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

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

Posted 2023-12-08 11:02:53

Beryllium is a hard and brittle metal known for its high strength, stiffness, and heat dissipation properties. It is light in weight and displays high thermal stability. Due to these properties, beryllium finds wide usage in aerospace and defense applications. It is used in aircraft brakes, spacecraft instruments, telescope mirrors, and more. The medical sector is another major end-use industry where beryllium is used in x-ray machines and medical imaging cameras.

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:
The demand from the aerospace industry is expected to drive the beryllium market growth over the forecast period. Beryllium possesses an ideal set of properties such as light weight, high specific stiffness, and strength that makes it suitable for aircraft structural applications. Increasing aircraft production to meet the growing passenger air traffic is expected to boost beryllium consumption. Additionally, growing reliance on beryllium for applications in spacecraft, satellites, missiles, and other defense equipment is also expected to support the market expansion. However, the carcinogenic nature of beryllium poses health risks during mining and production activities. Stringent regulations have been imposed regarding beryllium mining and production in several countries, which may hamper the market growth.

SWOT Analysis

Strength: Beryllium has unique physical and mechanical properties which make it suitable for high-performance applications. It is lightweight, incredibly strong and stiff, and also acts as a good conductor of both heat and electricity. It offers exceptional rigidity and dimensional stability across a wide temperature range.

Weakness: Beryllium is extremely toxic if it enters the body in the form of dust or fumes. Exposure to it can cause chronic beryllium disease which has no cure. Strict safety standards and regulations increase production costs.

Opportunity: Rising demand from the aerospace, defense, telecommunications, and automotive industries due to miniaturization of electronics and lightweighting trend in the automotive sector provides significant opportunities. Growing applications in the energy sector also present opportunities for market expansion.

Threats: Stringent government regulations regarding occupational health and environmental hazards limit production volumes. Substitutes like aluminum, plastics, and carbon fiber composites pose a threat where applications do not require beryllium's unique properties. Volatility in raw material prices can impact project costs.

Key Takeaways

The Global Beryllium Market Demand is expected to witness high growth, exhibiting a CAGR of 2.1% over the forecast period, due to increasing demand from the aerospace and defense industries. Miniaturization of electronics is driving the need for lightweight, high-performance materials like beryllium alloys in aircraft components.

Regional analysis: North America currently dominates the global beryllium market, accounting for over 35% of the total share in 2023. This is attributed to the strong presence of aircraft OEMs and component manufacturers in the region. The Asia Pacific region is expected to witness the fastest growth over the forecast period, driven by industrial development and strong manufacturing sectors in China and India.

Key players: 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 companies are focusing on new product development and capacity expansions to cater to the increasing demand.