Monazite Market Size

Monazite Market size was valued at USD 56.2 million in 2023 and is poised to grow from USD 57.6 million in 2024 to USD 70.19 million by 2032, growing at a CAGR of 2.5% during the forecast period (2025-2032).

The monazite market is highly competitive with the presence of local as well as global companies. The major players are adopting several growth strategies such as product launches, acquisitions, and collaborations, which are contributing to the growth of global 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) ', 'Rare Earth Salts (USA) ', 'Search Minerals Inc. (Canada) ', 'Stans Energy Corp (Canada) ', 'Texas Mineral Resources Corp (USA)'

Monazite has various properties, having a wide range of applications in industry. Monazite is used in the chemical industry, metallurgy, electronic industry, and medical industry. Monazite is an important source of thorium, cerium, and other rare elements. In the chemical industry, huge use of monazite. Sand-made monazite is used in building and casting, all these factors drive the growth of global monazite market.

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 global 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, 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.