Beryllium is a hard grey metal known for its high stiffness, high melting point, and optical properties. It is primarily used to make alloys that have exceptional stiffness, strength and heat resistance. These properties make it ideal for applications in defense, aerospace, electronics and energy industries.
The global Beryllium Market is estimated to be valued at US$ 419.24 Mn in 2023 and is expected to exhibit a CAGR of 2.1% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
Beryllium alloys provide unique combination of low density, high specific stiffness and strength which makes them suitable for applications like aircraft braking systems, wings, landing gears and missiles. Countries like US, China and Russia are extensively focusing on development of advanced aircrafts and weapons which require components made from beryllium alloys. This is expected to drive the demand for beryllium over the forecast period.
SWOT Analysis
Strength: Beryllium has high strength-to-weight ratio and unique stiffness properties. It also has excellent heat transfer properties and reflection of both X-rays and gamma rays.
Weakness: Beryllium is poisonous if ingested or inhaled. Machining and melting the metal creates toxic beryllium dust which is harmful if inhaled. It is also expensive to extract and process.
Opportunity: Growing aerospace and defense industries are driving the demand for beryllium. It is used in aircraft structures, guidance systems, and satellites. Increasing application of beryllium in medical devices, nuclear technology and electronics also presents an opportunity.
Threats: Stringent regulations regarding beryllium mining and processing pose operational challenges. Availability of substitute materials and global economic slowdowns are also threatening the growth of the market.
Key Takeaways
The Global Beryllium Market Demand is expected to witness high growth, exhibiting CAGR of 2.1% over the forecast period, due to increasing demand from aerospace and defense industries.
Regional analysis:
North America dominated the global beryllium market in 2023 and is expected to continue its dominance over the forecast period. This can be attributed to presence of major manufacturers and suppliers in the US. Asia Pacific is anticipated to be the fastest growing region owing to increasing industrialization and growth of end-use industries in China and India.
Key players operating in the beryllium market are American Beryllia Inc., American Elements, Belmont Metals, Hunan Shuikoushan Nonferrous Metals Group Co. Ltd , IBC Advanced Alloys, Materion Corporation, NGK Metals Corporation, and The Atomic Company Kazatomprom. These players are focusing on expansions, new product launches, and contracts with end-use industries to strengthen their foothold in the market.
Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
Money Singh is a seasoned content writer with over four years of experience in the market research sector. Her expertise spans various industries, including food and beverages, biotechnology, chemicals and materials, defense and aerospace, consumer goods, etc.