Helium Market (By Phase: Liquid, Gas; By Application: Leak Detection, Welding; By End-use) - Global Industry Analysis, Size, Share, Growth, Trends, Revenue, Regional Outlook and Forecast 2024-2033

Helium Market Size and Trends

The global helium market size was estimated at around USD 3.64 billion in 2023 and it is projected to hit around USD 6.98 billion by 2033, growing at a CAGR of 6.72% from 2024 to 2033.

Key Pointers

• North America dominated the market with the largest market share of 37% in 2023.
• By End-use, the medical and healthcare captured the maximum market share of 41% in 2023.
• By Phase, the gas phase generated the maximum market share of 73% in 2023.
• By Application, the cryogenics contributed more than 24% of revenue share in 2023.

Helium Market Overview

The helium market is characterized by its crucial role in various industries such as healthcare, electronics, and aerospace due to its unique properties, including its low boiling point and inertness. With increasing applications in MRI scanners, semiconductor manufacturing, and scientific research, the demand for helium continues to grow globally. However, its limited natural reserves and challenges in extraction and storage pose significant supply chain concerns, influencing market dynamics and pricing trends. As industries innovate and adapt to helium scarcity, strategic planning and technological advancements will be key in ensuring sustainable supply and meeting diverse market demands.

Helium Market Growth Factors

The helium market is experiencing growth driven by the significant factor is the increasing demand from the healthcare sector, particularly for MRI scanners where helium is essential for cooling superconducting magnets. The semiconductor industry also contributes to the market growth due to helium's role in the manufacturing process of semiconductors, which are crucial components in electronics. Additionally, helium is used in aerospace applications, such as rocket propulsion and pressurizing systems, further boosting demand. As industries continue to innovate and expand, particularly in emerging economies, the demand for helium is expected to rise steadily, driving market growth in the coming years.

U.S. Helium Market Size 2024 to 2033

The U.S. Helium market size was estimated at around USD 0.94 billion in 2023 and it is projected to hit around USD 1.80 billion by 2033, growing at a CAGR of 6.72% from 2024 to 2033.

North America led the global market in 2023 with a dominant revenue share of 37%, owing to abundant reserves of helium-rich natural gas. The United States hosts the Federal Helium Reserve, established in 1925, which is one of the world's largest helium storage facilities and significantly contributes to global helium supply across various industries. Europe also commands a substantial share in both production and consumption, particularly in healthcare where helium is critical for MRI scanners in medical imaging.

Asia Pacific, driven by leading nations like China, Japan, South Korea, and Taiwan, serves as a major hub for electronics production. Helium plays a pivotal role in semiconductor manufacturing, electronics R&D, and production, bolstered by rising demand for consumer electronics and technological advancements in the region

Helium Market Trends:

• Increasing Demand in Healthcare: Helium is crucial for MRI scanners, which are widely used in diagnostic imaging. The growing prevalence of healthcare facilities and advancements in medical technology continue to drive helium demand.
• Semiconductor Industry Growth: Helium is essential for cooling in semiconductor manufacturing, where precise temperature control is critical. The expanding electronics market, including smartphones, computers, and automotive electronics, fuels demand for helium.
• Aerospace Applications: Helium is utilized in aerospace for various applications, including pressurizing and purging systems in rockets and satellites. The increasing commercialization of space exploration and satellite deployment further propels helium consumption.
• Supply Chain Challenges: Limited natural reserves and complex extraction processes pose challenges to helium supply. This scarcity has led to fluctuating prices and increased focus on helium conservation and recycling technologies.

Helium Market Restraints:

• Limited Natural Reserves: Helium is sourced primarily from natural gas fields, and global reserves are limited. This scarcity poses a challenge to meeting growing demand, leading to concerns about long-term supply stability.
• Supply Chain Vulnerabilities: The extraction and purification processes for helium are complex and costly. Issues such as equipment failures, logistical constraints, and geopolitical tensions can disrupt supply chains, impacting market availability.
• Price Volatility: Helium prices can fluctuate significantly due to supply-demand imbalances, geopolitical events, and economic factors. This volatility complicates long-term planning and budgeting for industries reliant on helium.
• Environmental Concerns: Helium extraction and refining processes can have environmental impacts, including energy consumption and greenhouse gas emissions. Sustainability concerns are increasingly influencing regulatory frameworks and industry practices

End-use Insights

The medical and healthcare sector held a significant revenue share of 41% in 2023, driven by its extensive application in various medical technologies. Helium is essential in MRI machines, endoscopy, laser technology, breathing mixtures, spectroscopy, and positron emission tomography (PET). Additionally, helium-filled aerostats, tethered balloons, and blimps are employed for surveillance and monitoring purposes, providing stable platforms for payloads like radar and cameras used in border security, military surveillance, and disaster management.

Moreover, helium finds crucial utility in spacecraft as a pressurant gas for propulsion systems and in cooling sensitive equipment in the extreme conditions of space. Its low boiling point and inert properties make it particularly advantageous in space applications. The nuclear power sector also shows increasing demand, especially in the development of next-generation nuclear reactors and advanced gas-cooled reactors, where its effectiveness as a coolant and compatibility with nuclear processes are pivotal. However, careful management of helium demand is essential even within this sector due to its limited supply. Efforts to secure helium resources and enhance its use in nuclear power remain high priorities.

Phase Insights

In 2023, the gas phase dominated the global helium market with a substantial revenue share of approximately 73%. This dominance is attributed to helium's widespread adoption across various applications, including leak detection, gas chromatography, welding and cutting, cooling and refrigeration, and nuclear power. Helium gas is indispensable in scientific research across physics, chemistry, and materials science, facilitating cryogenic studies, low-temperature investigations, and serving as a carrier gas in numerous analytical instruments.

Cutting-edge technologies such as quantum computing and quantum communication heavily rely on superconducting components cooled by liquid helium, driving further demand growth. Despite its critical role and increasing demand, helium remains a finite resource with limited availability. Most global production stems from natural gas extraction, where helium is often a byproduct, and not all natural gas reservoirs contain helium. As existing helium reserves deplete and new sources remain challenging to discover, scarcity continues to fuel demand.

Application Insights

Cryogenics emerged as the largest application segment in 2023, holding a substantial revenue share of 24%. Helium's unique ability to achieve and maintain extremely low temperatures is indispensable for scientific experiments, space exploration, and various industrial applications. It is crucial in cooling infrared detectors, scientific instruments on spacecraft, and maintaining temperatures necessary for semiconductor manufacturing processes like ion implantation and chemical vapor deposition.

Helium's inert and buoyant properties make it ideal for lifting applications in balloons and airships where safety is paramount, as it does not support combustion. Its role in semiconductor manufacturing ensures stable temperatures essential for precision and quality in semiconductor device production.

Helium Market Key Companies

• Air Products and Chemicals, Inc.
• Linde Plc
• Air Liquide
• Messer Group
• Taiyo Nippon Sanso India
• MESA Specialty Gases & Equipment
• Matheson Tri-Gas Inc.
• Iwatani Corporation
• Gazprom PJSC
• Gulf Cryo S.A.L.
• IACX Energy

Helium Market Segmentation:

By Phase

• Gas
• Liquid

By Application

• Breathing Mixes
• Cryogenics
• Leak Detection
• Pressurizing & Puring
• Welding
• Controlled Atmosphere
• Other Applications

By End-use

• Aerospace & Defense
• Medical & Healthcare
• Electronics & Electrical
• Nuclear Power
• Metal Fabrication
• Other End-uses

By Region

• North America
• Europe
• Asia Pacific
• Central & South America
• Middle East & Africa