S&P 500 · Industrial gases · On-site & hydrogen
Air Products and Chemicals
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.
APD Updated Jul 12, 2026 4 AI consumers
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).
Financials & Segments
- Total revenue · Four regions (Americas/Asia/Europe/MEI); modes on-site/merchant/equipment
- Segments · On-site gases (refining, chemicals, metals, electronics) · Merchant gases (manufacturing, medical, food) · Hydrogen and low-carbon projects
Revenue from
- 삼성전자 (평택 팹 산업가스) High confidence· Amount $12B · FY2025 매출
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.Confirms EN Air Products Published Apr 29, 2026: Air Products to expand industrial gas supply for Samsung's Pyeongtaek fab - 삼성전자 (평택 팹 온사이트 산업가스) High confidence· Amount $12B · FY2025 총매출 · no customer >10%
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.Confirms EN Air Products Published Apr 29, 2026: Air Products to expand industrial gas supply for Samsung's Pyeongtaek fabMentions EN Yahoo Finance Published Jan 1, 2026: How Air Products (APD) is pairing industrial gas growth with semiconductor demand - 정유·화학·금속 산업 (온사이트·머천트 가스) High confidence
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. - 저탄소·중장비 운송 (수소 프로젝트) Medium confidence
Growing hydrogen projects supporting the low- and zero-carbon transition, targeting industrial and heavy-duty transportation; large green/blue hydrogen projects anchor growth.
Pays to
- 천연가스 (수소 생산 원료, 패스스루) High confidence
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. - 전력 (공기분리 ASU 전력, 계약 패스스루) High confidence
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.
Value-chain ripple (2 tiers)
Following node-to-node links up to 2 tiers; each firm is shown once, at its nearest tier.
| Company | Chain | '21 | '22 | '23 | '24 | '25 | YTD |
|---|---|---|---|---|---|---|---|
| Marvell | lead2 | +84.6 | -57.5 | +63.7 | +83.8 | -22.8 | +177.8 |
| AMD | lead2 | +56.9 | -55 | +127.6 | -18.1 | +77.3 | +160.5 |
| Broadcom | lead2 | +56.5 | -13.3 | +104.2 | +110.5 | +50.6 | +16 |
| NVIDIA | lead2 | +125.5 | -50.3 | +239 | +171.2 | +38.9 | +13.3 |
| Qualcomm | lead2 | +22.3 | -38.6 | +35.1 | +8.3 | +13.8 | +11.7 |
| Samsung Electronics | lead1 | -9 | -14.2 | +20.9 | -26.4 | +212.9 | +77.9 |
| Air Products and Chemicals | node | +13.8 | +3.9 | -9 | +8.1 | -12.7 | +23.7 |
YTD as of 2026-07-10 · source: Yahoo Finance
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 generated from returns as of 2026-07-10