Progress has been plentiful in the past year but is China ready to become the third largest gases market?
Whether in the public eye for the right or wrong reasons, China in 2008 is a country and economy that’s thriving.
The Chinese gas market is growing at a healthy rate and has been for sometime, with industry forecasts that this trend will continue for many years to come yet.
Back in September last year, gasworld posed the question whether China was about to become the third largest industrial gases market. It also questioned whether the growth was sustainable. Twelve months later and the answer appears equally optimistic.
Having reached a revenues value of around $2.3bn in 2006 and exhibited growth of 12% over 2005, the Chinese industrial gas market continued to grow in 2007 at a rate of around 10% to total gas revenues of just over $2.5bn.
Such a market value ensures China maintains its dominant position in the wider North Pacific Rim market, second only to Japan (60%) with a share of 23.3%.
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