February 22, 2024

Rising Demand For High Performance Metals To Drive The Growth Of Beryllium Market

Beryllium has exceptional properties like high stiffness, light weight, thermal stability and fire resistance which makes it suitable and superior alternative for high performance metals. It’s high strength to weight ratio makes it an ideal material for aerospace and defense applications. Beryllium provides excellent performance even in extreme temperatures which makes it suitable for use in spacecrafts, aircraft braking systems, missile components. In

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 2023-2030, as highlighted in a new report published by Coherent Market Insights.

Market Key Trends:

Growing aerospace and defense sector drives the demand for high performance lightweight metals like beryllium. Recent years have seen increased investments in development of advanced military aircrafts and weapons which requires heat resistant and stiff structural components. Additionally, rising use of beryllium in particle detectors, medical diagnostics and precision optics also supports the market growth. The growing electronics industry worldwide and increasing demand for portable consumer gadgets is projected to boost the use of beryllium over the forecast period.
Porter’s Analysis

Threat of new entrants: Low barriers to entry as beryllium extraction requires specialized expertise and large capital investments. Compliance with stringent environmental regulations also poses challenges for new players.

Bargaining power of buyers: Moderate as major buyers include aerospace, defense, telecommunications and other industrial sectors. Buyers can negotiate on pricing and demand customized products.

Bargaining power of suppliers: High due to limited number of suppliers and scarce beryllium reserves globally. Buyers depend on a few major suppliers for consistent supply.

Threat of new substitutes: Low as beryllium offers unique properties like high strength, stiffness and thermal conductivity. No direct substitutes exist for its applications in aerospace alloys and nuclear reactors.

Competitive rivalry: Moderate to high as key players vie for market share and expanding production capacities. Companies compete on pricing, product quality and reliability of supply.

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 the aerospace sector. Advances in aerospace alloys requiring beryllium’s strength and lightweight properties are driving consumption.

North America dominates the global market, owing to presence of major beryllium producers and aerospace companies. The proliferating defense and space exploration budgets in the US and Canada are fueling regional growth. Europe and Asia Pacific also offer lucrative opportunities for market expansion.

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 investing in new mining projects and enhancing production facilities to meet the rising beryllium demand.

Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it