Specialty Gases Industry Thematic Report: How Did Linde Transform from Equipment Manufacturing to Industrial Gases?

Continuous breakthroughs in air separation equipment, with technical capabilities holding an absolute leading position domestically. According to Hangyang Co., Ltd.’s official website, in 2017, the first 100,000-ton-per-day air separation unit (ASU) for Shenhua Ningxia Coal Group successfully produced oxygen; shortly thereafter, Hangyang achieved breakthroughs on six such 100,000-ton-per-day ASUs for the same client—reaching world-class advanced levels and breaking foreign companies’ monopoly over ultra-large-scale equipment. In 2018, Hangyang delivered its first large-scale pure nitrogen plant for the electronics sector. In April 2020, Hangyang’s world’s largest single-piece assembled cold box ASU—currently operational—passed performance acceptance testing. In May 2020, Hangyang’s 105,000 m³/h ASU cold box, manufactured for Zhejiang Petrochemical, was officially shipped. According to its official website, Hangyang’s technical performance indicators for large-scale ASUs have now reached internationally leading levels and hold an absolute domestic leadership position. Per Hangyang’s convertible bond prospectus, in 2020, based on total oxygen production capacity of China’s 12 major ASU manufacturers, Hangyang held approximately a 43% market share. Comprehensive industrial gas business layout, covering multiple provinces and diverse business models. As stated on Hangyang’s official website, as of now, the company has established over 30 gas subsidiaries across 15 provinces nationwide. Hangyang Gases primarily supplies conventional gases—including oxygen, nitrogen, argon, and carbon dioxide—and offers products such as liquid oxygen, liquid nitrogen, liquid argon, high-purity oxygen, neon, helium, krypton, xenon, and various packaged gas products. It provides customers with on-site storage tank deployment, unmanned on-site gas supply systems, and logistics delivery services. Hangyang achieved breakthroughs in gas projects in 2021, with scale expected to gradually catch up. Yingde Gases—the domestic leader in industrial gas operations—has already attained over RMB 16 billion in gas business revenue. According to Yingde’s official website, its currently operating gas projects deliver 3.24 million Nm³/day of bulk gases (e.g., oxygen, nitrogen) and 432,000 Nm³/day of synthesis gases. Hangyang entered the gas business in 2003, leveraging its equipment advantages, and surpassed RMB 6 billion in gas business revenue in 2021. Based on our compilation of Hangyang’s publicly announced gas projects, approximately 640,000 Nm³/day of new projects were launched in 2021. According to Hangyang’s investor briefing released on April 28, 2022, the total operational capacity of its commissioned gas projects stood at around 1.5 million Nm³/day by end-2021. Adding newly disclosed projects for 2022, our estimation indicates Hangyang’s total covered gas project capacity—including projects not yet operational—exceeds 2 million Nm³/day. Accelerating specialty gas business development to advance domestic substitution. Specialty gases are widely used in electronics, petrochemicals, steelmaking, medical research, and diagnostics, demanding extremely high purity. Rare gases can only be extracted from air or natural gas, requiring highly sophisticated air separation equipment—hence low domestic substitution rates. According to Qianzhan Industry Research Institute, domestic gas companies held only a 12% market share in China’s electronic specialty gases segment in 2019. With growing national emphasis on semiconductors, chips, and large-scale integrated circuits, domestic substitution of specialty gases has become a strategic priority.

Research Report on Development Trends and Investment Strategies for China’s Specialty Gases Industry

8.5 Analysis of Market Potential for Specialty Gases in China’s Semiconductor Sector 8.5.1 Current Development Status of China’s Semiconductor Market 8.5.2 Future Trends and Outlook for China’s Semiconductor Market 8.5.3 Overview of Specialty Gas Demand in the Semiconductor Sector (Characteristics, Product Types, etc.) 8.5.4 Current Analysis of Specialty Gas Application Demand in China’s Semiconductor Sector 8.5.5 Analysis of Market Potential for Specialty Gases in China’s Semiconductor Sector 8.6 Analysis of Market Potential for Specialty Gases in China’s Laser Sector 8.6.1 Current Development Status of China’s Laser Market 8.6.2 Future Trends and Outlook for China’s Laser Market 8.6.3 Overview of Specialty Gas Demand in the Laser Sector (Characteristics, Product Types, etc.) 8.6.4 Current Analysis of Specialty Gas Application Demand in China’s Laser Sector 8.6.5 Analysis of Market Potential for Specialty Gases in China’s Laser Sector 8.7 Analysis of Market Potential for Specialty Gases in China’s Electric Light Source Sector 8.7.1 Current Development Status of China’s Electric Light Source Market 8.7.2 Future Trends and Outlook for China’s Electric Light Source Market 8.7.3 Overview of Specialty Gas Demand in the Electric Light Source Sector (Characteristics, Product Types, etc.) 8.7.4 Current Analysis of Specialty Gas Application Demand in China’s Electric Light Source Sector 8.7.5 Analysis of Market Potential for Specialty Gases in China’s Electric Light Source Sector 8.8 Strategic Positioning Analysis of China’s Specialty Gases Industry by End-Use Segment Chapter 9: Case Studies of Global and Chinese Specialty Gases Enterprises 9.1 Comparative Review and Analysis of Global and Chinese Specialty Gases Enterprise Layouts 9.2 Analysis of Global Specialty Gases Enterprises (listed in no particular order) 9.2.1 Air Products and Chemicals, Inc. (APD), USA (1) Corporate Development History and Basic Information 1) Development History 2) Basic Corporate Information (2) Business Structure and Operational Performance 1) Overall Business Architecture 2) Overall Operational Performance (3) Production Layout of Specialty Gases (4) Specialty Gases Business Layout in China 9.2.2 Linde AG (1) Corporate Development History and Basic Information 1) Development History 2) Basic Corporate Information (2) Business Structure and Operational Performance 1) Overall Business Architecture 2) Overall Operational Performance (3) Production Layout of Specialty Gases (4) Specialty Gases Business Layout in China 9.3 Analysis of Chinese Specialty Gases Enterprises (listed in no particular order) 9.3.1 Guangdong Huate Gas Co., Ltd. (1) Corporate Development History and Basic Information 1) Development History 2) Basic Corporate Information 3) Equity Structure (2) Business Structure and Operational Performance 1) Overall Business Architecture 2) Overall Operational Performance (3) Specialty Gases Business Layout and Development Status (4) Latest Developments in Specialty Gases Business 1) R&D Investment and Innovation Achievements in Specialty Gases 2) Tracking of Investment, Financing, M&A, and Restructuring Activities 3) Other Relevant Specialty Gases Business Developments (5) Strengths and Weaknesses Analysis of Specialty Gases Business Layout and Development 9.3.2 Suzhou Jinhong Gas Co., Ltd. (1) Corporate Development History and Basic Information 1) Development History 2) Basic Corporate Information 3) Equity Structure (2) Business Structure and Operational Performance 1) Overall Business Architecture 2) Overall Operational Performance (3) Specialty Gases Business Layout and Development Status

Freedom Day Solutions LLC Makes New Investment in Linde PLC

11 hours ago

Freedom Day Solutions LLC acquired approximately $2.81 million worth of Linde PLC shares in the third quarter. This investment reflects strong institutional interest amid Linde's robust financial performance and earnings beat.

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