LIN · Earnings call · 2026Q3T · Full report

Industrial Market Demand

LINDE PLC · 2026-10-29 · Importance 36 · Surprise 40

Chemicals & Energy grew 12%, reflecting stronger volumes in the U.S. and China, with customers along the U.S. Gulf Coast and in China benefiting from relative raw-material advantages. More complex refiners required additional hydrogen to process heavier, higher-sulfur crude. Metals and mining increased 3%, driven primarily by stronger construction and industrial activity in the Americas, partly offset by slight contractions in EMEA and APAC. Manufacturing grew 7%, supported by broad-based price increases and stronger volumes in the U.S., China and India, including continued aerospace growth.

Key facts

• LINDE PLC’s U.S. packaged gas growth remained elevated at low teens, driven by construction and data-center activity.
• LINDE PLC said merchant and on-site volumes were strongest in the U.S., including higher U.S. Gulf Coast energy and chemicals activity, stronger metals production and increased space propellant.
• LINDE PLC said China’s steel production was down 2.5% amid a government production-curtailment order, while chemicals were flat.
• LINDE PLC said domestic demand in China continued not to manifest itself and domestic EV consumption or purchasing was down about 11%–12%.