April 12, 2024
Gaseous and Liquid Helium Market

The Gaseous and Liquid Helium Market driven by Wide Range of Industrial Applications is estimated to be valued at US$ 7.05 Bn in 2023

Helium finds wide applications across various industries such as healthcare, electronics, welding, and life science research due to its unique physicochemical properties. It is used as a cooling agent in MRI and NMR machines and a shielding gas in arc welding. With increasing investments in healthcare infrastructure and growing semiconductor industry worldwide, the demand for helium is surging rapidly. The global healthcare sector has been witnessing significant modernization with growing focus on early diagnosis. This is creating strong demand for medical imaging equipment such as MRI machines which use liquid helium as a coolant. Additionally, helium finds wide use as a pressurizing and purging gas in the aerospace industry for liquid fuel rocket engines. The aerospace sector has also been growing steadily which is propelling the helium market.

The global 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 6.3% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market key trends:
The helium market is witnessing several trends that are shaping the market dynamics. One of the key trends is the shift towards more economical usage of helium. Helium recovery and recycling is gaining traction as it helps conserve this finite natural resource. Companies are investing in helium recovery units to trap and filter helium after end-use and reuse it. Development of novel separation technologies for low-cost extraction of helium from natural gas fields is also driving the recycling trend. Moreover, miniaturization of semiconductor devices is propelling the demand for low-temperature cooling applications where helium plays a critical role. The 5G revolution and proliferation of IoT devices are propelling the semiconductor industry growth worldwide, augmenting the helium consumption.

Porter’s Analysis
Threat of new entrants: The threat of new entrants is moderate as the gaseous and liquid helium market size requires high initial investments for production and storage facilities. However, the growing industrial applications are attracting new players.
Bargaining power of buyers: The bargaining power of buyers is high due to the availability of substitutes and undifferentiated products. Buyers can negotiate on price and switch between providers easily.
Bargaining power of suppliers: The bargaining power of suppliers is high given the limited number of helium production companies. Suppliers influence pricing and can threaten forward integration.
Threat of new substitutes: The threat of substitutes is moderate as nitrogen can be used for certain welding and cutting applications. However, helium maintains an advantage over substitutes in applications requiring its unique physical properties.
Competitive rivalry: Competition is high among established players like ThermoFisher Scientific to gain market share and leverage economies of scale.

Key Takeaways
The global gaseous and liquid helium market is expected to witness high growth over the forecast period of 2023 to 2030. The global 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 6.3% over the forecast period 2023 to 2030.

North America currently dominates the market, accounting for over 40% share in 2024, led by the US due to increasing industrial gas demand. However, Asia Pacific is projected to be the fastest growing regional market by 2030 with countries like China and India spearheading growth.

Key players operating in the gaseous and liquid helium market include ThermoFisher Scientific. ThermoFisher Scientific is a leading supplier and producer focused on expanding production capacity to meet the growing demand. It is focusing on long term contracts with industrial consumers to secure consistent revenues.

*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it