The global Gaseous and Liquid Helium Market is estimated to be valued at US$ 7.05 billion in 2023 and is expected to exhibit a CAGR of 22.9% over the forecast period 2023-2030, as highlighted in a new report published by Coherent Market Insights.
Gaseous and liquid helium are widely used in various industries, including healthcare, aerospace, electronics, and cryogenics. Helium is extensively used as a cooling agent in superconducting magnets in MRI machines and as a cleaning agent in the production of semiconductors. Additionally, liquid helium is used for cooling applications in cryogenics, such as in liquefaction of gases, superconductivity studies, and in cooling nuclear reactors. Due to its unique properties, such as low boiling and melting points, helium is in high demand across various industries.
Driver: Increasing demand from healthcare industry
The healthcare industry is a major consumer of helium, especially in MRI machines. MRI machines use superconducting magnets that require liquid helium for cooling. With the growing prevalence of chronic diseases and the need for accurate diagnostics, the demand for MRI machines is increasing, leading to a higher demand for helium. Additionally, helium is used in cryosurgery and cryotherapy, further boosting its demand in the healthcare industry.
2. Opportunity: Advancements in technology
Advancements in technology have led to the development of more efficient and cost-effective helium liquefaction and recovery systems. These advancements enable the reuse and recycling of helium, reducing wastage and ensuring a continuous supply of helium for various applications. Furthermore, ongoing research and development activities are focused on helium production from unconventional sources, such as natural gas reserves and helium-rich gas fields, presenting significant opportunities in the market.
The gaseous helium segment dominates the market, accounting for the largest market share. Gaseous helium is extensively used in various applications, such as welding, leak detection, and pressurization. The easy availability of gaseous helium and its cost effectiveness contribute to its dominance in the market.
Political: Political stability in helium-producing countries ensures a steady supply of helium to the market.
Economic: The economic growth of countries influences the demand for helium, especially in sectors such as healthcare and electronics.
Social: The increasing awareness about the importance of helium in various industries and its unique properties drive the market growth.
Technological: Advancements in helium liquefaction and recovery systems enhance the efficiency and sustainability of helium usage.
The global Gaseous And Liquid Helium Market Share is expected to witness high growth, exhibiting a CAGR of 22.9% over the forecast period, due to increasing demand from the healthcare industry and advancements in technology.
The Asia-Pacific region is expected to be the fastest-growing and dominating region, driven by the growing healthcare industry and increasing investments in infrastructure development.
Key players operating in the global gaseous and liquid helium market include 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, and Messer Group GmbH. These companies focus on product innovation, strategic collaborations, and acquisitions to strengthen their market position.
In conclusion, the gaseous and liquid helium market is expected to experience significant growth in the coming years, driven by the increasing demand from the healthcare industry and advancements in technology. The Asia-Pacific region is expected to be a key market for helium, fueled by its growing healthcare sector and infrastructure development. Key players in the market are actively engaged in strategic initiatives to further expand their market presence and cater to the rising demand for helium.