Industrial Gases Industry Research (2023 Edition)

LINDE [LIN.N] Linde, originating from Europe, is one of the world’s leading industrial gas and engineering companies, with sales of USD 27 billion (EUR 24 billion) in 2020. We are committed to fulfilling our corporate mission—advancing lean production globally through high-quality technologies, services, and solutions, while safeguarding the planet and promoting sustainable development. Linde serves diverse end markets, including aerospace, chemicals, food & beverage, electronics, energy, healthcare, manufacturing, and primary metals. Its industrial gases are widely applied across sectors—from medical oxygen used in hospitals, to high-purity and specialty gases for the electronics industry, and hydrogen for clean energy. In addition, Linde offers a suite of innovative gas processing solutions that support customers’ business growth, enhance operational efficiency, and reduce carbon emissions. AIR LIQUIDE [ONWF.L] Air Liquide, founded in France in 1902, is the world’s largest supplier of industrial and medical gases—and related services—with sales of EUR 10.4 billion in 2005. The company supplies gases such as oxygen, nitrogen, and hydrogen, along with associated services, to numerous industries. It employs approximately 36,000 people and operates in over 70 countries. Built on advanced technologies, Air Liquide delivers innovative solutions to its users, upholding its commitment to sustainability and life protection—enabling the production of everyday essentials. Air Liquide is listed on the Euronext Paris stock exchange and ranked No. 354 on the Forbes Global 500 list in 2005, standing as a leader in the gas industry. NIPPON SANSO [4091.T] Nippon Sanso Corporation, established in 1910, is Japan’s largest industrial gas and air separation equipment manufacturer—and ranks among the top five globally in the industrial gas industry. In September 2007, Nippon Sanso signed an agreement with the Changxing Island Lingang Industrial Zone Management Committee for a large-scale industrial gas project, with a total investment of USD 72.25 million. In December of the same year, the company decided to establish its China headquarters on Changxing Island. In May 2008, Nippon Sanso set up both Nippon Sanso (China) Investment Co., Ltd. and Dalian Changxing Island Nippon Sanso Gas Co., Ltd. on Changxing Island. Nippon Sanso (China) Investment Co., Ltd. became the first foreign-invested enterprise in Liaoning’s coastal economic belt to establish its China headquarters. Chapter IV: Looking Ahead As China’s economy continues to grow and industrialization and urbanization accelerate, the industrial gases industry—serving as a foundational sector supporting numerous key industries—is poised for broad future development. Technological Innovation: Technological innovation is regarded as the key driver sustaining the industry’s growth. Going forward, continuous advancement in innovation will enhance production efficiency, lower production costs, and simultaneously improve product quality and service standards—better meeting increasingly sophisticated demands across various application fields. Market Expansion and Application Extension: With the rapid growth of emerging industries such as integrated circuits, display panels, and LEDs, the industrial gases industry will gain further market opportunities. Moreover, applications of industrial gases in environmental protection, clean energy, and healthcare are expected to expand significantly.

Global Chemical Companies: Top 20 by Revenue in 2025

Mitsui Chemicals announced its financial results for the nine months ended December 31, 2025. Sales revenue for the period amounted to JPY 1,218.7 billion (approximately USD 7.65 billion), down from JPY 1,338.8 billion in the same period last year. Operating profit stood at JPY 54.6 billion, compared to JPY 66.9 billion a year earlier. Net income attributable to owners of parent was JPY 22.6 billion, down from JPY 37.7 billion in the prior-year period. Resonac Holdings announced its full-year 2025 results. Annual revenue totaled JPY 1,347.1 billion (approximately USD 8.458 billion), down from JPY 1,391.5 billion in 2024. Full-year operating profit was JPY 46.7 billion, versus JPY 89.0 billion in 2024. Net income attributable to owners of parent amounted to JPY 29.0 billion, down from JPY 73.5 billion in 2024. Yuntianhua released its 2025 annual report. The company’s full-year revenue was RMB 48.41 billion (approximately USD 7.09 billion), down 21.3% year-on-year; net income attributable to owners of parent was RMB 5.16 billion, down 3.3% year-on-year. Specifically, Q4 revenue was RMB 10.82 billion, down 27.0% year-on-year; net income attributable to owners of parent was RMB 427 million, down 53.0% year-on-year. United States Dow announced its Q4 and full-year 2025 results. Q4 net sales were USD 9.46 billion, down from USD 10.405 billion in the prior-year quarter. Net loss attributable to common shareholders for the quarter was USD 1.543 billion, compared to a net loss of USD 53 million in the prior-year quarter. Full-year net sales totaled USD 39.968 billion, down from USD 42.964 billion in 2024. Full-year net loss attributable to common shareholders was USD 2.623 billion, versus net income of USD 1.116 billion in 2024. Ecolab announced its Q4 and full-year 2025 results. Q4 net sales were USD 4.196 billion, up 5% year-on-year from USD 4.005 billion. Operating profit for the quarter was USD 712 million, up 22% year-on-year from USD 583 million. Net income attributable to the company was USD 564 million, up 19% year-on-year from USD 473 million. Full-year net sales totaled USD 16.081 billion, up 2% year-on-year from USD 15.741 billion. Full-year operating profit was USD 2.738 billion, down 2% year-on-year from USD 2.802 billion. Full-year net income attributable to the company was USD 2.076 billion, down 2% year-on-year from USD 2.112 billion. Westlake Corporation announced its Q4 and full-year 2025 results. Q4 net sales were USD 2.533 billion, down from USD 2.843 billion in the prior-year quarter. Net loss attributable to the company for the quarter was USD 544 million, versus a net loss of USD 782 million in the prior-year quarter. Full-year net sales totaled USD 11.17 billion, down from USD 12.142 billion in 2024. Full-year net loss attributable to the company was USD 1.508 billion, versus net income of USD 602 million in 2024. International Flavors & Fragrances Inc. (IFF) announced its Q4 and full-year 2025 results. Q4 net sales were USD 2.589 billion, down 7% year-on-year from USD 2.771 billion.

Linde Posts Record $9.4B Sales but Takes $425M Restructuring Charge, Moves Lincare to Global Other

3 days ago

Linde plc posted record Q3 2026 sales of $9.4 billion and EPS of $4.59, despite a $425 million restructuring charge. It moved its Lincare U.S. home care business to the Global Other segment while guiding Q4 EPS growth of 5%-7%.

BigGo Finance

2026-04-08

Asio Capital LLC Increases Stake in Linde PLC

2026-04-08

Yousif Capital Management LLC Sells 2,739 Shares of Linde PLC

2026-04-09

BIP Wealth LLC Acquires 3,403 Shares of Linde PLC

2026-04-09

Franklin Street Advisors Inc. NC Trims Stake in Linde PLC

2026-04-09

Jackson Square Capital Reduces Stake in Linde PLC to $2.90 Million