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Helium Market Size, Growth | Global Analysis Reports & Forecast, 2030
New Research Report "Helium Market" Size, Share | Global Industry Analysis Report 2030
Helium (He) is a colorless, odorless, tasteless, inert monoatomic gas and second most abundant element present on the earth. Due to its extremely unreactive nature, it provides a protective atmosphere for making semiconductors and fibre optics. Helium is produced by the radioactive decay of heavy elements such as uranium and thorium which radiates alpha particles underground. It can also be synthesized by liquefying air and separating the component gases. Due to its unique properties, it is widely used in numerous applications including MRI magnets, Heliox mixtures for treating lung diseases, mobile phones, computers, microscopes, airbags, welding, etc. Helium is also used to detect leaks in car air-conditioning systems. Helium is extensively used for cryogenic applications because of it uniquely low boiling point in the medical sector for high-technology manufacturing to science and technology investigations in academic laboratories.
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The global Helium market on the basis of end-use industries can be segmented into aerospace, electronics, and semiconductors, nuclear power, healthcare, welding, metal fabrication, and others. Healthcare industry dominates the global Helium market and is forecasted to maintain its dominance until 2030 owing to its wide range of applications in the medical sector as there is no substitute present for helium in cryogenic Helium applications. The developments in transport methods and storage efficiency of several gases are anticipated to provide numerous opportunities in upcoming years.
Based on type, Helium market is categorized into Liquid and Gas. Helium in Gaseous phase held the largest share of the global Helium market in 2020 due to its increased demand in medical appliances during the coronavirus pandemic. Increasing consumption of helium in the electronics and semiconductor industry for modern and advanced electronic products is likely to accelerate the Helium market around the world. Many leading players are merging with new acquisitions to strengthen their R&D department and improve their market footprint.