the company paid the remaining $21.9 million in cash to the mineral owners at the closing. The project is located between the towns of Prado and Caravelas and covers an area of approximately 37,300 acres or 58.3 square miles.
- Neo Performance Materials (TSX: NEO) and Energy Fuels Inc. (NYSE American: UUUU) (TSX: EFR) have announced a new rare earth production initiative that will produce value-added rare earth products from natural monazite sands. The initiative spans the critical material supply chains in Europe and North America. Energy Fuels will process the monazite sands, a byproduct of heavy mineral sands mined in the southeastern United States, into a mixed rare earth carbonate ("RE Carbonate") at its facility in Utah. This will serve as feed material for Neo's value-added separated rare earth production plant in Europe. Energy Fuels is also evaluating the development of additional value-added U.S. rare earth production capabilities in Utah in the future.
Key Questions Answered in Monazite Market Report
- What specific growth drivers are projected to impact the market during the forecast period?
- Can you list the top companies in the market and explain how they have achieved their positions of influence?
- In what ways do regional trends and patterns differ within the global market, and how might these differences shape the market's future growth?
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