Rockville, March 02, 2023 (GLOBE NEWSWIRE) -- The global beryllium market is forecasted to reach a value of US$ 204 million by the end of 2023, according to Fact.MR, a market research and competitive intelligence provider. Worldwide demand for beryllium is predicted to increase at a CAGR of 5.5% from 2023 to 2033.
Beryllium possesses a multitude of desirable properties such as low weight, low density, stiffness, thermal conductivity, high melting point, dimensional stability at varying temperatures, and heat-absorbing capabilities. Beryllium alloys are highly sought-after in several industries, including industrial, electrical, and medical, due to their unique features such as long-lasting spring, corrosion resistance, and electrical conductivity. Beryllium is alloyed with various materials such as iron, copper, magnesium, and aluminum, which further contributes to its increased demand.
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Beryllium is primarily produced from beryl and bertrandite ores, with bertrandite currently accounting for approximately 90% of global production. As a result, the growing demand for beryllium is expected to drive mining companies to increase their investments in new bertrandite ore sites.
Despite the many advantages of beryllium alloys, the high costs associated with them may prompt automotive manufacturers to explore alternative options. Additionally, beryllium suppliers may face challenges in terms of depleting raw material resources. However, the rising demand for third and fourth-generation technologies to improve mobile communication power and bandwidth speed could present new opportunities in the market.
The elevated cost of high-purity beryllium is attributed to its exceptional properties, such as low weight and high elastic modulus and stiffness. However, the scarcity of the product to satisfy the escalating demand from diverse end-use industries coupled with its high cost could push manufacturers towards alternatives. Titanium, aluminum, and copper alloys are commonly used as substitutes for beryllium.
Key Takeaways from Market Study
- The global beryllium market stands at US$ 119.1 million in 2023.
- The market is forecasted to reach a valuation of US$ 204 million by the end of 2033.
- Demand for beryllium is expected to expand at a CAGR of 5.5% through 2033.
- Sales of beryllium in the aerospace and defense sectors are predicted to increase at a CAGR of 5.6% from 2023 to 2033.
- The United States accounted for around 68% of global beryllium production in 2022.
- Demand for beryllium in Canada is projected to increase at a CAGR of 3.1% through 2033.
- Sales of beryllium in Germany are set to rise at a CAGR of 3% over the decade.
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Competitive Landscape
Manufacturers are actively involved in developing more efficient beryllium products to generate more leads in the target market.
For instance:
- In July 2022, Materion Corporation collaborated with Kairos Power to establish an MSPP (molten salt purification plant) at Materion in Elmore, Ohio, to commercially manufacture FLiBe. FLiBe is a type of molten salt coolant utilized in nuclear energy production. As the leading domestic supplier of beryllium fluoride components for energy solutions, Materion's commissioning of the MSPP is a significant step towards enhancing the production of FLiBe.
Key Companies Profiled
- Materion Corporation
- Alliance Design and Development Group, Inc.
- Imperial Metal Industries Limited
- Farmers Copper Ltd.
- Stanford Advanced Materials
- Aviva Metals, Inc.
- IBC Advanced Alloys Corporation
- NGK Metals Corporation
Winning Strategy
Key suppliers of beryllium are launching new products to attract the attention of global consumers.
For instance:
- In April 2022, IBC Advanced Alloys Corp. inaugurated its expanded copper alloy foundry facility in Franklin, Indiana. The company has the capability to manufacture various 2-ton billets of beryllium-copper alloy material at this plant.
Beryllium Industry Segmentation
- By Type:
- Alloys
- Metals
- Ceramics
- Others
- By End Use:
- Industrial Components
- Automotive
- Healthcare
- Oil and Gas and Other Energy Sources
- Aerospace and Defense
- Electronics and Telecommunication
- Others
- By Region:
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa
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More Valuable Insights on Offer
Fact.MR, in its new offering, presents an unbiased analysis of the global beryllium market for 2023 to 2033.
The study divulges essential insights into the market based on type (alloys, metals, ceramics, others) and end use (industrial components, healthcare, automotive, oil & gas, other energy sources, aerospace & defense, electronics & telecommunication, others), across five major regions of the world (North America, Europe, Asia Pacific, Latin America, and MEA).
Key Questions Covered in the Beryllium Market Report
- What will be the estimated size of the Market in 2023?
- At what rate will sales in the global Beryllium Market grow until 2033?
- Which are the factors hampering the Beryllium market?
- Which region will spearhead the growth in the global industry during 2023-2033?
- Which are the factors driving sales in the Beryllium Market during the forecast period?
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