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January 2024
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Beryllium is a light and rigid metallic element known for its high strength, stiffness and heat conductivity. It is used in variety of applications including aerospace, defence, automotive, telecommunications and electronics industries. The advantages of beryllium include high strength-to-weight ratio, high melting point, transparency to X-rays and neutrons, and resistance to corrosion.
The 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 to 2030, as highlighted in a new report published by Coherent Market Insights. Market key trends: One of the key trends in the beryllium market is rising demand from aerospace industry. Beryllium possesses properties like high stiffness, lightweight and heat resistance which make it an ideal material for aerospace applications. It is increasingly used in manufacturing of aircraft brakes, aircraft structures and components. The demand for aircrafts is rising globally due to increase in passenger travel and air freight. This is driving the growth of aerospace industry worldwide and subsequently boosting the demand for beryllium. Moreover, replacement of hard metals with beryllium alloys is also contributing to the market growth as it improves performance attributes of aerospace components. Porter’s Analysis Threat of new entrants: Beryllium's high development costs and need for specialized expertise creates economies of scale advantages for existing companies. Bargaining power of buyers: Buyers have moderate bargaining power owing to availability of substitutes like aluminium and copper alloys. Bargaining power of suppliers: Suppliers have moderate bargaining power as mining beryllium requires specialized skills and equipment. Threat of new substitutes: Substitute materials like aluminium and copper alloys pose moderate threat depending upon properties required. Competitive rivalry: Intense competition exists between major players to strengthen their market position. SWOT Analysis Strength: High strength-to-weight ratio and corrosion resistance properties make beryllium ideal for aerospace and defense applications. Weakness: High costs involved in production and issues related to mining beryllium pose some challenges. Opportunity: Growing aerospace and automotive industries are expected to drive demand. Increasing R&D for new applications will open new avenues. Threats: Stringent regulations on beryllium mining and processing pose threats. Substitute materials can replace beryllium depending on properties required. 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 aerospace and defense industries. North America dominates the market currently due to presence of major beryllium producers. The Asia Pacific region is projected to grow at fastest pace due to rapid growth of end-use industries in China and India. 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. Get more insights on this topic: https://www.dailyprbulletin.com/beryllium-market-market-size-share-analysis-growth/
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