Here are 1-2 brief analogies for Air Products & Chemicals (APD):

• Intel for industrial gases. (APD provides essential, often unseen, industrial gases like oxygen and hydrogen that are critical inputs for a vast array of industries, much like Intel supplies microchips.)
• ExxonMobil for industrial gases. (Like ExxonMobil, APD is a capital-intensive company that produces, distributes, and applies fundamental raw materials – in APD's case, industrial gases – that are essential for manufacturing, chemicals, refining, and many other industries globally.)

• Industrial Gases (Oxygen, Nitrogen, Argon): These foundational atmospheric gases are vital for a wide range of industries including healthcare, manufacturing, and food & beverage.
• Process Gases (Hydrogen, Helium, Carbon Dioxide): These specialized gases are critical inputs for sectors such as refining, chemicals, electronics manufacturing, and various scientific applications.
• Cryogenic Equipment & Technologies: Air Products designs and manufactures large-scale air separation units, gas processing plants, and related equipment for industrial gas production and liquefaction.
• On-site Gas Supply & Services: The company builds, owns, and operates gas production facilities directly at customer locations, providing integrated and reliable gas supply along with application expertise.

Air Products & Chemicals (APD) is a global industrial gases company that primarily sells its products and services to other businesses (B2B) across a diverse range of industries.

According to its financial filings, including its 2023 10-K report, Air Products & Chemicals has a highly diversified customer base, and no single customer accounts for more than 2% of its consolidated revenues. This means there are no "major customers" in the traditional sense of specific named companies representing a significant portion of their sales that would typically be disclosed.

Instead, Air Products & Chemicals serves broad industrial segments. Its primary customers are best described by the industries and types of companies it serves globally, which include:

• Chemical and Refining Companies: Customers in the petrochemical, refining, and specialty chemical sectors, utilizing industrial gases such as hydrogen, oxygen, and nitrogen for various production processes, fuel clean-up, and inerting.
• Electronics and Semiconductor Manufacturers: Companies producing semiconductors, flat-panel displays, and other electronic components. They require high-purity bulk and specialty gases (e.g., nitrogen, oxygen, argon, hydrogen) and advanced materials for manufacturing processes.
• Metals, Manufacturing, and Fabrication Businesses: Industries such as steel, aluminum, glass, and general manufacturing, using gases like oxygen for combustion, nitrogen for inerting, and argon for welding and annealing.
• Healthcare, Food & Beverage Industries: Hospitals and pharmaceutical companies using medical gases and equipment, and food and beverage companies utilizing gases for freezing, chilling, packaging, and carbonation.
• Energy Transition and Natural Gas Liquefaction (LNG): Companies involved in the production of liquefied natural gas (LNG) and those pursuing projects related to green hydrogen, carbon capture, and clean energy solutions.

Due to the highly fragmented and diversified nature of its customer base, Air Products & Chemicals does not publicly identify specific customer companies as "major customers" that account for a significant portion of its revenue, and therefore, no specific company symbols can be provided.

Eduardo Menezes, Chief Executive Officer

Eduardo Menezes joined Air Products as Chief Executive Officer in February 2025. He is responsible for setting the strategy and policies of the Company, developing leadership, and meeting shareholder commitments. Mr. Menezes has extensive experience in the industrial gases sector globally, with operating experience in various key sectors. Prior to Air Products, he served as Executive Vice President of Linde plc from 2018 to 2021, with responsibility for Europe, Middle East, and Africa. In this role, he oversaw operations in more than 40 countries, with over $8 billion in sales and 18,000 employees. Mr. Menezes also spent over three decades in progressively senior roles at Praxair, Inc., before its acquisition by Linde. His positions at Praxair included President of Praxair Europe from 2007 to 2010, Managing Director of Praxair's business in Mexico from 2004 to 2007, and various Vice President roles in the U.S. and globally. Mr. Menezes holds an M.B.A. from the State University of New York and a chemical engineering degree from the Federal University of Rio de Janeiro, Brazil.

Melissa Schaeffer, Executive Vice President and Chief Financial Officer

Melissa Schaeffer is the executive vice president and chief financial officer at Air Products. She has leadership responsibility for Air Products' worldwide financial organization, including Controllership, Accounting, Treasury, Tax, Audit, and Shared Business Services, as well as Corporate Sourcing activities. Ms. Schaeffer was appointed chief financial officer in 2021. She joined Air Products in 2016 as vice president, chief audit executive. In 2020, she was appointed vice president, Finance—GEMTE, Americas, Middle East, and India, a role that included financial responsibility for the Americas, the company's largest reporting segment. Prior to joining Air Products, Ms. Schaeffer held the position of global director, Internal Audit, at Trinseo. She also worked for 10 years at Ernst & Young and, before that, was employed by Siemens, where she participated in a finance leadership development program. Ms. Schaeffer holds a degree in Finance and Accounting from Indiana University and an MBA from Villanova University. She serves on the board of Trane Technologies.

Dr. Samir J. Serhan, Chief Operating Officer

Dr. Samir J. Serhan is the chief operating officer at Air Products. He also leads the Global Engineering, Manufacturing, Technology, and Equipment organization and associated equipment businesses, as well as the company's global Sustainability and Operational Excellence functions. Dr. Serhan joined Air Products in 2016 as executive vice president, leading the Technology, Engineering, Project Execution, Procurement, Manufacturing, Construction, and Start-up organizations, and the company's equipment businesses. He was appointed chief operating officer in 2020, assuming full profit and loss responsibility for the Americas region, which is Air Products' largest operating region. His role has expanded over the years to include Global Product Offerings, the India commercial organization, Global Operational Excellence and Sustainability organizations, and Europe and Africa, and Asia businesses. Dr. Serhan brings more than 25 years of industry experience and holds a Ph.D. in engineering mechanics from Virginia Tech. He also served as an adjunct professor at The Pennsylvania State University and Temple University.

Victoria Brifo, Executive Vice President, Chief Human Resources and Administrative Officer

Victoria Brifo serves as the Executive Vice President, Chief Human Resources and Administrative Officer at Air Products. She joined Air Products in February 2022. Prior to this role, Ms. Brifo served as Senior Vice President and Chief Human Resources Officer for Air Products. Her experience includes over 20 years in global human resources, including positions at Ashland Global Holdings Inc., and The Coca-Cola Company. At Ashland, she was Vice President, Human Resources for its Specialty Ingredients Group. Her career at The Coca-Cola Company involved various senior HR leadership roles in different regions, including Vice President, Human Resources for Europe, Eurasia, and Africa, and Vice President, Global Human Resources for the Bottling Investments Group. Ms. Brifo holds a Bachelor of Arts degree in Economics from the University of Ghana and an MBA from the Goizueta Business School at Emory University.

Matt Lepore, Executive Vice President, General Counsel and Chief Compliance Officer

Matt Lepore is the Executive Vice President, General Counsel, and Chief Compliance Officer at Air Products. He is responsible for Air Products' global legal services, including corporate governance, mergers and acquisitions, litigation, and intellectual property, as well as the company's Ethics and Compliance programs. Mr. Lepore joined Air Products in February 2020. Before joining Air Products, he served as Senior Vice President, General Counsel, and Chief Compliance Officer at Cantel Medical Corp. His career also includes over 17 years at Becton, Dickinson and Company (BD), where he held various legal leadership positions, including Vice President and Deputy General Counsel for its Medical Segment. Mr. Lepore began his legal career in private practice, working at the law firms of McCarter & English, LLP and Ropes & Gray LLP. He earned his Juris Doctor degree from the University of Pennsylvania Law School and a Bachelor of Arts degree in English from Yale University.

Rapid advancements in modular, highly efficient, and increasingly cost-effective hydrogen production technologies, such as advanced electrolyzers, present an emerging threat. These technologies could enable industrial customers and transportation hubs to produce hydrogen on-site or at a distributed scale, reducing their reliance on large, centralized production facilities and extensive distribution networks operated by companies like Air Products & Chemicals. This shift could erode demand for APD's capital-intensive, large-scale hydrogen supply projects and long-term contracts in a critical growth area for the company.

The addressable markets for Air Products & Chemicals' main products are as follows:

Industrial Gases

The global industrial gases market was valued at approximately USD 109.4 billion in 2024 and is projected to reach USD 158.3 billion by 2033, demonstrating a compound annual growth rate (CAGR) of 4.13% from 2025 to 2033. Another estimate places the global market at US$112.7 billion in 2024, with a projection to reach US$254.8 billion by 2034, growing at a CAGR of 8.5%. Asia Pacific is a dominant region in this market, holding a significant share of over 36.4% in 2024.

Hydrogen

The global hydrogen market was valued at approximately USD 186.58 billion in 2024 and is projected to reach USD 317.39 billion by 2030, with a CAGR of 9.2% from 2025 to 2030. Other forecasts indicate the market size could reach US$362.1 billion by 2032, growing at a CAGR of 6.9% from 2025. Asia Pacific led the hydrogen generation market with a revenue share of over 35.34% in 2024. The global green hydrogen market, a segment of the broader hydrogen market, was valued at USD 1,686.8 million in 2024 and is estimated to reach USD 62,397.6 million by 2033, exhibiting a substantial CAGR of 46.89% during 2025-2033. Europe currently holds a significant share in the green hydrogen market. The global chemical liquid hydrogen market was valued at USD 17.6 billion in 2024 and is estimated to grow at a CAGR of 4.9% from 2025 to 2034.

Syngas

The global syngas market size reached 260.7 million normal cubic meters per hour (MM Nm3/h) in 2024 and is expected to reach 554.8 MM Nm3/h by 2033, with a CAGR of 8.32% during 2025-2033. Another report estimated the market at USD 246,176.43 thousand Nm3/Hr in 2024, projected to grow to USD 629,237.89 thousand Nm3/Hr by 2032 at a CAGR of 12.57%. The market is also projected to grow from USD 56.8 billion in 2025 to USD 91.8 billion by 2032, expanding at a CAGR of 7.1%. Asia Pacific dominates the syngas market, holding a 53.19% share.

1. Advancement and Commissioning of World-Scale Clean Hydrogen Projects: Air Products is heavily invested in major clean hydrogen projects globally, which are anticipated to be significant revenue drivers. The NEOM green hydrogen and ammonia project in Saudi Arabia is nearing 80% completion and is expected to commence operations by the end of 2026, producing green ammonia at scale. Additionally, the Canada Net-Zero Hydrogen Energy Project has already secured commitments for 60% of its capacity, with negotiations underway for the remainder. Although the Louisiana Clean Energy Complex for blue hydrogen has seen a strategic shift to de-risk by potentially divesting carbon capture and ammonia production, the core industrial gas portion remains a large-scale project with an earliest production target of 2028-2029. These projects represent substantial new capacity and market penetration in the burgeoning clean energy sector.
2. Expansion of the Core Industrial Gas Business: Beyond its large-scale hydrogen initiatives, Air Products continues to strategically invest in and expand its foundational industrial gas operations. This includes ongoing investments in new assets and facilities, such as the expansion of its membrane production facility and the construction of new air separation units, to meet the sustained demand for essential industrial gases from its diverse customer base. This pillar focuses on organic growth within its established markets and customer segments.
3. Strategic Pricing and Volume Growth from New Assets: The company has demonstrated a consistent focus on improving pricing across its offerings, which contributes directly to revenue growth. Concurrently, higher volumes, particularly driven by contributions from new assets coming online within its on-site business and across various geographical segments, are expected to fuel future revenue increases. This dual approach of optimizing price and expanding capacity contributes to both top-line growth and enhanced profitability.

Share Repurchases

• Air Products & Chemicals had an authorized share repurchase program of $1.0 billion, which began in September 2011. As of September 30, 2024, $485.3 million of this authorization remained available.
• The company did not purchase any shares under this program during fiscal years 2022, 2023, and 2024.

Share Issuance

• The number of common shares outstanding as of October 31, 2024, was 222,378,909.
• On October 31, 2023, there were 222,207,726 common shares outstanding.
• As of October 31, 2022, the number of common shares outstanding was 221,865,971.
• The company issued treasury shares for stock option and award plans, totaling 602,197 shares in fiscal year 2020, 379,296 shares in fiscal year 2021, and 441,941 shares in fiscal year 2022.

Inbound Investments

• There is no explicit information available regarding large inbound investments made in Air Products & Chemicals by third-party strategic partners or private equity firms over the last 3-5 years in the provided search results.

Outbound Investments

• Air Products is an equal owner in the NEOM Green Hydrogen Project, a green hydrogen-based ammonia manufacturing facility in Saudi Arabia. The project's total investment value increased from an initial $5 billion to $8.4 billion. Air Products' expected cash investment in this project is approximately $770 million, and it also acts as the engineering, procurement, and construction (EPC) contractor for the project with a total value of $6.7 billion.
• The company has a 50.6% total ownership position in the Jazan Integrated Gasification and Power Company, a ~$12 billion gasification and power joint venture in Saudi Arabia. The joint venture completed asset acquisition and project financing transactions in October 2021 and January 2023.

Capital Expenditures

• Air Products' historical capital expenditures were $2,509 million in 2020, $2,464 million in 2021, $2,926 million in 2022, $4,626 million in 2023, and $6,797 million in 2024.
• For full-year fiscal 2025, capital expenditures are expected to be in the range of $4.5 billion to $5.0 billion.
• Over 50% of the total capital expenditures for fiscal years 2023-2025 are allocated to its core industrial gas business. The company is also heavily focused on energy transition projects, such as the NEOM Green Hydrogen Project, which is over 80% complete across all sites and involves significant renewable energy infrastructure.