Uranium Market to grow by USD 1.99 Billion from 2024-2028, driven by increased use in nuclear weapons, Report on how AI is redefining the market landscape - Technavio

NEW YORK, Jan. 30, 2025 /PRNewswire/ -- Report with market evolution powered by AI - The global uranium market size is estimated to grow by USD 1.99 billion from 2024-2028, according to Technavio. The market is estimated to grow at a CAGR of 8.09% during the forecast period. Rise in adoption of uranium in nuclear weapons is driving market growth, with a trend towards rise in adoption of nuclear reactors. However, high initial and production cost of uranium poses a challenge. Key market players include A Cap Energy Ltd., Altius Minerals Corp., Aurora Energy Metals, Berkeley Energia Ltd., Cameco Corp., CGN Mining Co. Ltd., China National Nuclear Corp., Deep Yellow Ltd., Denison Mines Corp., Energy Fuels Inc., Fission Uranium Corp., NAC Kazatomprom JSC, Orano, Paladin Energy Ltd., Peninsula Energy Ltd., Rio Tinto Ltd., State Atomic Energy Corp. Rosatom, State Enterprise Eastern Mining and Processing Plant, Sumitomo Corp., and Uranium Energy Corp..

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Market Driver

The Uranium market is experiencing shifts due to increasing trends towards plant-based alternatives in various industries. Regular chicken eggs face competition from vegan eggs made from mung beans, chickpeas, lentils, and soybeans. In the nuclear energy sector, uranium remains a key component for electricity production. Uranium is used as nuclear fuel in power plants, with uranium oxide concentrate as the primary form. Prices for uranium are influenced by production costs, capacity of nuclear generating plants, and electricity demand. Uranium is mined from mines worldwide, with mining companies supplying the mineral commodity markets. Uranium prices can fluctuate based on spot prices and term contracts between producers and utilities. Technological progress in enrichment and reactor-related technologies can lead to cost savings and increased nuclear capacity. Ethical concerns, such as animal welfare and carbon emissions, may also impact the market. Nuclear power plants require uranium for fuel, with nuclear fuel assemblies undergoing enrichment before use. Depleted uranium tails and recycled uranium are also valuable byproducts. Barium, gallium, titanium, and other heavy metals are co-products of uranium mining. The nuclear fuel cycle also includes the production of plutonium and the potential for weapons-grade uranium. Civil stockpiles and reprocessing plants play a role in managing nuclear waste and recycling uranium. The military sector uses uranium in military technology, such as nuclear weapons and submarines. Uranium exports are subject to international regulations and geopolitical factors. The financial community closely monitors the uranium market, with stockpiles and capacity influencing prices. 

Developing countries are turning to nuclear energy as a dependable and cost-effective solution to meet their escalating electricity demands and decrease reliance on fossil fuels. This shift is driven by factors such as the need for affordable and reliable energy, government incentives, and growing concerns regarding climate change. For instance, China is a significant investor in nuclear energy, with 50 operational reactors and 17 more under construction. China's electricity demand is expanding rapidly, making nuclear energy an attractive option for reducing carbon emissions. 

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Market Challenges

• The Uranium market faces several challenges in the current business landscape. With the rise of veganism and plant-based alternatives, there's growing demand for ethical and sustainable food sources. This trend poses a threat to the traditional egg industry, including regular chicken eggs, as well as industries relying on uranium for nuclear power production. Uranium is a critical component in nuclear power generation, used as fuel in nuclear reactors. Nuclear electricity production provides a significant portion of the world's electricity, making uranium a vital mineral commodity. However, uranium mining comes with ethical concerns, including animal welfare and environmental impact. Flexitarians, those who reduce their meat intake but don't fully commit to a vegan lifestyle, may also impact uranium demand as they decrease their reliance on nuclear power. Technological progress in renewable energy sources and the declining cost of solar and wind power further challenge the uranium market. Mining companies and electrical utilities must navigate these challenges while managing production costs, reactors' capacity, and uranium prices. The financial community closely monitors the uranium market, reacting to factors such as uranium production, stockpiles, and enrichment capacity. Meanwhile, military technology continues to rely on uranium for various applications, including barium, gallium, titanium, and weapons-grade uranium. The nuclear fuel cycle, including enrichment plants and reprocessing plants, plays a crucial role in the uranium market, with potential cost savings through recycled uranium and plutonium. Uranium prices are influenced by factors such as electricity demand, nuclear capacity, carbon emissions, and the availability of alternative energy sources. The uranium market remains dynamic, with ongoing challenges and opportunities for producers, utilities, and the financial community.
• Uranium is a radioactive element utilized primarily as nuclear power plants' fuel. The uranium industry entails significant upfront and operational expenses. Initial costs consist of exploration, mining, and processing. Exploration identifies potential uranium deposits, a lengthy process requiring substantial investment. Mining ensues post-discovery, involving drilling, blasting, and excavation to extract ore. This process poses risks to workers due to radiation exposure.

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Segment Overview 

This uranium market report extensively covers market segmentation by

• 1.1 Energy
• 1.2 Military
• 1.3 Others

• 2.1 Primary
• 2.2 Secondary

• 3.1 North America
• 3.2 Europe
• 3.3 APAC
• 3.4 Middle East and Africa
• 3.5 South America

1.1 Energy- Uranium is a crucial fuel used in nuclear power plants to generate electricity for homes and businesses worldwide. The global uranium market has experienced notable growth due to the increasing focus on reducing carbon emissions and the rising demand for clean energy. Major producers of uranium include Canada, Kazakhstan, and Australia, while significant consumers are the US, China, and Russia. The price of uranium can be influenced by supply and demand, geopolitical factors, and technological advancements. The International Atomic Energy Agency (IAEA) anticipates a 792-gigawatt increase in global nuclear power capacity by 2050, necessitating a substantial increase in uranium production. The energy segment plays a pivotal role in shaping the uranium market through policy and regulation. However, the market faces challenges, including concerns over nuclear safety and security, which may impact its growth during the forecast period.

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Research Analysis

The Uranium market is a significant mineral commodity market that caters to the demand for nuclear fuel in military technology and civil nuclear power for electricity production. Uranium is a naturally occurring element, and its production involves mining and processing. Uranium is used as a fuel in nuclear reactors, and its price fluctuations are influenced by various factors, including technological progress, production cost, and supply and demand dynamics. Meanwhile, in the food industry, alternatives to regular chicken eggs are gaining popularity with the rise of vegan eggs made from plant-based sources like mung beans, chickpeas, lentils, soybeans, potatoes, and even in powdered form or liquids. These plant-based alternatives offer ethical and environmental benefits compared to traditional animal-derived eggs. Uranium's nuclear applications contrast sharply with the plant-based food industry. Uranium is mined from various mines worldwide and undergoes enrichment to produce nuclear fuel for power plants. The Uranium market's prices are influenced by spot prices and term contracts, and its key consumers are nuclear power plants. Other minerals like Barium, Gallium, Titanium, and Coal are also mined and used in various industries. The Uranium market's technological progress and production cost are essential factors that impact its prices.

Market Research Overview

The Uranium market is a significant global commodity market that caters to the demand for nuclear fuel in civil nuclear power generation and military technology. Uranium is mined from various mines and converted into uranium oxide concentrate for further processing into nuclear fuel. Uranium prices are influenced by production costs, technological progress, capacity of nuclear generating plants, electricity demand, and carbon emissions. Uranium is used in the form of uranium oxide concentrate, fuel assemblies, and enriched uranium for reactors. The market also includes recycled uranium from spent fuel and depleted uranium tails. Uranium production and stockpiles are monitored by mining companies, electrical utilities, and the financial community. Uranium is used as a heavy metal in various industries, including military applications, and is sometimes found in trace amounts in coal and oil. Ethical concerns, such as animal welfare and environmental impact, have led to the rise of plant-based alternatives like mung bean, chickpeas, lentils, soybeans, potatoes, and their various forms, including powders, liquids, solids, and emulsions, in the food industry. However, the global brands continue to dominate the market for regular chicken eggs. The nuclear fuel market is subject to reactor-related factors, such as burn-up, enrichment, and cost savings. Nuclear electricity production competes with other sources, such as coal and oil, and the market is influenced by various factors, including uranium prices, nuclear capacity, and carbon emissions. Barium, gallium, titanium, and other heavy metals are by-products of uranium mining and processing. The market also includes civil and military stockpiles, enrichment plants, and reprocessing plants. The market for uranium is dynamic and complex, with various stakeholders, including producers, utilities, and the financial community, influencing its direction.

Table of Contents:

1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation

• End-user
• Energy
• Military
• Others
• Source
• Primary
• Secondary
• Geography
• North America
• Europe
• APAC
• Middle East And Africa
• South America

7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Trends
10 Company Landscape
11 Company Analysis
12 Appendix

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