Helium is an odorless, tasteless, non-flammable and non-toxic gas that is obtained as a by-product during hydrocarbon production. It has applications in various end-use industries such as electronics, healthcare, metallurgy and nuclear energy among others. Due to restrictions imposed by the U.S. government to conserve Helium reserves and anticipated shortage in the global supply, demand for Helium is increasing significantly. This growing demand is boosting the growth of Gaseous and Liquid 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 22% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
Rising demand from healthcare industry: Helium finds wide application as a lifting gas in balloons used in medical tests such as MRI scans and as a pressurizing agent in various medical applications. According to studies, demand for Helium from healthcare applications is expected to grow at a brisk pace during the forecast period.
Increasing space research activities: Helium is used as a propellant in launch vehicles and artillery shells to produce levity. With growing space research activities, demand from this application is also rising rapidly. For instance, NASA plans to launch over 50 commercial and scientific space missions by 2030 which would significantly boost Helium consumption. Strict government regulations: Due to limited reserves and critical nature, governments across the world have imposed strict regulations on Helium mining and trade. This is prompting companies to optimize extraction and recycling processes to overcome supply constraints.
Threat of new entrants: The threat of new entrants in the gaseous and liquid helium market is low due to the presence of established players operating in the market and high capital requirement.
Bargaining power of buyers: The bargaining power of buyers is high as they can switch between suppliers easily due to availability of multiple brands and less differentiation in products.
Bargaining power of suppliers: The bargaining power of suppliers is moderate due to availability of many raw material suppliers for helium.
Threat of new substitutes: The threat of new substitutes is moderate as helium has limited substitutes and is non-renewable.
Competitive rivalry: High due to presence of many established brands.
The Global Gaseous And Liquid Helium Market Size is expected to witness high growth, exhibiting 22% CAGR over the forecast period 2023 to 2030, due to increasing demand from healthcare sector.
Regional analysis: North America dominated the gaseous and liquid helium market in 2022 accounting for around 35% of the global market share. Asia Pacific is expected to be the fastest growing market during the forecast period owing to increasing industrialization and scientific research activities in countries such as China and India.
Key players operating in the gaseous and liquid helium market incorporate 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.
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it