Global beryllium market is estimated to witness high growth, owing to demand from aerospace sector & increasing use in medical devices.
Global Beryllium Market is estimated to be valued at USD 159.1 million in 2024, exhibiting a CAGR of 3.1% over the forecast period of 2024-2031. The market growth is driven by rising demand for beryllium from the aerospace industry where it is used in aircraft brakes and structural skins due to its high strength, stiffness, and lightweight properties. Furthermore, increasing use of beryllium-copper alloys and beryllium oxide ceramics in medical devices and equipment is expected to offer new growth opportunities over the next few years.
Market Dynamics:
Global beryllium market growth is driven by increasing demand from the aerospace sector and growing applications in the medical devices industry. One of the major drivers is rising uptake of beryllium in the aerospace sector where it is increasingly being used in aircraft brakes, structural skins, and mirrors owing to its high strength-to-weight ratio. Beryllium helps aerospace manufacturers in reducing the overall weight of aircraft while enhancing their performance.
Growing Demand from Aerospace and Defense Industries
The aerospace and defense industries are one of the major end-use sectors of beryllium metal and alloys. Beryllium possesses excellent strength-to-weight ratio and stiffness properties that makes it an ideal material for manufacturing of aerospace components. Its light weight helps reduce the overall weight of aircrafts and spacecrafts, resulting in improved fuel efficiency. Furthermore, beryllium has high corrosion resistance and ability to conduct both heat and electricity, which is important for electronics applications in defense equipment. All these properties boosts demand for beryllium from aerospace and defense sectors.
Rising Usage in Medical Devices and Equipment
Beryllium has gained significance in the medical sector due to its unique properties. It is used to manufacture X-ray windows, dental tools, surgical instruments and diagnostic equipment. Beryllium provides rigidity, thinness and strength required for portable medical equipment. It has electromagnetic properties which makes it suitable for medical applications involving radiation. Moreover, beryllium's biocompatibility allows its use in implants. Increasing healthcare spending worldwide as well as demand for advanced medical technology boosts the need for beryllium.
Stringent Health and Safety Regulations
Exposure to beryllium dust or fumes can cause serious health issues like berylliosis in humans. Various regulatory bodies have instituted stringent rules regarding the production, processing and handling of beryllium and beryllium-containing materials. Manufacturers need to invest significantly in workplace safety and monitoring. The regulatory norms have increased compliance costs for companies. The hazards associated with beryllium mining can restrict new market entrants. Stringent health and environmental regulations can hamper the market growth.
Availability Issues due to Limited Resources
Beryllium reserves around the world are limited and confined to just a few countries. The U.S., China, Kazakhstan and Russia are the major suppliers. Any disruption in the supply chain or escalating geo-political risks can negatively impact availability and prices of beryllium. Moreover, beryllium production is a complex, lengthy and capital-intensive process. These factors hinder capacity expansion and limit production volumes. Overall scarcity and restricted availability of beryllium can hamper the market growth.
Substitution of Costly Alternatives
Beryllium offers design engineers an affordable alternative to high-precision alternatives like aluminum and magnesium alloys for several structural applications. Due to its unique stiffness-to-weight capability, beryllium helps reduce costs associated with component manufacturing. Growing R&D activities are exploring new alloy formulations that can replace more expensive materials like titanium, copper and steel. This opens up scope for beryllium substitution across diverse industries.
Advances in Recycling Technologies
Although beryllium reserves worldwide are limited, recycling and reuse play a key role in expanding available resources. Technology advancements allow more efficient extraction and recovery of beryllium from scrap, dross and alloys. Investments into hydrometallurgical and pyrometallurgical recycling processes can significantly boost recycled beryllium supplies. Reusable beryllium alloys used in manufacturing can reduce dependency on virgin feedstock mining. Improved recycling offers a promising market opportunity by addressing sustainability and availability issues over the long term.
Link - https://www.coherentmarketinsights.com/market-insight/beryllium-market-5397
Key Developments
- In July 2022, Materion Corporation and Kairos Power jointly inaugurated a Molten Salt Purification Plant (MSPP) at Materion's facility in Elmore, Ohio, U.S., to commercially produce Flibe, a molten salt coolant utilized in nuclear energy production.
- In April 2022, IBC Advanced Alloys Corp., a leading manufacturer of beryllium and copper advanced alloys, began copper alloy casting operations at its newly expanded copper alloy foundry facility in Franklin, Indiana, U.S.
- In April 2020, IBC Advanced Alloys Corp. announced its intention to produce strategic alloy products, solidifying its position within the US Defense Industrial Base.
- In August 2019, IBC Advanced Alloys Corp. announced that it had secured new orders for high-performance beryllium-aluminum alloy parts made from its proprietary Beralcast material. The orders, valued at USD 400,000, were placed by a leading global manufacturer of semiconductor and electronics assembly equipment for delivery in the fourth quarter of 2019. These orders were placed under an existing exclusive supply agreement between IBC and the semiconductor assembly equipment manufacturer.
Key Players
American Beryllia Inc., American Elements, Belmont Metals, Hunan Shuikoushan Nonferrous Metals Group Co. Ltd (SKS, IBC Advanced Alloys, Materion Corporation, NGK Metals Corporation, The Atomic Company "Kazatomprom", Materion Corporation, Amigo Impex, Disha Steels, Rajendra Metal Industries, AVIVA Metals, Bhagyashali Metal, Kemlite Piping Solution
