Global Beryllium Market Is Anticipated To Witness Significant Growth Due To Growth Product Usage In Automotive Electronics And Growing Industrialization

 

Beryllium Market

Overview:

Beryllium is used in a wide variety of applications, including consumer electronics and telecommunications; medical equipment; defense electronics; and aircraft. It is also an important component of nuclear weapons, missile parts, guidance systems, optical systems, and heat shields. The most significant use of beryllium is in aerospace and defense applications, where it is a lightweight structural metal used in high-speed aircraft, spacecraft, guided missiles, and satellites to increase maneuverability and speed. It is also used in gyroscopes, accelerometers, and computer parts of inertial guidance systems, which help aircraft maintain their position and avoid hitting obstacles. Along with its use in metal, beryllium is also a dopant in several semiconductors, such as aluminum-gallium-arsenide and indium-gallium-arsenide. These materials can be used to make transistors and other electronic components.

The global Beryllium Market size is estimated to be valued at 402.01 MT in 2021 and is expected to exhibit a CAGR of 2.12% between 2022 and 2030.

Market Dynamics:

Increasing demand are estimated to augment growth of the global Beryllium Market over the forecast period. For instance, IBC Advanced Alloy Corp., gained purchase orders for beryllium alloy parts for usage in Raytheon Technologies' Advanced Targeting Forward Looking Infrared (ATFLIR) system in April 2021. The total purchase order was almost more than USD 1 million. Moreover, increasing product cost and lack of product availability are anticipated to restrain growth of the global beryllium market over the forecast period.

Impact of COVID-19:

The pandemic was first recognized in China in 2019 and this disease spread rapidly to other parts of the world. The global economy was severely affected due to shutting down of many industries. Several businesses across the world were affected owing to the pandemic. Many industries such as automobile, electronics and chemicals shad to shut down their operations due to shortage of raw materials and labor. This resulted in decrease in demand for beryllium as it is used in the production of consumer electronics. This affected the growth of the global Beryllium Market in a negative manner. However, now that many restrictions have been relaxed, several industries have resumed their operations and are estimated to witness growth.

Key Takeaways:

The global Beryllium Market is expected to witness high growth, exhibiting CAGR of 2.12% over the forecast period, due to increasing product launches. For instance, IBC Advanced Alloys Corp., launched copper alloy casting at their new and expanded copper alloy foundry facility in Franklin, Indiana in April 2022.

North America is anticipated to witness significant growth in the global beryllium market over the forecast period, owing to the presence of strong economy.

Major players operating in the global Beryllium Market are American Beryllia Inc., Xinjiang Xinxin Mining Industry Co. Ltd., American Elements, Texas Mineral Resources Corp, Belmont Metals Inc., NGK Metals Corporation, IBC Advanced Alloys Corp, NGK Metals Corporation, Materion Corporation, and National Atomic Company Kazatomprom.

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