Helium Market Analysis

Global Helium Market Overview

Helium Market Size was valued at USD 22.91 billion in 2023. The helium industry is projected to grow from USD 23.90 billion in 2024 to USD 33.56 billion by 2032, exhibiting a compound annual growth rate (CAGR) of 4.33% during the forecast period (2024- 2032). The expansion of cryogenics and liquid helium use in MRI scanners and the rapid expansion of the medical industry are the key market drivers enhancing the market growth.

Source: Secondary Research, Primary Research, MRFR Database and Analyst Review

Helium Market Trends

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  Growing Healthcare Sector to boost the market growth

  
  

There are several applications for helium in the healthcare industry. Liquid helium is ideal for MRI machine magnet cooling since it can cool to -269° C. Additionally, it is utilized to observe breathing. It is crucial to managing breathing disorders such as asthma, emphysema, and others. By 2022, it is anticipated that the country's healthcare sector will be worth USD 372 billion, primarily due to diseases, rising income, more insurance coverage, and growing health awareness. With a 1.6% annual growth rate, India's medical industry is gaining from the country's expanding populace. An aging population of nearly 100 million people, rising rates of lifestyle diseases, rising affluence, and greater use of health insurance are driving the helium industry expansion toward more advanced and precise medical devices.

The number of manufacturing facilities and development centers in the US has increased significantly due to the emphasis on producing high-end products. It is predicted to raise its consumption over the projection period. The largest aerospace industry in the world is also found in the United States. Due to unfavorable pilot demographics, the availability of significantly less expensive alternatives for recreational use, and the overall rising cost of aircraft ownership, the total active general aviation fleet is predicted to shrink by 0.9 percent from 212,335 aircraft in 2019 to 210,380 aircraft by 2040. The fleet of more expensive and sophisticated turbine-powered aircraft, including rotorcraft, is anticipated to rise by 14,640 aircraft, or 1.82% per year, between 2019 and 2040. Still, the fleet of turbojet aircraft is anticipated to grow by 2.32% per year.

Electronics manufacturers primarily use it in Asia to produce semiconductors, flat-panel displays, and optical fibers. The material is a coolant in panel construction, silicon wafers, and device manufacturing processes. The growth of the electronics markets in China, South Korea, and Taiwan is predicted to drive the market, which enhanced the helium market CAGR across the globe in recent years.

It is possible to cool objects to a thousandth of a Kelvin, or less than minus 267 degrees Celsius, using the stable refrigerant helium. It cannot be compared to any other coolant. The superconducting machinery of particle accelerators is cooled in liquid form. Accelerators can be many miles long and need to be cooled throughout. After being filled with it, an accelerator can keep using the refrigerant, another factor driving the growth of the helium market revenue.

For instance, in October 2023, North America Helium (NAH) unveiled its seventh production facility. The location of this plant is Cadillac near Ponteix, Saskatchewan. This new plant will begin with an initial helium production capacity of 22 million cubic feet per year (MMcf/year). NAH has already begun drawing up expansion plans for this plant in 2024 due to drilling successes that are still ongoing in the area.

Helium Market Segment Insights

Helium Form Insights

The helium market segmentation, based on form, includes liquid and gas. The gas segment held the majority share in 2021 of the helium market revenue. Due to its exceptionally low solubility in water and blood, it is employed as a deep-sea diving gas at depths below 30 meters. The oxygen-breathing mixtures like heliair, trimix, and heliox are used instead of nitrogen/oxygen-breathing mixtures to prevent nitrogen narcosis or the build-up of nitrogen in the blood. Its chemical inertness makes it a preferred protective gas. Due to its high specific heat and excellent thermal conductivity in producing semiconductors, it serves as a cooling gas.

Figure 2:  Helium Market by Form, 2021 & 2030 (USD Billion)

Helium Application Insights

The helium market segmentation, based on application, includes cryogenics, pressurizing and purging, welding, leak detection, breathing mixtures, controlled atmosphere, and others. The cryogenics segment dominated the market in 2021 and is projected to be the faster-growing segment during the forecast period 2022-2030. For cryogenic applications like electron spin resonance spectroscopy (ESR), superconducting quantum interference device (SQUID), particle accelerators, the large hadron collider, magnetic resonance imaging (MRI), nuclear magnetic resonance (NMR) spectroscopy, and superconducting magnetic energy storage (SMEs), helium is used as a super coolant, positively impacts the market growth.

Helium End-Use Industry Insights

The helium market data has been bifurcated by the end-use industry into aerospace & defense, electrical & electronics, medical, automotive, energy, leisure/recreational, welding & metal fabrication, and others. The medical industry segment dominated the market in 2021 and is projected to be the faster-growing segment during the forecast period 2022-2030. There are numerous uses in the medical industry. Since it can chill MRI magnets to a temperature of -269° C, the liquid form is the best option. Helium is also used to keep track of breathing. It is a key component in treating asthma, emphysema, and other breathing problems.

Helium Regional Insights

By Region, the study provides market insights into North America, Europe, Asia-Pacific, and the Rest of the World. North America market accounted for USD 8.20 billion in 2021 and is expected to exhibit a significant CAGR growth during the study period. The US aerospace and defense sectors contributed to the market's 865 billion USD revenue. Expanding the healthcare sector and technology development will further boost market expansion.

Further, the major countries studied in the market report are: The U.S., Canada, Germany, France, UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil.

Figure 3:  HELIUM MARKET SHARE BY REGION 2021 (%)

Source: Secondary Research, Primary Research, MRFR Database and Analyst Review

Europe helium market accounts for the second-largest market share. In the foreseeable years, Europe is also anticipated to strengthen its position with solid helium market growth. The region's growth will be considerably enhanced by the expanding demand for low-cost, high-tech products and products made of metal. Further, the Germany helium market held the largest market share, and the UK helium market was the fastest-growing market in the European region.

The Asia-Pacific Helium Market is expected to grow at the fastest CAGR from 2022 to 2030. End-use industries, such as electronics, electrical, medical, automotive, etc., will be aided by market expansion. The need will rise in places like China and India. Recently, China allocated over USD 150.2 billion to buy it for its defense industry in 2017. Moreover, China helium market held the largest market share, and the India helium market was the fastest-growing market in the Asia-Pacific region.

Helium Key Market Players & Competitive Insights

Major market players are spending a lot of money on R&D to increase their product lines, which will help the helium market grow even more. Market participants are also taking various strategic initiatives to grow their footprint, with key market developments such as new product launches, contractual agreements, mergers and acquisitions, increased investments, and collaboration with other organizations. Competitors in the helium industry must offer cost-effective items to expand and survive in an increasingly competitive and rising market environment.

One of the primary business strategies manufacturers adopt in the helium industry to benefit clients and expand the market sector is manufacturing locally to reduce operating costs. In recent years, the helium industry has provided some of the most significant benefits. The helium market major players such as Air Products and Chemicals Inc (US), The Linde Group (Germany), Praxair Technology Inc (UK), Air Liquide (France), and others are working on expanding the market demand by investing in research and development activities.

Selling gases and chemicals for industrial usage is the main line of business for Air Products and Chemicals, Inc., an American multinational corporation. The administrative center of Air Products is located in Allentown, Pennsylvania, in the state's Lehigh Valley. Air Products provides atmospheric industrial gases (primarily oxygen, nitrogen, argon, hydrogen, and carbon dioxide), process and specialized gases, performance materials, and chemical intermediates to customers in the technology, energy, healthcare, food, and industrial markets across the globe. In October 2019, Air Products was given a contract by NASA to supply it for its space projects. According to NASA, the agreement with Air Products started on October 1 and will last for two years, with three one-year options to extend it through September 30, 2024. The contract is worth USD 168 million in total.

Also, The Linde Group is a large, worldwide chemical corporation with its headquarters in the UK and its domicile in Ireland as of 2018. It was founded in Germany. Customers from the healthcare, petroleum refining, manufacturing, food, beverage carbonation, fiber-optics, steel production, aerospace, material handling equipment (MHE), chemicals, electronics, and water treatment sectors are served by it. In April 2022, a long-term contract was reached by Linde to deliver it to the United States from the Texas production facility of Freeport LNG. Linde will build a new processing facility to purify and liquefy recovered helium.

Key Companies in the helium market include

• Noble Helium Pty Ltd (Australia)


• Air Products and Chemicals Inc (US)


• The Linde Group (Germany)


• Praxair Technology Inc (UK)


• Air Liquide (France)


• Nippon Helium Inc (Japan)


• Gulf Cryo (Kuwait)


• Weil Group (US)


• Messer Group GmbH (Germany)


• nexAir LLC (US)


• Qatargas Operating Company Limited (Qatar), among others

Helium Industry Developments

In July 2022, Iwatani Corporation and Helios Specialty Gases had an agreement when Iwatani was supposed to supply liquid helium to Helious’s transfilling facilities located within Gujarat, Telangana and Rajasthan.

In April 2022, Linde executed a long-term helium purchase contract with Freeport LNG for the recovery of helium contained in Freeport LNG’s Texas production site. The new plant is expected to be established at Freeport by Linde for purifying and liquefying the recovered helium. This project is anticipated to commence in 2024, providing nearly 200 million cubic feet of helium to Linde's supply portfolio.

Tumbleweed Midstream announced in January 2020 that it had acquired the DCP Midstream Ladder Creek helium plant and gathering system. The plant lies west of Cheyenne Wells, Colorado, where the gas produced in this area is high, with an average concentration of around 3%.

In November 2021, First Helium Inc., which is an exploration company with significant prospects across Western Canada, stated that its technical team had finished assessing some 880000 prospect acres in Southern Alberta (Canada) while also taking over another 276000 acres including more than 76000 acres corresponding to three dimensional seismic as well as two-year duration land permit.

In February 2023 - Infineon Technologies AG, one of the world's leading semiconductor companies, was granted permission to construct a €5bn ($5.35bn) semiconductor facility capable of supporting automotive power electronics for mobile chips used in products like industrial chips and sensors that are compatible with standards such as those required for wireless functionality up to fifth-generation (5G) networks. It is expected to be operational by 2026.

In July 2022, the National Epitaxy Facility joined forces with the Universities of Sheffield, Cambridge, and University College London (UCL), supporting Britain’s aspiration to become a global leader in semiconductor R&D. Moreover, Northeast Advanced Material Electronics (NEAME), a new cluster aimed at positioning and promoting the UK as a premier destination for advanced compound semiconductor technology design and manufacturing, was also launched in the country.

Helium Market Segmentation

Helium Form Outlook

• Liquid


• Gas

Helium Application Outlook

• Cryogenics


• Pressurizing and Purging


• Welding


• Leak Detection


• Breathing Mixtures


• Controlled Atmosphere


• Others

Helium End-Use Industry Outlook

• Aerospace & Defense


• Electrical & Electronics


• Medical


• Automotive


• Energy


• Leisure/Recreational


• Welding & Metal Fabrication


• others

Helium Regional Outlook

• North America
  
  
  
  • US
  
  
  • Canada
  
  
  
  


• Europe
  
  
  
  • Germany
  
  
  • France
  
  
  • UK
  
  
  • Italy
  
  
  • Spain
  
  
  • Rest of Europe
  
  
  
  


• Asia-Pacific
  
  
  
  • China
  
  
  • Japan
  
  
  • India
  
  
  • Australia
  
  
  • South Korea
  
  
  • Australia
  
  
  • Rest of Asia-Pacific
  
  
  
  


• Rest of the World
  
  
  
  • Middle East
  
  
  • Africa
  
  
  • Latin America
  
  
  
  

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