The global beryllium market is expected to reach USD 80.7 million by 2025, according to a new report by Grand View Research, Inc. The rising consumption of beryllium owing to its superior physical and mechanical properties is expected to drive growth.
Increasing penetration of the metal in aerospace and defense sector is expected to drive the product demand. Aerospace industry consumes around 15% of the overall beryllium that is produced due to the superior properties exhibited by the product including high stiffness and thermal & electrical conductivity.
Beryllium and its alloys are used to effectively manufacture functioning products that cater to a wide range of end-use industries such as aerospace, energy, automotive, medical, electronics, and defense. The growing defense industry in economies such as China, Japan, and India owing to high investments is expected to drive growth in the region.
The U.S. is a major consumer of the metal. The Department of Defense, U.S., has recognized high-purity beryllium as a critical material for the manufacturing of aerospace and defense components, owing to which, the product is stockpiled for defense-related applications in the event of national emergency. This is expected to lower the availability of the product for other applications including oil & gas and industrial components.
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Further key findings from the report suggest:
Aerospace & Defense is the major application segment of beryllium & its alloys. It is expected to denote a CAGR of 3.2% over the forecast period due to the rise in defense-related expenditure, especially in countries such as the U.S., China, and India
Industrial segment dominated the market from 2014 to 2016; however, the market is expected to witness gradual decline owing to the increasing use of substitutes in the manufacturing of industrial components
North America accounted for over 90% of the overall consumption in 2016 owing to the rising consumption of industrial components in consumer electronics and defense sectors
Asia Pacific market is likely to witness fastest growth of 1.2% over the forecast period with Japan estimated to account for the highest consumption due to the rising use of industrial and consumer electronics and increasing defense spending
Materion Corporation is the major producer of the metal and exhibits a competitive edge over its counterparts owing to the magnitude of its production volume and extensive distribution channels
Grand View Research has segmented the global beryllium market on the basis of application and region:
Application Outlook (Volume, Kilograms; Revenue, USD Thousands; 2014 - 2025)
Regional Outlook (Volume, Kilograms; Revenue, USD Thousands; 2014 - 2025)
Rest of World
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