The helium market is expected to witness a moderate CAGR during the forecasted period, 2018-2023. The market is mainly driven by the increase in urbanization and industrialization in developing economies of India, China, etc. Other factors that influence market growth include the massive research done in helium production.
The Electronics & semiconductors industry is a significant consumer of helium. Helium is used as the sleeve in rods that create LCD screens. It is also used as protective gas for flushing vessels during the processing of semiconductor chips. It is vital for the manufacturing of optic fiber cables. Helium atmosphere in the cables prevent bubbles trapping inside the fiber cables. The semiconductor industry has been on the rise in recent years, especially in Asia-Pacific. Flat-panel display manufacturing, semiconductor manufacturing, and optical fiber manufacturing are all significant consumers of helium in Asian markets. The growth of helium during the forecast period will be driven by the demand from electronics manufacturers in major countries, such as China, India, South Korea, and Taiwan.
Helium gas finds plenty of uses in various industries, such as aerospace, automotive, electronics, healthcare, welding, and others. This gas is lighter than air and is inflammable, leading to its use in place of hydrogen in balloons, airships etc. In space flight operations, helium is also used to purge hydrogen systems. It also works as a pressurizing agent for ground and flight fluid systems. It is used by space agencies, such as NASA, Arianespace etc. Helium has the highest ionization potential of any atom, and is therefore, applied as a shielding gas in plasma arc welding of exotic metals, such as magnesium, zirconium, titanium, and aluminum alloys used in shipbuilding, construction, and aerospace. Helium gas is also used in leak detection because of it being a monoatomic molecule and small molecular size. It is used for detecting leaks in fuel tanks, rockets, gas lines, heat exchanges, and various electronic devices. Hence, the growing application of Helium gas is boosting the demand for Helium over the forecast period.
Helium gas finds plenty of uses in healthcare industry. It can reach a temperature of -269 C (the low boiling point), making liquid helium the best option for cooling magnets of MRI machines. Helium is also being used for breathing observation. It is an essential component in treating emphysema, ailments asthma, and other conditions that affect breathing. Helium gas is usually used to treat lung diseases. Oxygen and helium are used together for the treatment of acute and chronic forms of respiratory ailment. This combination is faster in reaching to the lungs than all other mixers.
The demand for helium in healthcare sector is increasing due to the growing demand of MRI scans. There has been a rise in chronic diseases, which has led to need for early diagnosis. MRIs are best for scan of head, chest, blood vessels, bones, spine, abdomen etc. MRI has also seen growing applications in cancer screening and neurology. The growth of MRI technology will, in turn, lead to growth of helium market. Hence, the robust usage of helium in healthcare industry is expected to drive the market for Helium during the forecast period.
Major Players: Air Liquide, Air products, Praxair Inc, and Linde AG, among others.
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