Beryllium is a naturally occurring critical metal that is used in many industries. It is hard, ductile and lightweight, and is useful for a variety of engineering applications. It also has an insulating effect and acts as an electrical insulator. These materials are used in optical and wireless transmission tools, as well as in industrial applications. As a result, some consumers may choose to substitute it with cheaper materials, such as aluminum, copper alloys, and titanium.
Market Statistics:
The Global Beryllium Market is estimated to account for 402.01 Mn in terms of value by the end of 2021.
Global Beryllium Market: Drivers
The rising demand for mobile devices and broadband speed is also contributing to the growth of the beryllium market. The fourth-generation technologies are expected to further enhance the power and bandwidth of communications systems. Beryllium alloys are being used in key industries such as aerospace and defense. These alloys have superior properties and are used in military jets to increase maneuverability and targeting capabilities. They are also extensively used in electronics, including high-definition television and connectors. These alloys are also known to have excellent thermal conductivity and electrical insulation.
Global Beryllium Market: Opportunities
Increasing awareness about the benefits of these alloys has opened up new avenues for their application in various other fields. The increasing awareness for beryllium's benefits is expected to boost the market growth during the forecast period. In addition to this, recycling opportunities are also expected to open up new opportunities for the players in the market.
Global Beryllium Market: Restraints
High cost of high-purity beryllium is projected to hampered the growth of the global beryllium market.
Global Beryllium Market - Impact of Coronavirus (Covid-19) Pandemic:
COVID-19 has negatively affected the economic growth in various countries. Countries, such as China, witnessed an impacts in the first quarter of 2020, while in countries, where the impact started from March, are expected to witness a major effect in the second quarter of 2020. China’s GDP shrank by 6.8% in the first quarter of 2020. India’s GDP growth rate in the country rose to 1.9% in FY 2020, according to early forecast of IMF. However, the forecast in the month of June suggested a contraction in the range of 2- 4% in the GDP in FY 2020. Due to the COVID-19 outbreak, airplane manufacturers are experiencing severe disruptions in production, owing to the slowing demand, due to suspended international flights. Demand for repairing aircraft has also declined, due to less maintenance required. Such factors are likely to impact the growth of the beryllium market in various end-user industries during 2020.
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Key Takeaways:
The global beryllium market was valued at 402.01 Mn in 2021 and is forecast to reach a value of 483.09 MT by 2030 at a CAGR of 2.12% between 2022 and 2030.
Alloys segment held dominant position in the global beryllium market in 2021, accounting for 78.28% share in terms of value, increasing approval and launch of new products is expected to propel growth of the segment during the forecast period.
Global Beryllium Market Trends:
Investment in the beryllium hydroxide market is expected to be a major trend in the market. The key players in the beryllium hydroxide market are investing heavily in expanding their production capacity and establishing their global presence. For example, in November 2020, IBC advanced Alloys Corporation closed an initial financing round with Lind Partners LLC. The investments in these companies are expected to drive the market during the forecast period.
Increasing demand in China is another key trend for the Beryllium market. The region has significant reserves of the metal, which should increase demand for the metal. The presence of numerous manufacturing units in China will also boost demand.
Global Beryllium Market: Competitive Landscape
American Beryllia Inc., American Elements, Belmont Metals, Hunan Shuikoushan Nonferrous Metals Group Co. Ltd (SKS）, IBC Advanced Alloys, Materion Corporation, NGK Metals Corporation, and The Atomic Company "Kazatomprom"
Global Beryllium Market: Recent Developments
In December 2019, Ucore Rare Metals Inc. announced that it partnered with Materion Corporation to respond to an open US government solicitation for a strategic assessment of the domestic heavy rare earth element market, in conjunction with an engineering evaluation of the viability of HREE separation capabilities at various sites within the United States.
In May 2020, Kairos Power entered a strategic collaboration with Materion Corporation to develop a reliable and cost-effective supply of coolant for its fluoride salt-cooled and high-temperature reactor (KP-FHR). Materion will supply beryllium fluoride, technical consultation, key interfaces, and support services.
In June 2020, Materion Corporation entered a definitive agreement to acquire the film optical coatings company, Optics Balzers AG. The deal was valued at approximately USD 160 million.
