The global helium market is expected Growth owing to Rising Demand from Various End Use Industries

 

Gaseous and Liquid Helium Market 

Helium finds wide applications in cryogenics, leak detection, welding, pressurizing, and lifting among other industrial processes. Its properties such as inert chemical nature and low boiling point enable it to perform critical functions across various end use verticals. Growing MRI scanning procedures and rising semiconductor manufacturing activities have significantly boosted the demand for helium over the years.

The global helium market is estimated to be valued at US$ 8.13 Mn in 2024 and is expected to exhibit a CAGR of 6.3% over the forecast period from 2024 to 2031.

Key Takeaways

Key players operating in the gaseous and liquid helium market are ThermoFisher Scientific Inc., OSI Systems Inc., Chemring Group PLC, Bruker Corporation, Viken Detection, FLIR Systems Inc., Astrophysics Inc., Aventura Technologies Inc., Teknicom Solutions Ltd., L3 Security and Detection Systems Inc., Nuctech Company Limited, and Smiths Detection Inc. These players are focusing on capacity expansion and new product development strategies to strengthen their market position.

The Gaseous and Liquid Helium Market Demand offers lucrative growth opportunities such as increasing demand for helium from the healthcare sector. Helium finds wide usage in MRI scans owing to its non-reactive nature and ability to conduct magnetic fields. Rising prevalence of chronic diseases and growing geriatric population are driving the demand for advanced medical imaging procedures worldwide. This is expected to propel the consumption of helium in the healthcare vertical over the coming years.

Key players are also focused on expanding their footprint in high growth regions. For instance, several manufacturers have increased their production capacities in Asia Pacific and Middle East & Africa. Ease of raw material availability and lower production costs are encouraging companies to set up manufacturing facilities in these regions. Additionally, growing industrialization and infrastructure development activities in developing nations will further accelerate the demand for helium in the forthcoming years.

Market drivers:

The primary driver which is propelling the growth of gaseous and liquid helium market is the rising demand from healthcare sector. Helium is widely used in MRI scans which are seeing increasing adoption rates owing to rising cases of chronic diseases.

Market restraints:

One of the major challenges faced by the gaseous and liquid helium market is the volatile supply and pricing of helium. As helium is a non-renewable resource, fluctuations in its production and supply have led to unpredictable price trends over the past years which hinders the market growth.

Segment Analysis

The gaseous and liquid helium market is dominated by the medical sector sub segment. This is because helium gas is used as a carrier and shielding gas in MRI machines. It allows for effective transfer of magnetic fields through the human body without any safety issues. Helium is also used for lung function testing and as a pressurizing agent in life jackets. The welding sector is another fast growing sub segment as helium gas allows for inert atmosphere arc welding of certain materials. It prevents oxidation of hot metal surfaces which is crucial for achieving high quality welds in applications such as aerospace.

Global Analysis

Content: The North American region currently dominates the global gaseous and liquid helium market with the United States being the largest consumer. This is attributed to high demand from medical device manufacturing and materials processing industries in the region. The Asia Pacific region is projected to be the fastest growing market during the forecast period. This is due to rising medical infrastructure and increasing popularity of cryogenics applications in countries like China and India. Countries in Europe such as Germany also have a sizeable market share due to major welding and scientific research activities carried out in the bloc.

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