Nuclear Fuel Recycling Market: Global Industry Analysis and Forecast (2023-2029)

Nuclear Fuel Recycling Market size was valued at US$ 4278.7 Mn. in 2022 and the total revenue is expected to grow at a CAGR of 3.0% from 2023 to 2029, reaching nearly US$ 5262.27 Mn.
Global Nuclear Fuel Recycling Market Overview:
Nuclear Fuel Recycling Market is expected to reach US$ 5262.27 Mn. by 2029. Nuclear waste can be recycled. After a reactor's fuel (uranium or thorium) has been used, it can be processed and reused as fuel in another reactor. Spent nuclear fuel is put into a chemical processing plant to extract actinide elements that can be recycled as mixed-oxide fuel to generate more electricity. This report focuses on the different segments of the Nuclear Fuel Recycling market (Type, Material, Processing Technologies, and Region).

This report examines the major market players and regions in depth (North America, Asia Pacific, Europe, Middle East & Africa, and South America). It's a thorough examination of today's quick advances in a variety of sectors. Facts and figures, visualisations, and presentations are utilised to demonstrate the core data analysis from 2018 through 2022. The market drivers, restraints, opportunities, and challenges for Nuclear Fuel Recycling are examined in this report. The MMR report's investment suggestions are based on a thorough examination of the current competitive environment in the Nuclear Fuel Recycling market.To know about the Research Methodology:-Request Free Sample Report
Nuclear Fuel Recycling Market Dynamics:
The global nuclear fuel recycling market is expected to be driven by an increase in demand for recycling used nuclear fuel to recover unused plutonium and uranium. Recycling can help to close the fuel cycle, which helps to ensure national energy security. The growing demand for clean energy and the scarcity of naturally occurring uranium are expected to drive demand for nuclear fuel recycling around the world. Nuclear fuel recycling reduces the volume of discarded trash by around a fifth.

It also reduces the amount of radioactivity in waste that is discarded. Uranium and plutonium can be recycled as a new fuel, reducing the need for natural uranium by 30% during the fission and fusion processes. Uranium (RepU) is a precious element with a tremendous potential for productive use. During the recycling process, it is converted to plutonium-239. All of these factors are expected to drive the global nuclear fuel recycling market growth during the forecast period.

Increased interest in recovering long-lived actinides like thorium and protactinium, as well as transuranic elements like neptunium, plutonium, americium, cerium, and californium in order to reduce long-term radioactivity in high-level wastes and upsurge proliferation resistance of the fuel cycle, is expected to create lucrative opportunities for nuclear fuel recycling service providers.

Nuclear waste recycling and direct disposal are currently prohibited in nations such as the United States, Canada, Belgium, Finland, South Korea, Spain, and Sweden. The focus on using recycled nuclear fuel to create power and limiting the use of naturally-occurring uranium is expected to present attractive prospects for nuclear fuel recycle service providers.

When compared to uranium fuel, recycling spent plutonium as reactor fuel is an expensive procedure. According to the energy department, a recycling plant with a capacity of 2000 tonnes of used fuel per year might cost up to $20 billion, which is expected to hinder the Nuclear Fuel Recycling market during the forecast period.

The ability to reprocess old fuel to recover fissile and fertile elements in order to generate fresh fuel for present and future nuclear power plants is a crucial, practically unique feature of nuclear energy. Several European countries, as well as Russia, China, and Japan, have procedures in place to reprocess used nuclear fuel, however many other governments have yet to recognise used fuel as a resource rather than a waste.

The primary motivation for reprocessing old fuel over the last 50 years or so has been to recover unused plutonium, as well as less immediately usable unused uranium, from the used fuel elements and thereby close the fuel cycle, earning 25-30% more energy from the initial uranium in the process. This helps to ensure the country's energy security. A secondary reason is to cut the amount of material that must be disposed of as high-level waste in half. Furthermore, the level of radioactivity in reprocessing waste is significantly lower, and it decays much faster after around 100 years than it does in burnt fuel. All of these considerations are based on current power reactors, but switching to fourth-generation fast neutron reactors will drastically alter the picture, allowing not only used fuel from current reactors but also large stockpiles of depleted uranium to be used as a fuel source.
Nuclear Fuel Recycling Market Segment Analysis:
The Nuclear Fuel Recycling Market is segmented by Type, Material, and Processing Technologies.

Based on the Type, the market is segmented into Uranium, Plutonium, and Others. Uranium segment is expected to hold the largest market share by 2029. The Uranium and plutonium can be reprocessed as a new source of energy, resulting in a 30 percent reduction in the requirement for critical uranium during the fission and blending process. Uranium is an expensive component with a large potential for production. During the reuse process, it is transformed to plutonium -239. All of these factors are expected to boost the global Nuclear Fuel Recycling market.

The rising concentration of long-lasting actinides like protactinium and thorium, as well as transuranic components like californium, cerium, americium, and plutonium, in order to keep radioactivity in high-level dissipation and increase generation support of the power rotation, is expected to provide attractive opportunities to reuse service providers in the nuclear power recycling market. Recently, countries like as Sweden, Spain, South Korea, the United States, Canada, and Finland have banned nuclear waste re-use and the resulting unorthodox disposal processes. The relevance of using repurposed nuclear fuel to generate electricity and reducing the consumption of naturally occurring uranium are expected to attract nuclear power reusing firms to open the market.

Based on the Processing Technologies, the market is segmented into PUREX, COEX, NUEX, THOREX, NEXT, and Others. PUREX Processing Technologies segment is expected to grow rapidly during the forecast period 2023-2029. PUREX (plutonium uranium reduction extraction) is a chemical process for purifying nuclear fuel for reactors or weapons. The PUREX is de facto standard aqueous nuclear reprocessing technology for uranium and plutonium recovery from spent nuclear fuel.

The Purex process has been successfully utilised to reprocess spent nuclear fuel for several decades at industrial sizes in order to recycle potentially valuable uranium and plutonium. Over time, the method has evolved to treat higher burn up fuels, oxide fuels, and metal fuels with fewer solvent extraction cycles and lower waste arising’s. Separation approaches for recovering actinides from spent fuel have lately sparked fresh international interest in advanced fuel cycle scenarios. The Purex method has been improved, as well as the creation of minor actinide partitioning technologies that utilise new extractants in aqueous fuel processing research and development.

In the development of such sophisticated Purex processes in future closed fuel cycles, the employment of single cycle Purex solvent extraction flowsheets and centrifugal contactors are major objectives. These advancements result in more intensive processes, lowering plant costs and waste quantities. Other flowsheet adjustments, such as reduced fission product decontamination factors, U/Pu co-processing, and Pu/Np co-stripping, can help solve concerns like proliferation resistance and minor actinide burning while having no negative impact on the products. The demonstration that simple hydroxamic acid complexants may efficiently separate U from Np and Pu in such advanced Purex flowsheets is an exciting breakthrough.
Nuclear Fuel Recycling Market Regional Insights:
Europe region is expected to dominate the Nuclear Fuel Recycling Market during the forecast period 2023-2029. Europe region is expected to hold the largest market share by 2029. France, the United Kingdom, and Russia are the top European countries with reprocessing facilities. France, for example, recycles spent fuel from its 58 nuclear facilities at Cap de la Hague into mixed oxides.

Asia Pacific region is expected to grow rapidly during the forecast period 2023-2029. China, India, Japan, and Pakistan are the major countries in Asia Pacific in terms of nuclear fuel recycling.

North America region is expected to grow rapidly at a CAGR of xx% during the forecast period 2023-2029. The government is being pushed to develop a nuclear fuel recycling facility in the United States due to a growing emphasis on minimising nuclear waste. For example, at the Savannah River nuclear reserve in South Carolina, the US government is constructing a nuclear fuel recycling facility.

The objective of the report is to present a comprehensive analysis of the Global Nuclear Fuel Recycling Market to the stakeholders in the industry. The past and current status of the industry with the forecasted market size and trends are presented in the report with the analysis of complicated data in simple language. The report covers all the aspects of the industry with a dedicated study of key players that include market leaders, followers, and new entrants.

PORTER, PESTEL analysis with the potential impact of micro-economic factors of the market has been presented in the report. External as well as internal factors that are supposed to affect the business positively or negatively have been analyzed, which will give a clear futuristic view of the industry to the decision-makers.

The reports also help in understanding the Global Nuclear Fuel Recycling Market dynamic and structure by analyzing the market segments and projecting the Global Nuclear Fuel Recycling Market size. Clear representation of competitive analysis of key players by Distribution Channel, price, financial position, product portfolio, growth strategies, and regional presence in the Nuclear Fuel Recycling Market make the report investor’s guide.
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Global Nuclear Fuel Recycling Market


Report Coverage
Details


Base Year:
2022
Forecast Period:
2023-2029


Historical Data:
2018 to 2022
Market Size in 2022:
US $ 4278.7 Mn


Forecast Period 2023 to 2029 CAGR:
3.0%
Market Size in 2029:
US $ 5262.27 Mn


 Segments Covered:
by Type
LWR Fuel
Other Nuclear Fuels


by Material
Uranium
Plutonium
Others


by Processing Technologies
PUREX
COEX
NUEX
THOREX
NEXT
Others



Nuclear Fuel Recycling Market, by Region
North America (United States, Canada and Mexico)
Europe (UK, France, Germany, Italy, Spain, Sweden, Austria and Rest of Europe)
Asia Pacific (China, South Korea, Japan, India, Australia, Indonesia, Malaysia, Vietnam, Taiwan, Bangladesh, Pakistan and Rest of APAC)
Middle East and Africa (South Africa, GCC, Egypt, Nigeria and Rest of ME&A)
South America (Brazil, Argentina Rest of South America)
Nuclear Fuel Recycling Market  Key Players 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
12.Cleanaway Waste Management Limited
13.Renewi PLC
14.Stericycle Inc.
15.Waste Connections, Inc.

Frequently Asked Questions:

1] Which region is expected to hold the highest share in the Nuclear Fuel Recycling Market?
Ans. Europe is expected to hold the highest share in the Nuclear Fuel Recycling Market.

2] Who are the top key players in the Nuclear Fuel Recycling Market?
Ans. Orano, NUKEM Technologies Engineering Services GmbH, Japan Nuclear Fuel Limited, Kansai Electric Power Co., Inc., and Areva S.A. are the top key players in the Nuclear Fuel Recycling Market.

3] Which segment is expected to hold the largest market share in the Nuclear Fuel Recycling Market by 2029?
Ans. Uranium segment is expected to hold the largest market share in the Nuclear Fuel Recycling Market by 2029.

4] What is the market size of the Nuclear Fuel Recycling Market by 2029?
Ans. The market size of the Nuclear Fuel Recycling Market is expected to reach US $ 5262.27 Mn. by 2029.

5] What was the market size of the Nuclear Fuel Recycling Market in 2022?
Ans. The market size of the Nuclear Fuel Recycling Market was worth US $ 4278.7 Mn. in 2022.