The unexpected shifts in the global markets because of the sudden outbreak of the COVID-19 virus have brought many major and minor tremors to industries of all sizes including the Helium market.
It was estimated prior to this unanticipated outbreak that the Helium market was expected to grow at a CAGR of 4.5% during the forecast period. However, the gradual slowing down of industries will undoubtedly impose limits on the previously estimated growth rate.
Helium is a chemical element with atomic number 2 and is denoted by the symbol He. It is a colorless, odorless, tasteless, non-toxic, inert, monatomic gas, mainly produced or sourced from natural gas wells. Helium gas is lighter-than-air because of its low thickness, and has a lowest boiling point among all the elements.
Increasing consumption of helium in the electronics and semiconductor industries along with the growing usage of helium in the healthcare industry is the prime factors that is driving the growth of the market. The developing trend of helium application in nuclear power plants, metal works, and semiconductor production further adds a healthy growth opportunity in the helium market.
This report studies the market covering a period of 12 years of trend and forecast. The report provides detailed insights into the market dynamics to enable informed business decision making and growth strategy formulation based on the opportunities present in the market.
Based on the phase type, the market is segmented as liquid and gas. The gas-phase segment held the larger share of the market in 2019, and is expected to register the faster growth during the forecast period. The gas-phase is mostly used for welding and due to its lightweight and inflammable property it’s used in place of hydrogen in balloons, airships, etc. The growing development of efficient storage and transport methods for helium gases is expected to provide numerous opportunities over the forecast period.
Based on the end-use industry type, the helium market is segmented as healthcare, electronics & semiconductors, aerospace, energy & power, and others. The healthcare segment held the largest share of the market in 2019, owing to its wide range of uses in the healthcare industry. Helium is used for cooling magnets of MRI machines, and with the growing demand of MRI scans, the demand for helium in healthcare sector is increasing. The growth of MRI technology is likely to create a healthy opportunity in the near future.
In terms of regions, North America is estimated to be the largest market during the forecast period, with the USA, Canada, and Mexico being the countries with lucrative growth opportunities. The growth of the region’s market is mainly driven by the US electronics market, which is one of the largest procurers of helium. Further, the growing usage of MRI diagnostics in the USA is one of the key growth factors for region’s market.
Some of the major helium manufacturers are-