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Pandemic disrupted the entire world and affected many industries.
Get detailed COVID-19 impact analysis on the Thorium Fuel Cycle Market: Global Opportunity Analysis and Industry Forecast, 2020–2027
Request Now !Thorium has been recognized as one of the key resources on the earth as a lustrous radioactive element with a maximum temperature of 3,000 degree Celsius. The thorium fuel cycle is a nuclear fuel cycle that utilizes an isotope of thorium, as the fertile material. Like uranium, its features allow it to be used to fuel a nuclear chain reaction that can run an energy plant and generate electricity (among other things). Unlike natural uranium, natural thorium contains only trace amounts of fissile material, which are insufficient to initiate a nuclear chain reaction. The thorium fuel cycle exhibits several potential benefits over a uranium fuel cycle, including thorium's actinide production, reduced plutonium, superior physical, and nuclear properties, abundant availability of thorium, and better resistance to nuclear weapons proliferation when utilized in a traditional light water reactor though not in a molten salt reactor.
Market scope and structure analysis
Report Metric | Details |
Market size available for years | 2019–2027 |
Base year considered | 2019 |
Forecast period | 2020–2027 |
Forecast units | Value (USD) |
Segment covered | Reactors Type, Application, and Region |
Regions covered | North America (U.S., Mexico, and Canada), Europe (Germany, UK, France, and the Rest of Europe), Asia-Pacific (China, Japan, India, and the Rest of Asia- Pacific), and LAMEA (Brazil, South Africa, Saudi Arabia, and the Rest of LAMEA) |
Companies covered | STL Nuclear (Pty) Ltd, ARAFURA Resources, Hastings Rare Metals Limited, Capital Mining Limited, Blackwood Corporation Limited, Crossland Uranium Mines Limited, Kimberley Rare Earths Metal Limited, Navigator Resources Limited, Western Desert Resources Limited, and Cameco Corp. |
Rise in demand for an alternative to uranium-based fuel is a key factor driving the growth of the global thorium fuel cycle market. In addition, surge in demand for affordable, safe, and clean source of nuclear energy boosts the growth of the global thorium fuel cycle market. The thorium fuel cycle offers several potential advantages such as nuclear properties (e.g., lower capture-to-fission ratio for thermal neutrons), superior physical properties, greater abundance, and enhanced resistance to nuclear weapons proliferation when used in traditional light water reactors. Moreover, several demonstrations have been carried out to generate electricity in different types of reactors globally. Several countries that have abundant resources for thorium are expected to focus on the utilization of thorium fuel on an industrial scale.
In the near future, ample availability of thorium is anticipated to yield tremendous opportunities for market expansion. To provide optimum choice to manage uranium and plutonium, major emphasis has been given on thorium-based fuels for utilization in evolutionary generation III+ reactors. However, owing to the radioactive nature of thorium, concerns related to environment and health are expected to impede the growth of the thorium fuel cycle market. Excessive release of thorium in the environment negatively impacts the flora and fauna of the ecosystem. Thus, implementation of stringent regulations regarding the use of thorium is another major factor that negatively affects the market.
Key segments covered
Segment | Subsegment |
Reactors Type |
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Application |
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The global thorium fuel cycle market is expecting slowdown during the forecast period, owing to the outbreak of the COVID-19 pandemic. The lockdown implemented by government and public authorities have taken industries to a standstill. In addition, companies are struggling with missed sales and disrupted supply chains, as production shutdown and quarantine policies extend across the world, limiting travel and exchange, which, in turn, has negatively impacted the growth of the global thorium fuel cycle market. Furthermore, the outbreak has led to reduced demand for fuel, contributing to decline in supply.
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