‘India is 100% import‑dependent for Helium, making many industries acutely vulnerable to global disruptions’

The war’s effect on Helium (He) offers high drama: critical gas used to save lives and power technology seems suddenly at risk because of missiles and geopolitics, observed industry experts.

Helium, is a colourless, odourless, non-toxic, and inert gas and it is primarily used to cool superconducting magnets, MRI scanners, spectrometers and semiconductor fabs, has no or only a few substitutes.

Over 50% of India’s Helium imports traditionally come from Qatar, which accounts for some 34% of global helium exports. Missile strikes and force majeure at Qatar’s Ras Laffan complex in March 2026 significantly reduced Qatar’s Helium export capacity.

According to Ralf Gubler, research director for industrial gases and fertilisers at S&P Global Energy, India is 100% import‑dependent for helium, making many industries, such as Healthcare (MRI), Semiconductors & Electronics, Fibre Optics & Display Manufacturing etc in the country acutely vulnerable to global disruptions.

Mr, Gubler, said liquid Helium was indispensable for cooling superconducting magnets (MRI scanners). If Helium levels fell below critical thresholds, superconductivity would be lost, the Helium rapidly quenches (vaporizes) which even lead to damaging the superconducting magnets resulting in weeks of downtime and costly repairs.

Although zero‑boil‑off (ZBO) MRI scanners use advanced cryocooler technology and therefore consume less Helium, however, most MRI scanners in India India relies on periodic refilling, failure risks magnet quench and multi‑week downtime. Helium supply disruptions force hospitals to ration refills, delay installations, and prioritise only emergency scans.

On the Semiconductors & Electronics front too, Helium is essential for wafer cooling, leak detection, plasma processes and controlled atmospheres. Again, in Fibre Optics & Display Manufacturing, Helium is used for heat transfer and defect‑free drawing. “Shortages have increased costs and slowed production, particularly as digital infrastructure rollout accelerates in India,’’ Mr. Gubler observed.

Research Laboratories & Scientific Instruments segment is another area seeing the impact of Helium shortage. Cryogenic research, NMR spectrometers and analytical labs have curtailed experiments, shifted to substitutes like hydrogen where possible, or delayed projects altogether.

Demand supply mismatch

On India’s helium demand and supply scenario, Gubler, said, the country’s helium demand in 2025 was estimated at 3.4 million cubic tons, with zero domestic production. Over 50% of India’s imports traditionally come from Qatar, which accounts for some 34% of global helium exports. Missile strikes and force majeure at Qatar’s Ras Laffan complex in March 2026 removed up to 14% of Qatar’s helium export capacity temporarily. “Huge shortages lead to chronic allocation, spot purchasing at premiums, and heightened supply insecurity, especially for non‑medical users,’’ he elaborated.

India should look at other helium providers

According to Mr. Gubler, India should benefit from multi‑origin contracts, including Russia, the United States, and emerging suppliers like South Africa and Tanzania. India currently doesn’t produce any Helium domestically. However, traces of Helium exist in natural gas fields in West Bengal and Jharkhand, but concentrations are below the ~0.2% economic threshold. Even with pilot projects, commercial viability is at least 5–10 years away, requiring LNG‑scale processing and large capital outlays which doesn’t seem an economically viable option for the country, as per data shared by S&P Global Energy.

Henry HE, Associate Research Director for Fertilizers & Industrial Gases at S&P Global Energy, said the limited number of ISO containers (only a few thousand worldwide) complicates recovery. “ Thousands of containers remain stranded in Qatar or en route; they must be relocated overland to Jeddah or Salalah to bypass the closed Strait of Hormuz,’’ he suggested.

Ashok Chandak, President, India Electronics & Semiconductor Association said, critical materials like helium must be treated as strategic inputs as India scales its semiconductor ecosystem.

Typical inventories in India are for 7–10 days as Helium is a just‑in‑time product due to high boil‑off rates and costly storage. Helium prices have seen a sharp increase of around 35–50% in recent weeks, with spot prices in some cases rising even higher. “The impact is currently more in the form of cost pressures rather than production disruptions,’’ Mr. Chandak said.

He further said, fabless companies in India would see minimal direct impact, as they rely on global foundries. However, if disruptions persist, there could be an increase in chip costs globally and some manufacturing impact, which may have a downstream effect on electronics manufacturing, he cautioned adding the current scenario highlighted the need to build long-term resilience through supply diversification across multiple countries.

Vasudha Madhavan, Founder & CEO, Ostara Advisors, a Bengaluru-based investment banking firm focused on areas including climate-tech, electric mobility, and sustainability, said The Helium shortage was beginning to create real day-to-day disruptions across industries in the country, beginning to be visible in healthcare where MRI machines depend on helium for cooling.

“This was leading to higher scan costs, longer waiting times, and delays in diagnosis for patients,’’ she said. Other industries that rely on Helium for precision processes are also facing rising costs and potential slowdowns. The overall impact is growing operational uncertainty, with tighter inventories, increasing cost pressures on businesses and customers, and a gradual shift toward alternatives like Helium-free technologies to reduce dependence on an unstable global supply chain, Ms. Madhavan further said.

Helium prices in India were already high at around $93,000–$98,000 per metric ton in late 2025 and early 2026, and the recent global supply disruption has pushed them materially higher, with spot prices marked up sharply in March 2026. according to S&P Global Energy.