Nuclear Fuel Processing in the UK - Market Research Report (2014-2029)
London, United Kingdom
Last Updated: July 2024
SIC C24.460Revenue
£662.1m
Past 5-Year Growth
Profit
£XXX.Xm
Employees
1,217
Businesses
2
Wages
£XX.Xm
Nuclear Fuel Processing in the UK industry analysis
The Nuclear Fuel Processing industry's revenue is expected to contract at a compound annual rate of 12.8% over the five years through 2024-25. The main reason for the fall in revenue is that Sellafield Ltd, one of the then three companies in the industry, exited the market industry in 2022-23, after shutting down its Magnox Reprocessing plant in July 2022. Despite this, demand for nuclear energy in the UK has been supported by growing environmental concerns over the past decade, propping up the performance of the two remaining companies in the industry, Urenco and Springfield Fuels. Soaring oil and natural gas prices in 2022-23 also increased demand for nuclear energy and fuel; while energy prices have mostly normalised in 2024-25, interest in nuclear energy remains high, fuelling investment into nuclear fuel processing facilities.
Trends and Insights
- Rising uranium prices inflate consumer costs. Disruptions in uranium supply from Russia and Kazakhstan have led to significant price increases, driving up processors’ revenue.
- Uranium enrichment bolsters UK revenue. Urenco's operations contribute significantly to the UK's Nuclear Fuel Processing industry. The company transforms uranium hexafluoride into enriched uranium products.
- The North West has a strong nuclear heritage. The region houses all of the UK’s nuclear establishments, partly due to its strong transport links and access to ports.
- Strict regulations and high costs keep competition low. Nuclear fuel processors face immense legal barriers due to national security risks, along with hefty start-up expenses for specialised machinery and facilities.
Industry Overview
Market size and recent performance (2014-2029)
Industry revenue has declined at a CAGR of 12.8 % over the past five years, to reach an estimated £662.1m in 2024.
Trends and Insights
Rising uranium prices inflate nuclear fuel prices
- Uranium prices have risen significantly since 2022-23 because of disruptions in the supply of uranium from Russia and Kazakhstan. Rises in uranium prices are passed down to customers, inflating prices.
- 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
Uranium prices remain elevated in the short to medium term
- The global price of uranium is set to remain high in the next few years as strong demand for nuclear power and supply issues continue to affect the market.
Biggest companies in the Nuclear Fuel Processing in the UK
| Company | Market Share (%)
2025 | Revenue (£m)
2025 |
|---|---|---|
Urenco Limited | 495.7 | |
Springfields Fuels Limited | 166.4 | |
Sellafield Ltd | N/A |
To view the market share and analysis for all 3 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 Uranium enrichment and Nuclear Fuel Fabrication. Uranium enrichment is the largest segment of the Nuclear Fuel Processing in the UK.
Trends and Insights
Urenco enriches uranium for fuel manufacturers around the world
- Uranium enrichment is done by taking uranium hexafluoride and processing it into enriched uranium products; uranium tails can also be used to make enriched uranium. The natural uranium is typically enriched to up to 5% to sustain a continuous fission reaction in a nuclear power plant.
- More insights available in the full report
Widen you competitive advantage with related industries
Competitors
- Crude Petroleum & Natural Gas Extraction in the UK
- Solar Panel Manufacturing in the UK
- Wind Turbine Manufacturing in the UK
Complementors
- Mining, Quarrying & Construction Machinery Manufacturing in the UK
International industries
- Nuclear Power in the US
- Nuclear Power in China
Table of Contents
About this industry
Industry definition
Companies in the Nuclear Fuel Processing industry produce nuclear fuel from enriched and unenriched uranium, manufacture uranium metal from pitchblende or other ores, smelt and refine uranium and process yellow cake into tetrafluoride and hexafluoride. They also reprocess depleted nuclear fuel for use in electricity-generating plants.
What's included in this industry?
Nuclear fuel fabricationUranium enrichmentCompanies
Urenco LimitedSpringfields Fuels LimitedSellafield LtdPurchase this report to view all 3 major companies in this industry.
Related Terms
YELLOWCAKENUCLEAR FUEL RODENRICHMENTIndustry Code
SIC 24.46 - Nuclear Fuel Processing in the UK
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
Rising uranium prices inflate consumer costs. Disruptions in uranium supply from Russia and Kazakhstan have led to significant price increases, driving up processors’ revenue...
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 enrichment bolsters UK revenue. Urenco's operations contribute significantly to the UK's Nuclear Fuel Processing industry. The company transforms uranium hexafluoride...
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
The North West has a strong nuclear heritage. The region houses all of the UK’s nuclear establishments, partly due to its strong transport links and access to ports.
In this chapter (1)
- Business Locations
Charts
- Share of revenue, establishment, wages and employment in each region
- Share of population compared to establishments in each region in 2024
Tables
- Number and share of establishments in each region in 2024
- Number and share of revenue each region accounts for in 2024
- Number and share of wages each region accounts for in 2024
- Number and share of employees in each region in 2024
Detailed analysis
- Geographic spread of the industry across Europe, 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
Strict regulations and high costs keep competition low. Nuclear fuel processors face immense legal barriers due to national security risks, along with hefty start-up expenses...
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
Urenco grows through innovation. As a global leader in uranium enrichment, Urenco's extensive customer base and continuous investment in cutting-edge technology ensure its in...
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 Urenco Limited's performance by revenue, market share and profit margin from 2018 through 2024
- Overview of Springfields Fuels Limited's performance by revenue, market share and profit margin from 2018 through 2024
- Overview of Sellafield Ltd's performance by revenue, market share and profit margin from 2018 through 2024
Detailed analysis
- Description and key data for Urenco Limited, and factors influencing its performance in the industry
- Description and key data for Springfields Fuels Limited, and factors influencing its performance in the industry
- Description and key data for Sellafield Ltd, and factors influencing its performance in the industry
External Environment
Understand the demographic, economic and regulatory factors that shape how businesses in an industry perform.
Analyst insights
The Ionising Radiations Regulations 2017 control operations. These rules ensure companies follow safety measures, protecting staff and bystanders from dangerous radiation exp...
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
Passing no rising costs drives up processors’ profit. Profitability remains high as companies successfully pass on rising uranium costs to their buyers.
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 (2018-2022)
- Coverage Ratios (2018-2022)
- Leverage Ratios (2018-2022)
- Operating Ratios (2018-2022)
- Assets (2018-2022)
- Liabilities (2018-2022)
- 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 the UK include:
- Office for National Statistics
- Office for Budget Responsibility
- Bank of England
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 Nuclear Fuel Processing in the UK industry in United Kingdom in 2024?
The market size of the Nuclear Fuel Processing in the UK industry in United Kingdom is £662.1m in 2024.
How many businesses are there in the Nuclear Fuel Processing in the UK industry in 2024?
There are 2 businesses in the Nuclear Fuel Processing in the UK industry in United Kingdom, which has declined at a CAGR of 7.8 % between 2019 and 2024.
Has the Nuclear Fuel Processing in the UK industry in United Kingdom grown or declined over the past 5 years?
The market size of the Nuclear Fuel Processing in the UK industry in United Kingdom has been declining at a CAGR of 12.8 % between 2019 and 2024.
What is the forecast growth of the Nuclear Fuel Processing in the UK industry in United Kingdom over the next 5 years?
Over the next five years, the Nuclear Fuel Processing in the UK industry in United Kingdom is expected to grow.
What are the biggest companies in the Nuclear Fuel Processing in the UK market in United Kingdom?
The biggest companies operating in the Nuclear Fuel Processing market in United Kingdom are Urenco Limited, Springfields Fuels Limited and Sellafield Ltd
What does the Nuclear Fuel Processing in the UK in United Kingdom include?
Nuclear fuel fabrication and Uranium enrichment are part of the Nuclear Fuel Processing in the UK industry.
Which companies have the highest market share in the Nuclear Fuel Processing in the UK in United Kingdom?
The company holding the most market share in United Kingdom is Urenco Limited.
How competitive is the Nuclear Fuel Processing in the UK industry in United Kingdom?
The level of competition is low and steady in the Nuclear Fuel Processing in the UK industry in United Kingdom.
