The global uranium market is fueled by the surging demand for and dependency on nuclear energy, growing awareness regarding the reduction of carbon emissions, oil price fluctuations, and the economic advantage of uranium production.
Highlighting the forces that aid the growth of the uranium market, the research report offers a comprehensive and insightful overview of the scope and dynamics of the global industry. Through unbiased and thorough methods of data collection and numerous primary and secondary interviews, the report provides an exhaustive collection of information that proves helpful to clients at every step of the way.
Overview of the global uranium market
A major chunk of the total amount of uranium found is used in nuclear power plants to generate electricity. With mounting demand for electricity all across the globe and growing capacity of nuclear reactors, the uranium market has witnessed significant expansion and is estimated to continue its successful streak over the course of the forecast period. The research report states that the demand for and supply of the metal has so far remained balanced, owing to the fact that the number of old reactors retiring and newer reactors being set up is almost the same.
The report also indicates that approximately 75% of the global supply is through mining activity and this number is expected to increase by 2019. Other sources of uranium include recycled uranium, civil stockpiles, and ex-military weapons-grade uranium.
While Russia and China are currently the fastest-growing markets for uranium, it is estimated that India, Europe, and the Middle East will also join the league. Over the coming years, all these regions are projected to expand their use of nuclear energy and invest in uranium mining operations, which will ultimately drive the global uranium market.
After the 2011 Fukushima Daiichi reactor disaster triggered by the earthquake and tsunami in Japan, the uranium market was adversely affected and the growth rate dropped. Analysts say that the setting up of uranium mining operations is extremely time-consuming and expensive. As a result, a shortage of the metal is quite likely despite its abundant availability in nature. Moreover, obtaining mining permits is a lengthy process and the environmental repercussions of uranium mining are many. These factors are expected to hamper the uranium market.
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