July 15, 2024
Beryllium Market

Increasing Use Of Aluminum Alloys To Boost The Growth Of Global Beryllium Market

Market Overview:

Beryllium is a silver-gray and hard metal found naturally in Earth’s crust. It has exceptional thermal and mechanical properties such as high specific stiffness, strength to weight ratio and high melting point. Owing to its ideal properties, beryllium is used as a copper alloying agent to produce beryllium copper alloys which have high strength and are corrosion resistant. Beryllium copper alloys find major applications in aircraft brakes, wiper arms, musical instruments and others. Beryllium also acts as a neutron moderator and reflector in nuclear reactors. Demand for beryllium is rising from the aerospace and defense industries due to increasing preferences of lightweight and high strength aluminum alloys.

Market key trends:

One of the major trends in the beryllium market is increasing use of aluminum alloys. Aluminum alloys strengthened with beryllium have superior properties compared to other aluminum alloys. They are up to 35% stiffer yet 40% lighter than commonly used aluminum alloys. Their main advantage is high stiffness and strength to weight ratio. For example, beryllium containing alloys like AlBeMet are used to manufacture aircraft parts where weight savings and stiffness are critical. Rising production of commercial aircraft globally is boosting consumption of beryllium metal and contributing to the market growth 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.

Porter’s Analysis

Threat of new entrants: Low capital requirements and established buyers limit the threat of new entrants in the beryllium market.

Bargaining power of buyers: The specialized nature of beryllium limits buyer power, as manufacturers have few alternatives.

Bargaining power of suppliers: A small number of suppliers and specialized mining and production process increases supplier power in the beryllium market.

Threat of new substitutes: Few proven substitutes for beryllium in many applications reduce the threat of substitution.

Competitive rivalry: Competition intensifying as demand rises and suppliers seek to maintain market share.

Key Takeaways

The global beryllium market is expected to witness high growth, exhibiting a CAGR of 2.1% over the forecast period 2023 to 2030, due to increasing demand from electronics and telecommunications industries.

The Asia Pacific region dominates the global beryllium market, with China being the largest producer and consumer. Easy availability of raw materials and growth in end-use industries such as electronics and telecommunications drives the market in the region. North America is another major market for beryllium owing to established aerospace and defense industries in the region.

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. American Beryllia Inc. is one of the leading producers of beryllium and beryllium products in North America.

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