Global Thorium Market, By Form (Powder Form, Granular Form), Application (Gas Mantles, Electronic Equipment Coating, Refractory Material Manufacturing, Camera lens/Scientific Instrument, Nuclear Reactor, Heat Resistant Ceramics, Others), End User (Chemical and Petrochemical, Energy and Power, Automotive, Aviation, Aerospace, Food and Beverages, Healthcare, Others), Country (U.S., Canada, Mexico, Brazil, Argentina, Rest of South America, Germany, France, Italy, U.K., Belgium, Spain, Russia, Turkey, Netherlands, Switzerland, Rest of Europe, Japan, China, India, South Korea, Australia, Singapore, Malaysia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific, U.A.E, Saudi Arabia, Egypt, South Africa, Israel, Rest of Middle East and Africa) Industry Trends and Forecast to 2028
Thorium Market Analysis and Insights : Global Thorium Market
Thorium market size is expected to grow at a compound annual growth rate of 4.00% for the forecast period of 2021 to 2028. Data Bridge Market Research report on thorium market provides analysis and insights regarding the various factors expected to be prevalent throughout the forecasted period while providing their impacts on the market’s growth.
Thorium is a type of a lustrous radioactive element with the uppermost temperature of 3,000 degrees and has been recognized as an interesting resource on the planet. Thorium is established as a single isotopic form (Th-232) that decomposes slowly. It is three to four times richer than uranium and found across the world. Thorium is usually sourced from Monazite, which is a rare earth phosphate mineral.
The thorium market is rising in demand due to rising usage of thorium in the manufacturing of scientific instruments, gas mantles, lanterns, welding and jet engines. The strong demand for the clean, safe and affordable source of nuclear energy is also highly impacting the growth of the thorium in the forecast period of 2021 to 2028. The rapid technological innovations as well as growing use of thorium to manufacture high-quality camera lenses, as it increase the refractive index in glass are also anticipated to flourish the demand of the thorium market owing to the above mentioned reasons and is also is projected to grow substantially during the forecast period. Furthermore, the rapid Increase in applications of thorium in various industries is also expected to push the growth of thorium market in the above mentioned forecast period.
The major factor which actively drives the demand of thorium market is the rapid increase in disposable incomes and growing aerospace industries. Likewise, the high investment in R&D activities as well as thorium powder is broadly used in the manufacturing of heat-resistant paints, refractory materials, ceramic and glass will further offer various growth opportunities for the growth of thorium market over the forecast period of 2021 to 2028.
However, the fluctuating raw material prices and various health and environmental concerns due to radioactive nature of thorium are expected to impede the growth of the thorium market in the above mentioned forecast period, whereas the disposal and environmental concerns have the potential to challenge the growth of the thorium market.
This thorium market report provides details of new recent developments, trade regulations, import export analysis, production analysis, value chain optimization, market share, impact of domestic and localized market players, analyses opportunities in terms of emerging revenue pockets, changes in market regulations, strategic market growth analysis, market size, category market growths, application niches and dominance, product approvals, product launches, geographical expansions, technological innovations in the market. To gain more info on thorium market contact Data Bridge Market Research for an Analyst Brief, our team will help you take an informed market decision to achieve market growth.
Global Thorium Market Scope and Market Size
Thorium market is segmented on the basis of form, application and end user. The growth amongst the different segments helps you in attaining the knowledge related to the different growth factors expected to be prevalent throughout the market and formulate different strategies to help identify core application areas and the difference in your target markets.
- On the basis of form, the thorium market is segmented into powder form and granular form.
- On the basis of application, the thorium market is segmented into gas mantles, electronic equipment coating, refractory material manufacturing, camera lens/scientific instrument, nuclear reactor, heat resistant ceramics and others. Others have further been segmented into toothpaste, lanterns, welding, gas lamps, jet engines and others.
- The end user segment for thorium market is segmented into chemical and petrochemical, energy and power, automotive, aviation, aerospace, food and beverages, healthcare and others.
Thorium Market Country Level Analysis
Thorium market is analyzed and market size, volume information is provided by country, form, application and end user as referenced above.
The countries covered in the thorium market report are U.S., Canada and Mexico in North America, Germany, France, U.K., Netherlands, Switzerland, Belgium, Russia, Italy, Spain, Turkey, Rest of Europe in Europe, China, Japan, India, South Korea, Singapore, Malaysia, Australia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific (APAC) in the Asia-Pacific (APAC), Saudi Arabia, U.A.E, Israel, Egypt, South Africa, Rest of Middle East and Africa (MEA) as a part of Middle East and Africa (MEA), Brazil, Argentina and Rest of South America as part of South America.
Asia-Pacific leads the thorium market because of the presence of abundant thorium reserves in emerging economies such as China and India within this region. India is focusing on using thorium on a large scale to make nuclear energy owing to its extensive availability and low prices when compared to uranium. North America is expected to expand at a significant growth rate over the forecast period of 2021 to 2028 because of the increase in demand for nuclear energy within this region.
The country section of the thorium market report also provides individual market impacting factors and changes in regulation in the market domestically that impacts the current and future trends of the market. Data points such as consumption volumes, production sites and volumes, import export analysis, price trend analysis, cost of raw materials, down-stream and upstream value chain analysis are some of the major pointers used to forecast the market scenario for individual countries. Also, presence and availability of global brands and their challenges faced due to large or scarce competition from local and domestic brands, impact of domestic tariffs and trade routes are considered while providing forecast analysis of the country data.
Competitive Landscape and Thorium Market Share Analysis
Thorium market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, global presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, application dominance. The above data points provided are only related to the companies’ focus related to thorium market.
The major players covered in the thorium market report are ARAFURA RESOURCES, STL Nuclear (Pty) Ltd, Namibia Critical Metals Inc., Hastings Technology Metals Limited, American Elements, Cameco Corp., DuPont, Spectrum Chemical Manufacturing Corp., Mil-Spec Industries Corporation, Merck KGaA, MITSUBISHI HEAVY INDUSTRIES, LTD., SUVIDHINATH LABORATORIES, Parshwamani Metals, Ottokemi, FLIBE ENERGY, INC., Materion Corporation and Inorganic Ventures, Inc., among other domestic and global players. Market share data is available for global, North America, Europe, Asia-Pacific (APAC), Middle East and Africa (MEA) and South America separately. DBMR analysts understand competitive strengths and provide competitive analysis for each competitor separately.