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Demand for uranium is set to dramatically rise by 2020 on the back of a surge in new nuclear power plants, according to new research.

A report predicts that demand will climb from 105,531 metric tonnes in 2012 to 145,680 metric tonnes in 2020, marking an increase of 38 per cent.

Analysts at research and consulting firm GlobalData anticipate that the Asia-Pacific will show the greatest uranium demand growth, due to the number of new nuclear reactors expected across China and India.

According to GlobalData’s forecasts, uranium demand for the region will hit 46,010 metric tonnes in 2020, more than doubling from last year’s 20,939 metric tonnes.

Demand in Europe is also expected to expand significantly between 2012 and 2020, following an overall decrease between 2006 and 2012.

However, North America is predicted to buck the global trend, with uranium demand steadily falling by the end of the decade.