The global helium market is experiencing growth due to several factors such as advancements in technology with respect to helium and the rise in demand for helium in the healthcare sector.
PORTLAND, Ore, 26 July , 2023 /PRNewswire/ -- Allied Market Research published a report, titled, "Helium Market By Phase Type (Liquid, Gaseous), By Application (Cryogenics, Pressurizing And Purging, Welding, Controlled Atmosphere, Leak Detection, Breathing Mixture, Others), By End-Use Industry (Aerospace And Defense, Medical And Healthcare, Electricals And Electronics, Others): Global Opportunity Analysis And Industry Forecast, 2023-2032: Global Opportunity Analysis And Industry Forecast, 2023-2032". According to the report, the global helium market was valued at $3.3 billion in 2022, and is projected to reach $4.9 billion by 2032, growing at a CAGR of 4.2% from 2023 to 2032.
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Prime determinants of growth
The global helium market is experiencing growth due to several factors such as advancements in technology with respect to helium and the rise in demand for helium in the healthcare sector. However, limited helium reserves hinder market growth to some extent. Moreover, helium recycling and conservation offer remunerative opportunities for the expansion of the helium market.
Report Coverage & Details:
Report Coverage | Details |
Forecast Period | 2023–2032 |
Base Year | 2022 |
Market Size in 2022 | $3.3 billion |
Market Size in 2032 | $4.9 billion |
CAGR | 4.2 % |
No. of Pages in Report | 300 |
Segments Covered | Phase Type, Application, End-Use Industry, and Regions |
Drivers | Advancements in technology with respect to helium Rise in demand for helium in the healthcare sector |
Opportunity | Helium recycling and conservation |
Restraint | Limited helium reserves |
Challenge | Price volatility of helium |
The liquid segment is expected to grow faster throughout the forecast period
Based on phase type, the gaseous segment held the highest market share in 2022, accounting for more than two-thirds of the global helium market revenue and is estimated to maintain its leadership status throughout the forecast period. This is due to helium is mixed with oxygen to create specialized breathing mixtures for deep-sea diving or in environments with high pressure, such as in deep-sea exploration or certain medical treatments. However, the liquid segment is projected to manifest the highest CAGR of 4.7% from 2023 to 2032, as Liquid helium, renowned for its remarkably low boiling point of -268.93 degrees Celsius (-452 degrees Fahrenheit), it is frequently employed as a cryogenic coolant. Its exceptional properties make it indispensable in the realm of scientific investigation, particularly in the domains of superconductivity, low-temperature physics, and materials science.
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The breathing mixture segment is expected to grow faster throughout the forecast period
Based on the application, the cryogenics segment held the highest market share in 2022, accounting for almost one third of the global helium market revenue and is likely to retain its dominance throughout the forecast period. This can be attributed to the fact that helium plays a crucial role in achieving and sustaining cryogenic temperatures essential for the extended preservation of biological samples, including eggs, embryos, and tissue samples. This method of cryogenic storage serves various purposes, such as facilitating medical research, supporting assisted reproduction techniques, and safeguarding genetic diversity. However, the controlled atmosphere segment is projected to manifest the highest CAGR of 5.3% from 2023 to 2032.
The others segment including automotive, metal fabrication, and others are expected to grow faster throughout the forecast period
Based on the end-use industry, the electricals and electronics segment held the highest market share in 2022, accounting for more than two-fifths of the global helium market revenue and is likely to retain its dominance throughout the forecast period. This can be attributed to the fact that helium finds application in the manufacturing of fiber optic cables. Specifically, during the drawing process, where glass fibers are formed, helium acts as a protective atmosphere. However, the others including automotive, metal fabrication, and other segments is projected to manifest the highest CAGR of 4.9% from 2023 to 2032. The growth is attributed to helium-filled tires have been explored as a potential solution to enhance various aspects of tire performance. By utilizing helium gas instead of regular air, these tires offer potential advantages such as decreased weight, improved fuel efficiency, and enhanced heat dissipation.
Asia-Pacific to maintain its dominance by 2032
Based on region, Asia-Pacific collectively held the highest market share, accounting for more than two-fifths of the global helium market revenue and fastest-growing segment in terms of revenue in 2022 with the CAGR of 4.6%, accounting for more than one third of the global helium market revenue, and is expected to rule the roost in terms of revenue throughout the forecast timeframe. The segment is driven by factors such as helium play a crucial role in the aerospace and defense sectors across Asia-Pacific countries. Its unique properties, such as low density and non-reactivity, make it highly desirable as a lifting gas in airships and balloons for a variety of purposes like surveillance, research, and communication. Additionally, helium finds extensive applications in purging and pressurizing fuel tanks, rocket engines, and acts as an effective cooling medium in nuclear reactors.
Leading Market Players: -
- AIR PRODUCTS AND CHEMICALS INC.
- LINDE PLC
- PRAXAIR, INC.
- AIR LIQUIDE S.A.
- GAZPROM PJSC
- EXXONMOBIL CORPORATION
- GULF CRYO S.A.L.
- IACX ENERGY
- MATHESON TRI-GAS, INC.
- TAIYO NIPPON SANSO CORPORATION
The report provides a detailed analysis of these key players in the global helium market. These players have adopted different strategies such as new product launches, collaborations, expansion, joint ventures, agreements, and others to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.
Want to Access the Statistical Data and Graphs, Key Players' Strategies: https://www.alliedmarketresearch.com/helium-market/purchase-options
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