Gaseous and liquid helium finds wide applications as cryogenic coolant in numerous industries including aerospace, healthcare, manufacturing, and semiconductors among others. It is used for superconductivity, cryosurgery, space exploration, and fiber optic cable manufacturing. In the healthcare sector, liquid helium is used as a coolant for MRI machines which helps diagnose various diseases. It is also used as a carrier gas in GC-MS systems to separate and analyze compounds.
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 Dynamics:
The growing demand from cryogenic and semiconductor industries is expected to flourish the gaseous and liquid helium market size over the forecast period. Helium finds widespread application as a coolant in the manufacturing of semiconductors and semiconductor devices owing to its extremely low boiling point. It is used to shield wafers from heat damage during fabrication and ensure optimum performance of electronic components. Furthermore, rising usage of helium in medical cryosurgery and MRI systems will also propel the market growth. Helium offers performance and safety benefits over other gases in cryosurgery by maintaining sub-zero temperatures without causing tissue damage.
Segment Analysis
The gaseous and liquid helium market is dominated by the cryogenics segment which accounts for over 60% of the total market share. Helium finds widespread application in cryogenics owing to its unique properties of remaining liquid at extremely low temperatures. It is used as a refrigerant for cooling superconducting magnets in medical equipment such as MRI machines and scientific equipment. The demand from cryogenics is expected to further increase with growth in healthcare and scientific research industries.
PEST Analysis
Political: The helium market is influenced by governmental policies and regulations surrounding the exploration and production of helium reserves. Some countries have implemented policies to ensure steady supply of helium to critical industries.
Economic: A stable global economy positively impacts the healthcare and scientific research industries which are major end-users of helium. Volatility in crude oil prices also affects the production cost of helium.
Social: Rising healthcare spending and growing focus on preventive healthcare is driving the demand for medical equipment like MRI machines which use liquid helium for cooling magnets. Furthermore, increasing investments in scientific research also propels the helium market.
Technological: Developments in superconductor and cryogenic technologies are expanding the application scope of liquid helium. New production methods are also being researched to reduce costs and optimize helium recovery.
Key Takeaways
The global gaseous and liquid helium market is expected to witness high growth over the forecast period of 2023 to 2030. 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.
North America currently dominates the market with over 40% share backed by sizable healthcare and scientific research spending in the US and Canada. Moreover, the region is home to some of the largest helium production facilities in the world. Asia Pacific is projected to be the fastest growing market during the forecast period driven by rising medical infrastructure and increasing research funding in countries like China, India, and South Korea.
Key players operating in the gaseous and liquid helium market are ThermoFisher Scientific, Linde plc., Air Liquide, Air Products and Chemicals, Inc., and Matheson Tri-Gas, Inc. ThermoFisher Scientific is one of the leading suppliers of industrial gases like helium for applications in healthcare, electronics, and more. It has a widespread production and distribution network across major markets. Linde plc operates the second largest helium extraction facility in the US and is expanding its production capabilities to meet growing global demand.