Helium Gas Sales

Helium Gas Sales Market Outlook

The global helium gas sales market is valued at approximately USD 4.5 billion in 2023, and it is projected to achieve a compound annual growth rate (CAGR) of around 4.5% during the forecast period from 2025 to 2035. The increasing demand for helium across various sectors, including healthcare, electronics, and aerospace, is driving the market growth significantly. Furthermore, the rise in the utilization of helium in advanced technologies, such as cryogenics and nuclear fusion, is expected to propel market expansion. Also, the growing emphasis on research and development in the semiconductor industry is contributing to the increased usage of helium, thereby enhancing its sales. Another critical growth factor is the gradual depletion of natural helium reserves, prompting industries to optimize their use and seek more sustainable sourcing alternatives.

Growth Factor of the Market

The helium gas sales market is experiencing growth due to several compelling factors. First, the increasing applications of helium in healthcare, especially in MRI machines, are expanding the market opportunities significantly. The aerospace and defense sectors are also contributing to the demand, as helium is essential for various applications, including rocket fuel and airships. Second, helium's unique properties, such as low boiling point and inertness, make it highly sought after in the electronics and semiconductor industries, particularly for manufacturing processes that require extremely low temperatures. Additionally, the growing trend of using helium-filled balloons for events, parties, and promotions continues to create a steady demand in the consumer market. Furthermore, the expansion of research activities and technological advancements in areas like quantum computing and nanotechnology are likely to boost helium usage in scientific research. Overall, these factors combined are expected to sustain the growth of the helium gas sales market in the coming years.

Key Highlights of the Market

• The helium gas market is projected to reach USD 6.8 billion by 2035.
• Healthcare applications account for a significant share of the market, driven by medical imaging technologies.
• Helium gas mixtures are increasingly being adopted in specialized applications, particularly in electronics.
• Online sales channels are experiencing rapid growth, providing consumers with easy access to helium products.
• North America remains the leading region in helium consumption, largely due to its advanced aerospace and electronics industries.

By Grade

Grade A:

Grade A helium is considered high purity helium, typically with a purity level of 99.995% or higher, making it suitable for sensitive applications, particularly in the electronics and healthcare sectors. The demand for Grade A helium is primarily driven by its use in applications such as magnetic resonance imaging (MRI) and semiconductor manufacturing, where high purity is critical for optimal performance and safety. The rise of advanced technologies and the increasing focus on high-performance applications are expected to stimulate the market for Grade A helium. Furthermore, stringent quality control measures and technological advancements in production processes are contributing to the consistent supply of Grade A helium, thereby helping to meet the growing demand in various industrial settings.

Grade B:

Grade B helium is characterized by a slightly lower purity level, approximately 99.9%, and finds applications in less sensitive areas compared to Grade A. This grade is commonly utilized in balloon inflation, industrial processes, and some research applications where ultra-high purity is not as critical. The growth in the event planning and entertainment industry, particularly in the use of helium balloons for parties and celebrations, is significantly boosting the consumption of Grade B helium. Additionally, industries that utilize helium for general cooling and inerting applications are also increasingly favoring Grade B helium due to its cost-effectiveness. As businesses continue to expand and seek cost-efficient solutions, the market for Grade B helium is expected to witness steady growth over the coming years.

Grade C:

Grade C helium generally contains a lower purity level compared to Grades A and B, making it suitable for applications that do not require high purity. This grade is primarily used in industrial applications that leverage helium as a lifting gas or for inerting processes. The demand for Grade C helium is largely influenced by the manufacturing sector, where it is utilized in various applications such as welding and metal fabrication, contributing to significant market growth. As the manufacturing sector continues to evolve and expand, especially in developing countries, the utilization of Grade C helium is projected to increase. Furthermore, its affordability compared to higher-grade helium makes it an attractive choice for businesses looking to optimize their operational costs while still benefiting from helium's unique properties.

Grade D:

Grade D helium is often used in less critical applications, typically with a purity level around 99.5%. This grade is commonly associated with applications such as inflating promotional balloons and other non-industrial usages. Despite its lower purity, Grade D helium still plays a vital role in various sectors. The growth in the events and entertainment industry, including festivals, weddings, and corporate events, has led to a sustained demand for Grade D helium, as it is often preferred for balloon decorations and displays. Additionally, the ease of access and lower cost associated with Grade D helium provide a competitive advantage, especially for event planners and businesses that rely on large quantities of helium for short-term use. Overall, the market for Grade D helium is anticipated to grow alongside the expansion of the event and decoration industries.

Grade E:

Grade E helium is typically considered the lowest purity grade, often used in applications where purity is not a critical parameter. This grade serves a niche market primarily related to recreational uses and general-purpose applications. The demand for Grade E helium is influenced by the low-cost requirements of consumers and businesses that utilize helium for informal events or non-critical operations. Although it accounts for a smaller portion of the overall helium market, Grade E helium is vital for specific applications, including novelty items and low-cost balloon inflations. As the recreational industry continues to grow, driven by events, parties, and celebrations, the consumption of Grade E helium is likely to remain stable, contributing to the overall dynamics of the helium gas sales market.

By Type

Pure Helium Gas:

Pure helium gas is defined as helium with a purity level exceeding 99.99%, making it a crucial component for various specialized applications. This type of helium is primarily utilized in critical sectors such as healthcare, electronics, and aerospace. In the healthcare industry, pure helium is essential for MRI machines and other medical devices that require inert gas for optimal functionality. The electronics sector also relies heavily on pure helium for semiconductor manufacturing, where its unique properties are critical for maintaining low temperatures and preventing contamination. As technological advancements continue to evolve, the demand for pure helium gas is expected to increase significantly, driven by the necessity for high-quality and reliable gas in sensitive applications.

Helium Gas Mixtures:

Helium gas mixtures consist of helium blended with other gases to create specific properties suitable for various specialized applications. These mixtures are particularly popular in the electronics and aerospace industries, where tailored gas compositions are essential for operational efficiency. For instance, helium-argon mixtures are commonly used in welding processes to improve arc stability and enhance the quality of welds. The demand for helium gas mixtures is on the rise due to the increasing complexity of industrial applications that require specific gas compositions for improved performance. Moreover, as innovation continues to drive the development of advanced technologies, the market for helium gas mixtures is expected to expand, providing businesses with specialized solutions tailored to their operational needs.

By Application

Balloons:

The use of helium in balloons constitutes a significant segment of the helium gas market, primarily driven by consumer demand for decorative and celebratory purposes. Helium-filled balloons are a staple at parties, events, and festivals, owing to helium's lighter-than-air properties that allow balloons to float. The growing trend of balloon decorations for events, coupled with the rise of themed parties, has led to increased sales in this sector. Furthermore, innovations in balloon design and materials are enhancing the appeal of helium-filled balloons, contributing to sustained demand. As event planning and celebration culture continue to thrive, the market for helium in balloon applications is expected to remain strong, driving overall helium sales.

Aerospace & Defense:

The aerospace and defense industry represents a vital application segment for helium gas, where it is used in various capacities, including rocket propulsion and inerting in fuel tanks. Helium's low boiling point and non-reactive nature make it an ideal choice for cooling systems in rockets and spacecraft. The expansion of space exploration activities, led by both governmental and private entities, is significantly boosting the demand for helium in this sector. Additionally, the use of helium for weather balloons and surveillance provides further opportunities for growth. As advancements in aerospace technologies continue to progress, the helium market within this industry is expected to see substantial growth, driven by innovation and the need for reliable, high-performance gas solutions.

Electronics & Semiconductors:

Helium plays a crucial role in the electronics and semiconductor industries, where it is utilized for manufacturing processes, particularly in the production of semiconductors and display technologies. This application segment is experiencing robust growth due to the rising demand for electronic devices and advancements in technology. Helium is essential for cooling processes during semiconductor fabrication and is crucial for providing inert environments to prevent contamination. As the global demand for consumer electronics continues to grow, the electronics and semiconductor application segment is expected to remain a significant driver for helium sales, fostering innovations and enhancing production capabilities.

Healthcare:

The healthcare sector is one of the most critical application areas for helium gas, predominantly used in healthcare imaging technologies such as MRI machines. Helium is required to cool the superconducting magnets within MRI systems, ensuring optimal performance and accurate diagnostics. As the global healthcare sector continues to expand and evolve, driven by technological advancements and the increasing prevalence of chronic diseases, the demand for helium in healthcare applications is expected to witness significant growth. Additionally, the growing emphasis on medical research and development further enhances helium's relevance in healthcare, presenting opportunities for market expansion in the coming years.

Others:

The 'Others' segment encompasses various miscellaneous applications of helium gas, including its use in scientific research, recreational applications, and niche industrial processes. Helium is often employed in cryogenics, providing cooling for equipment and superconductive materials, which is critical for scientific studies and experiments. The demand for helium in these applications is complemented by ongoing research in fields such as quantum computing and material sciences, where helium's unique properties can be leveraged for innovative developments. As researchers and industries continue to explore the multifaceted uses of helium, this segment is anticipated to contribute to the overall growth of the helium gas sales market.

By Distribution Channel

Online Sales:

The online sales channel for helium gas is gaining traction as digital platforms offer consumers and businesses increased convenience and accessibility. E-commerce platforms provide a variety of helium products, including cylinders and specialty mixtures, allowing consumers to make purchases from the comfort of their homes or offices. The rise of online marketplaces has also resulted in increased competition among suppliers, leading to more competitive pricing and broader product selection. As e-commerce continues to flourish, the online sales channel for helium gas is expected to witness substantial growth, driven by changing consumer preferences and the increasing adoption of digital purchasing methods.

Direct Sales:

Direct sales involve manufacturers or suppliers selling helium gas products directly to end-users, allowing for personalized service and tailored solutions. This channel is particularly advantageous for businesses that require large quantities of helium or specialized gas mixtures for industrial applications. Direct sales often include comprehensive customer support, including guidance on gas selection, handling, and safety measures. As industries seek reliable suppliers for their gas needs, the direct sales channel is anticipated to experience steady growth, driven by a commitment to customer service and developing long-term partnerships.

Distributors:

Distributors play a crucial role in the helium gas supply chain by connecting manufacturers with end-users across various sectors. These intermediaries are essential for ensuring product availability and accessibility, as they often maintain inventory for a wide range of helium grades and types. Distributors can offer valuable expertise regarding gas applications and safety regulations, helping businesses navigate their helium needs. The growth of the helium gas market is expected to positively impact distributors, as more industries seek reliable sources for helium and the demand for efficient supply chains increases.

By User

Industrial:

The industrial sector is one of the largest consumers of helium gas, using it for a variety of applications including welding, cooling, and inerting processes. Industries such as manufacturing and chemical production rely heavily on helium for its unique properties, which help optimize production efficiency and enhance safety. The growth of manufacturing activities globally, particularly in emerging economies, is expected to drive the demand for helium within the industrial sector significantly. Additionally, as companies continue to invest in advanced technologies and automation, the reliance on helium for various industrial processes is anticipated to grow, reinforcing its importance in the overall market landscape.

Commercial:

In the commercial sector, helium gas is utilized primarily in entertainment, events, and decorations. The demand for helium-filled balloons, along with other decorative uses, drives sales in this segment. As event planning and celebrations become increasingly elaborate, the commercial demand for helium is expected to rise steadily. Additionally, the growth of the party supplies market further supports helium's relevance in commercial applications. Furthermore, businesses that offer helium balloons at events and parties are likely to see continued growth as consumer preferences shift towards unique and visually appealing experiences.

Residential:

Residential users of helium gas primarily include individuals purchasing helium for personal celebrations, such as birthdays, weddings, and other gatherings. The demand for helium in residential applications is closely tied to trends in party planning and event decor, where helium-filled balloons are often a popular choice. As consumers prioritize creating memorable experiences for their guests, the market for residential helium usage is expected to remain strong. Additionally, the availability of helium products through various retail channels, including online platforms, makes it easier for consumers to access helium for their personal events, further driving the growth in this segment.

By Region

North America holds a dominant position in the global helium gas market, accounting for approximately 40% of the total market share in 2023. The region's advanced technology landscape, particularly in the aerospace and electronics industries, significantly contributes to its high consumption levels of helium. The USA, being one of the largest producers and consumers of helium, plays a pivotal role in maintaining a stable supply chain. Furthermore, the increasing demand for healthcare applications, particularly MRI equipment, is catalyzing growth in the North American market. The region is also projected to experience a CAGR of 5% during the forecast period, driven by continuous innovations and advancements in various sectors.

Europe is another critical region in the helium gas market, representing approximately 25% of the global share. The European market is characterized by a strong focus on healthcare applications and advanced manufacturing processes. The growth of the electronics sector in Germany, along with increasing investments in high-tech industries across the region, is expected to bolster helium demand. Additionally, the rising awareness of sustainable practices and the shift towards recycling helium for industrial use further contribute to market dynamics in Europe. As companies prioritize operational efficiency and sustainability, the helium gas market in this region is likely to see continued growth.

Opportunities

The helium gas market presents several opportunities for growth, particularly in emerging economies where industrial activity is on the rise. As countries in Asia-Pacific and Latin America continue to develop their manufacturing sectors, the demand for helium is expected to increase significantly. These regions are investing in infrastructure and technology, creating a favorable environment for helium applications in various industries such as electronics, healthcare, and aerospace. Furthermore, the growing emphasis on research and development in these countries is likely to foster innovation, leading to new applications and uses for helium gas. Companies that position themselves strategically in these emerging markets may benefit from increased sales, establishing a strong foothold in the global helium gas landscape.

Additionally, advancements in helium recycling technologies present a significant opportunity for market growth. With depleting natural helium reserves, the development of efficient recycling systems allows industries to reclaim and reuse helium, reducing costs and minimizing environmental impact. This approach not only addresses supply concerns but also aligns with the global push towards sustainability and responsible resource management. Companies that invest in and adopt these technologies could gain a competitive advantage in the helium market, attracting environmentally-conscious consumers and businesses alike.

Threats

One of the primary threats facing the helium gas sales market is the increasing competition from alternative gases and technologies. As industries seek to reduce costs and improve efficiency, some may opt for substitutes that can provide similar benefits to helium. For example, in certain applications, nitrogen or argon could be used as alternatives, which could potentially undermine the demand for helium. Additionally, the limited availability of natural helium reserves presents an ongoing challenge to suppliers who may struggle to meet increasing demand over the long term. As industries grow and require more helium, the competition for access to existing reserves is likely to intensify, creating a potential supply crisis in the market.

Another significant restraining factor in the helium gas market is the regulatory landscape surrounding helium extraction and use. Stringent environmental regulations may impact the production and distribution of helium, particularly in regions where natural gas extraction occurs. Companies may face increased operational costs due to compliance with these regulations, hindering their competitiveness in the market. Additionally, disruptions in the supply chain, such as geopolitical tensions or trade restrictions, may affect the availability of helium, leading to price fluctuations and uncertainty within the market. Addressing these threats requires a proactive approach from industry stakeholders, focusing on strategic partnerships and innovative solutions to secure a sustainable future for helium gas sales.

Competitor Outlook

• Air Products and Chemicals, Inc.
• Linde plc
• Praxair Technology, Inc.
• Air Liquide S.A.
• ExxonMobil Corporation
• Dow Inc.
• Helium One Global Ltd.
• Royal Helium Ltd.
• Western Gas Partners, LP
• Merchants Helium
• Matheson Tri-Gas, Inc.
• Universal Industrial Gases, Inc.
• Taiyo Nippon Sanso Corporation
• Proton Energy Systems, Inc.
• Healthtronics, Inc.

The competitive landscape of the helium gas sales market is characterized by the presence of several key players striving for market share through strategic partnerships, technological advancements, and operational efficiency. Major companies, such as Air Products and Chemicals, Inc., and Linde plc, dominate the market with extensive distribution networks and comprehensive product offerings. These companies have invested heavily in research and development, focusing on improved helium extraction and recycling technologies, thus enhancing their competitive advantage. The ongoing consolidation in the market further strengthens the positions of these leading players, allowing them to leverage economies of scale and optimize their supply chains effectively.

Apart from the dominant players, smaller and niche companies are also making their mark in the helium gas market. Companies like Helium One Global Ltd. and Royal Helium Ltd. are focusing on innovative extraction techniques and exploring untapped reserves to carve out their niche in the market. These players often emphasize sustainability and environmental responsibility, appealing to a growing segment of consumers and industries prioritizing eco-friendly practices. As competition intensifies, these smaller companies could play a crucial role in shaping the future dynamics of the helium gas sales market.

In addition to product and operational strategies, companies in the helium gas sales market are increasingly emphasizing customer service and tailored solutions. For instance, businesses like Matheson Tri-Gas, Inc. and Universal Industrial Gases, Inc. prioritize customer relationships by offering personalized support and guidance on helium selection, safety measures, and application uses. This focus on customer satisfaction is essential for building brand loyalty and long-term partnerships, which are critical to sustaining revenue growth in a competitive landscape. Overall, the helium gas sales market is poised for continued growth, driven by both established players and innovative newcomers committed to meeting the evolving needs of consumers and industries alike.

• 1 Appendix

  • 1.1 List of Tables
  • 1.2 List of Figures

• 2 Introduction

  • 2.1 Market Definition
  • 2.2 Scope of the Report
  • 2.3 Study Assumptions
  • 2.4 Base Currency & Forecast Periods

• 3 Market Dynamics

  • 3.1 Market Growth Factors
  • 3.2 Economic & Global Events
  • 3.3 Innovation Trends
  • 3.4 Supply Chain Analysis

• 4 Consumer Behavior

  • 4.1 Market Trends
  • 4.2 Pricing Analysis
  • 4.3 Buyer Insights

• 5 Key Player Profiles

  • 5.1 Dow Inc.
    • 5.1.1 Business Overview
    • 5.1.2 Products & Services
    • 5.1.3 Financials
    • 5.1.4 Recent Developments
    • 5.1.5 SWOT Analysis
  • 5.2 Linde plc
    • 5.2.1 Business Overview
    • 5.2.2 Products & Services
    • 5.2.3 Financials
    • 5.2.4 Recent Developments
    • 5.2.5 SWOT Analysis
  • 5.3 Air Liquide S.A.
    • 5.3.1 Business Overview
    • 5.3.2 Products & Services
    • 5.3.3 Financials
    • 5.3.4 Recent Developments
    • 5.3.5 SWOT Analysis
  • 5.4 Merchants Helium
    • 5.4.1 Business Overview
    • 5.4.2 Products & Services
    • 5.4.3 Financials
    • 5.4.4 Recent Developments
    • 5.4.5 SWOT Analysis
  • 5.5 Royal Helium Ltd.
    • 5.5.1 Business Overview
    • 5.5.2 Products & Services
    • 5.5.3 Financials
    • 5.5.4 Recent Developments
    • 5.5.5 SWOT Analysis
  • 5.6 Healthtronics, Inc.
    • 5.6.1 Business Overview
    • 5.6.2 Products & Services
    • 5.6.3 Financials
    • 5.6.4 Recent Developments
    • 5.6.5 SWOT Analysis
  • 5.7 ExxonMobil Corporation
    • 5.7.1 Business Overview
    • 5.7.2 Products & Services
    • 5.7.3 Financials
    • 5.7.4 Recent Developments
    • 5.7.5 SWOT Analysis
  • 5.8 Helium One Global Ltd.
    • 5.8.1 Business Overview
    • 5.8.2 Products & Services
    • 5.8.3 Financials
    • 5.8.4 Recent Developments
    • 5.8.5 SWOT Analysis
  • 5.9 Matheson Tri-Gas, Inc.
    • 5.9.1 Business Overview
    • 5.9.2 Products & Services
    • 5.9.3 Financials
    • 5.9.4 Recent Developments
    • 5.9.5 SWOT Analysis
  • 5.10 Praxair Technology, Inc.
    • 5.10.1 Business Overview
    • 5.10.2 Products & Services
    • 5.10.3 Financials
    • 5.10.4 Recent Developments
    • 5.10.5 SWOT Analysis
  • 5.11 Western Gas Partners, LP
    • 5.11.1 Business Overview
    • 5.11.2 Products & Services
    • 5.11.3 Financials
    • 5.11.4 Recent Developments
    • 5.11.5 SWOT Analysis
  • 5.12 Proton Energy Systems, Inc.
    • 5.12.1 Business Overview
    • 5.12.2 Products & Services
    • 5.12.3 Financials
    • 5.12.4 Recent Developments
    • 5.12.5 SWOT Analysis
  • 5.13 Taiyo Nippon Sanso Corporation
    • 5.13.1 Business Overview
    • 5.13.2 Products & Services
    • 5.13.3 Financials
    • 5.13.4 Recent Developments
    • 5.13.5 SWOT Analysis
  • 5.14 Air Products and Chemicals, Inc.
    • 5.14.1 Business Overview
    • 5.14.2 Products & Services
    • 5.14.3 Financials
    • 5.14.4 Recent Developments
    • 5.14.5 SWOT Analysis
  • 5.15 Universal Industrial Gases, Inc.
    • 5.15.1 Business Overview
    • 5.15.2 Products & Services
    • 5.15.3 Financials
    • 5.15.4 Recent Developments
    • 5.15.5 SWOT Analysis

• 6 Market Segmentation

  • 6.1 Helium Gas Sales Market, By Type
    • 6.1.1 Pure Helium Gas
    • 6.1.2 Helium Gas Mixtures
  • 6.2 Helium Gas Sales Market, By User
    • 6.2.1 Industrial
    • 6.2.2 Commercial
    • 6.2.3 Residential
  • 6.3 Helium Gas Sales Market, By Grade
    • 6.3.1 Grade A
    • 6.3.2 Grade B
    • 6.3.3 Grade C
    • 6.3.4 Grade D
    • 6.3.5 Grade E
  • 6.4 Helium Gas Sales Market, By Application
    • 6.4.1 Balloons
    • 6.4.2 Aerospace & Defense
    • 6.4.3 Electronics & Semiconductors
    • 6.4.4 Healthcare
    • 6.4.5 Others
  • 6.5 Helium Gas Sales Market, By Distribution Channel
    • 6.5.1 Online Sales
    • 6.5.2 Direct Sales
    • 6.5.3 Distributors

• 7 Competitive Analysis

  • 7.1 Key Player Comparison
  • 7.2 Market Share Analysis
  • 7.3 Investment Trends
  • 7.4 SWOT Analysis

• 8 Research Methodology

  • 8.1 Analysis Design
  • 8.2 Research Phases
  • 8.3 Study Timeline

• 9 Future Market Outlook

  • 9.1 Growth Forecast
  • 9.2 Market Evolution

• 10 Geographical Overview

  • 10.1 Europe - Market Analysis
    • 10.1.1 By Country
      • 10.1.1.1 UK
      • 10.1.1.2 France
      • 10.1.1.3 Germany
      • 10.1.1.4 Spain
      • 10.1.1.5 Italy
  • 10.2 Asia Pacific - Market Analysis
    • 10.2.1 By Country
      • 10.2.1.1 India
      • 10.2.1.2 China
      • 10.2.1.3 Japan
      • 10.2.1.4 South Korea
  • 10.3 Latin America - Market Analysis
    • 10.3.1 By Country
      • 10.3.1.1 Brazil
      • 10.3.1.2 Argentina
      • 10.3.1.3 Mexico
  • 10.4 North America - Market Analysis
    • 10.4.1 By Country
      • 10.4.1.1 USA
      • 10.4.1.2 Canada
  • 10.5 Helium Gas Sales Market by Region
  • 10.6 Middle East & Africa - Market Analysis
    • 10.6.1 By Country
      • 10.6.1.1 Middle East
      • 10.6.1.2 Africa

• 11 Global Economic Factors

  • 11.1 Inflation Impact
  • 11.2 Trade Policies

• 12 Technology & Innovation

  • 12.1 Emerging Technologies
  • 12.2 AI & Digital Trends
  • 12.3 Patent Research

• 13 Investment & Market Growth

  • 13.1 Funding Trends
  • 13.2 Future Market Projections

• 14 Market Overview & Key Insights

  • 14.1 Executive Summary
  • 14.2 Key Trends
  • 14.3 Market Challenges
  • 14.4 Regulatory Landscape

Segments Analyzed in the Report

The global Helium Gas Sales market is categorized based on

By Grade

• Grade A
• Grade B
• Grade C
• Grade D
• Grade E

By Type

• Pure Helium Gas
• Helium Gas Mixtures

By Application

• Balloons
• Aerospace & Defense
• Electronics & Semiconductors
• Healthcare
• Others

By Distribution Channel

• Online Sales
• Direct Sales
• Distributors

By User

• Industrial
• Commercial
• Residential

By Region

• North America
• Europe
• Asia Pacific
• Latin America
• Middle East & Africa

Key Players

• Air Products and Chemicals, Inc.
• Linde plc
• Praxair Technology, Inc.
• Air Liquide S.A.
• ExxonMobil Corporation
• Dow Inc.
• Helium One Global Ltd.
• Royal Helium Ltd.
• Western Gas Partners, LP
• Merchants Helium
• Matheson Tri-Gas, Inc.
• Universal Industrial Gases, Inc.
• Taiyo Nippon Sanso Corporation
• Proton Energy Systems, Inc.
• Healthtronics, Inc.