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The market for helium is expected to register a CAGR of around 4% during the forecast period. Major factors driving the market are the increasing consumption of helium in the electronics and semiconductor industry and the growing usage in the healthcare industry. However, the high cost of the extraction process and the stringent government regulations concerning helium use are likely to hinder the growth of the market studied.
- Gas-phase helium dominated the market and is also projected to register the highest CAGR during the forecast period.
- The development of efficient storage and transport methods for gases is anticipated to provide numerous opportunities over the forecast period.
- North America dominated the market with the largest consumption, followed by Asia-Pacific and Europe. However, Asia-Pacific is likely to register the highest CAGR through the forecast period.
Key Market Trends
Healthcare Sector to Dominate the Market
- Helium has a wide range of uses in the healthcare industry. It can reach a temperature of -269? C, making liquid helium the best option for cooling the magnets of MRI machines. Helium is also being used for breathing observation. It is an essential component in treating emphysema, asthma, and other conditions that affect breathing.
- The gas is usually used to treat lung diseases. Oxygen and helium are used together for the treatment of acute and chronic forms of respiratory ailments, as the combination reaches the lungs faster than all the others. There is no substitute for helium in cryogenic helium applications.
- The demand for helium in the healthcare sector is increasing, owing to the rising demand for MRI scans. MRI has also seen growing applications in cancer screening and neurology.
- Geographically, helium finds the largest amount of use in the North American healthcare sector. The United States and Canada spend a major share of their GDP on healthcare.
- Similarly, healthcare has become one of the largest sectors in India, due to its strengthening coverage, services, and increasing expenditure by public, as well as private players.
- Such factors are likely to increase the demand for helium over the forecast period.
North America to Dominate the Market
- North America accounted for the largest share of the market, with the United States alone consuming a share of 30% of the global market.
- The US electronics market is the largest market in the world, in terms of size. Furthermore, it is expected to remain the leading market over the forecast period, due to the application of advanced technology, an increase in the number of R&D centers and increasing demand from the consumers.
- There is a significant increase in the number of manufacturing plants and development centers in the United States, primarily due to the focus on developing high-end products. This is expected to boost the demand for helium over the forecast period.
- Additionally, MRI diagnostics is a growing field, both in terms of the number of installed scanners and the number of scans being performed. Based on data by OECD, the United States is one of the leaders in MRI, second only to Japan, both in terms of availability and utilization.
- The Canadian consumer electronics industry experienced growth and grabbed new opportunities in the key product category, as Canadians are valuing new product innovations. The key factor driving the growth of this industry is the improved network connectivity in the country.
- Such aforementioned factors are expected to increase the demand for helium during the forecast period.
The global market for helium is highly consolidated, with the top five players accounting for over 75% of the total market., Air Liquide, Linde plc, Matheson Tri-Gas Inc., Iwatani Corporation, Messer Group, etc.
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