Global Helium Market Is Driven By Growing Demand For Helium Across Different Applications Such As Hospitality And Semiconductor Industries
Pune, Maharashtra, November 06, 2019 (Wired Release) Prudour Pvt. Ltd. – Helium is a chemical element with a symbol He and atomic number 2. Helium is a noble gas, a group of nonreactive and stable gases that also include argon, neon, radon, xenon, and krypton. It is odorless, colorless, non-toxic, non-corrosive, and non-combustible gas mainly sourced from natural gas wells. Major factors driving the global helium market are increasing usage of helium in the semiconductor and electronics industry along with growing usage in healthcare sector. In addition, major players operating in the global helium market are focusing on exploration activities to augment the availability of helium gas are likely to fulfill growth of target market. Whereas, costly extraction process and stringent rules and regulations regarding helium use are some factors that may hinder the growth of the target market. For instance, the Occupational Safety and Health Administration and the Environmental Protection Agency specify mandates for carriage and storage of cryogenic liquids in all storage forms.
Moreover, increasing expenditure for research and development activities related to helium-based devices is a key trend observed in the global helium market. For instance, ongoing research to employ superfluid helium to improve global positioning system in airplanes and submarines. The helium market is segregated on the basis of type into liquid and gas. Among the type segments, the gas segment is estimated to account for major revenue share. Gas is majorly used in welding activities and other areas such as fiber optics, pressuring and purging, plasma cleaning, semiconductors, heat transfer, and leak detection. On the basis of application, the target market segmented into cryogenics, aerostatics, welding and others. Based on the region, the helium market is segmented into North America, Europe, Asia Pacific, Latin America, and Middle East and Africa.
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Geographically, North America holds a major share in terms of revenue in the global helium market in 2018, with Asia Pacific identified as fastest-growing regional segment over the forecast period. This is attributed to the growing demand for newer electronic products along with the increasing requirement for medical facilities for the treatment of chronic diseases are some factors supporting the growth of the healthcare sector, as well as the consumption of helium in the region.
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Major players profiled in the report include RasGas Company Limited, Exxon Mobil Corporation, Linde plc, Praxair Inc, Air Liquide SA, Gornictwo Naftowe i Gazownictwo SA, Air Products and Chemicals Inc, Buzwair, and Matheson Tri-Gas Inc.
The primary driver of the Asia Pacific helium market is rapid urbanization and industrialization in developing countries such as India and China. In addition, increasing production of electronic devices in China, Taiwan, and India is responsible for high demand for helium in the region. Recently, In March 2018, China government aims to raise 200 Bn yuan to invest in domestic chip companies in order to build a world-class semiconductor industry. Also, growing demand from numerous manufacturing industries associated with construction, automobiles, mining, and transportation is driving growth of target market in the region.