Air Liquide is a global leader in industrial and medical gases, technologies, and related services. The company's core business involves supplying oxygen, nitrogen, hydrogen, and other specialty gases to diverse industries such as metallurgy, chemicals, electronics, and healthcare. Its business model relies on long-term contracts, on-site air separation units (ASUs), dedicated pipelines to industrial basins, and cylinder distribution, creating sticky, recurring revenue with high barriers to entry. The company operates through three main segments: Gas & Services (which accounts for approximately 96% of total revenue), Global Markets & Technologies, and Engineering & Construction. The Gas & Services segment is further divided into Industrial Merchant, Large Industries, Healthcare, and Electronics. Geographically, the Americas and Europe are its largest markets, contributing around 39% and 37% of revenue, respectively, followed by Asia-Pacific and the Middle East & Africa. Air Liquide is also actively involved in the energy transition, investing in green hydrogen production and carbon capture and storage technologies.
