Nuclear Materials Global Market Report 2025

Nuclear Materials Market Overview

• Nuclear Materials market size has reached to $56.95 billion in 2024

• Expected to grow to $76.86 billion in 2029 at a compound annual growth rate (CAGR) of 6.1%

• Growth Driver: Increasing Space Exploration Investments Fuel The Market Growth Due To Enhanced Demand For Reliable Power Sources

• Market Trend: Advancing Medical Treatments And Energy With Radioactive Isotopes In Nuclear Materials

• North America was the largest region in 2024 and Asia-Pacific is the fastest growing region.

What Is Covered Under Nuclear Materials Market?

Nuclear materials are substances that can release energy through nuclear reactions, typically used for power generation, medical applications, or weapons. They primarily include fissile materials such as uranium-235, plutonium-239, and thorium-232, which are capable of sustaining a nuclear chain reaction.

The main material types of nuclear materials are special nuclear material, source material, product material, and radium. Special nuclear material refers to fissile materials such as enriched uranium and plutonium used primarily in nuclear reactors and weapons. These materials are applied in areas such as power generation, medical isotope production, and naval propulsion, serving end-users in medicine, agriculture, energy and power, consumer products, veterinary, marine, aerospace, defense, industry, and others.

What Is The Nuclear Materials Market Size 2025 And Growth Rate?

The nuclear materials market size has grown strongly in recent years. It will grow from $56.95 billion in 2024 to $60.58 billion in 2025 at a compound annual growth rate (CAGR) of 6.4%. The growth in the historic period can be attributed to growing government support and policy incentives, increasing need for reliable baseload power, growing demand for medical isotopes, increasing interest in nuclear propulsion systems, and growing efforts in nuclear waste reprocessing and recycling.

What’s The Trade War Impact On Aerospace And Defense Industry?

The sharp hike in U.S. tariffs and the associated trade disputes in spring 2025 are notably impacting the aerospace and defense sector by raising costs for titanium, carbon fiber composites, and avionics materials largely sourced from global suppliers. Defense contractors, locked into fixed-price government contracts, absorb these added costs, while commercial aerospace firms face airline pushback on higher aircraft prices. Delays in component shipments due to customs bottlenecks further disrupt tight production schedules for jets and satellites. The industry is responding by stockpiling critical materials, seeking waivers for defense-related imports, and collaborating with allied nations to diversify supply chain.

How is the Nuclear Materials Market Segmented?

1) By Material Type: Special Nuclear Material, Source Material, Product Material, Radium

2) By Application: Power Generation, Medical Isotope Production, Naval Propulsion

3) By End-User: Medicine, Agriculture, Energy And Power, Consumer Product, Veterinary, Marines, Aerospace, Defense, Industry, Other End Users

Subsegments:

1) By Special Nuclear Material: Uranium-235, Uranium-233, Plutonium-239

2) By Source Material: Natural Uranium, Depleted Uranium, Thorium

3) By Product Material: nuclear fuel, Nuclear Waste, Radioisotopes

4) By Radium: Radium-226, Radium-228

What Is Driving The Nuclear Materials Market? Increasing Space Exploration Investments Fuel The Market Growth Due To Enhanced Demand For Reliable Power Sources

The increasing investments in space exploration are expected to propel the growth of the nuclear materials market going forward. Investments in space exploration refer to funding allocated by governments and private entities to develop technologies and missions for exploring and utilizing outer space. Increasing investments in space exploration enable the discovery of valuable resources and opportunities for sustainable economic development. Investments in space exploration aid the discovery and extraction of nuclear materials from extraterrestrial sources, supporting long-term energy and propulsion needs. For instance, in April 2024, according to the World Economic Forum, a Switzerland-based non-governmental organization, by 2035, the space economy is anticipated to reach $1.8 trillion, fueled by the progression of space-enabled technologies. Furthermore, in July 2024, according to the Space Foundation, a US-based non-profit organization, in 2023 the global space economy grew by 7.4% to $570 billion, with commercial revenues reaching $445 billion, accounting for 78% of the total. Therefore, the increasing investments in space exploration are driving the growth of the nuclear materials market.

What Is Driving The Nuclear Materials Market? Increasing Space Exploration Investments Fuel The Market Growth Due To Enhanced Demand For Reliable Power Sources

The increasing investments in space exploration are expected to propel the growth of the nuclear materials market going forward. Investments in space exploration refer to funding allocated by governments and private entities to develop technologies and missions for exploring and utilizing outer space. Increasing investments in space exploration enable the discovery of valuable resources and opportunities for sustainable economic development. Investments in space exploration aid the discovery and extraction of nuclear materials from extraterrestrial sources, supporting long-term energy and propulsion needs. For instance, in April 2024, according to the World Economic Forum, a Switzerland-based non-governmental organization, by 2035, the space economy is anticipated to reach $1.8 trillion, fueled by the progression of space-enabled technologies. Furthermore, in July 2024, according to the Space Foundation, a US-based non-profit organization, in 2023 the global space economy grew by 7.4% to $570 billion, with commercial revenues reaching $445 billion, accounting for 78% of the total. Therefore, the increasing investments in space exploration are driving the growth of the nuclear materials industry.

Who Are The Major Players In The Global Nuclear Materials Market?

Major Companies operating in the nuclear materials market are GE Vernova LLC, Mitsubishi Heavy Industries Ltd., Boss Energy Ltd, Peninsula Energy Ltd, Energy Fuels Inc., Orano SA, Westinghouse Electric Company, BWX Technologies Inc., National Atomic Company Kazatomprom, Cameco Corporation, Global Atomic Corporation, Centrus Energy Corp, Uranium Energy Corp, NexGen Energy Ltd., Denison Mines Corp., Rosatom, AREVA NP, Berkeley Energia Limited, enCore Energy Corp, Laramide Resources Ltd, Paladin Energy Limited.

Who Are The Major Players In The Global Nuclear Materials Market?

Major Companies operating in the nuclear materials market are GE Vernova LLC, Mitsubishi Heavy Industries Ltd., Boss Energy Ltd, Peninsula Energy Ltd, Energy Fuels Inc., Orano SA, Westinghouse Electric Company, BWX Technologies Inc., National Atomic Company Kazatomprom, Cameco Corporation, Global Atomic Corporation, Centrus Energy Corp, Uranium Energy Corp, NexGen Energy Ltd., Denison Mines Corp., Rosatom, AREVA NP, Berkeley Energia Limited, enCore Energy Corp, Laramide Resources Ltd, Paladin Energy Limited.

What Are The Key Trends Of The Global Nuclear Materials Market? Advancing Medical Treatments And Energy With Radioactive Isotopes In Nuclear Materials

Major companies operating in the nuclear materials market are focusing on developing innovative solutions, such as radioactive isotopes, to enhance medical treatments, energy efficiency, and industrial applications. A radioactive isotope refers to a variant of a chemical element that has an unstable nucleus and emits radiation as it decays to a stable form. For instance, in January 2024, Isotope Technologies Munich SE, a Germany-based biotechnology company, received approval from the Bavarian Environment Agency (LfU) to produce the medical radioisotope lutetium-177 (Lu-177) at its NOVA facility in Neufahrn. It enabled ITM to begin radioactive operations onsite to qualify and validate all systems.

What Are The Key Trends Of The Global Nuclear Materials Market? Advancing Medical Treatments And Energy With Radioactive Isotopes In Nuclear Materials

Major companies operating in the nuclear materials market are focusing on developing innovative solutions, such as radioactive isotopes, to enhance medical treatments, energy efficiency, and industrial applications. A radioactive isotope refers to a variant of a chemical element that has an unstable nucleus and emits radiation as it decays to a stable form. For instance, in January 2024, Isotope Technologies Munich SE, a Germany-based biotechnology company, received approval from the Bavarian Environment Agency (LfU) to produce the medical radioisotope lutetium-177 (Lu-177) at its NOVA facility in Neufahrn. It enabled ITM to begin radioactive operations onsite to qualify and validate all systems.

What Are Latest Mergers And Acquisitions In The Nuclear Materials Market? Collaboration Between QSA Global And Niowave To Enhance Actinium-225 Production For Cancer Therapy

In August 2024, QSA Global Inc., a US-based manufacturing company, collaborated with Niowave Inc. to enhance and stabilize the production of actinium-225, a key radioisotope for cancer therapy. The collaboration focuses on advancing and scaling up radium-226 purification and isotope extraction processes. Niowave Inc. is a US-based pharmaceutical manufacturing company that provides advanced electron accelerators that enable the production and processing of nuclear materials, especially radioisotopes for medical and industrial use.

What Are Latest Mergers And Acquisitions In The Nuclear Materials Market? Collaboration Between QSA Global And Niowave To Enhance Actinium-225 Production For Cancer Therapy

In August 2024, QSA Global Inc., a US-based manufacturing company, collaborated with Niowave Inc. to enhance and stabilize the production of actinium-225, a key radioisotope for cancer therapy. The collaboration focuses on advancing and scaling up radium-226 purification and isotope extraction processes. Niowave Inc. is a US-based pharmaceutical manufacturing company that provides advanced electron accelerators that enable the production and processing of nuclear materials, especially radioisotopes for medical and industrial use.

What Is The Regional Outlook For The Global Nuclear Materials Market?

North America was the largest region in the nuclear materials market in 2024. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the nuclear materials market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

The countries covered in the nuclear materials market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

What Is The Regional Outlook For The Global Nuclear Materials Market?

North America was the largest region in the nuclear materials market in 2024. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in this market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

The countries covered in this market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

What Defines the Nuclear Materials Market?

The nuclear materials market consists of sales of radiation shielding products, industrial radiography sources, and spacecraft power systems. Values in this market are ‘factory gate’ values, that is, the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

What Defines the Nuclear Materials Market?

The nuclear materials market consists of sales of radiation shielding products, industrial radiography sources, and spacecraft power systems. Values in this market are ‘factory gate’ values, that is, the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

How is Market Value Defined and Measured?

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.

How is Market Value Defined and Measured?

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.

What is the Market Assessment and Strategic Outlook for the Nuclear Materials Industry?

The nuclear materials market research report is one of a series of new reports from The Business Research Company that provides nuclear materials market statistics, including the nuclear materials industry's global market size, regional shares, competitors with the nuclear materials market share, detailed nuclear materials market segments, market trends and opportunities, and any further data you may need to thrive in the nuclear materials market. This nuclear materials market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.

What is the Market Assessment and Strategic Outlook for the Nuclear Materials Industry?

The nuclear materials market research report is one of a series of new reports from The Business Research Company that provides market statistics, including the nuclear materials industry's global market size, regional shares, competitors with the market share, detailed market segments, market trends and opportunities, and any further data you may need to thrive in the nuclear materials market. This nuclear materials market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.