Beryllium Market - Growth, Trends, COVID-19 Impact, and Forecasts (2023-2028)

Key Highlights

• In the short term, the market is likely to be driven by big things like the growing use of beryllium in medical equipment because of its great properties and its wide use in aerospace and military applications.
• The fact that there are other options can slow down the market studied during the forecast period.
• In the future, the need for beryllium oxide to make nuclear power is likely to present an opportunity.

Beryllium Market Trends

Automotive Segment to Drive the Market Growth

• In the automotive industry, beryllium is used as the connector material for battery and high-temperature applications. In addition, it is abundantly used in optical filters for night vision, speed control, sensors, and camera applications. ​
• Furthermore, the metal is used in the form of CuBe, a high-performance alloy, for the powertrain. Beryllium in the form of metal matrix composites is employed for chassis, suspension, and brake component applications. ​
• The lifesaving technology behind automotive airbags relies on beryllium alloys to work in a fraction of a second. Anti-lock brakes trust beryllium alloys to transmit electrical signals through terminal connections when seconds make a critical difference in preventing a collision. ​
• Since 2021, the global automotive industry has been expected to grow steadily but at a slower pace because of the decline in consumers' preferences for individual ownership of passenger vehicles and their increased preference for shared mobility in transportation. The global automotive industry is expected to grow at a rate of 2% per year, which will bring in an extra USD 1.5 trillion in revenue over the next five years.
• The Asia-Pacific region is the largest producer of vehicles in the world, as countries like China, India, and Japan are some of the major vehicle producers across the globe. Vehicle production in the region is expected to increase by 5.9% in 2022, compared to 47.9 million units produced in 2021.
• So, the above factors are likely to have an effect on the automotive industry, which may have an effect on the growth of the beryllium market over the next few years.

North America to Dominate the Market

• The United States is among the largest producers of beryllium due to the availability of mineable resources in the country. The globally identified beryllium resources are estimated to be more than 100,000 tons, and about 60% of these are in the U.S. According to the US Geological Survey (USGS), mine production in the United States stood at 170 tons in 2021.
• The Spor Mountain and Gold Hill areas in Utah, the McCullough Butte area in Nevada, the Black Hills area in South Dakota, the Sierra Blanca area in Texas, and the Seward Peninsula in Alaska account for most of the total reserve and mine production.
• The United States is the third-largest electric vehicle manufacturer after China and Europe. Seven of the 44 major US assembly plants, representing about 16% of US production capacity, are engaged in producing electric vehicles (EVs). General Motors owns three, Tesla owns two, Rivian Motors owns one, and Lucid Motors owns one.Demand for EVs grew by 85% from 2020 to 2021, and this continuously increasing demand for EVs in the country is expected to drive the market for beryllium during the forecast period.
• In the 2022 defense budget, the US government allotted USD 768.2 billion for national defense programs, about a 2% increase from the Biden administration’s original budget request. This indicates that beryllium is becoming more widely used in the sector.
• Beryllium metal is largely used in medical device manufacturing. In the United States, the medical device industry has grown substantially. More significant investment in R&D and medical technology development has resulted from increased demand for innovative products. Cardiology devices have been heavily utilized in the country for the last few years as the incidence of cardiovascular diseases has been growing. Cardiology devices will be worth approximately USD 18.2 billion in 2021.
• So, all of these things are likely to make more people want beryllium over the next few years.

Beryllium Market Competitor Analysis

Additional benefits of purchasing the report:

• The market estimate (ME) sheet in Excel format
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