Global Thorium Market Overview:
Thorium is a naturally-occurring, slightly radioactive metallic chemical element. It is found in most rocks and soils in small amounts. It is about three times more abundant than uranium. It is moderately hard, malleable, and has a high melting point. It is fertile rather than fissile and so is not directly usable in a thermal neutron reactor. It can only be used as a fuel in conjunction with a fissile material. However, thorium is fertile and upon absorbing a neutron will transmute to uranium-233, which is an excellent fissile fuel material. There are seven types of the reactor into which thorium can be introduced as a nuclear fuel. It has numerous applications such as a nuclear fuel, radiometric dating, alloying element in magnesium, manufacturing of lenses for cameras and scientific instruments etc.
Attributes | Details |
---|
Study Period | 2017-2027 |
Base Year | 2021 |
Forecast Period | 2022-2027 |
Historical Period | 2017-2021 |
Unit | Value (USD Million) |
Customization Scope | Avail customization with purchase of this report. Add or modify country, region & or narrow down segments in the final scope subject to feasibility |
Growth Drivers
- Increasing Demand for Production of Nuclear Fuel
- Thorium Is More Abundant Than Uranium
Roadblocks
- Environmental Concerns Related To Its Use
Opportunities
- Increasing Demand for Numerous Industrial Applications
- Growing Energy Demand Worldwide
Challenges
- Stringent Government Rules and Regulations
Competitive Landscape:
The demand for Thorium is increasing with each passing day. The businesses in this industry facing major competition with leading players in the market include Arafura Resources Limited, American Elements, Flibe Energy, and others. Many international as well as regional providers are also participants in the industry and directly compete with leaders. It has been identified that market-leading players are investing heavily in growth strategies such as technological development, and resource utilization to enhance their market position. The market leaders demonstrate a market-defining vision of how thorium can help top-line business executives achieve their business objectives. Leaders have the ability to execute against that vision through both products and services. They have demonstrated solid business results in the form of revenue and earnings.
Some of the key players profiled in the report are Arafura Resources Limited (Australia), American Elements (United States), Flibe Energy (United States), Moltex Energy (United Kingdom), Elysium Industries Ltd (United States), Alpha Tech Research Corp. (United States), Algeta ASA (Norway), Thor Energy (Norway), Ulstein (Norway) and Steenkampskraal Thorium (South Africa). Analyst at AMA Research see United States Vendors to retain maximum share of Global Thorium market by 2027.
In April 2022 Ulstein Inc. had announced the launch of ULSTEIN THOR. A Thorium Molten Salt Reactor (MSR) will be part of the 149-meter-long ULSTEIN THOR, a 3R (Replenishment, Research, and Rescue) design that will produce enormous amounts of clean, secure electricity. Because of this, the ship can function as a mobile power/charging station for a new generation of battery-powered cruise ships. The vessel design has the potential to bring the vision of zero-emission cruise operations to life. Ulstein has also created the ULSTEIN SIF idea, a 100m length, 160 POB capacity, zero-emission adventure cruise ship, to show that it is feasible.
“The U.S. Nuclear Regulatory Commission (NRC) was created as an independent agency by Congress in 1974 to ensure the safe use of radioactive materials for beneficial civilian purposes while protecting people and the environment. The NRC regulates commercial nuclear power plants and other uses of nuclear materials, such as in nuclear medicine, through licensing, inspection and enforcement of its requirements.”
What Can be Explored with the Thorium Market Study
Gain Market Understanding
Identify Growth Opportunities
Analyze and Measure the Global Thorium Market by Identifying Investment across various Industry Verticals
Understand the Trends that will drive Future Changes in Thorium
Understand the Competitive Scenario
- Track Right Markets
- Identify the Right Verticals
Research Methodology:
The top-down and bottom-up approaches are used to estimate and validate the size of the Global Thorium market.
In order to reach an exhaustive list of functional and relevant players various industry classification standards are closely followed such as NAICS, ICB, SIC to penetrate deep in important geographies by players and a thorough validation test is conducted to reach most relevant players for survey in Thorium market.
In order to make priority list sorting is done based on revenue generated based on latest reporting with the help of paid databases such as Factiva, Bloomberg etc.
Finally the questionnaire is set and specifically designed to address all the necessities for primary data collection after getting prior appointment by targeting key target audience that includes Thorium Manufacturers, Research Professionals, Emerging Companies, Distributors, Government Body & Associations and End-user.
This helps us to gather the data related to players revenue, operating cycle and expense, profit along with product or service growth etc.
Almost 70-80% of data is collected through primary medium and further validation is done through various secondary sources that includes Regulators, World Bank, Association, Company Website, SEC filings, OTC BB, USPTO, EPO, Annual reports, press releases etc.