Uranium Mining Market By Mining Process (In situ leach (ISL), By-product, and Conventional Underground), By Application (Military, Electricity, Medical, Industrial, and Others), Industry Trends, Estimation & Forecast, 2023-2030
Uranium Mining market was valued at 5 billion US$ in 2022 and is projected to reach 9.5 billion US$ by 2030, at a CAGR of 8.5% during the forecast period.
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Market Overview
The mining of uranium, a naturally-occurring element found in the Earth’s crust and seawater, allows the extraction of the radioactive metal for further chemical processing as nuclear fuel. On completion of mining, uranium is used as a significant fuel for nuclear power generation, constituting the primary raw material needed to begin the release of energy through the splitting of uranium atoms at the very core of the reactor.
Uranium Mining market was valued at 5 billion US$ in 2022 and is projected to reach 9.5 billion US$ by 2030, at a CAGR of 8.5% during the forecast period.
Market Determinants
Rising demand for uranium for the generation of nuclear power and increasing application of uranium radioisotopes in medical and agricultural sectors are the primary factors driving the market growth. The rising demand for generation of electricity using alternative methods that do not use thermal power generation techniques have put forward nuclear energy at the forefront of electricity generation. The extensive use of uranium as fuel for nuclear power generation would continue to increase mining activities of the metal, propelling the growth prospects of the market. However, instances of hazardous accidents and occurrence of radioactive waste might hamper the market growth, as a decline in working hours of reactors and closure of nuclear power plants might result in the decline of demand for uranium as a fuel source. The growth in investments and funding for nuclear power plants would provide lucrative opportunities for the market in the coming years. Several countries have identified nuclear power as a viable alternative to traditional electricity sources and would make significant investments for the procurement of highly-enriched uranium.
Market SegmentationThe global Uranium Mining market is mainly classified based on Mining Process and Application. Mining Process is further segmented into In situ leach (ISL), By-product, and Conventional Underground. By Application, the market is divided into Military, Electricity, Medical, Industrial, and Others.
The In situ leach (ISL)segment by Mining Process holds a considerable market share, with most mines in the United States and Kazakhstan preferring the use of in-situ mining for uranium extraction. The uranium mining through in-situ leaching creates a minimal ground disturbance, reducing exposure of radioactive emission to the workforce. The preference for in-situ mining owing to less capital expenditure at the mine site and increased safety of the laborforce would thereby propel the growth of the market during the forecast period.
The growth in mining activities for highly-enriched uranium to be used as a nuclear fuel would be one of the primary factors influencing the segment growth.
Regional Segmentation
Based on geography, the global Uranium Mining market is divided into North America, Europe, Asia-Pacific, South America, and Middle East & Africa. North America is further divided in the U.S., Canada, and Mexico, whereas Europe consists of the UK, Germany, France, Russia, and Rest of Europe. Asia-Pacific is segmented into India, China, Kazakhstan, Australia, Japan, South Korea, and Rest of Asia-Pacific. The South America region includes Brazil, Argentina, and the Rest of South America, while the Middle East & Africa is categorized into GCC Countries, Egypt, South Africa, and Rest of Middle East & Africa.
Asia-Pacific is a prominent region of the market in terms of value and volume, with the presence of countries such as Kazakhstan and Australia having an abundance of uranium deposits and several countries such as China and Japan opting for the use of nuclear power as a viable energy source.
The promising extraction of uranium as a by-product from other mineral ores has been prevalent in South Africa through milling and processing, which would bolster substantial growth of the Middle East & Africa market over the forecast period.
Competitive landscapeThe Uranium Mining market is highly consolidated, with the majority of the market dominated by the top players concentrated in specific geographical countries of Kazakhstan, Australia, Canada, and Namibia. The expansion of manufacturing capabilities of the key players on a global scale would intensify the competitiveness in terms of production volume and value.
Key players operating in the Uranium Mining industry include Kazatomprom, Cameco, ARMZ, Orano, BHP Billiton, China National Nuclear Corporation (CNNC), Paladin, Navoi, and Rio Tinto Group.
The extension of new business opportunities through strategic partnerships, mergers & acquisitions, and favourable supplier agreement is the primarily followed business strategies of the top players with a focus to increase production capacity and financial profit margin.
Uranium Mining Market Key Segments
By Mining Process
• In situ leach (ISL)
• By-product
• Conventional UndergroundBy Application
• Military
• Electricity
• Medical
• Industrial
• OthersBy Geography
• North America
o The U.S.
o Canada
o Mexico• Europe
o U.K
o Germany
o France
o Russia
o Rest of Europe• Asia Pacific
o India
o China
o Kazakhstan
o Australia
o Japan
o South Korea
o Rest of Asia Pacific• South America
o Brazil
o Argentina
o Rest of South America• Middle East & Africa
o GCC Countries
o Egypt
o South Africa
o Rest of Middle East & AfricaKey Global Uranium Mining Industry Players
• Kazatomprom
• Cameco
• ARMZ
• Orano
• BHP Billiton
• China National Nuclear Corporation (CNNC)
• Paladin
• Navoi
• Rio Tinto Group -
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Table of Content
1. Market Introduction
1.1. Executive Summary
1.2. Market Definition
1.3. Market Scope2. Research Methodology
2.1. Primary Research
2.2. Research Methodology
2.3. Assumptions & Exclusions
2.4. Secondary data sources3. Uranium Mining Market Overview
3.1. Report Segmentation & Scope
3.2. Key Market Trend
3.3. Drivers
3.3.1. Rising demand for uranium for the generation of nuclear power
3.3.2. Increasing application of uranium radioisotopes in medical and agricultural sectors
3.4. Restraints
3.4.1. Instances of hazardous accidents and occurrence of radioactive waste
3.5. Opportunity
3.5.1. Growth in investments and funding for nuclear power plants
3.6. Porter’s Five Forces Analysis
3.6.1. Porter’s Five Forces Analysis
3.7. Market Share Analysis4. Mining Process Overview
4.1. Introduction
4.1.1. Market Size & Forecast
4.2. In situ leach (ISL)
4.2.1. Market Size & Forecast
4.3. By-product
4.3.1. Market Size & Forecast
4.4. Conventional Underground
4.4.1. Market Size & Forecast5. Application Overview
5.1. Introduction
5.1.1. Market Size & Forecast
5.2. Military
5.2.1. Market Size & Forecast
5.3. Electricity
5.3.1. Market Size & Forecast
5.4. Medical
5.4.1. Market Size & Forecast
5.5. Industrial
5.5.1. Market Size & Forecast
5.6. Others
5.6.1. Market Size & Forecast6. Uranium Mining Market Regional Overview
6.1. Introduction
6.1.1. Market Size & Forecast
6.2. North America Uranium Mining Market
6.2.1. North America Market Size & Forecast, By Country
6.2.2. North America Market Size & Forecast, By Mining Process
6.2.3. North America Market Size & Forecast, By Application
6.2.4. U.S.
6.2.4.1. Market Size and Forecast
6.2.5. Canada
6.2.5.1. Market Size and Forecast
6.2.6. Mexico
6.2.6.1. Market Size and Forecast
6.3. Europe Uranium Mining Market
6.3.1. Europe Market Size & Forecast, By Country
6.3.2. Europe Market Size & Forecast, By Mining Process
6.3.3. Europe Market Size & Forecast, By Application
6.3.4. Germany
6.3.4.1. Market Size and Forecast
6.3.5. France
6.3.5.1. Market Size and Forecast
6.3.6. UK
6.3.6.1. Market Size and Forecast
6.3.7. Italy
6.3.7.1. Market Size and Forecast
6.3.8. Spain
6.3.8.1. Market Size and Forecast
6.3.9. Rest of Europe
6.3.9.1. Market Size and Forecast
6.4. Asia-Pacific Uranium Mining Market
6.4.1. Asia-Pacific Market Size & Forecast, By Country
6.4.2. Asia-Pacific Market Size & Forecast, By Mining Process
6.4.3. Asia-Pacific Market Size & Forecast, By Application
6.4.4. Japan
6.4.4.1. Market Size and Forecast
6.4.5. China
6.4.5.1. Market Size and Forecast
6.4.6. Australia
6.4.6.1. Market Size and Forecast
6.4.7. India
6.4.7.1. Market Size and Forecast
6.4.8. South Korea
6.4.8.1. Market Size and Forecast
6.4.9. Rest of Asia-Pacific
6.4.9.1. Market Size and Forecast
6.5. South America Uranium Mining Market
6.5.1. South America Market Size & Forecast, By Country
6.5.2. South America Market Size & Forecast, By Mining Process
6.5.3. South America Market Size & Forecast, By Application
6.5.4. Brazil
6.5.4.1. Market Size and Forecast
6.5.5. Argentina
6.5.5.1. Market Size and Forecast
6.5.6. Rest of South America
6.5.6.1. Market Size and Forecast
6.6. Middle East & Africa Uranium Mining Market
6.6.1. Middle East & Africa Market Size & Forecast, By Country
6.6.2. Middle East & Africa Market Size & Forecast, By Mining Process
6.6.3. Middle East & Africa Market Size & Forecast, By Application
6.6.4. GCC Countries
6.6.4.1. Market Size and Forecast
6.6.5. Egypt
6.6.5.1. Market Size and Forecast
6.6.6. South Africa
6.6.6.1. Market Size and Forecast
6.6.7. Rest of Middle East & Africa
6.6.7.1. Market Size and Forecast7. Company Profile
7.1. Kazatomprom
7.1.1. Company Basic Information, Manufacturing Base, Sales Area and Its Competitors
7.1.2. Kazatomprom Product Category, Application, and Specification
7.1.3. Kazatomprom Financial Performance (2016-2018)
7.1.4. Main Business/Business Overview
7.2. Cameco
7.3. ARMZ
7.4. Orano
7.5. BHP Billiton
7.6. China National Nuclear Corporation (CNNC)
7.7. Paladin
7.8. Navoi
7.9. Rio Tinto Group -
What Report Provides?
• Full in-depth analysis of the parent Industry
• Important changes in market and its dynamics
• Segmentation details of the market
• Former, on-going, and projected market analysis in terms of volume and value
• Assessment of niche industry developments
• Market share analysis
• Key strategies of major players
• Emerging segments and regional growth potential
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