Shulou(Shulou.com)11/24 Report--

Selling water is an industry with a high return, with a gross profit margin of 60%, while selling gas may also be a good business. As the largest industrial gas supplier, Air Liquide has maintained a gross profit margin of more than 60% in recent years and 55% in the past 12 months.

In the field of hard technology, gas is rarely talked about, but it is much more important than thought. Last year, geopolitical frictions caused the price of neon to soar 20 times, and even at such sky-high prices, neon is still in high demand. This is because electronic gas is equivalent to the relationship between man and air to modern intelligent manufacturing, and all production will shut down without it.

Time has come now, under the gradual increase of domestic electronic gas production capacity, neon prices have dropped significantly [1], so where is the domestic development now?

Fu Bin | author

Li Tuo | Editor

Dozens of rations feed out products any electronic products can not escape electronic gas, it is an important basic raw material, referred to as industrial "blood" or "food".

In a broad sense, any gas used in the electronic industry belongs to the category of electronic gas, and in a narrow sense, electronic gas refers to the electronic special gas used in the semiconductor industry. [2]

In the industry, it tends to be interpreted in a broad sense. In the Classification of Strategic emerging Industries (2018), the key products of electronic special materials manufacturing divide electronic gases into two categories: electronic special gases and electronic bulk gases [3], both of which are very important for manufacturing.

Industrial gas industry chain panorama, mapping? fruit shell hard science and technology reference materials? Yidu data [4], forward-looking Economist [5], Minsheng Securities [6] Electronic bulk gases and special gases are widely used, involving integrated circuit manufacturing, photovoltaic manufacturing, display panel manufacturing and other fields, there is a certain overlap of gases used in different fields:

Electronic bulk gases are mostly used as environmental gas, protective gas and carrier gas for high temperature thermal annealing, protective gas, cleaning gas and so on. Common gases include nitrogen (N2), hydrogen (H2), oxygen (O2), argon (Ar) and helium (He).

Electronic special gases run through all processes of semiconductor and microelectronics industry, such as cleaning, deposition, lithography, etching, ion implantation, film formation, doping, etc. Common gases include silane (SiH4), germanane (GeH4), hydrogen bromide (HBr), hydrogen phosphide (PH3), hydrogen arsenide (AsH3), diborane (B2H6), nitrous oxide (N2O), sulfur hexafluoride (SF6), tungsten hexafluoride (WF6), nitrogen trifluoride (NF3), carbon tetrafluoride (CF4), boron trichloride (BCl3), boron trifluoride (BF3), trifluoromethane (CHF3), hexafluoroethane (C2F6), dichlorodihydrosilane (Si2H2Cl), Silicon tetrafluoride (SiF4), ethyl orthosilicate [(C2H5O) 4Si], octafluorobutane (C4F8), high purity ammonia (NH3), high purity chlorine (Cl2), etc. [7]

Among them, nitrogen trifluoride (NF3), silane (SiH4) and ammonia (NH3) are the three main gases in integrated circuit manufacturing, photovoltaic manufacturing and display panel manufacturing.

For the gas needed in various manufacturing fields, chart-making hard technology needs to emphasize that electronic gas can play an irreplaceable role in film deposition and is one of the main raw materials for the formation of thin films. For example, polysilicon is obtained by silane (SiH4) deposition.

For example, it is like using physical or chemical methods to turn electron gases into solids, spread them evenly from the air, and eventually form a film as thin as white paper, on which fine circuits are drawn. [8]

Special gases used in production and manufacture, tabulation, fruit shell hard science and technology reference materials, "Scientific and technological Innovation" [9], Jinhong Gas prospectus [10] Electronic products are all big appetite, and a product requires dozens or even hundreds of electronic gases. Take the integrated circuit as an example, it involves more than 100 electronic gases and about 4050 kinds of core sections [10]. Although the amount of each gas is not very large, but there are many kinds of gas, the overall consumption becomes larger. In terms of global market share, silane is about 22%, nitrogen trifluoride is 13%, ion implantation gas is 10%, fluorocarbon is 6%, tungsten hexafluoride is 4%, laughing gas is 4%, germanane is 3%, high purity ammonia is 3% and a large number of other gases. [11]

Different products have different requirements for electronic gases, among which the electronic gases used in integrated circuits have the highest specifications. In general, the audit and certification cycle in the field of photovoltaic energy, optical fiber and optical cable is 0.5 ~ 1 year, the display panel is 1 ~ 2 years, and the integrated circuit field takes 2 ~ 3 years. [12]

According to the current electronic gas market, the integrated circuit market is the most dynamic, advanced and competitive, while solar energy manufacturers need electronic gas supply methods that can increase output, improve battery efficiency and reduce manufacturing costs at the same time. Flat panel display manufacturers need large-scale ultra-pure gas supply. [13]

The proportion of electronic special gases and electronic bulk gases in various fields. [10] Industrial gas itself is a more traditional industry. what is the difference between electronic gases with a prefix? Compared with traditional industrial gases, electronic gases have more stringent requirements and more technical difficulties, including:

Electronic products are addicted to cleanliness. Electronic gases require much higher purity than other industries. Any small difference in gas purity, such as oxygen, moisture, metals, particles and other impurities, will lead to product performance degradation or even scrap. In order to ensure the quality of finished products, electronic gases should meet both ultra-pure and ultra-clean requirements.

Purity is the most important index of electronic gas quality. Usually, the industry uses N to measure purity, and the larger the number before N, the higher the purity. The purity of electronic gas is often more than 5N, or even more than 6N or 7N. In addition, the electronic gas should purify the impurity content of metal elements to 10-9 ~ 10-12 levels.

The relationship between gas level and purity, tabulation, fruit shell hard science and technology reference materials, Oriental Wealth Securities [14], people's livelihood Securities [6] for products, electronic gases must be as pure as possible. Take the integrated circuit as an example, the manufacturing process has been upgraded from 28nm, 14nm, 7nm, 5nm to 4nm / 3nm, which means that any small differences invisible to the naked eye can affect production, and a purer electronic gas can ensure that the devices produced will not go wrong in terms of performance, integration, yield, and so on. [15]

However, it seems to be just adding one digit after the decimal point, but it will actually be a big technological upgrade. The purer things are, the more difficult they are to make. Every 1N increase in the purity level of electronic gas means that the concentration of particles and metal impurities needs to be reduced by an order of magnitude.

In order to pursue the ultimate purity, the whole process of electronic gas production will usher in technological upgrading, involving gas synthesis, separation and purification, mixing (such as mixture), container treatment, filling, analysis and testing, etc. Related technologies include gas synthesis, deep purification, mixture configuration, ppm / ppb / ppt impurity analysis and detection technology, supporting devices and gas cylinders and pipelines.

The characteristics of different gases are so different that no link can be omitted. To put it simply, the gas supplier will first make a comprehensive analysis of the industrial gas of the upstream raw materials, then design the production process and equipment according to the complexity of the impurity composition, and finally use the on-line automatic monitoring equipment for high-precision analysis. [12]

The transportation requirements that can make and transport electronic gases are much higher than those in traditional industries. First of all, high-purity gas may have a short or long way from factory to actual production, and there is a risk of pollution midway. In electronic gas production and transportation, professional packaging, storage containers, gas transmission pipelines, valves and interfaces are needed to ensure gas purity and operate strictly in accordance with safety production and transportation regulations [16]. Secondly, the characteristics of some electronic gases are unstable, and long-term transportation will lead to spontaneous decomposition, or an increase in the content of impurities caused by strong corrosivity; in addition, many electronic gases themselves are known as highly toxic gases. there are strict regulations on the packaging and transportation of this dangerous chemical.

I have to say that all kinds of problems will inevitably lead to an increase in costs. For example, at the present stage, most of China's high-end gases are almost entirely dependent on imports, and the cumbersome import procedures and long periods make the price of gas 2-3 times or more higher than that of domestic gas. [17]

Of course, in addition to long-distance transportation, the electronic gas industry also has a TGM (comprehensive gas and chemical operation and maintenance services) gas supply mode. The simple explanation is to provide customers with full-process gas supply service. However, this model requires the company to have on-site gas production experience, professionalism and safety control capabilities [18], not to do what you want to do.

The electronic gas industry has a variety of business models. [12] Don't throw away when the electronic gas is used up all your life, it doesn't mean the end point, it is bound to face the problem of tail gas treatment. The direct discharge of tail gas without complete treatment will have a great impact on the environment, and it is also a waste of resources. after recovery and purification, electronic gas will be put back into production.

Typical gases include: carbon dioxide and nitrous oxide are typical greenhouse gases, which can be used in semiconductor, biomedical, food processing and other industries after recovery and purification; hydrogen and natural gas are good clean energy after recovery and purification and can be used in semiconductor production; hydrogen chloride and chlorine are highly corrosive and toxic, and can be used in semiconductor etching, epitaxy, crystal production and other links after recovery and purification. [10]

Under the requirements of energy saving, emission reduction and carbon neutralization, higher technical requirements are also put forward for tail gas treatment and recovery technology.

Looking for electronic gas in a monopoly market is a profitable business. Although there are differences in product variety structure, downstream gas market segmentation and gas supply methods among enterprises, and the overall profit margin is directly linked to raw material prices, energy supply, electricity prices, market demand and market competition, the overall gross profit margin of the industry is higher.

In terms of total production cost, the proportion of electronic gas is very low, but it can pry up a more stable market. For example, electronic gas accounts for only 5% to 6% of the total cost of the chip [19], but the downstream manufacturers' demand for electronic gas is rigid and stable, resulting in low price sensitivity, so that electronic gas has a strong ability to transfer costs.

Not only that, electronic bulk gases and electronic special gases have a stable market in the whole market.

Data show that China's electronic bulk gas market is 163.2 billion yuan in 2020, an increase of 10.49% over the same period last year, and is expected to exceed 200 billion yuan to reach 217.22 billion yuan in 2023. Due to the high barriers to industry segmentation, the current localization rate is low [20]. The market size of China's special gas is expected to reach 34.2 billion yuan in 2021, of which electronic special gas is expected to reach 21.6 billion yuan, accounting for nearly 60% of the special gas. [21]

However, taking the money is not as easy as I thought. Throughout the development history of electronic gas, it follows the route from low purity to high purity, from letting a hundred flowers blossom to integrated mergers and acquisitions. It has become a technology-intensive industry with high industry barriers and stringent requirements for gas sources and supply systems [22]. China's electronic gas industry sprouted in the 1980s, started relatively late, and there has always been a generation gap with international advanced products.

A brief history of electronic gas development, tabulation, fruit shell hard science and technology reference materials, forward-looking Economist [17] since the beginning of the 21st century, the global electronic gas market has maintained a high degree of concentration. at present, four overseas giants, namely, American Air Chemical Industry, German Linde Group, French Liquide Air and Japanese Dayang Solic Acid, occupy about 90% of the global market. [21]

The electronic gases used in China are mainly foreign investments. although some domestic enterprises already have the ability to produce high-purity electronic gases, it is difficult to enter the field of integrated circuits [23]. China can only produce about 20% of the electronic special gases used in integrated circuits [24], and the domestic production rate is less than 15% [25]. At the same time, the domestic high-end electronic special gas is almost entirely dependent on imports. [26]

Although the road ahead is difficult, development is imperative. In terms of price alone, the average price of domestic high-purity electronic gases can reach about 60% of that of the world. [27]

Where is the money made in China? so far, domestic electronic gas players are divided into three categories:

The first category is mainly engaged in industrial gas, with products covering some varieties of electronic gases, representing the company's Walter Gas and Jinhong Gas.

The second category is companies that focus on ploughing electronic special gas, representing companies such as Pereter Gas, Haohua Technology and Huayu Tongfang.

The third category is electronic materials platform companies, in addition to electronic gas, the business also involves other electronic materials, on behalf of the company are Jacques Technology, Nanjing University Optoelectronics. [28]

Compared with the development at home and abroad, international manufacturers supply customers are cutting-edge manufacturers, a wider range of products, gas supply mode is also more abundant, most of them can provide TGM gas supply mode. There is a lack of high-end gas technology in China, and only a few companies have TGM mode.

Gas supply mode of major international and domestic companies [29] from a technical point of view, although China has reached the international standard in terms of gas purification technology, container treatment technology, gas filling technology and detection technology, however, there is still a gap between the overall level and the international level:

In terms of bulk gas production, there is a gap between China and the world in the core technology of purification materials.

In terms of special gas production, China's overall technology has failed, and there is a shortage of supply.

In terms of metal surface treatment such as pipelines, valves and packaging, China's internal manufacturing materials and packaging

There is an obvious gap between the internal treatment technology and the international, in addition, ultra-high purity gas containers and pipelines are mainly imported.

In terms of tail gas treatment and recovery technology, the market is basically monopolized by foreign capital.

In terms of gas detection technology, China has mastered the basic gas chromatography and chemical analysis, and there is a big gap between some ultra-trace microanalysis and international detection technology. [31]

The development of domestic electronic gas production technology, tabulation? fruit shell hard science and technology reference materials? "Contemporary Petroleum and Petrochemical" [31] from the investment and financing market, the heat of electronic gas is not very high, and there are only a handful of related events in the past two years. at the same time, the new companies generally take a single several gases as the main business and market entry point.

Electronic gas recent financing situation is not complete statistics, tabulation? fruit shell hard technology for domestic gas development, fruit shell hard science and technology team believes:

The supply of raw materials has to be considered. in fact, the geographical distribution of some gases is extremely uneven. for example, by the end of 2021, the United States has proved that the total helium resources account for 35.33% of the world's total helium resources. The United States has also mastered 43.6% of the global helium production [33]. China should pay attention to the supply of specific gas raw materials, and at the same time, we should establish as many supply channels as possible.

The demand of electronic bulk gas is equal to that of electronic special gas, and the two production lines are worthy of attention. at present, the domestic operation is relatively scattered, while the international leading enterprises are extremely comprehensive in the variety of gas supply, and the relevant capabilities are formed by mergers and acquisitions. At the same time, continue to swallow the business of small and medium-sized enterprises or other companies. It can be predicted that the general trend of integration cannot be avoided in China in the future, and the Matthew effect may gradually increase at that time.

In terms of bulk gas, due to the large initial investment of self-built gas supply equipment, the supply should be transformed from self-construction to outsourcing. Data show that the outsourcing rate of industrial gas in China is about 55% in 2019, compared with 80% in developed countries in the same period; [29]

In terms of special gas, international manufacturers basically adopt the business model of TGM gas supply, and it is a monopoly. Although a small number of domestic manufacturers already have TGM mode, they still need to move closer.

Electronic gas is a technology-intensive industry, and research and development is difficult. Experts suggest strengthening cooperation with universities and scientific research institutions to explore the establishment of electronic gas technology innovation center. In addition, gas suppliers can cooperate with electronic components, software and machine enterprises to achieve group leap through strategic alliance, capital cooperation and technology linkage; [22]

Electronic gas standardization is conducive to the unified development of the industry. At present, China has formulated new standards related to nitrogen trifluoride, boron trichloride, hexafluorobutadiene and fluoromethane, which will be implemented soon; [30]

The policy has created more opportunities for the market. For example, in the "demonstration guidance Catalog for the first batch of key New Materials (2019 Edition)" issued by the Ministry of Industry and Information Technology, high-purity chlorine, trichlorosilicon, hydrogen chloride and nitrous oxide have been listed as key new materials. [28]

To sum up, there is a gap in the domestic electronic gas as a whole, and there is still room for breakthroughs in filling technology, tail gas treatment and recovery, detection technology and supply mode.

Through years of contacts with foreign-funded enterprises, domestic enterprises have generally believed that foreign-funded enterprises can limit domestic production through delay in delivery and pricing [34]. Nowadays, there is a consensus to break the monopoly, and the industry should not be strangled in one breath.

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This article comes from the official account of Wechat: fruit Shell hard Technology (ID:guokr233), author: Fu Bin

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