Uranium Demand Set to Soar with Upcoming Nuclear Energy Surge

Wednesday 17 April 2013, Amsterdam

An anticipated surge in nuclear power generation will dramatically drive up demand for uranium, states the latest energy report from research and consulting.

According to the report, global uranium demand will climb from 105,531 metric tons in 2012 to 145,680 metric tons in 2020, representing an increase of 38% over the eight year period.

The worldwide demand for nuclear fuel marginally decreased at a negative AAGR of 0.9% between 2006 and 2012, but a number of reactors expected to come online by 2020 will see the need for the radioactive material jump significantly.

Asia-Pacific is thought to demonstrate the greatest uranium demand growth during this period, due largely to the number of new nuclear reactors expected across China and India. According to forecast, uranium demand for the region will hit 46,010 metric tons in 2020, more than doubling from 2012’s 20,939 metric tons.

Uranium demand in Europe is also expected to expand significantly between 2012 and 2020, following an overall decrease between 2006 and 2012. North America, however, is predicted to buck this global trend with uranium demand steadily falling by the end of the decade.

GlobalData believes US demand will in fact climb modestly from 25,488 metric tons to 26,771 between 2012 and 2020, whereas in Canada – the world’s second largest producer of uranium – need for the substance will drop by approximately 4000 metric tons over the forecast period.