The mining of Uranium is a prosses of extracting Uranium ore from underground. The Global Uranium Mining market comprises sales of concentrates and uranium ores by entities like partnerships firms, organizations, and sole proprietors that are indulged in the mining of uranium and beneficiate uranium-radium-vanadium ores. Uranium is found in the curst of earth and rocks as ton, molybdenum, and tungsten. The Uranium found in the earth’s crust is a combination of two isotope substances which are Uranium-238 and Uranium-235.
Covid-19 Impact & Market Status
Wuhan (China) originated the fatal virus COVID-19 in early 2020 influenced world economies adversely. A large number of populations lost livelihood over the global pandemic. The COVID-19 epidemic restricted the growth and dynamics of various industries. In 2020, global production of Uranium was disrupted severely including disrupted supply chains as several restrictions were imposed on the mining activities by the government. The outbreak of the COVID-19 Pandemic built infinite roadblocks across industry pipelines, sales funnels, and supply chain activities. This led to the unprecedented budget liability on company expenditure for industry leaders. The coronavirus epidemic influences the commodity markets in various ways. Industrial operations were unsympathetically impacted due to unpredicted outbreaks and government-imposed worldwide lockdowns. Amid the global pandemic, the demand for many commodities remained low with a lower demand comparatively across all regions. To bounce back in the market, mining markets are switching over to digitization for mining procedures for recovering the losses incurred.
The crisis witnessed by the global Uranium market across various countries
The global production of Uranium has been restricted in current years due to a stagnant market. And this was further fuelled by the covid-19 pandemic in early 2020 as several prohibitions were imposed on mining activities. This resulted in a fall of 9.2% to 49.7-kilo tonnes in the year 2020. T The major drops were witnessed in Canada by 43.9% and Kazakhstan by 14.6%. These two countries together produce almost 60% of Uranium. The Uranium production at cameo’s cigar lake was halted in March 2020 followed by the coronavirus outbreak. However, the post lockdown era is likely to open new avenues for the uranium mining market while some of the restraining factors may continue to hinder the market growth.
Uranium Mining Market Share across various regions
The Asia Pacific region is the largest in the global Uranium Mining market as it is a major manufacturer of uranium across all regions. It held an 85% stake in the market in 2021. The North American region holds the position of the second-largest region holding a 20 % share of the Global Uranium Mining market. The Middle East is anticipated to be the smallest region in the global Uranium Mining market over the review period.
The global market of Uranium Mining is anticipated to reach USD 18.43 billion by 2029 at a growing CAGR of 6.5% over the forecast period. The growth in the uranium ore mining market is led by the hike in the utilization of nuclear fuel in economies like Canada, Australia, Kazakhstan, etc as well as in the defence industry.Top of FormBottom of Form
The global market for Uranium Mining is predicted to witness certain restraints from several factors like an increase in interest rate, workforce shortage, and safety of workers during underground mining. However, the scope and potential of the global market for the Uranium Mining market due to the spike in the mining projects and evolvement of technology is likely to rise exponentially over the projection period.
Conventional methods for treating Uranium mines include the conventional way for treating Uranium mines include capping (to diminish radon emanation and reactions) that aggravate leaching and drainage systems to gather and filter hazardous substances. These ways have not been very efficient and successful as they were not environment friendly. Therefore, it resulted in further research in the development of enhanced barriers, capping with geochemical stabilization, waste, and tactics for restoring lands via remediation. And these steps have ascended a few promising ideas. Some of the potential strategies for long-term stabilization of Uranium mill tailing consist of advanced materials such as room temperature ceramics for the immobilization of several contaminants, backfilling, de-watering, and utilizing residues for the motorway’s construction. Washing of soil with water, treatment of carbon, and land encapsulation are some of the other tested technologies made in use for remediation.
The residue substances generated during mining processes are usually dumped into near-surface impoundments close to the mines. These substances cause severe threats to the environment, marine life, and human health in the form of Rendon emission, leaching of contaminants (heavy metals and arsenic) into the water, and windblown dust dispersal.
Surface mining or heap leaching or underground mining are some of the ways of extracting the finest form of Uranium from ores to ensure the maximum production of Uranium as the hiking demand for Uranium is rising. However, it resulted in affecting environmental health and, social &economic growth. On the other hand, the introduction of technological advancements in the mining process is anticipated to diminish a few negative outcomes of Uranium Mining as compared to conventional practices. However, the advanced technologies are yet to be considered fully sustainable.
Latest Innovations in the Global Uranium Mining Market: A Snapshot
- The adoption of autonomous hauling systems trucks in the industry of mining is cardinally increasing the production and minimizing the turnaround time. This system is efficient in avoiding delays, reducing operational costs, and consumption of fuel. And ultimately, CO2 emissions are diminished.
- The growth & evolution in the performance of key Uranium Mining industries, active mines of Uranium, and adoption of advanced technologies (AI and robotics) in underground mining, and other progressive factors are anticipated to take place during the forecast period. Uranium Mining practices of mining companies are going a long way to keep growth agile.
Uranium Mining Market Scope
|Forecast Unit||Value (USD)|
|Revenue forecast in 2028||USD 18.43 billion|
|Growth Rate||CAGR of 6.5 % during 2021-2028|
|Segment Covered||Product Type, Applications, Regions|
|Regions Covered||North America, Europe, Asia Pacific, Middle East and Africa, South America|
|Key Players Profiled||Sinosteel, CNNC, Sinohydro, Jinduicheng Molybdenum, Jiangxi Copper, Corporation, Cameco, Areva, BHP Billiton, Kazatomprom, APM3, ERA, AtomRedMetZoloto?ARMZ?, Paladin, Navoi, Rio Tinto Group.|
Key Segments of the Global Uranium Mining Market
By Product Type Overview, 2022-2029 (USD Billion)
- Granite-Type Uranium Deposits
- Volcanic-Type Uranium Deposits
- Sandstone-Type Uranium Deposits
- Carbonate-Siliceous-Pelitic Rock Type Uranium Deposits
By Applications Overview, 2022-2029 (USD Billion)
By Regional Overview, 2022-2029 (USD Billion)
- North America
- Rest of Europe
- The Asia Pacific
- Rest of Asia Pacific
- South America
- Rest of South America
- Middle East & Africa