The global beryllium market is valued at US$ 119.1 million in 2023 and is anticipated to reach US$ 204 million by 2033, with worldwide demand for beryllium advancing at a CAGR of 5.5% from 2023 to 2033. Beryllium is a chemical element with the symbol Be and atomic number 4. It is a relatively rare element that is used in a variety of industries due to its unique properties, including its high stiffness, low density, and excellent thermal conductivity. Beryllium is often used in aerospace, defense, nuclear, and medical industries, as well as in the manufacturing of electronic devices and components
The global Beryllium market is influenced by several factors, including supply and demand, technological advancements, government regulations, and geopolitical events. The market is relatively small compared to other metals, with global Beryllium production estimated to be around 300 metric tons per year. The United States is the largest producer of Beryllium, followed by China and Kazakhstan
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Beryllium prices can be volatile due to its limited supply and demand fluctuations. The price of Beryllium is generally higher than other metals, which can make it a more expensive material to work with. The market for Beryllium is expected to grow in the coming years due to its increasing use in emerging technologies, such as electric vehicles, renewable energy, and advanced aerospace applications
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.
- North America: The United States is the largest producer of Beryllium in the world, accounting for over 60% of global production. Beryllium mining and processing are concentrated in Utah, Colorado, and Nevada. The US is also the largest consumer of Beryllium, with a high demand from the defense and aerospace industries.
- Asia-Pacific: China is the second-largest producer of Beryllium, with a significant portion of its production used for the manufacturing of electronic devices and components. Japan and South Korea are also major consumers of Beryllium, primarily for advanced technology applications.
- Europe: The European Union is a significant producer and consumer of Beryllium, with Germany and Russia being the primary producers. Beryllium is mainly used in nuclear power generation, aerospace, and electronics industries.
- Rest of the world: Beryllium production and consumption in the rest of the world are relatively low, with Brazil and Kazakhstan being the only notable producers. The demand for Beryllium in these regions is driven by aerospace, defense, and nuclear industries.
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Suppliers of beryllium are making investments in their supply chain management systems to keep up with rising worldwide demand and maintain product quality in accordance with legal requirements. Some firms are making environmentally friendly changes to lessen their influence on the environment.
To generate more leads in the target market, manufacturers are working hard to create more effective beryllium goods.
- 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
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Key Questions Covered in the Beryllium Market Report
What are the major challenges facing the Beryllium market, such as supply chain disruptions or environmental regulations?
Original Source of the original story >> Beryllium Market Prices Spike as Global Supply Chain Disruptions Continue