Market Overview:
Beryllium is a silver-gray and hard metal known for its high stiffness, strength, and fracture toughness. It exhibits high melting point, stiffness and ability to dissipate heat which makes it an ideal choice for applications requiring lightweight, high strength, and rigidity.
Market key trends:
One of the key trends in the Beryllium Market is the increasing usage of beryllium alloys in aerospace and defense applications. Beryllium alloys possess high specific stiffness and strength enabling lightweight and rigid structures. Their usage reduces the overall weight of aircrafts and space vehicles improving their fuel efficiency. Beryllium alloys are used in structural components of aircraft, spacecraft, satellites and missiles. Growing aerospace industry is expected to drive the demand for beryllium alloys and boost the Beryllium Market over the forecast period.
The global Beryllium Market Demand 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.
SWOT Analysis
Strength: Beryllium is a metal with extremely high strength yet is light in weight. It has high melting point and good heat conductibility.
Weakness: Beryllium is quite brittle and prone to corrosion by alkalis and some acids. It is also known to be toxic and inhalation of dust or fumes can cause health issues.
Opportunity: Growing aerospace and defense industries are driving demand for beryllium as it is used in aircraft braking systems and other defense applications. There is also opportunity in the applications in the telecommunications sector.
Threats: Stringent regulations around the mining and processing of beryllium due to its toxic nature can increase production costs. Substitute materials like aluminum, copper etc. also pose threat to beryllium market.
Key Takeaways
The global Beryllium market is expected to witness high growth, exhibiting CAGR of 2.1% over the forecast period, due to increasing demand from the aerospace and defense industries. North America currently dominates the global market owing to presence of key defense companies in the region.
North America is expected to dominate the global beryllium market during the forecast period. This is attributed to presence of major aircraft braking system manufacturers and defense companies in the US. Asia Pacific is expected to exhibit the fastest growth during 2023-2030.
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