Euronext Paris · industrial/specialty gases · fab on-site
Air Liquide
The #2 industrial-gas company (FY2025 revenue ~€27B). Supplies fabs with ultra-high-purity carrier gases and advanced materials (silane, Voltaix) via on-site and pipeline. Long-term UHP-gas supply to SK Hynix’s Cheongju P&T7 (HBM packaging); Micron (Idaho), Samsung and TSMC are also customers. Building a specialty-gas plant in Sejong.
Business categories Industrial & Specialty Gases · Industrial Materials & Chemicals · primary Semiconductor Process Materials & Gases · Semiconductor Supply Chain
AI.PA Updated Sep 24, 2026 5 AI consumers· 4 recurring
Per the valuechain.wiki graph, Air Liquide is directly linked to 8 companies (0 supply, 8 revenue relationships) and reaches 39 companies within two hops; the links are backed by 6 dated sources, 1 of them primary filings (as of 2026-09-24).
Financials & Segments
- Total revenue · FY2025 revenue ~€27B
- Customer concentration · Electronics a growth driver; SK, Micron, Samsung.
- Segments · Atmospheric/carrier gases · Specialty/advanced materials (Voltaix) · On-site plants
Revenue from
- SK hynix High confidence
Long-term UHP/specialty-gas supply to SK hynix (incl. Cheongju P&T7, HBM packaging) — an on-site contract axis tied to HBM capacity.Confirms KO e4ds news Published Jan 1, 2024: Air Liquide invests $80M in Sejong semiconductor specialty gases - Micron Technology Medium confidence
Supplies UHP/specialty gases to Micron fabs (Idaho and others) — an on-site axis tied to new-fab ramps.Confirms KO e4ds news Published Jan 1, 2024: Air Liquide invests $80M in Sejong semiconductor specialty gases - TSMC Medium confidence
Supplies UHP/specialty gases to TSMC fabs — tied to foundry leading-edge demand.Confirms KO e4ds news Published Jan 1, 2024: Air Liquide invests $80M in Sejong semiconductor specialty gases - Samsung Electronics Medium confidence
Supplies UHP/specialty gases to Samsung fabs — a demand axis from memory/logic expansion.Confirms KO e4ds news Published Jan 1, 2024: Air Liquide invests $80M in Sejong semiconductor specialty gases - electronics, display & solar (gases) Medium confidence
Electronics, general-industry and healthcare gases — an axis diversifying beyond semiconductors. - ExxonMobil Medium confidence
Air Liquide is to build and operate facilities supplying oxygen and nitrogen to ExxonMobil's planned low-carbon hydrogen and ammonia project in Baytown. The arrangement is subject to a final investment decision and its value is not disclosed.Confirms EN ExxonMobil Published Jun 24, 2024: ExxonMobil adds Air Liquide to world's largest low-carbon hydrogen project - Steel Dynamics, Inc. Medium confidence
Air Liquide supplies oxygen, nitrogen, and argon under a long-term agreement for the Sinton, Texas, electric arc furnace mill, while contract payments were not disclosed.Confirms EN Air Liquide Published Jul 7, 2020: Air Liquide signs long-term supply agreement with Steel Dynamics, Inc. (SDI) in the U.S. - Dow Inc. Medium confidence
Air Liquide will continue supplying oxygen and nitrogen to Dow's St. Charles site in Louisiana under a renewed long-term contract, while Dow's purchase amount is not disclosed.Confirms EN Air Liquide Published Jun 30, 2025: Air Liquide to invest up to 200M USD in Louisiana, U.S. to support industrial growth - First Solar Medium confidence
Air Liquide supplied an expanded nitrogen generation system through its Malaysian subsidiary for new manufacturing processes at First Solar's Kulim plant, while public sources do not disclose the current contract value or recent delivery volume.
Pays to
- power, plant & logistics (undisclosed) Low confidence
ASU power and logistics — the largest variable cost of gas production, where power prices drive margin (undisclosed). - R&D · advanced materials (undisclosed) Low confidence
Specialty-gas and advanced-materials (Voltaix) R&D — deposition-material competitiveness is the barrier for high-value growth (undisclosed).
Value-chain ripple (2 tiers)
Following node-to-node links up to 2 tiers; each firm is shown once, at its nearest tier.
| Company | Chain | '21 | '22 | '23 | '24 | '25 | YTD |
|---|---|---|---|---|---|---|---|
| AMD | lead2 | +56.9 | -55 | +127.6 | -18.1 | +77.3 | +183.9 |
| MediaTek | lead2 | +27.8 | -26.6 | +52.9 | +58.3 | +24.9 | +168.1 |
| Marvell | lead2 | +84.6 | -57.5 | +63.7 | +83.8 | -22.8 | +163.4 |
| Intel | lead2 | +6.1 | -46.6 | +94.6 | -59.6 | +84 | +159.6 |
| Fortinet | lead2 | +142 | -32 | +19.7 | +61.4 | -16 | +145.2 |
| Global Unichip | lead2 | +21.4 | +67.6 | +99.4 | -13.7 | +101.4 | +122.8 |
| Astera Labs | lead2 | · | · | · | · | +25.6 | +105.7 |
| Cisco | lead2 | +45.8 | -22.5 | +9.3 | +21 | +33.5 | +56.5 |
| Analog Devices | lead2 | +21 | -4.9 | +23.4 | +8.8 | +29.8 | +51.1 |
| Everpure (formerly Pure Storage) | lead2 | +44 | -17.8 | +33.3 | +72.3 | +9.1 | +48.5 |
| Realtek | lead2 | +19.6 | -33.8 | +56.2 | +19.1 | -6.4 | +47.5 |
| Alchip Technologies | lead2 | +14.3 | -8.7 | +365.1 | -18.9 | +0.8 | +40.1 |
| Renesas Electronics | lead2 | +8.2 | +2.4 | +88 | -13.6 | +23.8 | +39.8 |
| West Pharmaceutical Services | lead2 | +65.9 | -49.7 | +50 | -6.8 | -15.7 | +23.8 |
| NVIDIA | lead2 | +125.5 | -50.3 | +239 | +171.2 | +38.9 | +23.2 |
| Credo Technology | lead2 | · | · | +46.3 | +245.2 | +114.1 | +18.5 |
| Microchip Technology | lead2 | +27.5 | -18 | +30.9 | -35 | +14.6 | +18.4 |
| Linde | lead2 | +33.4 | -4.4 | +27.7 | +3.2 | +3.2 | +14.6 |
| Sony Semiconductor Solutions | lead2 | +27.2 | -8.4 | +27.8 | +17.9 | +1 | +11.4 |
| Alphabet (Google) | lead2 | +65.3 | -39.1 | +58.3 | +36 | +66 | +8.3 |
| NextEra Energy | lead2 | +23.4 | -8.5 | -25.3 | +21.5 | +15.5 | +6.2 |
| NXP Semiconductors | lead2 | +44.8 | -29.2 | +48.4 | -8 | +6.4 | +5.9 |
| Broadcom | lead2 | +56.5 | -13.3 | +104.2 | +110.5 | +50.6 | +5 |
| Montage Technology | lead2 | -18.2 | -21.8 | -18 | +51.4 | +169 | +3.4 |
| Qualcomm | lead2 | +22.3 | -38.6 | +35.1 | +8.3 | +13.8 | +0.2 |
| O’Reilly Automotive | lead2 | +56 | +19.5 | +12.6 | +24.8 | +15.4 | -3.6 |
| Ambarella | lead2 | +121 | -59.5 | -25.5 | +18.7 | -2.6 | -4.8 |
| Phison Electronics | lead2 | +26.8 | -10.7 | +45.1 | -6.7 | +418.3 | -12.8 |
| Mobileye | lead2 | · | · | +23.6 | -54 | -47.6 | -18 |
| Will Semiconductor | lead2 | -12.1 | -49.7 | -8.3 | +22.8 | +15.5 | -34.6 |
| Micron Technology | lead1 | +24.2 | -45.9 | +71.9 | -1 | +240.2 | +256.4 |
| SK hynix | lead1 | -0.4 | -25.6 | +53.9 | +48.6 | +361.1 | +85.3 |
| TSMC | lead1 | +12.1 | -36.7 | +42.3 | +92.6 | +55.9 | +50.3 |
| Steel Dynamics, Inc. | lead1 | +71.4 | +60.1 | +22.8 | -2 | +50.7 | +43.6 |
| ExxonMobil | lead1 | +57.6 | +87.4 | -6.3 | +11.3 | +16 | +35.2 |
| First Solar | lead1 | -11.9 | +71.9 | +15 | +2.3 | +48.2 | -21.7 |
| Air Liquide | node | +14.3 | +8.1 | +21.1 | +8.7 | -4.6 | +20.7 |
YTD as of 2026-10-09 · source: Yahoo Finance
Air Liquide operates across Euronext Paris, industrial/specialty gases, fab on-site. It is +21.3% in 2026. The demand side (avg +109.9%) leads the stock (+21.3%), so customer moves come first here. Among connected nodes the furthest ahead is Micron Technology (+256.4%) and the furthest behind is TSMC (+41.9%). If chain logic explains the gap, the laggard is the next propagation candidate; if not, the link itself deserves a second look. Building a specialty-gas plant in Sejong.
Analysis generated from returns as of 2026-09-04Analyst ratings
Consensus: Buy 2 · Hold 1 · Sell 0 · Avg. target €180 · Price €169.68 (10-09) · Upside +6%
| Broker | Rating | Target | Published | |
|---|---|---|---|---|
| Goldman Sachs | Buy | €179 | Jun 16, 2026 | Report ↗ |
| Kepler Cheuvreux | Buy | €194 | Mar 31, 2026 | Report ↗ |
| Morgan Stanley | Equal Weight | €168 | Mar 27, 2026 | Report ↗ |
Consensus stays Buy (average target around EUR 196) on the industrial-gas major, with Morgan Stanley and Kepler Cheuvreux upgrades in March 2026 followed by Goldman Sachs reaffirming Buy in June.
Analyses covering this node
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