The worldwide beryllium market is anticipated to reach USD 80.7 million by 2025, according to the findings of a recent research report by Grand View Research, Inc. Beryllium is a metal that possesses various properties such as stability at volatile temperatures, heat absorbing capacity, high melting point, and thermal conductivity. Alloys derived from the metal are gaining prominence in consumer electronics, aerospace and defense, and telecommunications owing to their superior characteristics. Major producers of beryllium are the U.S., Mozambique, Madagascar, and China.
Health and Safety Executive (HSE) regulations are mandatorily followed in beryllium mines to prevent chronic beryllium disease and lung cancer among workers. This is exemplified by guidelines drawn by the Occupational Safety and Health Administration (OSHA), a U.S.-based agency, to protect workers in construction and shipyards. Research and development investments by prominent companies are anticipated to pave open growth opportunities for the metal. In 2015, ArQule Inc. and Beryllium Discovery Corporation announced a collaborative R&D agreement to identify potential of small molecule compounds in combating various tumors.
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Positive feasibility studies regarding the extraction of beryllium can extend its area of applications. The Authier Lithium Project, a major mining center located in Canada, is being eyed by Sayona Mining, an Australian company for extraction purposes. Beryllium-based alloys have high demand in the aerospace and defense sector owing to their structural strength.
The beryllium market is expected to witness a steady growth rate during the forecast period (from 2017 to 2025) owing to its superior physical and chemical characteristics. Increasing demand for the metal in the aerospace and defense sectors is anticipated to spur the growth of the global market over the forecast period. A trend of miniaturization of electronic components coupled with growing need for lightweight materials is also likely to contribute toward the market growth in the years to come.
Some of the key market players include NGK Metals Corporation; Materion Corporation; Ulba Metallurgical Plant; and Texas Mineral Resources Corp. Establishment of numerous distribution channels coupled with a streamlined value chain is the key strategy undertaken by most of these market players in order to meet the escalating product demand.
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