ID: MRFR/CnM/6590-HCR | February 2021 | Region: Global | 140 pages
Global helium market was valued at around 4.08 billion in 2018 and expected to register a healthy CAGR during the review period. The availability of helium in market is limited due to less presence of suppliers, particularly concentrated in the US, Algeria, Qatar, and Russia. The helium market has been very volatile in the recent years with shortage of helium globally, particularly, during 2011–2013, followed by oversupply during the period 2015–2017 due to increase in production of helium by the players operating in the Qatar market. In 2017–2018, the supply of helium declined due to limited output from Qatar. However, with the surge in demand for helium in applications such as magnetic resonance imaging (MRI) scanners, welding, and other cryogenics among others, the players are likely to expand the production capacity of helium to meet the global demand.
Helium is mostly produced as a byproduct in large conventional oil & gas projects having a high content of helium. However, with the growing emphasis on oil and gas production from shale over conventional sources due to depleting natural gas reserves, the production of helium has decreased as in shale oil and gas exploration the amount of helium trapped is very less. This is also one of the factors resulting in shortage of helium in the market and thus, the need for producing pure play helium has increased, which is likely to drive the market growth in the coming years.
Helium is being widely used in various applications such as MRI scanners, welding, balloons, pressurizing, fiber optic, leak detection, nuclear magnetic resource (NMR), and controlled atmosphere, among others. Helium exhibits superior properties such as low boiling point, low density, low solubility, high thermal conductivity, and inertness.
The growth of the global helium market is driven by the increasing use of liquid helium in cryogenics mainly MRI scanners. The expanding medical industry with increased spending on the establishment of new healthcare facilities, particularly in the developing countries coupled with increased spending on healthcare is driving the growth of the helium market at a significant rate.
The growing aerospace & defense industry with increased spending on space and defense equipment is another key factor driving the growth of the global market. Furthermore, increasing consumption of helium in the manufacturing of semiconductors, LCD panels, and fiber optic cables is likely to fuel the demand for helium at a significant rate.
However, the availability of substitutes such as liquid nitrogen and argon is likely to hamper the market growth during the review period.
Some of the key players operating in the global helium market are Noble Helium Pty Ltd (Australia), Air Products and Chemicals, Inc (US), The Linde Group (Germany), Praxair Technology, Inc (UK), Air Liquide (France), Nippon Helium Inc (Japan), Gulf Cryo (Kuwait), Weil Group (US), Messer Group GmbH (Germany), nexAir LLC (US), and Qatargas Operating Company Limited (Qatar).
Global Helium Market Share, by Application, 2018 (%)
Source: MRFR Analysis
The North America market accounted for the largest share of the global helium market and is expected to grow at a significant CAGR by end of 2024. The growth is attributed to the presence of expanding aerospace and defense industry in the US. In 2017, the US aerospace and defense industry generated around USD 865 billion from companies operating in the industry. Additionally, the growth of the healthcare industry, coupled with technological advancements in the industry, is also expected to propel the growth of the regional market.
The market in Asia-Pacific was the fastest growing owing to the growth of major end-use industries such as medical, electrical & electronics, automotive, and aerospace & defense. The increasing expenditure in the aerospace and defense industry in the region, particularly in India and China, is expected to fuel the demand for helium. For instance, in 2017, the government of China allocated around USD 150.2 billion for the defense industry.
The European market is also expected to witness healthy growth on account of the growing medical industry coupled with investments in R&D for the development of technically advanced products at low cost. The increasing demand for metal-fabricated products in the aerospace and automotive industries is another important factor fueling the demand for helium in the region.
The market in Latin America is expected to witness healthy growth owing to growing electrical & electronics and medical industries, particularly in Brazil and Mexico.
The Middle East & Africa is expected to grow at a significant rate during the review period on account of the growth of the major end-use industries in the region aerospace, medical, electrical & electronics, and automotive in the region.
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 segregated into liquid and gas.
Based on application, the global market has been divided into cryogenics, pressurizing and purging, welding, leak detection, breathing mixtures, controlled atmosphere, and others.
Based on end-use industry, the global market has been classified into aerospace & defense, electrical & electronics, medical, automotive, energy, leisure/recreational, welding & metal fabrication, and others.
The global market, by region, has been categorized into North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa.
Frequently Asked Questions (FAQ) :
The value of the global Helium market had reached USD 4.08 BN in 2018.
Cryogenics is the largest application segment in the global Helium market.
North America holds the largest share in the global Helium market, followed by the Asia Pacific and Europe, respectively.
Noble Helium Pty. Ltd. (Australia), The Linde Group (Germany), Air Products and Chemicals, Inc. (US), Nippon Helium Inc. (Japan), Air Liquide (France), Weil Group (US), Gulf Cryo (Kuwait), Messer Group GmbH (Germany), Praxair Technology, Inc. (UK), nexAir LLC (US), and Qatargas Operating Company Limited (Qatar), are some of the top players operating in the global Helium market.
Strategic initiatives such as mergers & acquisitions, collaborations, expansion, and technology/ product launch are some of the growth strategies that players operating in the global Helium market adopt to gain a larger competitive advantage.