Global Nuclear Fuel Recycling Market Size Analysis
According to a research survey conducted by ChemView Consulting, in 2022, the Global Nuclear Fuel Recycling Market was worth US$ 1,792.4 Mn and is expected to grow at a CAGR of 6.8% over the forecast period. While the historical CAGR is 5.6%, the market is expected to hit US$ 3,460.6 Mn by 2032 end.
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).
THE GROWING CALL FOR RECYCLING SPENT NUCLEAR FUEL IS DRIVING THE WORLDWIDE NUCLEAR FUEL RECYCLING MARKET
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.
Recycling nuclear fuel cuts the amount of disposable waste in half. Additionally, it reduces the radioactivity of disposable garbage. The amount of natural uranium needed for fission and smelting can be reduced by 30% by recycling uranium and plutonium into fresh fuel.
RECYCLING PLUTONIUM EMPLOYED AS JET FUEL IS AN EXPENSIVE PROCESS
Recycling plutonium used as jet fuel is expensive compared to uranium fuel. According to the Department of Energy estimate, a recycling facility with an annual production capacity of 2,000 tonnes of spent fuel would cost up to $ 20 billion, which is expected to hurt the market over time.
Market Segments Covered in Report
By Processing Technologies:
By Region and Country:
What is the significance of uranium material in Nuclear Fuel Recycling Market?
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.
The regions analyzed for the market include North America, Europe, Latin America, Asia Pacific, the Middle East, and Africa.
To grow their market share, the major companies in the global fuel market oxygenates concentrate on selling their goods through reliable channels.
A list of some of the key suppliers present in the market are:
Global Nuclear Fuel Recycling Market 2022-2032: Report Coverage and Highlights
|Historical data available for||2017-2021|
|Market analysis||USD Million for Value and Tons for Volume, and CAGR from 2022 to 2030|
|Key regions covered||North America, Latin America, Europe, Asia-Pacific, Middle East, and Africa|
|Key countries covered||US, Canada, Brazil, Mexico, Germany, Italy, France, UK, Spain, Netherlands, Norway, Russia, China, Japan, South Korea, India, Indonesia, Thailand, Vietnam, Australia & New Zealand, Saudi Arabia, Turkey, UAE, South Africa, Nigeria, Egypt|
|Key segments covered||By Type, Material, Processing Technologies, and Region|
|Customization scope||Available upon Request|
|Pricing and purchase options||Available upon Request|
Frequently Asked Questions
In the forecast period between 2022 and 2032, the market is expected to grow at a CAGR of 6.8%.
The growing call for recycling spent nuclear fuel drives the worldwide nuclear fuel recycling market.
Recycling plutonium employed as jet fuel is an expensive process.
Key Global Nuclear Fuel Recycling Market players 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
Asia Pacific Region is expected to account for the largest market revenue share in the Global Nuclear Fuel Recycling Market.
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