Enjoy complimentary customisation on priority with our Enterprise License!
The helium market is projected to increase by USD 1.40 billion, at a CAGR of 6.7% between 2023 and 2028. The market growth depends on several factors such as growing demand for defense aircraft and government defense expenditure, industrial growth in emerging countries driving the global helium market and increased focus on research and development of helium.
To learn more about this report, Request Free Sample
Helium is a chemical element, inert gas of Group 18 (noble gases) of the periodic table. The second lightest element (only hydrogen is lighter), helium is a colorless, odorless, and tasteless gas that becomes liquid at 268.9 degree C. It is widely used in different end-user industries such as medical healthcare, aerospace and defense, electrical and electronics, and metal fabrication, among others, including nuclear power, transportation, automotive, and industrial and manufacturing.
The medical and healthcare segment is estimated to witness significant growth during the forecast period. North America, the US, Canada, the UK, and Germany in Europe are the major consumers of helium in the medical and healthcare segment. Helium gas is used to guarantee the superconductivity of magnets in Magnetic Resonance Imaging (MRI) units. Helium is essential to x-ray crystallography and is used in a wide range of applications in the pharmaceutical, biotechnology, and healthcare industries.
Get a glance at the market contribution of various segments View the PDF Sample
The medical and healthcare segment was the largest and was valued at USD 1.20 billion in 2018. Moreover, favorable regulatory policies and faster approval processes in various regions, such as APAC, encourage medical device manufacturers to invest in research and development, leading to a broader range of innovative products. In the field of research, helium gas is used for studying the functioning of the lungs and other cardiovascular organs. Helium is used in pharmaceutical packaging to retard or prevent the oxidation of drugs, where nitrogen may conflict with the drug composition. Growing medical and healthcare facilities, especially in emerging economies, and rising global healthcare spending are expected to drive the growth of the market in the medical and healthcare segment during the forecast period.
Based on the type, the market has been segmented into gas and liquid. The gas?segment will account for the largest share of this segment. Helium exists as a gas except under extreme conditions. At temperatures near absolute zero, helium is a liquid. Furthermore, medical helium is used as a vehicle for assisting respiration and gaining access to obstructed airways, mainly to ensure oxygen flow into the alveoli of patients with severe respiratory obstruction. A significant rise in demand for breathing devices and increasing respiratory illness is driving the demand for gas helium during the forecast period. For instance, according to the World Health Organisation, Chronic obstructive pulmonary disease (COPD) is one the leading causes of death worldwide, causing more than a million deaths yearly. The majority of COPD deaths in those under 70 years of age occur in low- and middle-income countries. Thus, increasing respiratory illness cases are expected to increase the demand for medical helium in the healthcare sector, which, in turn, is anticipated to drive the growth of the gas segment of the market during the forecast period.
North America is estimated to contribute 39% to the growth of the global market during the forecast period. Technavio's analysts have provided extensive insight into the market forecasting, detailing the regional trends and drivers influencing the market's trajectory throughout the forecast period.
For more insights on the market share of various regions Download PDF Sample now!
Further, the market is anticipated to grow at a rapid pace owing to the increasing use of helium in end-user industries such as medical and healthcare, electronics, defense, and others. The US is a major contributing country for the regional market owing to the large consumption of helium in applications such as aerospace, metal fabrication, aerospace and defense, and healthcare. Growing demand from the aerospace and defense segment, the demand for consumer electronic goods, and an increase in capital expenditure by defense device companies are the major factors driving the regional market growth. From the manufacturing perspective, there is a growing demand for aerospace production. For instance, on October 4, 2023, United Airlines announced an order of 110 aircraft, which includes 50 Boeing 787-9 and 60 A321neo aircraft, with options for further units after 2030. This will further increase the demand for helium in the region.
Furthermore, the prevalence of diseases and their related risk factors have been increasing steadily. Such a high incidence of diseases is increasing the demand for advanced medical devices. The geriatric population in the US is also increasing steadily. The number of people aged 65 years and above in the US increased from 15.03% of the total population in 2016 to 17% in 2022 by the World Bank Group. Such factors are expected to increase the demand for medical devices, which, in turn, is anticipated to drive the growth of the regional market during the forecast period.
Growing demand for defense aircraft and government defense expenditure is notably driving market development. For instance, the US Department of Defense currently operates about 450 F-35 aircraft and plans to operate about 2,500 of them by the mid-2040s. The US consists of a prominent number of aircraft owners with a significant share of the aircraft fleet. Helium is used as a cryogenic coolant in most cutting-edge defense applications. Also, helium is widely used in a variety of military applications, such as rocket engine testing, scientific balloons, surveillance craft, and air-to-air missile guidance systems, among others. Defense, nuclear, and aerospace manufacturers use helium for detecting leaks in critical equipment such as rocket engines, and for purging and propellant transfer. Helium is also used to cool thermographic cameras and equipment used by search and rescue teams. Hence, with the growth in demand for defense aircraft, the demand for helium is also expected to increase, which, in turn, is anticipated to drive the growth of the market during the forecast period.
Increasing M&A activities in the market is an emerging trend shaping market development. This is propelled by a surge in mergers and acquisitions (M&A) activities. Established market players are strategically acquiring smaller counterparts, facilitating access to novel products and technologies at a cost-effective scale. Notable instances include Air Products' acquisition of Air Liquide's industrial gases business in the UAE, augmenting its footprint and regional presence. Another significant move involves Air Products' billion-dollar investment in a natural gas-to-syngas processing facility in Uzbekistan, strengthening its global position. Additionally, Linde's acquisition of nexAir, a major packed petrol distributor in the US, reflects the industry's consolidation trend. These M&A endeavors are anticipated to enhance vendors' market share, driving positive growth dynamics in the market during the forecast period.
Heavy dependence on proper helium gas distribution and handling systems is a significant challenge hindering market development. Helium gas plays a crucial role in the manufacturing, processing, and packaging sectors. Helium gas must be safely distributed from the production centers to the point of use. The quality of the gas is crucial as impurities (in parts per million) can severely affect the end-user. Distribution systems for helium gas catering to the healthcare sectors must meet exacting standards. Further, stainless steel hoses, polytetrafluoroethylene hoses, and metal gaskets are preferred over their rubber counterparts in the industrial gas industry. The utmost care should be taken to ensure all the components of the gas distribution and handling systems comply with the standards. Inefficient gas handling and distribution systems can affect the purity of the helium gas and reduce the overall quality of the end product. Therefore, all the abovementioned factors will hamper the growth of the market during the forecast period.
Companies are implementing various market trends and analysis strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market and result in market growth analysis.
Air Liquide SA - The company offers helium which plays a critical role in a wide array of applications such as inerting, cooling and welding in electronics, laboratory research, fibre optics, and space sectors.
The market growth and forecasting report also includes detailed analyses of the competitive landscape of the market and information about 20 market companies, including Air Liquide SA, Air Products and Chemicals Inc., Air Water Inc., Axcel Gases, Elme Messer L, Exxon Mobil Corp., Gazprom International Ltd., Gulf Cryo Holding CSC, HALO GAS, Iwatani Corp., Linde Plc, Messer SE and Co. KGaA, Mitsubishi Chemical Group Corp., NEXAIR, Polski Koncern Naftowy ORLEN SA, QatarEnergy, RealGaz, RENERGEN, and Weil Group
The market analysis and report of qualitative and quantitative analysis of companies has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize companies as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize companies as dominant, leading, strong, tentative, and weak.
The market forecasting report includes the adoption lifecycle of the market research and growth, covering from the innovator’s stage to the laggard’s stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the market report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their market growth and forecasting growth strategies.
Global Market Customer Landscape
Helium Market Scope |
|
Report Coverage |
Details |
Page number |
163 |
Base year |
2023 |
Historic period |
2018-2022 |
Forecast period |
2024-2028 |
Growth momentum & CAGR |
Accelerate at a CAGR of 6.7% |
Market Growth 2024-2028 |
USD 1.40 billion |
Market structure |
Fragmented |
YoY growth 2023-2024(%) |
6.23 |
Regional analysis |
North America, Europe, APAC, Middle East and Africa, and South America |
Performing market contribution |
North America at 39% |
Key countries |
US, Canada, China, Germany, and UK |
Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
Key companies profiled |
Air Liquide SA, Air Products and Chemicals Inc., Air Water Inc., Axcel Gases, Elme Messer L, Exxon Mobil Corp., Gazprom International Ltd., Gulf Cryo Holding CSC, HALO GAS, Iwatani Corp., Linde Plc, Messer SE and Co. KGaA, Mitsubishi Chemical Group Corp., NEXAIR, Polski Koncern Naftowy ORLEN SA, QatarEnergy, RealGaz, RENERGEN, and Weil Group |
Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, Market condition analysis for the forecast period. |
Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
We can help! Our analysts can customize this market research report to meet your requirements.
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by End-user
7 Market Segmentation by Type
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Trends
11 Vendor Landscape
12 Vendor Analysis
13 Appendix
Get lifetime access to our
Technavio Insights
Cookie Policy
The Site uses cookies to record users' preferences in relation to the functionality of accessibility. We, our Affiliates, and our Vendors may store and access cookies on a device, and process personal data including unique identifiers sent by a device, to personalise content, tailor, and report on advertising and to analyse our traffic. By clicking “I’m fine with this”, you are allowing the use of these cookies. Please refer to the help guide of your browser for further information on cookies, including how to disable them. Review our Privacy & Cookie Notice.