Air Products and Chemicals, Inc. APD

Company Overview

Air Products and Chemicals, Inc. is a global industrial gases company that supplies essential gases, related equipment, and applications expertise to a broad range of industries. The company operates primarily in the industrial gases, chemicals, and energy transition sectors, serving customers in manufacturing, refining, electronics, healthcare, food and beverage, and clean energy markets. Its core products include atmospheric gases (oxygen, nitrogen, argon), process and specialty gases, hydrogen, and performance materials.

Revenue is primarily driven by long-term, on-site gas supply contracts, merchant gas sales, and equipment and technology offerings. A key strategic advantage is the company’s focus on large-scale, capital-intensive projects with long-duration customer contracts, which provide stable cash flows and high barriers to entry. Founded in 1940, Air Products has evolved from a U.S.-focused industrial gas supplier into one of the world’s largest hydrogen producers, with a growing emphasis on supporting global decarbonization and clean energy initiatives.