Helium Market Expected to Reach $4.9 Billion by 2032—Allied Market Research

According to a new report published by Allied Market Research, titled, “Helium Market," The helium market was valued at $3.3 billion in 2022, and is estimated to reach $4.9 billion by 2032, growing at a CAGR of 4.2% from 2023 to 2032.

Helium, a noble gas, holds a crucial position in various industries and scientific research due to its unique properties. It is the second lightest element and is colorless, odorless, and non-toxic. Helium is highly abundant in the universe but scarce on Earth, making it a valuable resource in medical imaging technique that uses a strong magnetic field and radio waves to generate detailed images of the body's internal structures. Helium is utilized in cooling MRI magnets to maintain their superconducting properties.

Helium's low boiling point of -268.93°C (-452.07°F) allows it to be used as a coolant in various cryogenic applications. It is indispensable in cooling superconducting magnets used in MRI machines, particle accelerators, and nuclear magnetic resonance spectrometers. The unique properties of helium enable these devices to operate efficiently and accurately.

Helium is widely used as a shielding gas in arc welding due to its inertness and high thermal conductivity. It prevents oxidation and contamination of the weld, resulting in high-quality, clean joints. In addition, excellent heat transfer properties of helium make it an ideal medium for cooling in various industrial processes.

Helium is commonly used as a carrier gas in gas chromatography, a technique used for separating and analyzing compounds in various samples. It ensures accurate and precise measurements, contributing to advancements in pharmaceuticals, environmental analysis, and forensic sciences. In addition, helium is utilized in spectroscopy for its unique spectral lines, aiding in the identification and characterization of substances.

The electronics industry heavily relies on helium for cooling high-performance electronic components, such as computer chips and semiconductors. The demand for helium as a coolant to maintain optimal operating temperatures is expected to increase as technology advances and devices become smaller and powerful.

Helium plays a vital role in scientific research across various fields, including physics, chemistry, and materials science. Its use in cryogenic systems enables scientists to study and manipulate materials at extremely low temperatures, unlocking new insights into their properties and behavior. The need for helium in research laboratories and facilities is likely to expand as scientific advancements.

The helium market is segmented into phase type, application, end-use industry, and regions. On the basis of phase type, the market is bifurcated into liquid and gaseous. On the basis of application, the market is categorized into cryogenics, pressurizing and purging, welding, controlled atmosphere, leak detection, breathing mixture, others. On the basis of the end-use industry, the market is divided into aerospace and defense, medical and healthcare, electricals and electronics, and others. Region-wise, the market is studied across North America, Europe, Asia-Pacific, and LAMEA.

Price volatility of helium find a challenge in the market. Helium price volatility poses a significant challenge for businesses that depend on it. The limited global supply and increasing demand create a situation where even small disruptions in the supply chain can result in significant price fluctuations. The demand for helium is inelastic, meaning that price changes have minimal impact on demand in the short term, making businesses reliant on it regardless of price increases.

Geopolitical events and trade restrictions can further disrupt the helium supply chain, leading to price spikes. To address this volatility, businesses explore alternative sourcing options, invest in helium recovery and recycling technologies, optimize helium usage, and seek long-term partnerships with suppliers to stabilize prices and ensure a steady supply.

Liquid helium is the fastest-growing segment in phase type where liquid helium plays a crucial role in achieving the necessary cooling temperatures for the study and practical utilization of superconductors. This enables various applications of superconductivity such as magnetic resonance imaging (MRI) machines, particle accelerators, and maglev technology for high-speed trains.

Helium dilution refrigerators are advanced cryogenic systems that are employed to achieve extremely low temperatures. These systems utilize controlled evaporation of a mixture of liquid helium and helium-3 isotope to cool samples close to absolute zero. Helium dilution refrigerators find application in a wide range of scientific experiments, including those in the fields of condensed matter physics and astronomy.

In addition, the report covers profiles of key industry participants such as Air Liquide S.A., Air Products & Chemicals Inc., ExxonMobil Corporation, Gazprom PJSC, Gulf Cryo S.A.L., IACX Energy, Linde plc, Matheson Tri-Gas, Inc., Praxair, Inc., and Taiyo Nippon Sanso Corporation.

KEY FINDINGS OF THE STUDY:

• On the basis of phase type, the gaseous segment emerged as the global leader with around more than two third of the global market share in 2022 and is anticipated to be the largest market during the forecast period.
• On the basis of application, the cryogenics segment emerged as the global leader by acquiring around almost one third of the global market share in 2022 and is anticipated to be the largest market during the forecast period.
• On the basis of end-use industry, the electricals and electronics registered the highest market share of around more than one third of global market share and is projected to maintain the same during the forecast period.
• On the basis of region, Asia-Pacific registered the highest market share of nearly one third of the market share and is projected to maintain the same during the forecast period.