The helium market is projected to grow from a valuation of approximately US$ 4.62 billion in 2023 to around US$ 7.25 billion by 2031, reflecting a compound annual growth rate (CAGR) of 5.8% during the period from 2023 to 2031.
Helium is a non-renewable, colorless, and odorless natural resource primarily extracted from natural gas deposits. This versatile element is utilized across a variety of industries, including aerospace, automotive, electronics and semiconductors, healthcare, power generation, welding and metal fabrication, recreational activities, and more. In the aerospace sector, for example, helium serves critical functions such as purging hydrogen systems and acting as a cryogenic cooling and pressurizing agent for both flight and ground fluid systems. The global helium market is categorized by type, application, and end-use industry, with the application segment further divided into categories like breathing mixtures, cryogenics, leak detection, pressurizing and purging, welding, controlled atmospheres, semiconductors, MRI, and others.
Among the various sectors that utilize helium, healthcare stands out as a significant consumer. Helium is crucial in medical imaging, especially in magnetic resonance imaging (MRI) scanners, where it cools superconducting magnets essential for the operation of these machines. Additionally, helium is extensively used in cryogenics within the healthcare field, where its extremely low temperatures are ideal for preserving biological samples. It is also incorporated into medical devices such as lung ventilators, where a mixture of oxygen and helium helps patients with respiratory conditions by lowering the density of the gas mixture. The growth of the healthcare industry is being propelled by factors such as population growth, technological advancements, and changing patient requirements. Countries in the Asia Pacific region, including Australia, China, India, Indonesia, Japan, New Zealand, South Korea, Thailand, and Vietnam, are significant contributors to this market expansion. The rapid growth in these nations is largely due to their substantial populations and the increasing number of pharmaceutical companies. With over 60% of the global population residing in Asia Pacific, there exists a vast commercial opportunity for biopharmaceutical, medical device, and healthcare firms. Furthermore, this region has become a leading destination for healthcare technology investments globally. The aging population in several Asia Pacific countries is also driving demand for hospitals, home healthcare services, and hospice care.
The helium market can be divided into two main types: liquid and gas. In 2023, the gas segment dominated the market. Gaseous helium is utilized as an inert shielding gas in metal arc and laser welding processes. Its high thermal conductivity makes it an effective coolant for heat transfer in the fiber optics and electronics sectors. Additionally, gaseous helium is employed as a carrier gas in gas chromatography in analytical laboratories and as a leak detection gas across various industries. Due to its low density, helium gas is lighter than air, making it suitable for inflating balloons and airships, as it is both lighter and non-flammable.
Key players in the helium market include L?Air Liquide SA, Linde Plc, Weil Group Resources LLC, Air Products and Chemicals Inc, Messer SE & Co KGaA, Avanti Helium Corp, nexAir LLC, Renergen Ltd, American Gas Products Inc, Praxair Technology Inc, Nippon Sanso Holdings Corp, Exxon Mobil Corp, PGNiG SA, Gulf Cryo LLC, and Advanced Specialty Gases, among others. These companies are focused on delivering innovative and high-quality products at competitive prices to meet customer demands.
The overall size of the helium market has been determined through a combination of primary and secondary research methods. The research process began with extensive secondary research, utilizing both internal and external sources to gather qualitative and quantitative data related to the market. Additionally, numerous primary interviews were conducted with industry stakeholders to validate the findings and gain deeper analytical insights. Participants in this research included industry experts such as vice presidents, business development managers, market intelligence managers, and national sales managers, as well as external consultants like valuation experts, research analysts, and key opinion leaders specializing in the helium market.