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Nuclear Fuel Recycling Market Size, Share, Trends and Growth Analysis Report – Segmented ByType (LWR Fuel, Other Nuclear Fuels), By Material (Uranium, Plutonium and Others), By Processing Technologies (PUREX, COEX, NUEX, THOREX, NEXT, REPA and Others), and Region - Industry Forecast of 2024 to 2029

Published: March, 2023
ID: 10939
Pages: 175
Formats: report pdf report excel report power bi report ppt

Nuclear Fuel Recycling Market Size (2024-2029):

The Global Nuclear Fuel Recycling Market size is estimated at US$ 3.03 billion in 2023 and is predicted to reach a valuation of US$ 4.07 billion in 2029, with a current CAGR of 6.09% from 2024 - 2029.

Market Overview:

Nuclear fuel reprocessing recovers uranium as uranium reprocessed (Repu) and reprocessed plutonium (Pu), thus avoiding the waste of precious resources. Manufacturers operating in the nuclear fuel recycling market are developing new reprocessing technologies to be employed in conjunction with fast neutron reactors. The new reprocessing technology is predicted to burn long-lived actinides, including uranium and plutonium, without separating them from each other. Nuclear fuel recycling is a process of reprocessing fertile or fissile combustible material in order to reduce the volume of high-level waste. Fertile U-238 and fissile plutonium are the main fuels that are heavily recycled around the world. For example, most researchers have successfully recycled plutonium from spent fuel into mixed oxide fuel (MOX).

Market Trends:

PUREX is a spent fuel recycling technology that uses a liquid-liquid extraction method for the separation of uranium and plutonium from fission products. The technology is widely adopted by France, Japan, the United Kingdom, India, and Russia. The growing worldwide call for clean energy, together with the limited natural availability of uranium, is predicted to be the main driver of the market for the next seven years. Escalating for fuel in nuclear power plants, especially in emerging countries like Japan, is predicted to drive market expansion during the foreseen period. The half-life of nuclear waste is the time required before the death of half of the radioactivity of the compound. The nuclear waste recycling process is predicted to produce around 90% usable plutonium and uranium, which have a long half-life and allow more usable energy over a longer period.

Market Drivers:

The growing call for recycling spent nuclear fuel to recover unemployed plutonium and uranium is driving the worldwide nuclear fuel recycling market. The recycling process can contribute to a closed fuel cycle, thus contributing to national energy security. Escalating for clean fuel and the limited availability of natural uranium are predicted to drive call for nuclear fuel recycling around the world. Nuclear fuel recycling reduces the volume of disposable waste to about one-fifth. It also lowers the level of radioactivity in disposable waste. Uranium and plutonium can be recycled as new fuel, contributing to a 30% reduction in natural uranium requirements during the fission and smelting process. Uranium (RepU) is one of the precious elements with high fertile potential. It is transformed into plutonium-239 during the recycling process. All of these factors are likely to drive the worldwide nuclear fuel recycling market. Recycling nuclear waste prolongs the useful life of available uranium and is an effective and efficient way to reduce the amount of waste. National energy security is predicted to be one of the main drivers of expansion in the nuclear waste recycling market during the foreseen period. In fact, recycling spent fuel closes the fuel cycle, thus obtaining between 25% and 30% more energy than the original uranium.

Market Restraints:

Recycling plutonium employed as jet fuel is an expensive process compared to uranium fuel. According to the Department of Energy estimate, a recycling plant with an annual production capacity of 2,000 tons of spent fuel would cost up to $ 20 billion, which is predicted to hamper the market over the period. foreseen.

Market Opportunities:

Increased interest in the recovery of long-lived actinides such as thorium, and protactinium, as well as transuranic elements such as neptunium, plutonium, americium, curium, and californium to reduce long-term radioactivity in high-level waste and increased resistance to fuel cycle proliferation, provide lucrative opportunities for recycling service providers operating in the nuclear fuel recycling market. Currently, countries such as the United States, Canada, Belgium, Finland, South Korea, Spain, and Sweden do not allow the recycling of nuclear waste and the use of direct disposal methods. The emphasis on the preference for recycled nuclear fuel to generate electricity and the reduction in the use of natural uranium is likely to provide lucrative opportunities for nuclear fuel recycling service providers operating in the market. Low greenhouse gas emissions, coupled with readily available recycling technology, are predicted to create lucrative opportunities for industry participants during the foreseen period.

Market Challenges:

The successful recycling of nuclear waste is predicted to reduce radioactive waste generated by nuclear power plants by almost 90%. Radiation is not easy to deal with, especially nuclear waste and maintenance materials. This is predicted to hamper the expansion of the worldwide nuclear waste recycling market and pose challenges for industry participants during the foreseen period.

NUCLEAR FUEL RECYCLING MARKET REPORT COVERAGE:

REPORT METRIC

DETAILS

Market Size Available

2023 – 2029

Base Year

2023

Forecast Period

2024 - 2029

CAGR

6.09%

Segments Covered

By Type, Material, Processing Technologies, and Region.

 

Various Analyses Covered

Global, Regional and Country Level Analysis, Segment-Level Analysis, DROC, PESTLE Analysis, Porter’s Five Forces Analysis, Competitive Landscape, Analyst Overview of Investment Opportunities

Regions Covered

North America, Europe, APAC, Latin America, Middle East & Africa

 

Market Leaders Profiled

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, and Others.

 

Market Segmentation:

Nuclear Fuel Recycling Market - By Type:

  • LWR Fuel
  • Other Nuclear Fuels

Nuclear Fuel Recycling Market - By Material:

  • Uranium
  • Plutonium
  • Others

Nuclear Fuel Recycling Market - By Processing Technologies:

  • PUREX
  • COEX
  • NUEX
  • THOREX
  • NEXT
  • REPA
  • Others

Market Regional Analysis:

The Nuclear Fuel Recycling Market  Report includes the segmentation of Regions:

  • North America 
  • Europe 
  • Asia Pacific
  • Latin America 
  • Middle East & Africa 

In terms of consumption, Europe is predicted to be a key market region during the foreseen period. France, the United Kingdom, and Russia are the main countries in Europe with reprocessing facilities. For example, France recycles spent fuel mixed oxides from its 58 nuclear power plants at Cap de la Hague. In North America, 20% of electricity is produced from nuclear power plants and, according to US government policy, most of the spent fuel from these reactors is disposed of in a deep geological formation. which can hamper the market in the region. Additionally, other hurdles such as the high cost of recycling are among the other factors hampering the market during the foreseen period.

The escalating focus on reducing nuclear waste is pushing the government to build a nuclear fuel recycling facility in the US For example, the US government is building a nuclear fuel recycling facility in the US Savannah River Nuclear Reserve in South Caroline. This facility is predicted to produce mixed oxide fuel to generate electrical power, not from waste power plants, but from excess plutonium in US arms stocks. The expansion of uranium enrichment capabilities in Latin America and nuclear power plants in the Middle East and Africa are predicted to provide lucrative opportunities for nuclear fuel recycling service providers during the foreseen period in both regions. France gets more than half of its electricity from nuclear power and recycles its spent fuel. Other countries that use spent fuel are the UK, Russia, and Japan. The United States does not currently allow the recycling of nuclear waste due to the risk of nuclear proliferation and the escalating cost at Yucca Mountain for direct disposal.

Impact of COVID-19 on the Nuclear Fuel Recycling Market:

The pandemic has required drastic measures to be taken in almost every aspect of life around the world. Maintaining a reliable power supply and "keeping the lights on" is vital. Nuclear generation provides about 10% of the world's electricity and contributes to electricity production in more than 30 countries. In many countries, nuclear sector employees have been identified as some of the key workers who are essential to maintaining important infrastructure during the pandemic. Also, in the United States, for example, the critical infrastructure designation has been extended to nuclear power plants, supply chains, fuel services, and outage support personnel.

Market Key Players:

The major players operating in the global Nuclear Fuel Recycling Market are

  1. Orano
  2. NUKEM Technologies Engineering Services GmbH
  3. Japan Nuclear Fuel Limited
  4. Kansai Electric Power Co., Inc.
  5. Areva S.A.
  6. Tokyo Electric Power Company Holdings, Inc.
  7. JGC Corporation
  8. Advanced Nuclear Fuels
  9. GNS GesellschaftfürNuklear-Service
  10. COVRA
  11. Urenco Group and others

Market Recent Developments:

  • Currently, NNL receives proposals from university academics for access to a variety of equipment in our central laboratory. As part of NNL's innovation towards a clean energy transition in the UK, we are inviting research and development proposals associated with advanced nuclear fuels and recycling.

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FAQ's

1. What is the Nuclear Fuel Recycling Market growth rate during the projection period?

The Global Nuclear Fuel Recycling Market is expected to grow with a CAGR of 6.09% between 2024-2029.

2. What can be the total Nuclear Fuel Recycling Market value?

The Global Nuclear Fuel Recycling Market size is expected to reach a revised size of US$ 4.07 billion by 2029.

3. Name any three Nuclear Fuel Recycling Market key players?

JGC Corporation, Advanced Nuclear Fuels, and GNS GesellschaftfürNuklear-Service are the three Nuclear Fuel Recycling Market key players.

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