智通财经网·2026-02-24 02:25Core Viewpoint - The industrial gas sector is expected to benefit from increased outsourcing of gas supply, accelerated demand from new fields such as semiconductors and renewable energy, and a macroeconomic recovery in the short term [1] Market Space - The global industrial gas market is projected to reach 1.3 trillion yuan by 2026, with a CAGR of 6.8% over the next four years [1] - The domestic market is valued at approximately 200 billion yuan, with a competitive landscape increasingly favoring leading companies [1] Competitive Landscape - The global industrial gas market is concentrated, with a CR4 of 54% and a domestic CR6 of 72% [1] - Hangyang Co., Ltd. holds a market share of 6.3% and is expected to gain further market share as the industry consolidates [1] Growth Drivers - Long-term growth is driven by increased outsourcing of gas supply and rising demand from downstream sectors such as semiconductors and renewable energy [1] - Short-term growth is supported by macroeconomic recovery and significant price elasticity of gas [1] Air Separation Equipment Market - The domestic air separation equipment market is valued at 34.1 billion yuan in 2022, with a year-on-year growth of 25% [2] - The market is expected to grow at a CAGR of 22% from 2019 to 2024 [2] - Hangyang Co., Ltd. leads the market with a 43% share [2] Semiconductor Market Outlook - The global semiconductor market is expected to continue its upward trend, with a 30% year-on-year increase in sales expected by November 2025 [3] - There is significant potential for domestic electronic gas manufacturers to increase their market share in advanced processes such as 3nm and 5nm [3] Investment Recommendations - The company recommends focusing on leading firms in the industrial gas sector, particularly Hangyang Co., Ltd., and other key players in electronic specialty gases and air separation equipment [4]