Which stocks are related to electronic specialty gases?

Japan Oxygen Holdings | Air Products | Air Liquide | Linde As core materials for semiconductor etching, deposition, cleaning, and ion implantation, the high-end electronic specialty gas market is dominated globally by these four major overseas companies. Domestically, China has achieved leading global production capacity in several major gas varieties, and certification for advanced process nodes is progressing steadily.

Linde's Q3 2025 earnings report dated December 4, 2025

[First, get hooked—then research] series Initial coverage of $LIN. A Nasdaq-100 constituent and the largest weighting in the XLB ETF, Linde is the industry leader in industrial gases. Key points from the earnings report, presentation materials, and earnings call: ・ Consumer demand (Linde classifies the electronics industry as part of its consumer markets) remains resilient, driven primarily by semiconductor manufacturing—especially at advanced process nodes. ・ Industrial demand remains cyclically weak; Chemicals & Energy (C&E) segment saw a sequential decline. ・ Current backlog stands at $10 billion. ・ Tariff impacts are expected to sustain expansion in the U.S. steel and metals industries. ・ Demand for industrial gases from commercial spaceflight is growing at double-digit rates. ・ The majority of current potential projects originate from the Americas and Asia. Completely unfamiliar with the chemical industry—the earnings call transcript appears far more interesting than the 10-Q filing. At a share price of approximately $410, the P/E ratio stands at 25—reasonable valuation for an industry leader delivering +3% revenue growth and +6% EPS growth.