Helium Gas Segment Is The Largest Segment Driving The Growth Of Gaseous And Liquid Helium Market
Helium gas and liquid are odorless, colorless, nontoxic and nonflammable. It is used in various industrial applications such as welding, pressurizing and purging, and as a carrier gas in chromatography. It also has wide ranging applications in healthcare such as MRI scans and laboratory uses.
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:
One of the key trends in the gaseous and liquid helium market is the increasing demand from healthcare sector. Helium finds major applications in magnetic resonance imaging (MRI) machines, which are used for various diagnostic purposes. As per the estimates by the US Bureau of Land Management, demand for helium from healthcare sector is expected to rise at 7% annually. MRI scans use helium to generate strong magnetic fields and allow alignment of protons in the body for diagnosis. With rising healthcare expenditure and growing aging population, the number of MRI procedures are increasing globally. This is expected to significantly drive the demand for helium over the forecast period.
SWOT Analysis
Strength: Helium has a variety of industrial applications ranging from surgical procedures to manufacturing semiconductors. As it is scarce and non-renewable resource, demand is expected to rise steadily.
Weakness: Volatility in helium prices poses a major challenge for manufacturers. Dependence on a few countries for helium supply makes the market vulnerable to geopolitical risks.
Opportunity: Growing usage of MRI machines and rising semiconductor industry offers lucrative growth opportunities. Emerging technologies such as quantum computing will further spur demand.
Threats: Substitution threat from other inert gases in few applications. Strict government regulations regarding helium conservation can impact supply.
Key Takeaways
The Global Gaseous And Liquid Helium Market Size is expected to witness high growth, exhibiting a CAGR of 22% over the forecast period, due to increasing demand from cryogenic applications and rising usage in healthcare sector.
Regional analysis
North America dominates the global market owing to developed healthcare infrastructure and presence of major semiconductor companies. Asia Pacific is anticipated to be the fastest growing market due to rising medical tourism and increasing electronics demand from countries like China and India.
Key players operating in the 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, Messer Group GmbH. These players are focusing on capacity expansion and mergers & acquisitions to strengthen their global presence.
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