Helium finds extensive usage in various applications such as cryogenics, pressurizing and purging, welding, controlled atmospheric operations, and leak detection among others. It is considered to be an inert gas that does not react with other elements which makes it suitable for various industrial applications. The growing semiconductor and electronics industry has fueled the demand for helium in recent years. Furthermore, helium is also used in medical applications such as MRI scanners and research where its properties are leveraged.
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 6.3% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Opportunity:
The rising usage of helium in medical applications such as MRI, research, and cryosurgery provides a significant opportunity for the growth of the gaseous and liquid helium market. Helium is used as a cryogen in MRI scanners as it allows high-quality imaging of soft tissues. With advancements in healthcare infrastructure and growing focus on disease diagnosis, the demand for MRI scans is increasing globally. This is expected to propel the consumption of helium over the forecast period. According to data by OECD, the number of MRI units per million population increased from below 10 in 2000 to over 30 in 2019. Moreover, helium finds application in various medical research studies involving cryogenics. The market opportunity from the medical applications is estimated to cross US$ 2 Bn by 2030.
Porter’s Analysis
Threat of new entrants: Low capital requirements and established customers make it relatively easy for new companies to enter the market. However, key players have established strong brand reputation and distribution networks creating barrier.
Bargaining power of buyers: Buyers have moderate bargaining power due to availability of substitutes like nitrogen. However, helium has unique properties making alternatives limited.
Bargaining power of suppliers: A few countries like Qatar, Algeria and Russia dominate the helium supply concentration granting them strong influence over prices.
Threat of new substitutes: Although nitrogen can be used in welding and offering cost benefits, helium is irreplaceable for applications in MRI and semiconductors due to its chemical properties.
Competitive rivalry: Intense competition exists between key global players occupying majority market share through integrated supply chain and innovation in delivery logistics.
SWOT Analysis
Strength: Helium is irreplaceable for applications requiring non-reactive gases. Major players have global footprint and economies of scale.
Weakness: Volatility in crude helium prices affects production costs. Dependence on few suppliers exposes market to supply uncertainties.
Opportunity: Growing healthcare sector boosts demand for medical-grade helium in MRI. Semiconductor industry utilizes helium for etching and deposition processes.
Threats: Potential helium shortage worries along with stringent governmental regulations for helium extraction and transportation.
Key Takeaways
The global Gaseous and Liquid Helium Market size is expected to witness high growth. 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 6.3% over the forecast period 2023 to 2030.
The North America region currently dominates the market owing to large healthcare and semiconductor industries in the US and Canada utilizing helium. The Asia Pacific region is expected to grow at the fastest rate during the forecast period due to rising medical tourism, growing semiconductor industry and substantial investments by Air Liquide and Linde in expanding helium supply in China, Japan and India.
Key players related content: Key players operating in the Gaseous and Liquid Helium market are ThermoFisher Scientific, Linde, Air Liquide, Praxair, Air Products, Messer Group, Matheson Tri-Gas. Linde and Air Liquide jointly own the BLM helium enrichment facilities in the US that accounts for majority supply.
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Liquid Helium market research report delivers a close watch on leading competitors with strategic analysis, micro and macro market trend and scenarios, pricing analysis and a holistic overview of the market situations in the forecast period.
Further, key players, major collaborations, merger & acquisitions along with trending innovation and business policies are reviewed in the report.
The numerical data is backed up by statistical tools such as SWOT analysis, BCG matrix, SCOT analysis, PESTLE analysis and so on.
The statistics are represented in graphical format for a clear understanding on facts and figures.
The generated report is firmly based on primary research, interviews with top executives, news sources and information insiders.
