China Industrial & Specialty Gases Market to Grow with a CAGR of 4.13% through 2028
Surge in research and development activities is expected to drive the China
Industrial & Specialty Gases Market growth in the forecast period,
2024-2028
According to TechSci Research report, “China
Industrial & Specialty Gases Market– By Region, Competition, Forecast and
Opportunities, 2018-2028F”, the China Industrial & Specialty Gases
Market stood at USD 5.26 billion in 2022 and is anticipated to grow with a CAGR
of 4.13% in the forecast period, 2023-2028. The initiatives taken by government
based on industrial & specialty gases has led to favorable market
conditions for the China Industrial & Specialty Gases Market. Several
factors contribute to the growth of various industrial & specialty gases market
products.
The government
has been actively implementing a range of policies and initiatives to foster
and promote the manufacturing sector. Recognizing the vital role of industrial
and specialty gases in this sector, the government's efforts have led to a
remarkable surge in industrialization. As a result, the demand for these gases
has seen a significant upswing, signaling a promising growth trajectory for the
manufacturing industry.
In line with the
Chinese government's strong commitment to the development of the electronic
specialty gas sector, industry operators have been steadfast in their efforts
to promote the localization of these gases. Given their crucial role in
electronics manufacturing, the focus on local production not only ensures a
steady supply but also bolsters the overall competitiveness of the industry.
This strategic approach not only supports the growth of the electronic
specialty gas sector but also strengthens the broader electronics manufacturing
ecosystem in China.
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The localization
of specialty gases, especially those used in the electronics industry, is
heavily dependent on sustained investment in research and development
(R&D). For a significant period of time, China has heavily relied on
importing specialty gases, which has led to high product prices, lengthy delivery
cycles, and occasional service issues. However, with increased focus and
efforts in R&D, domestic manufacturers are now able to enter the market and
reduce their dependence on imports. This shift not only improves the
availability and affordability of specialty gases but also strengthens China's
capabilities in the electronics industry.
The China
Industrial & Specialty Gases Market is segmented in product, mode of
distribution, regional distribution, and company
Based on its product, the oxygen segment held the
largest share in the market. The food and beverage industry relies on the
utilization of oxygen to significantly enhance the shelf-life of products. By
incorporating oxygen in packaging, it creates an environment that inhibits
bacterial growth, ensuring the long-lasting freshness and optimal quality of
food products. This innovative approach not only extends the lifespan of
perishable items but also enhances the overall consumer experience by
delivering consistently high-quality products.
Based on region, South Central segment is expected to
grow during the forecast period.
The Chinese government's proactive policies, aimed at
promoting industrial growth and technological advancement in the South Central
region, have played a pivotal role in shaping its economic landscape. By
fostering an environment conducive to innovation and development, these
policies have not only led to increased production capacities but have also
spurred the establishment of new industrial plants. As a result, the demand for
industrial and specialty gases has witnessed a significant upswing, creating
new opportunities for businesses operating in this sector. This dynamic
scenario highlights the synergistic relationship between government initiatives
and industrial growth, driving the region towards further progress and
prosperity.
Major companies operating in China Industrial &
Specialty Gases Market are:
• Linde AG
• Yingde Gases Group Co., Ltd.
• Taiyo Nippon Sanso Corporation
• Shanghai Chinllenge Gases Co., Ltd.
• Hangzhou Hangyang Co., Ltd.
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“Growing application of industrial & specialty gases
in various end user industries are key drivers of the industrial & specialty
gases market. Growth in competitive landscape and presence of well-established
companies in the market who are dedicated to enhance their productivity of industrial
& specialty gases with every passing year are anticipated to register an
impressive growth to China Industrial & Specialty Gases Market in the
forecast period.,” said Mr. Karan Chechi, Research Director with TechSci
Research, a research-based management consulting firm.
“Industrial & Specialty Gases Market By Product
(Oxygen, Nitrogen, Hydrogen, Carbon Dioxide, Argon, Others), By Mode of
Distribution (Tonnage/Gaseous, Bulk, Cylinder), By
Region, By Competition Forecast & Opportunities, 2018-2028F”, has evaluated
the future growth potential of China Industrial & Specialty Gases Market
and provides statistics & information on market size, structure, and future
market growth. The report intends to provide cutting-edge market intelligence
and help decision makers take sound investment decisions. Besides, the report
also identifies and analyzes the emerging trends along with essential drivers,
challenges, and opportunities in China Industrial & Specialty Gases Market.
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