Uranium market trends

Forecast of demand growth in the uranium market

The World Nuclear Association forecasts global demand for uranium to climb from 162 million pounds in 2021, to 206 million pounds by 2030, with supply to drop by 50% by 2030 because of lack of investment in new mines and decline in secondary uranium supply.

Factors stimulating growth of demand for uranium

  • Decarbonization of world economies to meet climate objective (Paris Accord 2015, Glasgow Climate Pact)
  • Security of energy supply concerns strongly favouring nuclear as the most reliable source of large scale baseload electricity generation
  • Growth of electricity demand driven by urbanisaiton and the electrification of transportation
  • Nuclear as a low-cost source of energy in the face of rapidly increasing fossil fuel costs

Current and planned number of nuclear reactors and uranium demand

Reactors operable

 Qty   MWe, net
 439  394 447

Reactors under construction

 Qty   MWe, gross
 56  61 294

Reactors planned

 Qty   MWe, gross
 96  102 147

Reactors proposed

 Qty   MWe, gross
 325  353 812

Uranium required

tonnes U
 62 496

Source: World Nuclear Association, March 2022

Growing shortage of uranium supply

* RAR - reasonably assured resources. Source: Analysis of Uranium Supply to 2050, International Atomic Energy Agency

Uranium price

 Source: CAMECO Corp website

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