News Breakbulk & Project Cargo
Hitting the gas
US manufacturing projects drive momentum for industrial gas majors
By Autumn Cafiero Giusti
The two largest global industrial gas suppliers are leveraging investments in US projects to offset sluggish industrial activity worldwide and ongoing market uncertainties going into the last quarter of the fiscal year.
In their latest earnings remarks, suppliers Linde and Air Liquide pointed to continued challenges from turbulent market conditions and currency fluctuations while looking to their project backlogs as signs of future growth.
Considered companies that serve as indicators of industrial market trends, Linde and Air Liquide are key providers of breakbulk and project cargo. The companies supply shipments such as gas storage tanks and heavy equipment for large industrial projects in industries including manufacturing, chemicals and steel production.
Despite an ongoing global“ industrial recession,” a $ 10 billion project backlog is driving optimism for long-term prospects at Linde, the world’ s largest industrial gas supplier, CEO Sanjiv Lamba said during the company’ s third-quarter earnings call on Oct. 31. The company is also exploring US steel and metal projects and facility expansions that could create greater gas demand.
“ We find ourselves positioned with the right players who are contemplating that expansion,” Lamba said.
Manufacturing was the company’ s fastest-growing industrial market for the US-German company in the third quarter, with growth being the most pronounced in the US.“ We seem to have lapped some of the tariff concerns, and this has translated into a healthy uptick in manufacturing activity,” Lamba said.
Global sales rose 3 % year over year to $ 8.6 billion for the quarter despite“ stagnant industrial activity,” Lamba said. The Americas accounted for 72 % of Linde’ s $ 10 billion project backlog, which remained flat from a year ago. Sales in the Americas grew 3 % to $ 3.8 billion for the quarter.
“ This is a solid, tangible indicator of future growth.”
Lamba said Linde remains guarded about any nearterm recovery from a global“ industrial recession.” Industrial sectors— including manufacturing, chemicals, energy, and metals and mining— accounted for 54 % of the company’ s global end markets, a 5 % increase over last year.
US project investment
Linde and Air Liquide had a combined investment backlog of nearly $ 16 billion at the end of Q3. JHVEPhoto / Shutterstock. com
French industrial gas supplier Air Liquide reached a record $ 5.8 billion investment backlog, with the company announcing $ 100 million in investments in US projects, according to the company’ s latest quarterly earnings results.“ This is a solid, tangible indicator of future growth, which will begin to flow through as the projects under construction are going to start up,” CEO François Jackow said during the company’ s Oct. 28 earnings call.
Air Liquide is investing $ 50 million to develop hydrogen production along the US Gulf Coast by supplying hydrogen to two of the largest refiners in the US. The company is also investing over $ 50 million in the US semiconductor industry by building an ultra-pure gas production plant in the southeastern US on the site of the world’ s largest manufacturer for advanced chip design.
Air Liquide did not identify any of the companies in which it is investing.
Sales for the quarter rose 2 % to $ 7.6 billion despite“ the same turbulent environment that has defined the market since the start of the year,” Jackow said. In the Americas, gas and services sales rose 5 % to $ 2.9 billion, driven by new production startups and strong demand.
Air Liquide in the third quarter also acquired South Korea-based DIG Airgas and its backlog of nearly 20 secured projects.
“ This is highly strategic because it gives us a stronger foothold in the world’ s fourth-largest industrial gas market, which is expected to double in the next 10 years,” Jackow said.
email: autumn @ autumngiusti. com
20 Journal of Commerce | December 2025 www. joc. com