Air Products and Chemicals is a global industrial gases company that produces and distributes atmospheric gases such as oxygen, nitrogen, and argon, along with process gases including hydrogen, helium, and carbon monoxide, serving energy-intensive industries like refining, chemicals, metals, electronics, and manufacturing. The company operates through two main business segments: regional industrial gases, which accounts for the vast majority of sales and is delivered to customers via on-site production facilities under long-term contracts or through merchant distribution of liquid bulk and packaged gases, and industrial gases equipment, which provides cryogenic and gas processing equipment. Air Products generates revenue through long-term supply contracts with large industrial customers, typically ranging from 15 to 20 years for on-site arrangements, and shorter-term merchant gas contracts, while managing commodity cost exposure through contractual pricing formulas and pass-through provisions, and competes globally on supply reliability, application expertise, and pipeline network infrastructure.