Nuclear Fuel Recycling Market Overview
According to a research survey conducted by ChemView Consulting, the current valuation of the Global Nuclear Fuel Recycling Market is worth US$ 1,792.4 Mn in 2022. The market value of stainless steel is expected to reach US$ 3,460.6 Mn by 2032, growing at a CAGR of 6.8% over the forecast period.
Reprocessing nuclear fuel prevents the squandering of valuable resources by recovering uranium as uranium reprocessed (Repu) and reprocessed plutonium (Pu). New reprocessing technologies are being created by producers in the nuclear fuel recycling industry for use with fast neutron reactors. Long-lived actinides, like uranium and plutonium, are expected to be burned by the new reprocessing method without being separated from one another.
Reprocessing fertile or fissile combustible material through nuclear fuel recycling lowers the amount of high-level waste. The two main fuels that are recycled heavily worldwide are fissile plutonium and fertile U-238. For instance, most studies have successfully turned plutonium from used fuel into mixed oxide fuel (MOX).
ChemView Consulting has analyzed that the global nuclear fuel recycling market is driven by the rising demand for recycling used nuclear fuel to recover unusable plutonium and uranium. Recycling can help create a closed fuel cycle, improving the nation’s energy security. The demand for nuclear fuel recycling is expected to increase due to the limited supply of natural uranium and the rising demand for clean fuel.
While long-lived radioactive elements like plutonium find usage as manufactured new fuel for advanced reactors to be produced commercially, uranium is reused as fresh fuel for nuclear power plants. Recycling atomic waste reduces the amount of waste while extending the life of the uranium that is still usable. Throughout the projection period, rising nuclear waste recycling market demand is anticipated to be significantly fueled by national energy security. This is so that original uranium can provide 25% to 30% more energy by closing the fuel cycle by recycling old fuel.
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Segments Covered in Report
- LWR Fuel
- Other Nuclear Fuels
By Processing Technologies:
By Region and Country:
- North America (U.S., Canada)
- Latin America (Brazil, Mexico, Rest of Latin America)
- Europe (Germany, Italy, France, UK, Spain, Netherlands, Norway, Russia, Rest of Europe)
- Asia-Pacific (China, Japan, South Korea, India, Indonesia, Thailand, Vietnam, Australia & New Zealand, Rest of Asia-Pacific)
- Middle East (Saudi Arabia, Turkey, UAE, Rest of Middle East)
- Africa (South Africa, Nigeria, Egypt, Rest of Africa)
Key Takeaways from the Nuclear Fuel Recycling Market
- Based on the material, uranium has consistently been in higher demand.
- Due to the rise in consumer awareness of Nuclear Fuel Recycling in the region, the Asia Pacific market, which currently holds a share of 56.2%, is expected to grow rapidly over the projected period. Fuel additive producers in China have been motivated to set up new manufacturing lines by increasing demand for Nuclear Fuel Recycling in the Asia Pacific region. In the ensuing years, this will probably increase the demand for Nuclear Fuel Recycling in the nation.
Key companies covered in the market study are Orano, NUKEM Technologies Engineering Services GmbH, Japan Nuclear Fuel Limited, Kansai Electric Power Co., Inc., Areva S.A., Tokyo Electric Power Company Holdings, Inc., JGC Corporation, Advanced Nuclear Fuels, GNS GesellschaftfürNuklear-Service, COVRA, Urenco Group
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Report Key Highlights
- Detailed information on factors that will assist Global Nuclear Fuel Recycling’s growth during the next ten years
- Assessment of the historical and current Global Nuclear Fuel Recycling Market size (2017-2021), market projections (2022-2032), and its contribution to the parent market
- The growth of the market across North America, Europe, East Asia, South Asia & Pacific, Latin America, Middle East, and Africa
- Segment-wise, country-wise, and region-wise market analysis
- Key drivers, restraints, opportunities, and key emerging trends impacting market growth
- Predictions on critical supply, demand, and technological trends and changes in consumer behavior
- Value chain analysis (list of manufacturers, distributors, end-users, average profitability margins, etc.)
- Competition mapping, market share analysis, key strategies adopted by top players, and competitive tactical intelligence
- Covid-19 impact on the market and how to navigate
- Strategic market analysis and recommendations on crucial winning strategies