Thorium (Th), a silvery, electropositive actinide whose atomic number is 90, is moderately soft and malleable, has a high melting point, and tarnishes black when exposed to air, forming thorium dioxide. According to BlueQuark Research & Consulting, the Global Thorium market is expected to witness a significant growth rate during the forecasted period. Thorium serves advantage by acting as a nuclear fuel owing to its ability to provide a clean, virtually endless source of energy while assuaging public fears about the spread of weapons, radioactive pollution, toxic waste, and fuel that is both expensive and difficult to handle is estimated to drive the Global Thorium market. In addition to this, when an alpha particle enters a cell, it emits radiation that kills the cancer cell, and the radioactive element thorium, which emits alpha-particles, is used for this purpose, and Alpha particles with a special coating that allows them to distinguish between healthy cells and cancer cells while causing no significant collateral damage to healthy cells give hope to lymph node, prostate, or breast cancer patients are expected to drive the global Thorium market. Further, Thorium is employed as a catalyst in the chemical industry, with thorium-copper intermetallics used to make methanol from carbon monoxide and hydrogen, thorium sulfate used to make nitrogen-alkylated amines, and thorium oxide used to convert ammonia to nitric acid, and Thoriated tungsten welding electrodes are made from thoriated tungsten and are used to join stainless steels, nickel alloys, and other metals are projected the Global Thorium market. However, the Global Thorium Market is expected to be hampered by changing raw material prices and several health and environmental concerns related to thorium's radioactive nature.

At high temperatures, thorium alloyed with magnesium imparts exceptional strength and creep resistance and is used to produce Jet engine housings, and helicopter motor cowlings have both been made using this lightweight aerospace metal, and when thorium dioxide is added to glass, it helps to raise the refractive index and reduce dispersion for manufacturing High-quality lenses for cameras, and scientific instruments.

The Nuclear Energy industry is the vital consumer of Thorium and is estimated to drive the Global Thorium market. Thorium is three times as abundant as compared to uranium, and the volume of its byproduct waste from nuclear power generation is 1,000 to 10,000 times less than that of uranium, making it difficult to manufacture a practical nuclear bomb from a thorium reactor's byproducts and plutonium production of a thorium reactor is less than 2% of the standard reactor the industry id bound to rise. In addition to this, there is potential for a larger portion of the fuel being used to sustain the nuclear chain reaction, and thus less waste produced for the same amount of energy generated, higher melting temperatures of thorium-based fuels, which can be significant in the case of an accident, and Good "neutronic" properties, particularly the number and energy of the neutrons produced by the fission reactions. Placer, carbonatite, and vein-type deposits are the world's most essential thorium resources. Monazite, thorite, and thorianite are all minerals that contain thorium. According to the Nuclear Energy Agency of the Organization for Economic Co-operation and Development, global thorium resources are expected to number 6.4 million tonnes. Thorium deposits can be found all over the world, with the highest concentrations in Australia, Brazil, India, and the United States.

Some of the market’s key players are STL Nuclear (Pty) Ltd., Arafura Resources, Materion Corporation, American Elements, Inorganic Ventures, Mil-spec Industries Corporation, and Hastings Technology Metals Limited, among others.

The Asia Pacific region is poised to be the leader in the production and the subsequent consumption of Thorium, with most of the consumption in countries like China and India. China is swiftly progressing in the construction of new nuclear power plants. The units currently being built are a combination of local and Western designs. Between December 2010 and December 2020, the most recent nuclear power plants were made in China (36), where nuclear power generation grew by 400% in ten years. In China, air pollution from coal-fired power plants and climate change are driving demand for nuclear power. In addition to this, India has attained nuclear fuel cycle independence. As part of its huge infrastructure development agenda, the Indian government is committed to increasing nuclear-generating capacity. According to the government, nuclear power capacity is expected to reach 22.5 gigawatts by 2031. India was a forerunner in developing the thorium fuel cycle, and it already possesses several modern facilities in this field. Further, the region is home to a large proportion of the population, and the regulatory bodies emphasize better healthcare facilities and investing to uplift its standards. Factors like these have made Asia-Pacific an essential region for growth in the Thorium market.

In September 2021, China finished constructing an experimental thorium reactor that could greatly expand the number of people who can benefit from clean nuclear energy.

Global Thorium Market report provides deep insight into the market's current and future state across various regions. The study comprehensively analyses the Thorium market by segmenting based on the Form (Granular, Powder, Others), Application (Nuclear Reactors, Electronic Equipment Coatings, Heat Resistant Ceramics, Refractory Material, Jet Engines, Others), End-User Industry (Nuclear Energy, Medical, Chemical, Aerospace, Others), and Geography (Asia-Pacific, North America, Europe, South America, and Middle-East and Africa). The report examines the market drivers and restraints and the impact of Covid-19 on the market growth in detail. The study covers and includes emerging market trends, developments, opportunities, and challenges in the industry. This report also covers extensively researched competitive landscape sections with prominent companies and profiles, including their market shares and projects.