Uranium & Metal Ore Mining - Market Research Report (2014-2029)
New York, United States
Last Updated: June 2024
NAICS 21229CARevenue
$4.3bn
Past 5-Year Growth
Profit
$XXX.Xm
Employees
2,179
Businesses
23
Wages
$XXX.Xm
Uranium & Metal Ore Mining industry analysis
Miners in this industry have exhibited constant shifts in revenue as commodity prices have fluctuated amid global supply and demand conditions. While the pandemic severely hampered production as lockdowns shut down mining activities, miners benefited from the overall positive movement of platinum and uranium. As mines reopened and the need for these minerals remains strong, production and prices swelled, providing miners with a robust recovery period. Overall, industry revenue has climbed at a CAGR of 1.2% to an estimated $4.3 billion, through the end of 2024. Revenue will dip 2.0% in 2024 as molybdenum and platinum prices push down.
Trends and Insights
- Soaring commodity prices led to positive revenue growth for miners. These price spikes were enough to counteract the production declines seen after reopening post-lockdown, allowing miners to maintain financial stability.
- Uranium is on the rise, stemming from nuclear power’s clean energy appeal. Even with weakened production, prices have soared, driven by increasing demand from nuclear power plants and other uses.
- Ontario is a powerhouse for platinum and cobalt production. With nearly 80% of Canada's platinum and a third of its cobalt sourced here, the province's robust infrastructure ensures efficient and steady mining operations.
- Internal competition among miners is largely price-based. Even so, competitiveness can also be driven by supply reliability and low transport costs. Proximity to markets gives miners a strategic advantage by reducing transportation expenses.
Industry Overview
Market size and recent performance (2014-2029)
Industry revenue has grown at a CAGR of 1.2 % over the past five years, to reach an estimated $4.3bn in 2024.
Trends and Insights
Platinum sales are a consistent source of revenue
- Although best known for their use in jewellery, the major uses for the platinum group metals (PGMs), platinum and palladium, are far less glamorous. PGMs are largely used as catalysts for air pollution abatement systems in cars and heavy vehicles, so the need for these metals fluctuates alongside car and automobile manufacturing sales.
- Additional trends and insights available with purchase
Source: IBISWorld
Industry outlook (2024-2029)
Market size is projected to grow over the next five years.
Trends and Insights
Commodity price movement dictates the pace of growth
- Miners will continue to be influenced by fluctuations in the prices of their underlying commodities. Modest dips in molybdenum and platinum prices will impede industry growth.
Biggest companies in the Uranium & Metal Ore Mining
| Company | Market Share (%)
2024 | Revenue ($m)
2024 | Profit ($m)
2024 | Profit Margin (%)
2024 |
|---|---|---|---|---|
Cameco Corporation | 1,078.2 | 176.3 | 16.4 | |
Impala Canada Limited | 486.4 | 49.3 | 10.1 | |
Orano Canada Inc. | 408.2 | 60.7 | 14.9 |
To view the market share and analysis for all 4 top companies in this industry, view purchase options.
Products & Services Segmentation
Source: IBISWorld
Industry revenue is measured across several distinct product and services lines, including Platinum group metals, Uranium and Molybdenum. Platinum group metals is the largest segment of the Uranium & Metal Ore Mining.
Trends and Insights
The need for nuclear power pushes uranium upward
- Canada is the second-largest uranium producer in the world. Nuclear power plants use uranium for energy production, ammunition manufacturing, tank armour, container production as shielding material and a variety of other niche uses.
- More insights available in the full report
Widen you competitive advantage with related industries
Competitors
- Iron Ore Mining in Canada
- Gold & Silver Ore Mining in Canada
- Copper, Nickel, Lead & Zinc Mining in Canada
Complementors
- Coal Mining in Canada
International industries
- Molybdenum & Metal Ore Mining in the US
- Bauxite Mining in Australia
- Manganese and Other Mineral Mining in Australia
- Uranium Mining in Australia
- Aluminum Ore Mining in China
Table of Contents
About this industry
Industry definition
Companies in the Uranium and Metal Ore Mining industry in Canada mine molybdenum, platinum, palladium, beryllium, uranium and a range of other nonferrous metal-bearing ores, excluding gold, silver, copper, nickel, lead and zinc ores.
What's included in this industry?
Uranium mining and beneficiatingPlatinum group metal mining and beneficiatingMolybdenum ore mining and beneficiatingCobalt mining and beneficiatingPalladium mining and beneficiatingOther metal ore mining and beneficiating (excluding iron ore, gold and silver, and major base metals)Companies
Cameco CorporationImpala Canada LimitedOrano Canada Inc.Purchase this report to view all 4 major companies in this industry.
Related Terms
IN SITU LEACHINGCONCENTRATEOPEN-CUT MININGROASTINGYELLOWCAKEIndustry Code
NAICS 212291 - Uranium & Metal Ore Mining
Performance
Get an indication of the industry's health through historical, current and forward-looking trends in the performance indicators that make or break businesses.
Analyst insights
Soaring commodity prices led to positive revenue growth for miners. These price spikes were enough to counteract the production declines seen after reopening post-lockdown, a...
In this chapter (4)
- Current Performance
- Outlook
- Volatility
- Life Cycle
Key metrics
- Annual Revenue, Recent Growth, Forecast, Revenue Volatility
- Number of Employees, Recent Growth, Forecast, Employees per Business, Revenue per Employee
- Number of Businesses, Recent Growth, Forecast, Employees per Business, Revenue per Business
- Total Profit, Profit Margin, Profit per Business
Charts
- Revenue, including historical (2014-2023) and forecast (2024-2029)
- Employees, including historical (2014-2023) and forecast (2024-2029)
- Businesses, including historical (2014-2023) and forecast (2024-2029)
- Profit, including historical (2014-2024)
- Industry Volatility vs. Revenue Growth
- Industry Life Cycle
Detailed analysis
- Trends in supply, demand and current events that are driving current industry performance
- Expected trends, economic factors and ongoing events that drive the industry's outlook
- Key success factors for businesses to overcome volatility
- How contribution to GDP, industry saturation, innovation, consolidation, and technology and systems influence the industry's life cycle phase.
Products and Markets
Learn about an industry's products and services, markets and trends in international trade.
Analyst insight
Uranium is on the rise, stemming from nuclear power’s clean energy appeal. Even with weakened production, prices have soared, driven by increasing demand from nuclear power p...
In this chapter
- Products & Services
- Major Markets
- International Trade
Key metrics
- Largest market segment and value in 2024
- Product innovation level
- Total imports, level and trend
- Total exports, level and trend
- Trade Balance
Charts
- Products & services segmentation in 2024
- Major market segmentation in 2024
- International trade, including imports by country and exports by country
Detailed analysis
- Trends impacting the recent performance of the industry's various segments
- Innovations in the industry's product or service offering, specialization or delivery method
- Key factors that successful businesses consider in their offerings
- Buying segments and key trends influencing demand for industry products and services
- Recent trends in import and export volumes, country of origin or destination, and expected future trends
Geographic Breakdown
Discover where business activity is most concentrated in an industry and the factors driving these trends to find opportunities and conduct regional benchmarking.
Analyst insights
Ontario is a powerhouse for platinum and cobalt production. With nearly 80% of Canada's platinum and a third of its cobalt sourced here, the province's robust infrastructure ...
In this chapter (1)
- Business Locations
Charts
- Share of revenue, establishment, wages and employment in each province
- Share of population compared to establishments in each region in 2024
Tables
- Number and share of establishments in each province in 2024
- Number and share of revenue each province accounts for in 2024
- Number and share of wages each province accounts for in 2024
- Number and share of employees in each province in 2024
Detailed analysis
- Geographic spread of the industry across North America, and trends associated with changes in the business landscape
- Key success factors for businesses to use location to their advantage
Competitive Forces
Get data and insights on what's driving competition in an industry and the challenges industry operators and new entrants may face, with analysis built around Porter's Five Forces framework.
Analyst insights
Internal competition among miners is largely price-based. Even so, competitiveness can also be driven by supply reliability and low transport costs. Proximity to markets give...
In this chapter (4)
- Concentration
- Barriers to Entry
- Substitutes
- Buyer & Supplier Analysis
Key metrics
- Industry concentration level
- Industry competition level and trend
- Barriers to entry level and trend
- Substitutes level and trend
- Buyer power level and trend
- Supplier power level and trend
Charts
- Market share concentration among the top 4 suppliers from 2019-2024
- Supply chain including upstream supplying industries and downstream buying industries, flow chart
Detailed analysis
- Factors impacting the industry’s level of concentration, such as business distribution, new entrants, or merger and acquisition activity.
- Key success factors for businesses to manage the competitive environment of the industry.
- Challenges that potential industry entrants face such as legal, start-up costs, differentiation, labor/capital intensity and capital expenses.
- Key success factors for potential entrants to overcome barriers to entry.
- Competitive threats from potential substitutes for the industry’s own products and services.
- Key success factors for how successful businesses can compete with substitutes.
- Advantages that buyers have to keep favorable purchasing conditions.
- Advantages that suppliers have to maintain favorable selling conditions.
- Key success factors for how businesses can navigate buyer and supplier power.
Companies
Learn about the performance of the top companies in the industry.
Analyst insights
Cameco idled its McArthur River mine in 208 because of volatile uranium prices. Following a significant price surge, operations resumed in late 2022. This decision reflects t...
In this chapter
- Market Share Concentration
- Companies
- Company Spotlights
Charts
- Industry market share by company in 2020 through 2024
- Major companies in the industry, including market share, revenue, profit and profit margin in 2024
- Overview of Cameco Corporation's performance by revenue, market share and profit margin from 2018 through 2024
- Overview of Impala Canada Limited's performance by revenue, market share and profit margin from 2018 through 2024
- Overview of Orano Canada Inc.'s performance by revenue, market share and profit margin from 2018 through 2024
- Overview of revenue, market share and profit margin trend for one additional company
Detailed analysis
- Description and key data for Cameco Corporation, and factors influencing its performance in the industry
- Description and key data for Impala Canada Limited, and factors influencing its performance in the industry
- Description and key data for Orano Canada Inc., and factors influencing its performance in the industry
- Description, key data and performance trends for one additional company
External Environment
Understand the demographic, economic and regulatory factors that shape how businesses in an industry perform.
Analyst insights
The Canadian Nuclear Safety Commission (CNSC) regulates uranium mining with strict safety and environmental standards. These standards reflect the sensitivity and risks of ur...
In this chapter
- External Drivers
- Regulation & Policy
- Assistance
Key metrics
- Regulation & policy level and trend
- Assistance level and trend
Charts
- Regulation & Policy historical data and forecast (2014-2029)
- Assistance historical data and forecast (2014-2029)
Detailed analysis
- Demographic and macroeconomic factors influencing the industry, including Regulation & Policy and Assistance
- Major types of regulations, regulatory bodies, industry standards or specific regulations impacting requirements for industry operators
- Key governmental and non-governmental groups or policies that may provide some relief for industry operators.
Financial Benchmarks
View average costs for industry operators and compare financial data against an industry's financial benchmarks over time.
Analyst insights
Mining operations involve frequent machinery replacements, leading to consistently high depreciation costs. This constant need to update equipment keeps expenses elevated, im...
In this chapter
- Cost Structure
- Financial Ratios
- Key Ratios
Key metrics
- Profit margin, and how it compares to the sector-wide margin
- Average wages, and how it compares to the sector-wide average wage
- Largest cost component as a percentage of revenue
- Industry average ratios for days' receivables, industry coverage and debt-to-net-worth ratio
Charts
- Average industry operating costs as a share of revenue, including purchases, wages, depreciation, utilities, rent, other costs and profit in 2024
- Average sector operating costs as a share of revenue, including purchases, wages, depreciation, utilities, rent, other costs and profit in 2024
- Investment vs. share of economy
Data tables
- Liquidity Ratios (2017-2022)
- Coverage Ratios (2017-2022)
- Leverage Ratios (2017-2022)
- Operating Ratios (2017-2022)
- Assets (2017-2022)
- Liabilities (2017-2022)
- Cash Flow & Debt Service Ratios (2014-2029)
- Revenue per Employee (2014-2029)
- Revenue per Enterprise (2014-2029)
- Employees per Establishment (2014-2029)
- Employees per Enterprise (2014-2029)
- Average Wage (2014-2029)
- Wages/Revenue (2014-2029)
- Establishments per Enterprise (2014-2029)
- IVA/Revenue (2014-2029)
- Imports/Demand (2014-2029)
- Exports/Revenue (2014-2029)
Detailed analysis
- Trends in the cost component for industry operators and their impact on industry costs and profitability
Key Statistics
Industry Data
Data Tables
Including values and annual change:
- Revenue (2014-2029)
- IVA (2014-2029)
- Establishments (2014-2029)
- Enterprises (2014-2029)
- Employment (2014-2029)
- Exports (2014-2029)
- Imports (2014-2029)
- Wages (2014-2029)
Methodology
How are IBISWorld reports created?
IBISWorld has been a leading provider of trusted industry research for over 50 years to the most successful companies worldwide. With offices in Australia, the United States, the United Kingdom, Germany and China, we are proud to have local teams of analysts that conduct research, data analysis and forecasting to produce data-driven industry reports.
Our analysts start with official, verified and publicly available sources of data to build the most accurate picture of each industry. Analysts then leverage their expertise and knowledge of the local markets to synthesize trends into digestible content for IBISWorld readers. Finally, each report is reviewed by one of IBISWorld’s editors, who provide quality assurance to ensure accuracy and readability.
IBISWorld relies on human-verified data and human-written analysis to compile each standard industry report. We do not use generative AI tools to write insights, although members can choose to leverage AI-based tools within the platform to generate additional analysis formats.
What data sources do IBISWorld analysts use?
Each industry report incorporates data and research from government databases, industry-specific sources, industry contacts, and our own proprietary database of statistics and analysis to provide balanced, independent and accurate insights.
Key data sources in Canada include:
- Statistics Canada
- Industry Canada
- Canadian Business Patterns
Analysts also use industry specific sources to complement catch-all sources, although their perspective may focus on a particular organization or representative body, rather than a clear overview of all industry operations. However, when balanced against other perspectives, industry-specific sources provide insights into industry trends.
These sources include:
- Industry and trade associations
- Industry federations or regulators
- Major industry players annual or quarterly filings
Finally, IBISWorld’s global data scientists maintain a proprietary database of macroeconomic and demand drivers, which our analysts use to help inform industry data and trends. They also maintain a database of statistics and analysis on thousands of industries, which has been built over our more than 50-year history and offers comprehensive insights into long-term trends.
How does IBISWorld forecast its data?
IBISWorld’s analysts and data scientists use the sources above to create forecasts for our proprietary datasets and industry statistics. Depending on the dataset, they may use regression analysis, multivariate analysis, time-series analysis or exponential smoothing techniques to project future data for the industry or driver. Additionally, analysts will leverage their local knowledge of industry operating and regulatory conditions to impart their best judgment on the forecast model.
IBISWorld prides itself on being a trusted, independent source of data, with over 50 years of experience building and maintaining rich datasets and forecasting tools. We are proud to be the keystone source of industry information for thousands of companies across the world.
Learn more about our methodology and data sourcing on the Help Center.
Frequently Asked Questions
Unlock comprehensive answers and precise data upon purchase. View purchase options.
What is the market size of the Uranium & Metal Ore Mining industry in Canada in 2024?
The market size of the Uranium & Metal Ore Mining industry in Canada is $4.3bn in 2024.
How many businesses are there in the Uranium & Metal Ore Mining industry in 2024?
There are 23 businesses in the Uranium & Metal Ore Mining industry in Canada, which has declined at a CAGR of 0.0 % between 2019 and 2024.
Has the Uranium & Metal Ore Mining industry in Canada grown or declined over the past 5 years?
The market size of the Uranium & Metal Ore Mining industry in Canada has been growing at a CAGR of 1.2 % between 2019 and 2024.
What is the forecast growth of the Uranium & Metal Ore Mining industry in Canada over the next 5 years?
Over the next five years, the Uranium & Metal Ore Mining industry in Canada is expected to grow.
What are the biggest companies in the Uranium & Metal Ore Mining market in Canada?
The biggest companies operating in the Uranium & Metal Ore Mining market in Canada are Cameco Corporation, Impala Canada Limited and Orano Canada Inc.
What does the Uranium & Metal Ore Mining in Canada include?
Uranium mining and beneficiating and Platinum group metal mining and beneficiating are part of the Uranium & Metal Ore Mining industry.
Which companies have the highest market share in the Uranium & Metal Ore Mining in Canada?
The company holding the most market share in Canada is Cameco Corporation.
How competitive is the Uranium & Metal Ore Mining industry in Canada?
The level of competition is high and steady in the Uranium & Metal Ore Mining industry in Canada.
