{"slug":"air-products","name":"에어프로덕츠","name_en":"Air Products and Chemicals","ticker":"APD","updated_at":"2026-07-12T04:06:13.664+00:00","canonical":"https://valuechain.wiki/air-products","citable":"밸류체인 그래프 기준 에어프로덕츠의 직접 연결 기업은 1곳(관계 기준 공급 0·매출 2)이고, 사슬을 2차까지 넓히면 6곳에 닿는다. 링크의 근거 출처는 3건이며 그중 1차공시가 1건이다 (valuechain.wiki, 2026-07-12 기준).","citable_en":"Per the valuechain.wiki graph, Air Products and Chemicals is directly linked to 1 companies (0 supply, 2 revenue relationships) and reaches 6 companies within two hops; the links are backed by 3 dated sources, 1 of them primary filings (as of 2026-07-12).","kicker":"S&P 500 · 산업용 가스 · 온사이트·수소","kicker_en":"S&P 500 · Industrial gases · On-site & hydrogen","lead":"질소·산소·아르곤·수소 등 산업용 가스를 온사이트(파이프라인·전용공장)·머천트 방식으로 공급하는 세계 유수 기업이다. 정유·화학·금속·전자(반도체 팹)가 주요 수요처이고, 단일 고객이 매출의 10%를 넘지 않는다. 삼성 평택 차세대 팹에 가스를 BOO(건설·소유·운영)로 공급한다. FY2025(9월 결산) 매출 약 120억달러.","lead_en":"A leading supplier of industrial gases (nitrogen, oxygen, argon, hydrogen) via on-site (pipeline/dedicated plants) and merchant modes. Refining, chemicals, metals and electronics (semiconductor fabs) are key markets, with no single customer over 10% of sales. It supplies Samsung's next-gen Pyeongtaek fab under a build-own-operate model. FY2025 (Sept year-end) sales ~$12B.","segments":{"parts":[{"desc":"파이프라인·전용 공기분리 공장으로 대형 고객에 장기(take-or-pay) 공급. 반도체 팹(삼성 평택 BOO)이 성장 축.","name":"온사이트 가스 (정유·화학·금속·전자)"},{"desc":"실린더·벌크로 다수 소형 고객에 공급. 경기 민감하나 분산.","name":"머천트 가스 (제조·의료·식품)"},{"desc":"대형 그린/블루 수소로 저탄소 전환 수요를 겨냥 — 성장 옵션이자 대규모 capex 리스크.","name":"수소·저탄소 프로젝트"}],"total":"지역 4개(미주·아시아·유럽·중동인도) · 공급모드 온사이트/머천트/장비"},"segments_en":{"parts":[{"name":"On-site gases (refining, chemicals, metals, electronics)"},{"name":"Merchant gases (manufacturing, medical, food)"},{"name":"Hydrogen and low-carbon projects"}],"total":"Four regions (Americas/Asia/Europe/MEI); modes on-site/merchant/equipment"},"returns_yearly":{"2021":13.8,"2022":3.9,"2023":-9,"2024":8.1,"2025":-12.7,"2026":23.7},"return_asof":"2026-07-10","value_chain":{"leading":[{"slug":"dell","name":"Dell","name_en":"Dell 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Electronics","tier":1,"returns_yearly":{"2021":-9,"2022":-14.2,"2023":20.9,"2024":-26.4,"2025":212.9,"2026":77.9}}],"benefiting":[],"analysis":"에어프로덕츠의 논점은 '장기 계약이 만드는 유틸리티형 캐시플로'다. 온사이트(파이프라인·전용 공기분리 공장) 방식은 15~20년 take-or-pay 계약에 전력·천연가스 원가를 고객에 전가하는 조항이 붙어, 원자재 변동과 무관하게 안정적 수익을 낸다 — 단일 고객이 매출의 10%를 넘지 않는 분산도 방어력. 반도체 팹(삼성 평택 BOO)과 정유·화학이 온사이트 수요의 축이고, 대형 그린/블루 수소가 성장 옵션이나 대규모 capex 회수가 리스크다. 관전점은 수소 프로젝트의 상업 가동·계약 확보와 전자 팹 증설 사이클. 그래프 파급: 삼성 평택 팹 가동이 전자 가스 수요를 끌고, 원가(전력·천연가스)는 패스스루로 마진을 방어한다.","analysis_en":"Air Products' thesis is utility-like cash flow built on long-term contracts. On-site supply (pipelines, dedicated air-separation plants) sits on 15-20-year take-or-pay contracts with clauses passing power and natural-gas costs through to customers, generating stable returns regardless of feedstock swings — and no single customer exceeds 10% of sales, a defensive diversification. Semiconductor fabs (Samsung Pyeongtaek BOO) and refining/chemicals anchor on-site demand, while large green/blue hydrogen is the growth option, with large-capex payback the risk. Watch commercial start-up and offtake for hydrogen projects and the electronics-fab build cycle. Graph propagation: Samsung Pyeongtaek fab operations pull electronics-gas demand, while power/gas costs pass through to defend margin.","analysis_asof":"2026-07-10"},"edges":[{"direction":"revenue","counterparty":"삼성전자 (평택 팹 산업가스)","counterparty_slug":"samsung-electronics","confidence":"high","metric":{"type":"amount","unit":"USD","as_of":"2025-09","value":12000000000,"period":"FY2025 매출"},"note":"삼성 평택 차세대 반도체 팹에 질소·산소·아르곤·수소·특수가스 공급 — 생산설비 BOO(건설·소유·운영), 2028~2030 단계 가동. FY2025 매출 $120억(약 50개국).","note_en":"Supplies nitrogen, oxygen, argon, hydrogen and specialty gases to Samsung's next-gen Pyeongtaek fab under a build-own-operate model, onstream 2028-2030; FY2025 sales $12B across ~50 countries.","sources":[{"stance":"confirms","publisher":"Air Products","publisher_en":"Air Products","kind":"ir","lang":"en","published_at":"2026-04-29","url":"https://www.airproducts.com/company/news-center/2026/04/0429-air-products-gas-supply-samsung-semiconductor-fab-south-korea","title":"에어프로덕츠, 삼성 평택 팹에 산업가스 공급 확대","title_en":"Air Products to expand industrial gas supply for Samsung's Pyeongtaek fab","excerpt":"Air Products selected by Samsung to build, own and operate facilities supplying nitrogen, oxygen, argon and hydrogen to its new Pyeongtaek fab, onstream 2028-2030.","excerpt_en":"Air Products to BOO gas facilities for Samsung's Pyeongtaek fab, onstream 2028-2030."}]},{"direction":"revenue","counterparty":"삼성전자 (평택 팹 온사이트 산업가스)","counterparty_slug":"samsung-electronics","confidence":"high","metric":{"type":"amount","unit":"USD","as_of":"2025-09","basis":"단일 고객 10% 미만","value":12000000000,"period":"FY2025 총매출","basis_en":"no customer >10%"},"note":"전자(반도체 팹)는 온사이트 가스의 핵심 수요처 — 삼성 평택 차세대 팹에 질소·산소·아르곤·수소를 BOO(건설·소유·운영)로 공급(2028~2030 단계 가동). 단일 고객은 매출의 10%를 넘지 않아 분산돼 있음.","note_en":"Electronics (semiconductor fabs) is a core on-site market - supplies nitrogen, oxygen, argon and hydrogen to Samsung's next-gen Pyeongtaek fab under a build-own-operate model (onstream 2028-2030). No single customer exceeds 10% of sales, so the base is diversified.","sources":[{"stance":"confirms","publisher":"Air Products","publisher_en":"Air Products","kind":"ir","lang":"en","published_at":"2026-04-29","url":"https://www.airproducts.com/company/news-center/2026/04/0429-air-products-gas-supply-samsung-semiconductor-fab-south-korea","title":"에어프로덕츠, 삼성 평택 팹에 산업가스 공급 확대","title_en":"Air Products to expand industrial gas supply for Samsung's Pyeongtaek fab","excerpt":"Air Products selected by Samsung to build, own and operate facilities supplying nitrogen, oxygen, argon and hydrogen to its new Pyeongtaek fab, onstream 2028-2030.","excerpt_en":"BOO gas facilities for Samsung's Pyeongtaek fab, onstream 2028-2030."},{"stance":"mentions","publisher":"Yahoo Finance","publisher_en":"Yahoo Finance","kind":"analysis","lang":"en","published_at":"2026-01-01","url":"https://finance.yahoo.com/markets/stocks/articles/air-products-apd-pairing-industrial-103500595.html","title":"Air Products, 산업가스 성장과 반도체 수요 결합","title_en":"How Air Products (APD) is pairing industrial gas growth with semiconductor demand","excerpt":"Air Products pairs industrial gas growth with rising semiconductor demand.","excerpt_en":"Air Products pairs gas growth with semiconductor demand."},{"stance":"confirms","publisher":"SEC EDGAR","publisher_en":"SEC EDGAR","kind":"filing","lang":"en","published_at":"2025-11-20","url":"https://www.sec.gov/Archives/edgar/data/2969/000000296925000055/apd-20250930.htm","title":"Air Products 10-K (FY2025, 회계연도 9월 결산)","title_en":"Air Products 10-K (FY2025, Sept year-end)","excerpt":"No single customer accounts for more than 10% of our consolidated sales; concentrations in refining, chemicals, metals and electronics. On-site gases serve energy, refining, chemical, metals and electronics customers.","excerpt_en":"No single customer over 10% of sales; on-site gases serve refining, chemicals, metals and electronics."}]},{"direction":"revenue","counterparty":"정유·화학·금속 산업 (온사이트·머천트 가스)","counterparty_slug":null,"confidence":"high","metric":{"qualifier":"confirmed_no_disclosed_value"},"note":"10-K상 고객 집중이 정유·화학·금속 산업에 있음 — 온사이트(파이프라인·전용 공기분리 공장)와 머천트로 산소·질소·수소 공급. 수소는 정유 탈황(청정연료)에도 사용.","note_en":"Per the 10-K, customer concentrations are in refining, chemicals and metals - supplying oxygen, nitrogen and hydrogen via on-site (pipeline, dedicated air-separation plants) and merchant; hydrogen also desulfurizes refinery fuels.","sources":[{"stance":"confirms","publisher":"SEC EDGAR","publisher_en":"SEC EDGAR","kind":"filing","lang":"en","published_at":"2025-11-20","url":"https://www.sec.gov/Archives/edgar/data/2969/000000296925000055/apd-20250930.htm","title":"Air Products 10-K (FY2025, 회계연도 9월 결산)","title_en":"Air Products 10-K (FY2025, Sept year-end)","excerpt":"We do have concentrations of customers in specific industries, primarily refining, chemicals and metals. Hydrogen lowers the sulfur content of gasoline and diesel fuels.","excerpt_en":"Customer concentrations in refining, chemicals and metals; hydrogen desulfurizes fuels."}]},{"direction":"cost","counterparty":"천연가스 (수소 생산 원료, 패스스루)","counterparty_slug":null,"confidence":"high","metric":{"qualifier":"confirmed_no_disclosed_value"},"note":"수소 생산(SMR)의 원료인 천연가스가 주요 비용 — 가격 변동은 계약상 고객에 전가. 수소는 공기분리 외 방식으로 생산.","note_en":"Natural gas is a key feedstock for hydrogen (SMR); price swings are contractually passed to customers. Hydrogen is produced by methods other than air separation.","sources":[{"stance":"confirms","publisher":"SEC EDGAR","publisher_en":"SEC EDGAR","kind":"filing","lang":"en","published_at":"2025-11-20","url":"https://www.sec.gov/Archives/edgar/data/2969/000000296925000055/apd-20250930.htm","title":"Air Products 10-K (FY2025, 회계연도 9월 결산)","title_en":"Air Products 10-K (FY2025, Sept year-end)","excerpt":"Hydrogen is a process gas produced by methods other than air separation; natural gas price volatility passed through contractually.","excerpt_en":"Hydrogen is produced by non-air-separation methods; natural gas price passed through."}]},{"direction":"cost","counterparty":"전력 (공기분리 ASU 전력, 계약 패스스루)","counterparty_slug":null,"confidence":"high","metric":{"qualifier":"confirmed_no_disclosed_value"},"note":"공기분리(극저온 증류)는 전력집약 공정으로 전기가 최대 원가 축. 전기·천연가스·탄화수소 가격 변동은 가격공식·서차지·비용전가 조항으로 고객에 패스스루.","note_en":"Cryogenic air separation is power-intensive, so electricity is the largest input cost; electricity, natural gas and hydrocarbon price swings are passed through to customers via pricing formulas, surcharges and cost pass-through provisions.","sources":[{"stance":"confirms","publisher":"SEC EDGAR","publisher_en":"SEC EDGAR","kind":"filing","lang":"en","published_at":"2025-11-20","url":"https://www.sec.gov/Archives/edgar/data/2969/000000296925000055/apd-20250930.htm","title":"Air Products 10-K (FY2025, 회계연도 9월 결산)","title_en":"Air Products 10-K (FY2025, Sept year-end)","excerpt":"Electricity, natural gas, and hydrocarbon price fluctuations contractually through pricing formulas, surcharges, cost pass-through provisions. Air separation... cryogenic distillation being the most prevalent.","excerpt_en":"Electricity/natural gas/hydrocarbon prices passed through contractually; air separation via cryogenic distillation."}]},{"direction":"revenue","counterparty":"저탄소·중장비 운송 (수소 프로젝트)","counterparty_slug":null,"confidence":"mid","metric":{"qualifier":"confirmed_no_disclosed_value"},"note":"저·무탄소 전환용 수소 프로젝트 확대 — 산업·중장비 운송 부문 대상. 대형 그린/블루 수소 프로젝트가 성장 축.","note_en":"Growing hydrogen projects supporting the low- and zero-carbon transition, targeting industrial and heavy-duty transportation; large green/blue hydrogen projects anchor growth.","sources":[{"stance":"confirms","publisher":"SEC EDGAR","publisher_en":"SEC EDGAR","kind":"filing","lang":"en","published_at":"2025-11-20","url":"https://www.sec.gov/Archives/edgar/data/2969/000000296925000055/apd-20250930.htm","title":"Air Products 10-K (FY2025, 회계연도 9월 결산)","title_en":"Air Products 10-K (FY2025, Sept year-end)","excerpt":"Hydrogen projects supporting the transition to low- and zero-carbon energy, particularly in industrial applications and the heavy-duty transportation sector.","excerpt_en":"Hydrogen projects for the low/zero-carbon transition in industry and heavy transport."}]}]}