Helium Market is Estimated to Grow at a CAGR of 4.65% by 2030
According to ChemAnalyst report, “Helium Market Analysis: Plant Capacity, Production, Operating Efficiency, Demand & Supply, End Use, Distribution Channel, Region Demand, 2015-2030”, Helium market has shown considerable growth in the historic period and is projected to reach 9.05 million tonnes, growing at a healthy CAGR of 4.65% during the forecast period 2022-2030. Growing demand of Helium from various sectors including medical and healthcare, aerospace, electronics and semiconductors etc is projected to boost the global market of Helium in the next ten years.
Helium (He) is a colorless, odorless, tasteless, inert monoatomic gas and second most abundant element present on the earth. Due to its extremely unreactive nature, it provides a protective atmosphere for making semiconductors and fibre optics. Helium is produced by the radioactive decay of heavy elements such as uranium and thorium which radiates alpha particles underground. It can also be synthesized by liquefying air and separating the component gases. Due to its unique properties, it is widely used in numerous applications including MRI magnets, Heliox mixtures for treating lung diseases, mobile phones, computers, microscopes, airbags, welding, etc. Helium is also used to detect leaks in car air-conditioning systems. Helium is extensively used for cryogenic applications because of it uniquely low boiling point in the medical sector for high-technology manufacturing to science and technology investigations in academic laboratories.
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The global Helium market on the basis of end-use industries can be segmented into aerospace, electronics, and semiconductors, nuclear power, healthcare, welding, metal fabrication, and others. Healthcare industry dominates the global Helium market and is forecasted to maintain its dominance until 2030 owing to its wide range of applications in the medical sector as there is no substitute present for helium in cryogenic Helium applications. The developments in transport methods and storage efficiency of several gases are anticipated to provide numerous opportunities in upcoming years.
Based on type, Helium market is categorized into Liquid and Gas. Helium in Gaseous phase held the largest share of the global Helium market in 2020 due to its increased demand in medical appliances during the coronavirus pandemic. Increasing consumption of helium in the electronics and semiconductor industry for modern and advanced electronic products is likely to accelerate the Helium market around the world. Many leading players are merging with new acquisitions to strengthen their R&D department and improve their market footprint.
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In 2020, due to the spread of COVID-19, leading authorities in major emerging economies caused nationwide lockdowns which had a negative impact on several industries. The most affected industry during the global crises were medical gases. However, the demand for semiconductors and electronics declined during the pandemic. Aerospace industry also witnessed a major decline due to the interruptions in the global supply chain of helium. Besides, the rapid slowing down in research and development activities also caused a major disruption in the helium market across the globe.
Region wise, the Asia Pacific region dominated the largest market share of Helium in 2020 owing to its increasing demand for healthcare and semiconductors, and electronics. Moreover, increasing urbanization and per capita income in major economies like India and China coupled with a growing number of industries using helium is another factor propelling demand growth in the Asia Pacific region.
According to ChemAnalyst report, Helium Market: Plant Capacity, Production, Operating Efficiency, Demand & Supply, Application, End Use, Distribution Channel, Region, Competition, Trade, Customer & Price Intelligence Market Analysis, 2015-2030”, some of the major players operating in Helium market include Air Liquide, Exxon Mobil Corporation, Gulf Cryo, Air Products and Chemicals, Linde Plc, Messer Group GmbH, PGNIG SA, Renergen, Inc., Gazprom, Iwatani Corporation, Qatar gas Operating Company Limited, Matheson Tri-Gas Inc., NexAir LLC, Weil Group. and Others.
“Rapidly growing demand of Helium in healthcare industry due to its high demand in surgery, therapy, treatments, cancer screening and neurology is expected to boost the global market of Helium in upcoming years. Regionally, Helium is widely used in the North America as US and Canada spends their major share of GDP in the healthcare department. Recently, healthcare sector has expanded in the Asia Pacific region, especially in India owing to the increasing expenditure by public and private players in the healthcare department. It is expected that India will further witness the augmented growth and become the world’s fifth largest consumer market in coming years. With new market players emerging across the global Helium market, it is extremely important to keep an eye on which region will grab the biggest market share during the forecast period.” said Mr. Karan Chechi, Research Director with TechSci Research, a research-based management consulting firm promoting ChemAnalyst worldwide.
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