Uranium Enrichment Market Expected to Hit US$30.2 Billion by 2035

The global uranium enrichment market is projected to reach US$30.23 billion by 2035, up from US$14.52 billion in 2025, according to a recent release from market research firm SNS Insider.

The 7.61 percent compound annual growth rate (CAGR) is driven by the construction of 70 new nuclear reactors worldwide and increasing capital allocations toward nuclear fuel cycle infrastructure.

While commercial enrichment capacity expands, the International Atomic Energy Agency (IAEA) reported continued increases in highly enriched stockpiles outside Western supply chains.

As of May 17, 2025, Iran’s total enriched uranium stock reached 9,247.6 kilograms (kgs), an increase of 953.2 kgs. According to the IAEA, Iran’s monthly production of 60 percent enriched uranium averaged 37.5 kgs, translating to an annualized run rate of 456 kgs.

To secure domestic supply lines, the US is also increasing its enrichment capacity. The US uranium enrichment market was valued at US$3.12 billion in 2025 and is forecast to reach US$7.67 billion by 2035, growing at a 9.42 percent CAGR.

Domestic upstream production is scaling concurrently. US uranium mines produced 677,000 pounds of triuranium octoxide (U3O8) in 2024, up from 50,000 pounds in 2023. Total US production expenditures reached US$160 million in 2024, the highest recorded since 2016.

The US currently maintains multiple in-situ recovery facilities and mills with a combined capacity exceeding 14 million pounds of U3O8 per year.

Meanwhile, commercial demand is supported by record baseload generation. The World Nuclear Association reported that global nuclear reactors generated 2,667 terawatt-hours of electricity in 2024.

The sector currently has 70 reactors under construction, primarily located in Asia, with an additional 110 planned.

Despite the demand pipeline, the enrichment market remains constrained by high capital expenditure requirements and complex technology licensing.

Because of the barrier to entry, government-owned entities dominated the supplier landscape in 2025 with an 80 percent market share. However, the report noted that private companies are still projected to log the fastest growth rate through 2035.

Projected growth aside, the uranium market remains on high alert due to tense US-Iran negotiations over Tehran's stockpile of highly enriched uranium.

According to reports, Washington and Tehran are currently reviewing a 14-point US proposal to formally end the ongoing war and lift competing blockades in the Strait of Hormuz.

The memorandum, brokered by Pakistani mediators and led on the US side, would require Iran to halt uranium enrichment for at least 12 years.

In exchange, the US would lift sanctions, release billions of dollars in frozen Iranian assets, and both nations would reopen the Strait of Hormuz within 30 days of signing.

“They want to make a deal. We’ve had very good talks over the last 24 hours, and it’s very possible that we’ll make a deal,” US President Donald Trump told reporters Wednesday (May 6).

However, Iranian officials have pushed back against the US demands, particularly regarding their nuclear program and existing stockpiles of enriched uranium that remains buried inside targeted facilities.

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Securities Disclosure: I, Giann Liguid, hold no direct investment interest in any company mentioned in this article.