The Gaseous and Liquid Helium Market is estimated to be valued at US$ 7.05 Bn in 2023 and is expected to exhibit a CAGR of 22. % over the forecast period from 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Helium gas has unique properties such as non-reactive, low boiling point and low density that finds widespread applications in various sectors. Some key uses of helium include usage in MRI machines where its non-reaction helps in better imaging. It is also used as a shielding gas in arc welding and as a lifting gas in balloons owing to its light weight. Liquid helium helps in achieving very low temperatures in laboratories and research centers. It is also used as a coolant for superconducting magnets used in various scientific applications.
Market Dynamics:
The growth of the gaseous and liquid helium market is driven due to its increasing use in healthcare sector. With a rise in non-communicable diseases, the demand for better diagnostics tools like MRI machines is growing. According to World Health Organization, cardiovascular diseases accounted for over 17 million deaths globally in 2015. Growth in healthcare infrastructure especially in developing nations will positively influence the demand for helium over the forecast period. Another key driver is growth in scientific research activities. Liquid helium helps in achieving temperatures near absolute zero required for various research applications. According to UNESCO data, the global expenditure on research and development was estimated to be over US$ 2 trillion in 2019 with dominance of nations like US, China and European countries. The increasing investment in emerging areas like nanotechnology, renewable energy and space will propel the need for stable supplies of helium.
Segment Analysis
Global Gaseous And Liquid Helium Market Size is dominated by the cryogenic segment that accounts for over 50% share of the overall market. Cryogenic helium is widely used by various end use industries including aerospace, manufacturing, oil and gas industry for its unique properties of providing high cooling temperatures below -268 degree Celsius. Being inert in nature and extremely light weight, cryogenic helium is preferred for applications such as semiconductors manufacturing, fiber optic cables, aerospace components requiring extreme cooling during manufacturing.
PEST Analysis
Political: Stable regulatory environment and government policies supporting the use of helium for industrial applications are positively impacting the market growth. However, uncertainties arising due to global trade wars can act as a restraining factor.
Economic: Rising industrial activities, infrastructure development projects across developing nations are fueling the demand. Whereas, fluctuations in crude oil prices can hamper the activities in end use industries like oil & gas.
Social: Increasing health awareness and focus on quality of medical diagnostic tests is propelling the demand for helium in medical applications.
Technological: Advancements in cryogenic cooling technology and novel extraction techniques are helping reduce production costs and maximize recovery rates.
Key Takeaways
The global Gaseous and Liquid Helium Market is expected to witness high growth, exhibiting 22% CAGR over the forecast period, due to increasing demand from industrial gas applications such as aerospace, manufacturing, oil and gas industries.
Regionally, Asia Pacific accounts for over 30% share of the global market and is expected to maintain its dominance due to rapid industrialization and infrastructure development activities underway in major economies such as China and India. North America is another key market owing to large presence of oil & gas and medical industries in the region.
Key players operating in the Gaseous and Liquid Helium market are Air Products and Chemicals, Inc., Linde plc, Praxair, Inc. (now part of Linde), Air Liquide S.A., Gazprom, RasGas (now part of Qatar Petroleum), ExxonMobil Corporation, Matheson Tri-Gas, Inc., Iwatani Corporation, Messer Group GmbH. The market is moderately consolidated in nature with top players accounting for over 60% share. Strategic partnerships and technology advancements are some of the key strategies adopted by leading companies to gain competitive edge in the market.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it