Beryllium Market Is Estimated To Witness High Growth Owing To...

Beryllium Market Is Estimated To Witness High Growth Owing To Rising Demand From Aerospace And Defense Industry

Posté 2023-11-29 13:16:39

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Market Overview:
Beryllium is a hard, grayish metal known for its high stiffness, heat dissipation and dimensional stability even at high temperatures. It is used in aerospace, defense, automotive, electronics and telecommunications industries. Key applications include aerospace and defense structural components such as aircraft brakes, aircraft structural frames, missiles and spacecraft thanks to its lightweight and high strength properties. It is also used in industrial equipment such as x-ray tubes and nuclear reactors due to its ability to slow down neutrons.

Market Dynamics:
The beryllium market is primarily driven by rising demand from the aerospace and defense industry. According to reports, aerospace and defense accounted for over 50% of total beryllium consumption in 2020. Beryllium improves aircraft performance by reducing weight. With rising global air passenger traffic and military budgets, production and procurement of new aircrafts, helicopters and missiles is increasing globally. This is expected to drive significant demand for beryllium over the forecast period.

Another driver is increasing consumption of beryllium in electronics industry. Beryllium has high thermal conductivity and electrical properties which makes it suitable for manufacturing electronics components such as switches, circuit boards and transistors. Rising demand for smartphones, consumer electronics and electric vehicles is expected to boost beryllium consumption in electronics applications during 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 has high strength-to-weight ratio making it useful for aerospace applications. It has high melting point and excellent heat dissipation properties allowing it to withstand extreme temperatures. The metal is non-sparking and has high X-ray transparency, making it suitable for medical imaging and radiation windows.

Weakness: Beryllium is toxic in nature which poses health risks during mining and processing. Stringent regulations and compliance requirements associated with its handling increases production costs. The metal is also rare and supply is limited to a few countries.

Opportunity: Growing demand for beryllium from the aerospace, defense, and automotive industries due to lightweight and high strength properties. Increasing investments in space exploration programs worldwide is expected to boost the market. Rapid adoption of beryllium in healthcare applications such as x-ray windows and radiation shielding offers new opportunities.

Threats: Availability of substitute materials such as aluminum, titanium, carbon fiber and plastics poses a threat. Stringent government regulations regarding mining, production, and handling of beryllium increases compliance costs.

Key Takeaways
The global beryllium market is expected to witness high growth, exhibiting a CAGR of 2.1% over the forecast period, due to increasing demand from the aerospace industry. Lightweight properties of beryllium help manufacture fuel efficient aircraft with reduced carbon footprints. Players are actively investing in R&D to develop new beryllium alloys with enhanced tensile strength and heat dissipation for structural aircraft components.

Regional analysis: North America currently dominates the global beryllium market due to presence of major players and aerospace manufacturers in the US. Europe is the second largest market supported by presence of major automotive companies. Asia Pacific is expected to witness fastest growth due to increasing investments in the defense sector by emerging economies like India and China. Countries are developing indigenous production capabilities to fulfill the rising demand.

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. Major players are focusing on capacity expansion and developing new alloys to tap the increasing demand from end-use industries. Collaborations and long-term contracts with OEMs is a key strategy adopted by manufacturers.