Pune, India, June 2019, MRFR Press Release/- Market Research Future has Published a Half-Cooked Research Report on the Global Helium Market.
The Global Helium Market was valued at around USD 4.08 billion in 2018 and is expected to register a healthy CAGR during the review period. Helium is produced in the natural environment due to radioactive decaying, which remains trapped in reserves as natural gas. With the depleting natural gas reserves containing helium, the need for producing pure play helium has increased, which is likely to drive the market growth in the coming years. The market players are emphasizing on recovering helium from liquefied natural gas (LNG) facilities. For instance, in 2018, Air Products and Chemicals, Inc and Sonatrach signed two gas production and delivery agreements to recover helium from Sonatrach’s LNG facilities. The recovered helium will be delivered to HELIOS, a joint venture between Air Products and Chemicals, Inc and Sonatrach.
The global demand for helium is increasing due to its extensive use in cryogenics, particularly, magnetic resonance imaging (MRI) scanners. The growth of the semiconductor industry in the developing countries of Asia-Pacific is likely to offer significant opportunities for global market players. However, the availability of low-cost alternatives such as argon, liquid nitrogen, and hydrogen is likely to hamper the market growth.
The global helium market has been segmented by form, application, end-use industry, and region.
On the basis of form, the global market has been classified into liquid and gas. The gas segment accounted for the largest market share in 2018 on account of its increasing applications in metal fabrication, welding, leak detection, and pressurizing. Liquid helium is used in cryogenic applications, particularly magnetic resonance imaging (MRI) scanners for cooling magnets.
Based on application, the global market has been divided into cryogenics, pressurizing and purging, welding, leak detection, breathing mixtures, controlled atmosphere, and others. The cryogenics segment accounted for the largest market share in 2018 on account of wide use of liquid helium in MRI scanners due to its low temperature in the liquid state. The welding segment accounted for the second-largest share of the global helium market owing to increasing demand for shielding gas in welding applications and metal fabricated products used in the aerospace and automotive industries.
Based on end-use industry, the global market has been divided into aerospace & defense, electrical & electronics, medical, automotive, energy, leisure/recreational, welding & metal fabrication, and others. The growth of the global helium market is mainly driven by its extensive use in the aerospace and medical industries. The semiconductor was the fastest growing segment on account of increasing consumption of chips with rapid technological advancements in the developing countries.
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Some of the key players operating in the global helium market are The Linde Group (Germany), Air Products and Chemicals, Inc (US), Qatargas Operating Company Limited (Qatar), Noble Helium Pty Ltd (Australia), Praxair Technology, Inc (UK), Air Liquide (France), Weil Group (US), Nippon Helium Inc (Japan), Messer Group GmbH (Germany), nexAir LLC (US), and Gulf Cryo (Kuwait),
Based on region, the global helium market has been segmented into North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa. The market in Asia-Pacific accounted for the largest share of the global helium market owing to increasing investments in the aerospace & defense industry coupled with the presence of major players of the aerospace & defense industry such as Boeing, United Technologies Corporation, and GE Aviation.
Europe is also expected to be the prominent market on account of the expanding medical industry coupled with rapid technological advancements in the medical procedures.
The market in Asia-Pacific is likely to witness healthy growth on account of the rapid growth of the semiconductor industry in the developing countries coupled with increased spending on electronics.
The markets in Latin America and the Middle East and Africa are likely to register healthy CAGRs on account of the growth of the major end-use industries such as aerospace & defense, electrical & electronics, and automotive.