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Air Products CEO Eduardo Menezes said the company expects continued difficulties in the helium market through 2026 and into 2027, citing ongoing volatility and structural changes that have impacted both the company and the broader industrial gas sector.

Speaking during the company鈥檚 second-quarter earnings call on Wednesday, Menezes noted that helium remains a highly cyclical business鈥攐ne that has become even more unpredictable following the sale of the U.S. Federal Helium Reserve. The reserve, formerly managed by the Bureau of Land Management (BLM), was acquired by Messer in a move that has introduced greater uncertainty in the North American helium market.

鈥淗elium is a different product, and it鈥檚 a more cyclical business鈥攁nd it became more cyclical when the BLM ended the program, and the balance of the volume went away,鈥� Menezes said.

Air Products, one of the larger players in the global helium market, offers a broad range of helium products, including ultra-high purity gases used in scientific applications under its Experis and BIP product lines. The company has seen significant swings in helium-related earnings in recent years, and current market dynamics continue to weigh on performance.

One of the additional pressures facing the helium market is pricing in China. Since late 2023, lower-cost helium supplies from Russia have entered the Chinese market, softening prices and creating headwinds for companies operating in the region.

Air Products is not alone in dealing with these market shifts. Competitor Air Liquide has also reported helium-related challenges, particularly in Asia. During its most recent earnings call last week, Air Liquide CFO J茅r么me Pelletan acknowledged the company had faced setbacks in its helium business in the region. However, he emphasized that overall performance in Asia remained strong despite those challenges.

While Air Liquide's exposure to the helium market is understood to be smaller than that of Air Products, the French industrial gas giant has still felt the effects of the pricing and supply dynamics currently shaping the global helium industry.

Looking ahead, Menezes indicated that Air Products is closely monitoring developments in supply and pricing, particularly as global demand patterns evolve and geopolitical factors influence availability. Despite the turbulence, the company remains committed to maintaining its helium offerings and supporting critical sectors such as healthcare and research.

As helium market uncertainty continues, both Air Products and its competitors are working to adapt to changing conditions that are expected to persist for at least the next two years.