Beryllium is a hard grey metalloid that has high stiffness, resistance to corrosion and high melting point. It is widely used in electronics, aerospace and defence industry because of its ability to conduct heat and electricity and strength even at very high temperatures. Some key uses of beryllium include electronics components manufacturing, aerospace components like aircraft brakes, space mirrors, and alloys used in nuclear reactors and x-ray windows.
The 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 Dynamics:
Beryllium alloys have high strength to weight ratio and are ideal for applications in aerospace and defense industries where weight savings are critical. This is anticipated to boost the market growth during the forecast period. Additionally, increasing adoption of beryllium in oil and gas industry for instrumentation and drill bits used in drilling rigs will further augment the market growth. However, the toxicity associated with beryllium metal and health risks from its exposure are some of the factors that may restrict the market growth.
Segment Analysis
The global beryllium market is dominated by the alloys segment, which accounts for over 50% share of the overall market. Beryllium alloys possess properties such as high stiffness, high tensile and flexural strength at elevated temperatures, corrosion resistance, and high modulus of elasticity. These properties make beryllium alloys suitable to be used in aerospace, defense, telecommunications, and automotive industries for applications requiring lightweight structural components.
PEST Analysis
Political: Governments worldwide are imposing strict regulations regarding mining, processing, and applications of beryllium due to its toxicity. The US has set occupational exposure limits and standards for beryllium.
Economic: The aerospace and defense industries are major drivers of demand. Increase in defense budgets and commercial aircraft production isexpected to boost market growth.
Social: Adverse health effects of beryllium exposure such as pneumonia and lung cancer are leading to increased awareness. Worker safety at mining and production facilities is a concern.
Technological: New applications in renewable energy, electronics, and telecommunications are emerging. Research into non-toxic substitutes is ongoing.
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 use of beryllium alloys in aerospace applications. The aerospace segment accounts for over 40% share of the beryllium market.
North America holds the largest share in the global beryllium market, followed by Europe. The US is the leading producer and consumer of beryllium globally. Growth in the region is driven by aerospace and defense spending.
Asia Pacific is expected to exhibit the highest CAGR over the forecast period, led by increasing manufacturing activity as well as aerospace and defense modernization programs in China, India and other Southeast Asian countries.
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.
Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it