Air Products

Air Products and Chemicals, Inc. (NYSE: APD) is a world-leading industrial gases company founded in 1940 that operates through five reportable segments: Americas, Asia, Europe, Middle East and India, and Corporate and other. The company's website is www.airproducts.com.

Air Products produces and distributes atmospheric gases including oxygen, nitrogen, and argon, as well as process gases such as hydrogen, helium, carbon dioxide, carbon monoxide, and syngas. The company also develops, engineers, builds, owns, and operates large-scale clean hydrogen projects supporting the transition to low- and zero-carbon energy, particularly in industrial applications and heavy-duty transportation. Additionally, Air Products manufactures specialized equipment including turbomachinery, membrane systems, and cryogenic containers through its equipment businesses.

Regional industrial gases sales constitute over 90 percent of consolidated sales, with approximately half attributable to atmospheric gases. The company serves a broad range of industries including refining, chemicals, metals, electronics, manufacturing, medical, and food. Air Products distributes products through two primary supply modes: on-site gases serving customers with large, consistent volume requirements through long-term contracts, and merchant gases including liquid bulk and packaged products with shorter contract terms.

The company operates in approximately 50 countries and regions outside the United States through subsidiaries, affiliates, and joint ventures. As of September 30, 2025, Air Products employed approximately 21,300 people, with over 99 percent working full-time and approximately 75 percent based outside the United States. In fiscal year 2025, approximately 60 percent of sales were derived from customers outside the United States.

Air Products competes against three global industrial gas companies—Air Liquide S.A., Linde plc, and Messer Group GmbH—as well as regional competitors. The company derives competitive advantages from pipeline networks in key locations that enable reliable and economic product supply to larger customers. No single customer accounts for more than 10 percent of consolidated sales, though the company maintains concentrations in specific industries including refining, chemicals, and electronics.