Uranium enrichment (LEU and HALEU)

Centrus holds a near-monopoly on US HALEU production and the Russian import ban leaves few alternative suppliers.

Centrifuge enrichment of uranium to LEU for existing reactors or HALEU for advanced designs. Urenco and Orano control LEU; Centrus holds near-monopoly on US HALEU production. Russian enrichment import ban since 2024 has tightened Western supply and raised prices.

Enrichment of UF6 from natural 0.7% U-235 to low-enriched uranium (LEU, 3-5%) for LWR or high-assay low-enriched uranium (HALEU, 5-20%) for advanced reactors and microreactors, by gas centrifuge cascade.

What the evidence shows

LEU retained 88.1% market share in 2024.

mordorintelligence.com

Current global enrichment capacity of ~60 million SWU is insufficient to meet 2050 needs of 81-137 million SWU.

thebreakthrough.org

Urenco targets HALEU production at Capenhurst by 2031.

world-nuclear.org

RESCORED JUL 2026oligopolylegacy

Who controls it

UrencoOranoCentrus Energy

$15B market · 20257.61% CAGRsource

Where it sits in the stack

Takes in: Natural UF6 from conversion

Sends on: Enriched UF6 (LEU or HALEU) and depleted uranium (tails)

depends onUranium conversion (U3O8 to UF6)

feeds intoNuclear fuel fabrication

Related nodes

Uranium conversion (U3O8 to UF6)Nuclear fuel fabrication Spent fuel storage and transport Spent fuel reprocessing and recycling Radioactive waste management and geological disposal

Full scorecard, owner shares, supply edges and the full tracked roster are in the desk letter.

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