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, lock in the position; then conduct research] series Initial coverage of $LIN. A Nasdaq-100 constituent and the largest-weighted stock in the XLB index, Linde is the industry leader in industrial gases. Key points from its earnings report, presentation materials, and earnings call: ・ Consumer demand (Linde classifies the electronics industry as part of the consumer market) remains resilient, primarily driven 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 drive sustained 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. I have virtually no background in the chemical industry—the earnings call transcript appears far more interesting than the 10-Q filing. At a share price of approximately $410, the current P/E ratio stands at 25—reasonable for an industry leader delivering +3% revenue growth and +6% EPS growth.