Helium Market Set to Soar: Forecasted to Hit $27.06 Billion by 2030 Amidst Cryogenics Boom

Helium Market Overview

Helium is more than just the gas that makes balloons float; it’s a critical component in many technologies that are integral to our daily lives. However, the future supply of helium is fraught with uncertainty. The roots of this issue can be traced back to the U.S. government’s 1996 decision to sell off its vast helium reserves stored in Amarillo, Texas. For years, this created an oversupply, artificially lowering prices. Now, with those reserves nearly depleted and no significant new projects on the horizon, the market is feeling the pressure.

Compounding the supply issue, the decline in conventional oil and gas projects—where helium was often a byproduct—has left the market scrambling for alternatives. The shift towards shale drilling, which doesn’t produce significant helium, has further exacerbated the shortage. With no major replacement projects underway in North America, the market is increasingly dependent on dwindling reserves, making the demand for helium less flexible and potentially driving up prices.

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Helium Market Scope and Methodology:

The objectives of this report are to determine customer preferences in the Helium Market sector, as well as to comprehend the market’s size, noteworthy trends, competitive environment, and state of affairs. Researchers explore academic literature, trade periodicals, industry studies, market analysis, and online repositories when conducting secondary research. By giving a basic overview of the industry landscape, this strategy makes it easier to identify current insights and knowledge gaps. Primary research entails utilizing techniques like focus groups, surveys, interviews, and observational studies to obtain first-hand information from important stakeholders, such as retailers, manufacturers, government agencies, and industry professionals in the Helium Market. Researchers use sampling strategies that take regional distributions and demographics into account to guarantee validity and representativeness.

Electronics and Healthcare: Helium’s Growing Strongholds

In the electronics and semiconductor industries, helium’s unique properties make it indispensable. Liquid helium is essential for cooling the superconducting magnets used in semiconductor manufacturing, a process crucial for producing the chips that power nearly all modern electronic devices. The demand for these chips is skyrocketing as technology advances, further fueling the need for helium.

The healthcare sector is another major consumer of helium, particularly in its liquid form. Liquid helium is critical for cooling the magnets in MRI machines, which are vital tools in diagnosing various medical conditions. Despite advancements in technology, which have reduced helium consumption in newer MRI machines, the demand remains significant. The National Research Council estimates that it could take at least five years to develop a magnet that doesn’t require liquid helium, if it’s even possible.

Health Risks and Challenges

Despite its critical applications, helium does come with risks. While non-toxic and inert, inhaling excessive amounts can lead to serious health issues, including nausea, dizziness, and even death. These risks present challenges in handling and storing helium, potentially hampering market growth if not adequately addressed.

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Helium Market Segmentation

by Phase

Liquid
Gas

The liquid phase and gas phase segments make up the worldwide helium market.

Due to the development of COVID-19 and the subsequent increase in the number of people afflicted by the pandemic worldwide, the liquid phase segment dominated the market in terms of revenue in 2023. The medical sector is the largest user of liquid helium since it cools the super magnets found in MRI scanners.

by Application

Breathing Mixes
Cryogenics
Leak Detection
Pressurizing and Purging
Welding
Controlled Atmospheres
Other

The global helium market is divided into six segments based on applications: welding, controlled atmosphere, lead detection, breathing mixes, cryogenics, pressurizing and purging, and others.

Since helium is used as a super coolant for cryogenic applications like magnetic resonance imaging (MRI), nuclear magnetic resonance (NMR) spectroscopy, particle accelerators, large hadron colliders, superconducting quantum interference device (SQUID), electron spin resonance spectroscopy (ESR), and superconducting magnetic energy storage (SMEs), the cryogenics segment dominated the market in 2023, accounting for 28% of total revenue.

by End-user Industry

Aerospace & Aircraft
Electronics & Semiconductors
Nuclear Power
Healthcare
Welding & Metal Fabrication
Other

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Helium Market Key Players

1.Air Products and Chemicals, Inc.
2. Air Liquide
3. Linde AG
4. Praxair, Inc.
5. Taiyo Nippon Sanso Corporation
6. Iwatani Corporation
7. Gulf Cryo
8. Messer Group
9. Qatar Gas Operating Company Limited
10. Global Gases
11. Matheson Tri-Gas Inc
12. ONEOK Inc.
13. Exxon Mobil Corporation
14. Polish Oil and Gas Company
15. Weil Group
16. Others

Helium Market Regional Insights

In 2023, North America dominated the helium market, with the United States alone accounting for 30% of global consumption. The region’s advanced electronics market, coupled with significant R&D investments, positions it as a key player in the global helium landscape. However, with the depletion of U.S. reserves and no significant new sources in sight, the market faces substantial challenges.

The aerospace sector, another major consumer of helium, is also seeing shifts. While the general aviation fleet in the U.S. is expected to decline, the turbine-powered and turbojet fleets are projected to grow, further increasing the demand for helium.

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Key questions answered in the Helium Market are:

What is Helium?
Who are the leading companies and what are their portfolios in Helium Market?
What growth strategies are the players considering to increase their presence in Helium?
What are the upcoming industry applications and trends for the Helium Market?
Which are the factors expected to drive the Helium market growth?
What are the recent industry trends that can be implemented to generate additional revenue streams for the Helium Market?
What will be the CAGR at which the Helium market will grow?
What is the growth rate of the Helium Market?
What segments are covered in the Helium Market?
What are the key challenges and opportunities in the Helium market?
Which application holds the highest potential in the Helium market?
Who are the key players in the Helium market?

Key Offerings:

Market Dynamics – Growth Drivers, Restraints, Opportunities, and Key Trends by Region
Market Segmentation – A detailed analysis by segment with their sub-segments and Region
Competitive Landscape – Profiles of selected key players by region from a strategic perspective
- Competitive landscape – Market Leaders, Market Followers, Regional player
- Competitive benchmarking of key players by region
PESTLE Analysis
PORTER’s analysis
Value chain and supply chain analysis

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