Thorium Fuel Cycle Market Size, Share, Competitive Landscape and Trend Analysis Report, by Reactors Type and, by Application : Global Opportunity Analysis and Industry Forecast, 2023-2032

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

Key drivers of global thorium fuel cycle market

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.

Market scenario: opportunities and challenges

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

COVID-19 scenario analysis

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.

Key benefits of the report

• This study presents the analytical depiction of the global thorium fuel cycle industry along with the current trends and future estimations to determine the imminent investment pockets.
• The report presents information related to key drivers, restraints, and opportunities along with detailed analysis of the global thorium fuel cycle market share.
• The current market is quantitatively analyzed from 2019 to 2027 to highlight the global thorium fuel cycle market growth scenario.
• Porter’s five forces analysis illustrates the potency of buyers & suppliers in the market. 
• The report provides a detailed market analysis depending on competitive intensity and how the competition will take shape in coming years. 

Questions answered in the global thorium fuel cycle market research report:

• Which are the leading market players active in the thorium fuel cycle market?
• What are the current trends that will influence the market in the next few years?
• What are the driving factors, restraints, and opportunities of the market?
• What are the projections for the future that would help in taking further strategic steps?

  Thorium Fuel Cycle Market Report Highlights

Aspects	Details
By Reactors Type	Heavy Water High-Temperature Gas-Cooled Boiling (Light) Water Molten Salt Fast Neutron Others
By Application	Gas Mantles Nuclear Reactor Others
By Region	North America  (U.S., Canada, Mexico) Europe  (France, Germany, Italy, Spain, UK, Rest of Europe) Asia-Pacific  (China, Japan, India, South Korea, Australia, Rest of Asia-Pacific) LAMEA  (Brazil, South Africa, Saudi Arabia, Rest of LAMEA)
Key Market Players	Kimberley Rare Earths Metal Limited, Navigator Resources Limited, ARAFURA Resources, STL Nuclear (Pty) Ltd, Western Desert Resources Limited, Blackwood Corporation Limited, Capital Mining Limited, Hastings Rare Metals Limited, Cameco Corp., Crossland Uranium Mines Limited