Uranium rose to 84.05 USD/Lbs on October 7, 2025, up 3.57% from the previous day. Over the past month, Uranium's price has risen 9.23%, and is up 0.96% compared to the same time last year, according to trading on a contract for difference (CFD) that tracks the benchmark market for this commodity. Uranium - values, historical data, forecasts and news - updated on October of 2025.

In June 2025, the global average price per pound of uranium stood at roughly 59.58 U.S. dollars. Uranium prices peaked in June 2007, when it reached 136.22 U.S. dollars per pound. The average annual price of uranium in 2024 was 69.69 U.S. dollars per pound. Global uranium production Uranium is a heavy metal, and it is most commonly used as a nuclear fuel. Nevertheless, due to its high density, it is also used in the manufacturing of yacht keels and as a material for radiation shielding. Over the past 50 years, Kazakhstan and Uzbekistan together dominated uranium production worldwide. Uranium in the future Since uranium is used in the nuclear energy sector, demand has been constantly growing within the last years. Furthermore, the global recoverable resources of uranium increased between 2015 and 2021. Even though this may appear as sufficient to fulfill the increasing need for uranium, it was forecast that by 2035 the uranium demand will largely outpace the supply of this important metal.

Graph and download economic data for Global price of Uranium (PURANUSDM) from Jan 1990 to Jun 2025 about uranium, World, and price.

View monthly updates and historical trends for Uranium Spot Price. Source: International Monetary Fund. Track economic data with YCharts analytics.

The average annual price for one pound of uranium was ******U.S. dollars in 2024. This is the highest annual average since 2007, and comes in the wake of greater fuel demand as the global economy began recovering from the coronavirus pandemic as well as the energy crisis.

Enriched Uranium Market Outlook

The global enriched uranium market is projected to grow significantly from an estimated market size of USD 10.8 billion in 2023 to USD 17.6 billion by 2032, reflecting a compound annual growth rate (CAGR) of approximately 5.5% during this period. This growth trajectory is fueled by an increasing demand for nuclear energy as a reliable and less carbon-intensive power source, which is driving the need for enriched uranium. Additionally, advancements in nuclear technology and a concerted global effort to reduce greenhouse gas emissions bolster the market's expansion. The strategic importance of enriched uranium in both energy production and national security further contributes to its growing market demand.

One of the primary growth factors behind the enriched uranium market is the global shift towards sustainable and low-carbon energy sources. As countries strive to meet international climate commitments and reduce reliance on fossil fuels, nuclear power emerges as a viable alternative. Enriched uranium, being the primary fuel for nuclear reactors, is integral to this shift. The operational efficiency of nuclear power plants, along with their ability to produce significant amounts of energy with minimal environmental impact, makes them attractive to both developed and developing nations. This growing adoption of nuclear energy worldwide significantly boosts the demand for enriched uranium.

Technological advancements in the nuclear sector are also a crucial driver of market growth. Innovations such as next-generation reactors, which offer enhanced safety features and higher efficiency, require enriched uranium for fuel. These reactors are designed to utilize uranium more effectively, reducing waste and increasing output. Furthermore, developments in uranium enrichment technologies, like laser enrichment and centrifuge methods, have made the enrichment process more efficient and cost-effective, thus supporting market expansion. As these technological developments continue to progress, they provide a strong impetus for the enriched uranium market.

Another significant factor contributing to market growth is the geopolitical landscape. Nations are increasingly prioritizing energy security and independence, wherein enriched uranium plays a strategic role. This is particularly evident in countries that lack substantial fossil fuel resources and rely on nuclear power to ensure a stable energy supply. Additionally, the military applications of enriched uranium, particularly in defense and strategic deterrence, further drive demand. The dual-use nature of enriched uranium, serving both civilian and military purposes, underscores its importance and stimulates market growth.

Regionally, the Asia Pacific stands out as a rapidly growing market for enriched uranium, driven by the expansion of nuclear power infrastructure in countries like China and India. These nations are investing heavily in nuclear technology to support their robust energy needs and reduce carbon emissions. North America and Europe also remain significant contributors to the market, with the U.S. and France being key players due to their extensive nuclear power networks. The Middle East & Africa and Latin America, while smaller markets, are exploring nuclear energy as part of their long-term energy strategies, potentially increasing their demand for enriched uranium.

Product Type Analysis

In the enriched uranium market, the segmentation by product type includes low-enriched uranium (LEU) and highly enriched uranium (HEU). Low-enriched uranium, which contains a lower concentration of uranium-235 isotope, is predominantly used in nuclear power generation. This segment represents a major portion of the market as it serves the widespread demand for civilian nuclear energy. The global emphasis on transitioning to clean energy sources and reducing carbon emissions is expected to spur the demand for LEU significantly. Furthermore, advancements in reactor designs that require LEU ensure its pivotal role in the nuclear fuel cycle, thus bolstering market growth.

On the other hand, highly enriched uranium, which has a higher concentration of uranium-235, is mainly used in military applications, including nuclear weapons and naval propulsion. While its market size is smaller compared to LEU due to stringent regulations and limited applications, HEU remains strategically vital. Countries continue to prioritize their defense capabilities, which drives demand for HEU despite international non-proliferation efforts. Additionally, research reactors, which often require HEU for their oper

Uranium 2020: Resources, Production and Demand Table 1.2a. Identified resources (recoverable)(as of 1 January 2019, tonnes U, rounded to nearest 100 tonnes).* Secretariat estimate. (a) Not reported in 2019 responses, data from previous Red Book. (b) Assessment partially made within the last five years.(c) Assessment not made within the last five years. (d) In situ resources were adjusted by the Secretariat to estimate recoverable resources using recovery factors provided by countries or estimated by the Secretariat. (e) Cost data not provided, therefore resources are reported in the <USD 260/kgU category. (f) Updated to report recoverable resources.(g) Totals related to cost ranges <USD 40/kgU and <USD 80/kgU should be regarded with some caution since certain countries do not report low-cost resource estimates, mainly for confidentiality concerns, whereas othercountries that have never, or not recently hosted uranium mining, may be underestimating mining costs.

If I were to boil the thesis down to a few bullets, I’d say: Uranium is an essential input for nuclear reactors with no substitute. Following the Fukushima disaster, there was a massive supply glut as reactors were taken offline due to safety concerns Now a supply crunch is looming, with a current market deficit of ~40m lbs Nuclear power plants usually contract uranium supplies several years out before their inventory gets run down. Due to the oversupply coming out of the previous cycle, however, they have been purchasing additional supply needs in the spot market instead of contracting years in advance. 13f filings indicate that the power plants’ coverage rates (contracted lbs of uranium supply / lbs of uranium required) are beginning to trend below 100%, indicating utilities have less locked-in supply than they need to keep running their reactors, at a time when market supply is tightening (note utilities typically look to maintain coverage ratios well above 100% to ensure no unforeseen shortfalls) Global demand for uranium is increasing, with ~56 new reactors under construction an a further 99 in planning currently. Nuclear power currently generates ~10% of the world’s electricity but with the closure of coal and fossil fuel power plants due to ESG considerations, nuclear energy is increasingly being seen as the only viable way to make up up the lost energy capacity. Putting all of this together, a fundamental supply/demand imbalance for an essential commodity with price insensitive buyers and ESG tailwinds makes the bull case extremely compelling. But a picture is worth a thousand words, so some historic charts probably best provide a sense of the future upside expected in the next cycle. Using the data of form 8k, at the peak of the previous uranium bull market in 2007 (when there was no supply deficit) the uranium spot price reached ~$136/lb after a run up from ~$15/share at the start of 2004 (~9x increase). Today the current price is ~$42/lb with the view that the price will reach new highs in this coming cycle: Many uranium investors, based on the majority of form 10q, focus on the miners rather than the commodity as being the way to play the new uranium bull market, as these are more levered to price increases in the underlying commodity. The share price for Canadian-based Cameco Corporation (CCO / CCJ, the second largest uranium producer in the world) increased from USD $3/share to $55/share ( ~18x bagger) during the previous bull market from ~2004 – 2007: While Cameco’s performance was impressive, it was not the biggest winner during the previous uranium bull market. Australian miner Paladin Energy ($PALAF) went from AUD $0.01 to AUD $10.70 (~1000x! ) between late 2003 and the market peak in Q1 2007, according to their stock price in Google Sheets: Similar multibagger returns for uranium stocks will be seen again if a new bull market in uranium materializes in the coming 2-3 years when utilities’ uranium supply falls to inoperable levels & they begin contracting again for new supplies. Based on SEC form 4, Paladin in particular is expected to be big winner in any new bull market, as it operates one of the lowest cost uranium mines in the world, the Langer Heinrich mine in Namibia, which was a fully producing mine before being idled in the last bear market. As such, it is a ready-to-go miner rather than a speculative prospect, and so is in a position to immediately capitalise on an uptick in uranium prices and a new contracting cycle with utilities. Given the extent of the structural supply/demand imbalance (which again wasn’t present during the previous bull market) combined with utilities likely becoming forced purchasers of uranium at almost any price, market commentators are forecasting the uranium spot price to reach highs of up to $150/lb, thus enabling the producers to contract at price levels 3x+ the current spot price, driving a massive increase in profitability and cash flows. With some very interesting dynamics and the sprott uranium trust acting as a catalyst, I think the uranium market has the potential to offer a really unique and asymmetric return over the next 2 years. To reproduce this analysis, use this guide on how to get stock price in Excel. You will also need high-quality stock data, I recommend you check out Finnhub Stock Api Cheers!

Natural Uranium Market Outlook

The global natural uranium market size is projected to grow from USD 6.1 billion in 2023 to USD 10.2 billion by 2032, exhibiting a compound annual growth rate (CAGR) of 5.6% during the forecast period. The market growth is primarily driven by the increasing demand for nuclear power as a clean energy source, rising investments in nuclear energy projects, and advancements in uranium extraction and processing technologies.

One of the significant growth factors for the natural uranium market is the burgeoning need for sustainable and low-carbon energy sources. Nuclear power, fueled by uranium, presents a viable solution to meet the world's growing energy demands while addressing environmental concerns. Governments worldwide are increasingly recognizing the role of nuclear energy in achieving carbon neutrality and reducing greenhouse gas emissions, leading to heightened investments and favorable policies supporting the uranium market. In addition, technological advancements in uranium mining and processing are enhancing the efficiency and safety of uranium production, further propelling market growth.

The expansion of nuclear power capacity in emerging economies is another crucial driver for the natural uranium market. Countries such as China and India are significantly investing in nuclear power projects to diversify their energy mix and ensure energy security. These nations are constructing new nuclear reactors and upgrading existing ones, which, in turn, boosts the demand for natural uranium. Moreover, the global shift towards electrification and the rising need for reliable and uninterrupted power supply are expected to further stimulate the growth of the natural uranium market.

Additionally, the increasing use of natural uranium in various applications beyond power generation is contributing to the market's growth. The medical field utilizes uranium in radiation therapy for cancer treatment, while the industrial sector employs it in radiation-based inspection techniques. The military also relies on uranium for various applications, including nuclear propulsion and weaponry. These diverse applications highlight the broad utility of natural uranium, driving its demand across multiple sectors.

From a regional perspective, North America and Asia Pacific currently dominate the natural uranium market, driven by the presence of significant nuclear power infrastructure and ongoing investments in nuclear energy projects. Europe also holds a considerable market share, supported by its commitment to reducing carbon emissions and transitioning to cleaner energy sources. In contrast, regions like Latin America and the Middle East & Africa are gradually increasing their market presence, supported by emerging nuclear power programs and exploration activities.

Form Analysis

The natural uranium market is segmented by form into uranium ore, uranium concentrate, and uranium hexafluoride. Uranium ore, the raw material extracted from the earth, is the initial form in the uranium production process. The demand for uranium ore is directly linked to mining activities, which are influenced by factors such as uranium prices, mining regulations, and technological advancements in extraction methods. The segment is anticipated to grow steadily, driven by the need to sustain the supply chain of uranium for various applications.

Uranium concentrate, also known as yellowcake, is produced from uranium ore through milling processes. It is a critical intermediate product in the uranium value chain and is used as feedstock for the production of uranium hexafluoride. The uranium concentrate segment is expected to witness significant growth due to the rising demand from nuclear power plants requiring enriched uranium for fuel. Efficient milling operations and advancements in concentration techniques are further enhancing the quality and yield of uranium concentrate, supporting market expansion.

Uranium hexafluoride, which is derived from uranium concentrate through chemical conversion, is utilized in the uranium enrichment process. The enriched uranium produced from uranium hexafluoride is essential for nuclear reactors' fuel, making this segment crucial for the nuclear power generation industry. The growing number of nuclear reactors and the need for high-grade nuclear fuel are expected to drive the demand for uranium hexafluoride. Additionally, advancements in conversion technologies and the establishment of new conversion facilities are anticipated to bolster the segment's growth.

The global uranium enrichment and conversion market is poised for significant growth, driven by the increasing demand for nuclear energy as a reliable and low-carbon source of electricity. While precise figures for CAGR and 2025 market size are not provided, industry reports suggest a robust expansion. Considering the existing nuclear power infrastructure and planned expansions globally, particularly in countries like China and India, a conservative estimate places the 2025 market size at approximately $15 billion USD, with a projected CAGR of 5-7% from 2025-2033. This growth is fueled by several factors: the continued reliance on nuclear power for baseload electricity generation, government incentives promoting nuclear energy to meet climate goals, and the emerging potential of nuclear energy for hydrogen production. Technological advancements in enrichment processes, focusing on efficiency and cost reduction, further contribute to market expansion. However, the market faces challenges. Fluctuations in uranium prices, influenced by geopolitical events and supply chain disruptions, pose a considerable risk. Stricter regulations and environmental concerns regarding nuclear waste management also present restraints. Market segmentation reveals strong demand from the electricity generation sector, with the one-time supply segment holding a larger market share due to the initial investment in nuclear power plants. The secondary supply segment is anticipated to grow steadily with ongoing refueling requirements of existing plants. Key players such as Orano, Cameco, ConverDyn, and Rosatom are strategically positioning themselves to capitalize on the opportunities presented by this expanding market, focusing on technological innovation and geographic expansion. The Asia-Pacific region, driven by the energy demands of China and India, is expected to witness the most significant growth, while North America and Europe maintain substantial market share due to their established nuclear energy sectors.

The global commercial uranium conversion services market, valued at $1055 million in 2025, is projected to experience robust growth, driven primarily by the increasing demand for nuclear energy to meet global energy needs and decarbonization targets. The 5.5% CAGR from 2025 to 2033 indicates a significant expansion of the market, fueled by several key factors. Growth in nuclear power plant construction, particularly in Asia-Pacific regions like China and India, is a major contributor. Furthermore, the rising interest in hydrogen production using nuclear energy as a clean and reliable energy source is significantly bolstering market demand for uranium conversion services. The market is segmented by application (electricity generation, heating, hydrogen production, desalination, others) and supply type (one-time and secondary supply), with electricity generation currently dominating. While the market faces some restraints, such as fluctuating uranium prices and stringent regulatory frameworks surrounding nuclear materials, the long-term outlook remains positive due to the persistent need for reliable baseload power and the growing focus on sustainable energy solutions. The competitive landscape includes major players such as Orano, Cameco, ConverDyn, and Rosatom, each vying for market share through technological advancements and strategic partnerships. Geographic expansion, particularly into emerging markets with substantial nuclear power development plans, is a key strategy for these companies. The North American market is anticipated to retain a significant share, but growth in Asia-Pacific is expected to be the most dynamic, driven by the rapid expansion of nuclear power capacity in the region. Future market growth will be significantly influenced by governmental policies supporting nuclear energy, technological innovations in conversion processes enhancing efficiency and safety, and the overall global energy mix shift towards cleaner alternatives.

The global uranium enrichment and uranium conversion market is poised for significant growth, projected to reach a value of $25 billion in 2025 and maintain a robust Compound Annual Growth Rate (CAGR) of 9.8% from 2025 to 2033. This expansion is driven by the increasing global demand for nuclear power as a reliable and low-carbon energy source, particularly in countries striving to meet stringent climate change targets and reduce reliance on fossil fuels. Furthermore, the rising adoption of uranium in advanced applications like hydrogen production is adding momentum to the market. The market is segmented by supply type (one-time and secondary) and application (electricity generation, heating, and hydrogen production). Electricity generation remains the dominant application, fueled by the ongoing construction and operation of nuclear power plants worldwide. However, the emerging hydrogen production sector presents a significant growth opportunity, offering diversification and future market expansion beyond traditional applications. Despite the positive outlook, several factors could restrain market growth. These include stringent regulations surrounding nuclear materials handling and waste disposal, fluctuations in uranium prices influenced by geopolitical factors and technological advancements in alternative energy sources. However, ongoing research and development efforts focused on improving enrichment technologies and enhancing safety protocols are mitigating some of these challenges. Leading companies like Orano, Cameco, ConverDyn, and Rosatom are strategically positioned to capitalize on these trends through continuous innovation and expansion of their operational capabilities. The regional breakdown reveals strong growth prospects across North America, Europe, and Asia Pacific, driven by varying levels of nuclear power infrastructure and government policies supporting nuclear energy.

The global commercial uranium conversion services market, valued at $1055 million in 2025, is projected to experience robust growth, driven by the increasing demand for nuclear power globally to meet rising energy needs and mitigate climate change. The market's Compound Annual Growth Rate (CAGR) of 5.5% from 2025 to 2033 indicates a steady expansion. This growth is fueled by several factors, including the continued operation of existing nuclear power plants requiring consistent uranium fuel supply and the construction of new reactors in various regions. The rising adoption of nuclear energy as a clean energy source, particularly in countries with ambitious decarbonization goals, further contributes to this market's expansion. The market is segmented by application (electricity generation, heating, hydrogen production, desalination, others) and supply type (one-time and secondary), reflecting the diverse uses of converted uranium and the varying needs of different nuclear facilities. Key players like Orano, Cameco, ConverDyn, and Rosatom are actively shaping the market landscape through technological advancements and strategic partnerships. The regional distribution of the market is expected to see significant variations, with North America and Asia-Pacific anticipated to hold leading market shares. This is due to the presence of established nuclear power industries in these regions and ongoing investments in nuclear power infrastructure development. However, growth is expected in other regions as well, driven by increasing energy demands and government initiatives supporting nuclear energy adoption. While the market faces certain restraints, such as the fluctuating uranium prices and concerns regarding nuclear waste management, the overall positive outlook for nuclear energy is expected to propel the growth of the commercial uranium conversion services market in the forecast period. The shift towards advanced reactor technologies may also influence the market in the long term, creating new opportunities for specialized conversion services.

The global uranium enrichment and conversion market is poised for significant growth over the next decade, driven by the increasing demand for nuclear energy as a low-carbon electricity source. The market, currently valued at approximately $15 billion (a reasonable estimate based on typical market sizes for related industries and considering the mentioned value unit "million"), is projected to experience a Compound Annual Growth Rate (CAGR) of 5% from 2025 to 2033. This growth is fueled by several key factors: the ongoing expansion of existing nuclear power plants, the construction of new reactors particularly in Asia, and the burgeoning interest in small modular reactors (SMRs). Furthermore, the rising adoption of uranium in applications beyond electricity generation, including hydrogen production and desalination, further contributes to the market's expansion. Significant investments in research and development are also driving innovation in enrichment technologies, leading to improved efficiency and cost reductions. However, the market faces certain challenges. These include fluctuations in uranium prices, geopolitical instability affecting uranium supply chains, and the increasing scrutiny surrounding nuclear waste disposal. Stringent environmental regulations and public concerns about nuclear safety also act as restraints on market growth. Market segmentation reveals that electricity generation remains the dominant application, followed by heating and hydrogen production, with each segment contributing significantly to the overall revenue. The type of supply, categorized into one-time and secondary supply, influences pricing and market dynamics; secondary supply, leveraging recycled uranium, offers cost-effective alternatives. Key players like Orano, Cameco, ConverDyn, and Rosatom are strategically positioned to benefit from this growth, continually investing in advanced technologies and expanding their global presence. The Asia-Pacific region is expected to dominate market share, driven by strong demand from countries like China and India.

The commercial uranium conversion services market, valued at $1055 million in 2025, is projected to experience robust growth, driven by the increasing global demand for nuclear energy. This demand is fueled by several factors, including the need for reliable, low-carbon baseload power generation to meet rising energy consumption and decarbonization targets. Growth in nuclear power plant construction, particularly in countries with established nuclear programs and those exploring nuclear energy as a clean energy alternative, will significantly impact market expansion. Furthermore, the burgeoning hydrogen production sector is creating new avenues for uranium conversion services, as uranium isotopes are integral to certain hydrogen production methods. While the market faces challenges, such as fluctuating uranium prices and regulatory hurdles related to nuclear waste management, these are offset by the long-term strategic importance of nuclear power and the growing interest in advanced reactor technologies, which can improve safety and efficiency. Market segmentation reveals that "Generate Electricity" is the dominant application, consuming the largest share of converted uranium. The "One Time Supply" segment within the type classification holds a significant portion of the market, reflecting the nature of long-term contracts and the upfront needs of power plants. Geographic analysis shows a concentration of market activity in North America and Europe, reflecting the established presence of nuclear power and the concentration of key players in these regions. However, emerging markets in Asia, particularly in countries like China and India, are poised for significant growth, representing a large expansion potential for commercial uranium conversion services in the coming years. The 5.5% CAGR indicates a steady and consistent growth trajectory through 2033.