Nuclear Materials Market Report 2025

The nuclear materials market size has grown strongly in recent years. It will grow from $56.95 billion in 2024 to $60.58 billion in 2025 at a compound annual growth rate (CAGR) of 6.4%. The growth during the historic period can be attributed to increasing government support and policy incentives, rising demand for reliable baseload power, growing need for medical isotopes, heightened interest in nuclear propulsion systems, and expanding efforts in nuclear waste reprocessing and recycling.

The nuclear materials market size is expected to see strong growth in the next few years. It will grow to $76.86 billion in 2029 at a compound annual growth rate (CAGR) of 6.1%. The growth projected for the forecast period can be attributed to the increasing demand for clean energy, rising investments in nuclear power infrastructure, a growing focus on energy security, increasing adoption of small modular reactors, and expanding nuclear power capacity in emerging economies. Major trends during this period include advancements in nuclear reactor technology, integration of AI and digital twins in nuclear facilities, development of accident-tolerant fuels, innovations in fuel fabrication technologies, and progress in enrichment technologies.

Growing investments in space exploration are expected to drive the expansion of the nuclear materials market in the coming years. Space exploration investments refer to funds allocated by governments and private organizations to develop technologies and missions for investigating and utilizing outer space. These investments facilitate the discovery of valuable resources and create opportunities for sustainable economic growth. They also support the identification and extraction of nuclear materials from extraterrestrial sources, which are crucial for long-term energy supply and propulsion systems. For example, the World Economic Forum, a Switzerland-based NGO, reported in April 2024 that the space economy is projected to reach $1.8 trillion by 2035, driven by advancements in space-enabled technologies. Additionally, the Space Foundation, a US-based non-profit, stated that the global space economy grew by 7.4% to $570 billion in 2023, with commercial revenues totaling $445 billion, representing 78% of the overall market. Thus, increased space exploration investments are fueling growth in the nuclear materials market.

Leading companies in the nuclear materials sector are focusing on innovative solutions such as radioactive isotopes to improve medical treatments, energy efficiency, and industrial uses. Radioactive isotopes are variants of chemical elements with unstable nuclei that emit radiation as they decay into stable forms. For instance, in January 2024, Isotope Technologies Munich SE, a biotechnology firm based in Germany, obtained approval from the Bavarian Environment Agency (LfU) to produce the medical radioisotope lutetium-177 (Lu-177) at its NOVA facility in Neufahrn. This approval allowed the company to commence radioactive operations onsite to qualify and validate its systems.

In August 2024, QSA Global Inc., a US-based manufacturing company, partnered with Niowave Inc. to improve and stabilize the production of actinium-225, an important radioisotope used in cancer therapy. The collaboration aims to advance and scale up the purification of radium-226 and isotope extraction processes. Niowave Inc., a US pharmaceutical manufacturer, provides advanced electron accelerators that facilitate the production and processing of nuclear materials, particularly radioisotopes for medical and industrial applications.

Major players in the nuclear materials market are GE Vernova LLC, Mitsubishi Heavy Industries Ltd., Boss Energy Ltd, Peninsula Energy Ltd, Energy Fuels Inc., Orano SA, Westinghouse Electric Company, BWX Technologies Inc., National Atomic Company Kazatomprom, Cameco Corporation, Global Atomic Corporation, Centrus Energy Corp, Uranium Energy Corp, NexGen Energy Ltd., Denison Mines Corp., Rosatom, AREVA NP, Berkeley Energia Limited, enCore Energy Corp, Laramide Resources Ltd, and Paladin Energy Limited.

North America was the largest region in the nuclear materials market in 2024. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in nuclear materials report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa. The countries covered in the nuclear materials 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 sharp hike in U.S. tariffs and the associated trade disputes in spring 2025 are notably impacting the aerospace and defense sector by raising costs for titanium, carbon fiber composites, and avionics materials largely sourced from global suppliers. Defense contractors, locked into fixed-price government contracts, absorb these added costs, while commercial aerospace firms face airline pushback on higher aircraft prices. Delays in component shipments due to customs bottlenecks further disrupt tight production schedules for jets and satellites. The industry is responding by stockpiling critical materials, seeking waivers for defense-related imports, and collaborating with allied nations to diversify supply chain.

Nuclear materials are substances capable of releasing energy through nuclear reactions, commonly used in power generation, medical applications, or weaponry. They mainly include fissile materials like uranium-235, plutonium-239, and thorium-232, which can sustain a nuclear chain reaction.

The primary types of nuclear materials are special nuclear material, source material, product material, and radium. Special nuclear material refers to fissile substances such as enriched uranium and plutonium, primarily used in nuclear reactors and weapons. These materials find applications in power generation, medical isotope production, and naval propulsion, serving end users across sectors including medicine, agriculture, energy and power, consumer products, veterinary, marine, aerospace, defense, industry, and more.

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

The nuclear materials market consists of sales of radiation shielding products, industrial radiography sources, and spacecraft power systems. Values in this market are ‘factory gate’ values, that is, the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

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 and 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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