Helium Market Size to be Worth USD 3.9 billion by 2031, with Notable CAGR of 4.1%| Transparency Market Research, Inc.
The growing application of helium in the healthcare industry and electronics and semiconductors industry is driving the demand for helium market.
Wilmington, Delaware, United States, Nov. 23, 2023 (GLOBE NEWSWIRE) — Transparency Market Research Inc. – The global helium market is projected to flourish at a CAGR of 4.1% from 2023 to 2031. As per the report published by TMR, a valuation of US$ 3.9 billion is anticipated for the market in 2031. As of 2023, the demand for helium is expected to close at US$ 2.9 billion.
The growing advancements in technology drive the demand for helium. It’s a critical component in manufacturing semiconductors, fiber optics, and other high-tech applications. As technology progresses, the need for helium in these industries increases, driving the market demand.
Helium is crucial for MRI machines, which are extensively used in medical diagnostics. As healthcare systems advance and MRI technology becomes more prevalent, the demand for helium in this sector grows. Increasing application of helium in various aerospace applications, including for satellite and spacecraft propulsion, pressurization, and as a coolant. As space exploration and defense technologies expand, so does the demand for helium.
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Helium does not cause corrosion to the equipment and is not toxic. It is used as a preferred protective gas due to its chemical inertness. Helium is used as a cooling gas due to its very high specific heat and thermal conductivity in semiconductor manufacturing. Growth of the helium gas segment is expected to drive the helium market during the forecast period.
The growth of industries worldwide also contributes to the demand for helium, as it is used in welding, leak detection, and other industrial processes. Growing industrialization and technological advancement in emerging economies, particularly in Asia-Pacific regions, contribute to increased demand for helium.
Key Takeaways from the Market Study
- As of 2022, the helium market was valued at US$ 2.8 billion.
- In terms of type, the helium gas segment held prominent share of the global helium market in 2021.
Helium Market: Key Trends and Opportunistic Frontiers
- Growing focus on sustainable practices in helium extraction and usage. Innovations in recycling and efficient recovery methods may influence the market by impacting supply and demand.
- Geopolitical tensions or changes in trade policies can impact helium supply chains. This sensitivity can lead to fluctuations in the market based on global political dynamics.
Helium Market – Regional Analysis
- The helium market in Europe is expected to grow at a rapid pace during the forecast period, owing to the wide application of helium in the healthcare industry and other industrial activities in the region.
- Asia Pacific is estimated to be a highly attractive region of the global helium market during the forecast period. The market share of Asia Pacific is expected to increase during the forecasted period. This can be ascribed to the rise in investments in the healthcare industry in the region. The presence of developing economies such as China and India in the region is also likely to drive the helium market in Asia Pacific during the forecast period.
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Key Developments in Helium Market
- Air Liquide a multinational company specializing in gases, technologies, and services for industry and health, Air Liquide has a notable presence in the helium market. They are involved in helium production, distribution, and related technologies.
- Linde plc is another major player in the global helium market, involved in producing and distributing industrial gases, including helium. They operate across various regions and play a vital role in the helium supply chain.
- ExxonMobil has been involved in helium production through its natural gas operations. They have contributed to the global helium supply from their natural gas fields.
- Gazprom (Russia), a major Russian energy company, has also been involved in helium production. Russia has significant natural gas reserves containing helium, making Gazprom a player in the global helium market.
Helium Market – Competitive Landscape
The global helium market is highly consolidated, with a small number of large-scale vendors controlling majority of the share. Most of the companies are investing significantly in comprehensive research and development activities.
Expansion of product portfolios and mergers and acquisitions are the key strategies adopted by prominent players. Leading producers of helium are investing significantly in expansion of their production capacity as well as supply consistency to broaden their revenue streams.
- Linde Plc.
- Axcel Gases
- Taiyo Nippon Sanso Corporation
- Air Products and Chemicals, Inc.
- Messer Group
- Weil Group
- Iwatani Corporation
- Matheson Tri-Gas, Inc.
- The Southern Gas Limited
- Ellenbarrie Industrial Gases
- US Gas
- Air Liquide
- North American Helium
Helium Market – Key Segments
- Pressurizing and Purging
- Controlled Atmosphere
- Leak Detection
- Breathing Mixture
- Electronics and Semiconductors
- Energy and Power
- North America
- Latin America
- Asia Pacific
- Middle East & Africa
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