Liquid Nitrogen (industrial grade)

Linde plc (NYSE/FWB: LIN; HQ Dublin, Ireland; operational HQ Guildford UK; ~$32B revenue 2023) is the world's largest industrial gas company. Linde owns and operates one of the two largest liquid oxygen cryogenic tanker fleets globally — thousands of vacuum-insulated trailers delivering LOX to hospitals, steel mills, chemical plants, and semiconductor fabs in 80+ countries. Linde does not primarily manufacture its own tankers (purchases from Chart Industries and other OEMs) but specifies custom vacuum-insulated designs for its fleet. Linde's medical oxygen business (hospital LOX supply) is the dominant fleet use case. Linde also supplies liquid oxygen rocket propellant to aerospace customers including NASA and commercial launch operators.

Air Products and Chemicals (NYSE: APD; Allentown, PA; ~$12B revenue) licenses the APCI (Air Products and Chemicals, Inc.) natural gas liquefaction process technology used in many small- and mid-scale LNG liquefaction trains worldwide, including utility peak-shaving plants. The APCI propane pre-cooled mixed refrigerant (C3MR) process dominates large baseload LNG export trains globally (used in >90% of world's baseload LNG capacity), but Air Products also licenses adapted cycles for smaller peak-shaving applications. Air Products competes with Linde Engineering for small-scale liquefaction process technology licensing. Air Products is also the world's largest industrial gas producer, supplying nitrogen and other gases used in LNG facility construction and purging.