Uranium Ore Market Report 2025

The uranium ore market size has grown steadily in recent years. It will grow from $0.71 billion in 2024 to $0.74 billion in 2025 at a compound annual growth rate (CAGR) of 4.4%. The growth in the historic period can be attributed to the nuclear power plant construction boom, the cold war and military demand, the chernobyl and three-mile island incidents, global economic trends, and changes in the regulatory environment.

The uranium ore market size is expected to see strong growth in the next few years. It will grow to $0.91 billion in 2029 at a compound annual growth rate (CAGR) of 5.4%. The growth in the forecast period can be attributed to government policies and incentives, focus on carbon emission reduction, geopolitical stability, exploration and discovery of new uranium deposits, public perception and social acceptance. Major trends in the forecast period include advancements in nuclear technology, development of in-situ recovery (ISR) technology, focus on uranium enrichment technologies, increased scrutiny on environmental and social impact, and diversification of uranium end-use applications.

The forecast of 5.4% growth over the next five years reflects a modest reduction of 0.3% from the previous estimate for this market. This reduction is primarily due to the impact of tariffs between the US and other countries. Tariffs on uranium ore could threaten energy security for nuclear-dependent regions and complicate geopolitical sourcing strategies. The effect will also be felt more widely due to reciprocal tariffs and the negative effect on the global economy and trade due to increased trade tensions and restrictions.

The increasing consumption of nuclear fuel is anticipated to drive the growth of the uranium ore market in the future. Nuclear fuel consists of materials used in nuclear reactors to produce energy through nuclear fission. Uranium ore is essential for the production of nuclear fuel, which is utilized to generate electricity in nuclear power plants. For example, the World Nuclear Association, a UK-based international organization, reported in September 2024 that nuclear facilities generated 2,602 TWh (terawatt-hours) of electricity in 2023, up from 2,545 TWh in 2022. Thus, the rising demand for nuclear fuel is contributing to the expansion of the uranium ore market.

The anticipated increase in electricity consumption is expected to drive the growth of the uranium ore market in the future. Electricity consumption refers to the total amount of electrical energy utilized by individuals, businesses, industries, and other entities over a defined period. Uranium ore is crucial for electricity generation, serving as the primary fuel source for nuclear power plants, where nuclear fission reactions produce heat that is then converted into electricity. For instance, in July 2024, the International Energy Agency (IEA), a France-based intergovernmental organization, reported in its mid-year update that global electricity demand is projected to rise by approximately 4% in 2024, up from 2.5% in 2023. Consequently, the increase in electricity consumption is fueling the growth of the uranium ore market.

The implementation of autonomous hauling systems in mining significantly enhances efficiency and reduces turnaround times in 2021. These systems manage off-highway haul trucks by controlling and tracking their movements autonomously. By minimizing delays, operational costs, and fuel consumption, they contribute to increased productivity and reduced carbon emissions in the mining industry.

Numerous major countries are actively developing new facilities for uranium ore mining. For instance, in August 2023, Iran launched a new uranium mine in the Jang-e Sar region of Khoy, aiming to advance its nuclear power generation plans. Furthermore, the Narigan Mining and Industrial Complex in Yazd province has commenced its exploitation phase and stands as Iran's largest uranium-molybdenum mine. Extracted uranium from these mines will be sent to Isfahan for purification and fabrication into nuclear fuel. The establishment of a new mining complex in the northwestern province of West Azarbaijan will also contribute to Iran's goal of reaching a nuclear electricity generation capacity of 20,000 MWe.

In January 2022, Uranium Energy Corp, a prominent U.S. entity in uranium mining and exploration, completed the acquisition of Uranium One Americas (U1A), Inc. The deal, valued at $112 million in cash alongside an estimated $2.9 million in working capital and the assumption of $19 million in reclamation bonding, significantly bolstered UEC's position. This strategic move amplified UEC's standing in the US ISR (In-Situ Recovery) production domain, projecting an annual output of 6.5 million pounds U3O8. This estimation is based on the operational capacities and permissions across UEC's hub-and-spoke operations in Wyoming and South Texas. Uranium One Americas (U1A), Inc., primarily operates in uranium, radium, and vanadium ores within the United States.

Major companies operating in the uranium ore market include Cameco Corporation, Rio Tinto Group, BHP Billiton Ltd., Paladin Energy Ltd., Energy Resources of Australia Ltd., Kazatomprom, Orano, Uranium One Inc., CGN Mining Company Limited, Navoi Mining and Metallurgical Combinat, China National Nuclear Corporation, ARMZ Uranium Holding Co., Denison Mines Corp., Energy Fuels Inc., Uranium Energy Corp., Peninsula Energy Ltd., Uranium Resources Inc., Ur-Energy Inc., Laramide Resources Ltd., Fission Uranium Corp., NexGen Energy Ltd., GoviEx Uranium Inc., Berkeley Energia Limited, Boss Resources Limited, Aura Energy Limited, Deep Yellow Limited, Yellow Cake plc, Uranium Participation Corporation, Uranium Royalty Corp.

Asia-Pacific was the largest region in the uranium ore market in 2024.The regions covered in the uranium ore market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, Africa. The countries covered in the uranium ore market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

Note that the outlook for this market is being affected by rapid changes in trade relations and tariffs globally. The report will be updated prior to delivery to reflect the latest status, including revised forecasts and quantified impact analysis. The report’s Recommendations and Conclusions sections will be updated to give strategies for entities dealing with the fast-moving international environment.

The rapid escalation of U.S. tariffs and the ensuing trade tensions in spring 2025 are heavily affecting the mining sector, especially in areas such as equipment acquisition, export flows, and supply chain stability. Increased tariffs on imported heavy machinery, drilling tools, and specialized parts have driven up both capital and operational expenditures, leading to delays in project development and reduced production efficiency. Simultaneously, retaliatory tariffs from major trading partners have diminished global demand for U.S. sourced minerals particularly critical resources like lithium, copper, and rare earth elements intensifying revenue challenges. These impacts are hitting mid-sized and niche mining companies the hardest due to their reliance on international markets. In response, the industry is focusing on building domestic equipment supply chains, scaling up mineral recycling programs, and lobbying for tariff relief to regain competitiveness and safeguard long-term resource availability.

The uranium ore market research report is one of a series of new reports that provides uranium ore market statistics, including uranium ore industry global market size, regional shares, competitors with a uranium ore market share, detailed uranium ore market segments, market trends and opportunities, and any further data you may need to thrive in the uranium ore industry. This uranium ore global market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The extraction of uranium ore involves retrieving the mineral from the ground, followed by its treatment to produce uranium oxide, commonly known as yellowcake, which is then exported. This conversion process often occurs at the mine site itself.

Uranium ore primarily comes in various types, including granite-type, volcanic-type, sandstone-type, and carbonate-siliceous-pelitic rock-type deposits. The latter, carbonate-siliceous-pelitic rock-type deposits, stand out as significant mineralization phenomena outside the Red Bed. These deposits not only share the same source, timeframe, and location but also exhibit a cause-and-effect relationship. The mining methods employed encompass both underground and surface mining techniques.

The uranium ore market includes revenues earned by entities by generating electricity. The market value includes the value of related goods sold by the service provider or included within the service offering. Only goods and services traded between entities or sold to end consumers are included.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.

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