Global Thorium Market Analysis and Forecast (2023-2025): CAGR
Global Industry Analysis
Thorium is a naturally occurring radioactive element with atomic number 90, symbol Th and is a fertile material used as a nuclear fuel. Thorium is a potential substitute for uranium in nuclear power generation. It is more abundant than uranium and produces less radioactive waste. The thorium market has gained significant attention in recent years due to the potential benefits it offers in nuclear power generation.
Market Size and Growth:
The global thorium market size was valued at USD 4.4 billion in 2017 and is expected to reach USD 6.9 billion by 2025, growing at a CAGR of 5.8% during the forecast period (2017-2025). The increasing demand for energy and the need for alternative sources of fuel has led to the growth of the thorium market.
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Thorium is generally traded in granular or powdered form by suppliers and distributors. The thorium market offers its application in certain retail uses in composition with many other alloy elements. Thorium being the untapped energy available as a source of nuclear power is mainly found in the Earth’s crust as compared to that of Uranium and other fossil fuel sources. The increasing demand for thorium over uranium coupled with the sufficient availability is expected to uplift the thorium market over the forecast period.
Thorium Market: Dynamics
Thorium is available as rich as lead and three folds more than Uranium. The production of thorium is observed to be more than 30,000 tons a year. Such abundant availability of thorium is expected to offer exciting possibilities in the near future to fuel nuclear reactors by thorium. Major focus has been given to research on thorium-based fuels for utilization in evolutionary generation III+ reactors in order to provide optimum choice to manage Uranium and Plutonium.
The growing aerospace industries are expected to hold potential opportunities for its use in the composition with magnesium for air craft engines. Moreover to this, the non-nuclear use of thorium is expected to hold moderate growth in the thorium market during the forecast period.
However, health and environmental concerns due to radioactive nature of thorium is expected to hinder the growth of the thorium market. Release of thorium in large amount in the environment contaminates the flora and fauna of the ecosystem. Another factor to be considered is the waste disposal which is performed strictly under appropriate local, state and federal regulations.
Thorium Market: Segmentation
Basis of form type
• Powder form
• Granular form
Basis of application
• Gas Mantles
• Electronic Equipment Coating
• Refractory Material Manufacturing
• Camera lens/Scientific Instrument
• Nuclear Reactor
• Heat Resistant Ceramics
Thorium Market: Region-wise Outlook
Based on the geography, the U.S. and the European countries are expected to be the promising markets of thorium in the forecast period. India followed by Brazil, Australia, the U.S., Egypt and others are showing a large reserves for thorium, which are extracted from the rare-earth metals thus, hold significant market volume share throughout the forecast period. Other industrialized economies, such as the U.K., Germany, Russia, Japan and the U.S. are expected to witness vital prospects for its on-going research on thorium-based fuel cycles.
In 2013, the development of thorium power projects for countries such as Indonesia and Chile were planned and proposed by the Thorium Power Canada. Other countries, such as Norway, are expected to foresee vital opportunities where development and testing of two thorium bearing fuel is to be used in the present nuclear power plants. Also, Europe and North America are in the process to initiate investigation in the use of Th-Add fuel for commercial reactors. India being the largest supplier of thorium is expected to account significant share over the forecast period.
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Thorium Market: Key Players
Examples of some of the recognized key players in thorium market are:
• ARAFURA Resources
• Blackwood Corporation Limited
• Crossland Uranium Mines Limited
• Kimberley Rare Earths Metal Limited
• Navigator Resources Limited
• Western Desert Resources Limited
• Steenkampskraal Thorium Limited (STL)Micron Platers
• Namibia Rare Earth Inc.
The report covers exhaust analysis on:
• Market Segments
• Market Dynamics
• Market Size
• Supply & Demand
• Current Trends/Issues/Challenges
• Competition & Companies involved
• Value Chain
Regional analysis includes:
• North America (U.S., Canada)
• Latin America (Mexico. Brazil)
• Western Europe (Germany, Italy, France, U.K, Spain)
• Eastern Europe (Poland, Russia)
• Asia Pacific (China, India, ASEAN, Australia & New Zealand)
• Middle East and Africa (GCC Countries, S. Africa, Northern Africa)
• Detailed overview of parent market
• Changing market dynamics in the industry
• In-depth market segmentation
• Historical, current, and projected market size in terms of volume and value
• Recent industry trends and developments
• Competitive landscape
• Strategies of key players and products offered
• Potential and niche segments, geographical regions exhibiting promising growth
• A neutral perspective on market performance
• Must-have information for market players to sustain and enhance their market footprint
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