DIG Airgas

What DIG Airgas does

DIG Airgas Co., Ltd. (디지에어가스 주식회사) is Korea's largest industrial gas manufacturer by production capacity (~1.05 million Nm³/H) and the only Korean-rooted full-line industrial gas supplier able to compete on equal terms with global majors. Founded in 1979 as Daesung Oxyton, the company produces oxygen, nitrogen, argon, hydrogen, carbon dioxide, and helium for the semiconductor, display, 2nd-battery, petrochemical, steel, and aerospace industries, supplied through three integrated channels: a 207 km dedicated pipeline network serving six major Korean industrial complexes, on-site ASU/PSA/Membrane plants installed at customer sites, and CE Tank/LGC/cylinder delivery for transportable supply. The company also manufactures and exports cryogenic air separation units (ASU), pressure swing adsorption (PSA/VPSA) systems, gas purifiers, specialty gas manufacturing and supply systems, cryogenic storage/VIP piping, and gas analysis equipment.

DIG Airgas's technology foundation rests on its Technical Development Center (DCRI / 대성초저온연구소), Korea's first private cryogenic research institute established in 1989, which has produced 100+ proprietary gas technologies, 50+ papers, and 40+ patents including an award-winning cryogenic H2 purifier and proprietary cold box technology commercialized in 2000. In-house ASU plants have been exported to Turkmenistan, Uzbekistan, and Indonesia. The specialty gas portfolio includes electronic specialty gases (SiH4, NF3, NH3, N2O, SF6, DCS, PH3 mixtures), ultra-high-purity gases, standard and mixture gases, and cylinder internal treatment services for semiconductor toxic/corrosive gases.

The business model is built on long-term B2B contracts with major Korean conglomerates (Samsung, LG, SK, GS, Hyundai), with multi-decade take-or-pay structures on pipeline supply and on-site plants requiring substantial capex (e.g., KRW 85 billion Cosmo Chemical oxygen plant, KRW 1,000 billion GS Caltex hydrogen/CO2 plant). Revenue streams include pipeline gas supply (subscription/recurring), on-site gas supply (managed services), tank/LGC/cylinder delivery (usage-based), engineering services (professional services), and equipment sales (hardware). Named enterprise customers span SK hynix (HBM packaging, EUR 200M P&T7 contract), Samsung SDI (Ulsan, Gumi), LG Display (Paju, Guangzhou), LG Chem (Cheongju), LG-HY BCM (Gumi), GS Caltex (Yeosu), Cosmo Chemical (Cheongju cathode materials), Hyundai Steel (COG-based hydrogen), and KARI (Nuri space launch). Following Macquarie Asia Infrastructure Fund 2's 2020 acquisition, the company rebranded to DIG Airgas in June 2021 and was subsequently acquired by L'Air Liquide S.A. for approximately USD 3.3 billion in January 2026, with consolidation into a unified Air Liquide Korea Co., Ltd. scheduled for July 1, 2026.

Name

DIG Airgas

Legal name

DIG Airgas Co., Ltd. (디아이지에어가스 주식회사)

Website

https://dig-airgas.com

Company type

Private

Founded year

1979

Operating status

Acquired

Headcount range

501–1,000 employees

Short description

DIG Airgas is Korea's largest industrial gas manufacturer (~1.05 million Nm³/H capacity), producing oxygen, nitrogen, argon, hydrogen, and specialty gases for semiconductor, display, 2nd-battery, and petrochemical customers via pipeline, on-site, and tank delivery. Acquired by Air Liquide in January 2026.

Ownership category

akta.pro rank

Product category

Industrial Gas Manufacturing and Supply

NAICS

Industrial Gas Manufacturing (32512), Pump and Compressor Manufacturing (33391), Power Boiler and Heat Exchanger Manufacturing (332410)

SIC

Natural Gas Transmisison & Distribution (4923), Industrial Inorganic Chemicals (2810), Oil & Gas Field Machinery & Equipment (3533)

akta.pro primary industry

Industrial Gas & Air Separation Equipment (ASU, PSA, Cryogenic Systems) (IMAHAEAI)

akta.pro secondary industries

Gas Handling Equipment & Storage (Cylinders/Tanks/Valves) (IMAEACAL), Process Gases & Gas Delivery Consumables (Specialty/Bulk/UHP) (HDAHAGAL), RNG Injection, Interconnection & Pipeline Quality Compliance (EUAAAEAE), Industrial Gas Infrastructure & Metering (Onsite Storage, PRS, Metering, SCADA) (EUALALAH)

Keywords

• Industrial gas manufacturing
• Specialty gas supply
• Cryogenic air separation
• Semiconductor gas solutions
• Pipeline gas distribution

Headquarters

HQ city

Seoul

HQ country

South Korea

HQ region

Asia

Offices28 records

Markets served

GTM type

B2B

Offering type

Hardware or Manufacturing

Cost components

Operations, Supply Chain, Infrastructure, Personnel, Technology or R&D, Marketing or Sales

Revenue model

1. Pipeline Gas Supply: Long-term recurring supply contracts through dedicated pipelines built into industrial complexes. High volume, contracted B2B revenue from continuous oxygen, nitrogen, and argon delivery via 207 km of pipeline network spanning Yeosu, Paju, Ansan, Daejeon, Gumi, Ulsan.
2. On-site Gas Supply: Supplier builds, owns, and operates ASU/PSA/Membrane plants on customer sites; revenue is long-term contractual, tied to volume or fixed fees; investment by DIG eliminates need for customer capex. Includes major contracts such as the KRW 85 billion Cosmo Chemical on-site oxygen plant.
3. Tank / LGC / Cylinder Delivery: Transportable supply of cryogenic liquid gases (LO2, LN2, LAr), hydrogen, liquid CO2, high-purity gases, semiconductor gases, and mixed gases via CE Tank, LGC, or cylinder; usage-based consumption tied to customer demand cycles.
4. Engineering Services: Total engineering services covering basic/detail engineering, procurement, construction, commissioning, operation, and after-service for ASU, PSA, specialty gas, purifier, and cryogenic equipment plants. Includes overseas plant delivery (Turkmenistan, Uzbekistan, Indonesia).
5. Equipment Sales (Cryogenic ASU, PSA, Specialty Gas Systems): Sale of proprietary gas-related equipment including cryogenic ASU plants, PSA/VPSA systems, cryogenic storage, specialty gas manufacturing/supply systems, gas purifiers, and gas analysis systems. Includes domestic sales and overseas ASU plant exports.

Go-to-market motion3 records

Distribution channels5 records

Marketing channels7 records

Core offering

DIG Airgas manufactures and supplies industrial gases (oxygen, nitrogen, argon, hydrogen, carbon dioxide, helium, acetylene) and electronic specialty gases (SiH4, NF3, NH3, N2O, SF6, PH3, DCS, F2) for semiconductor, display, 2nd-battery, petrochemical, steel, and aerospace customers. The company operates Korea's largest industrial gas production capacity (~1.05 million Nm³/H) with a 207 km dedicated pipeline network, on-site ASU/PSA plants at customer sites, and tank/cylinder delivery. DIG Airgas also designs, manufactures, and exports proprietary cryogenic Air Separation Units (ASU), Pressure Swing Adsorption (PSA) systems, gas purifiers, specialty gas supply systems, and gas analysis equipment, supported by its in-house Technical Development Center (DCRI).

Product overview

DIG Airgas operates a platform-plus-modules architecture spanning industrial gas production, specialty gas supply, gas equipment manufacturing, engineering, R&D, and multi-channel supply systems. At the platform level, the company offers an integrated industrial gas solution provider model organized around four core product groups: (1) Industrial Gases (Oxygen, Nitrogen, Argon, Hydrogen, Carbon Dioxide, Acetylene, Helium); (2) Specialty Gases (Electronic Specialty Gas, Ultra High Purity Gases, Standard Gases, Mixture Gases, Other Specialty Gases, Cylinder Internal Treatment); (3) Equipment (Cryogenic ASU Plant, PSA, Cryogenic Equipment, Specialty Gas Manufacturing/Supply System, Gas Purifier, Gas Analysis System); and (4) Engineering, R&D, and Supply Systems (Pipeline, On-site, CE Tank/LGC/Cylinder). The complete offering is supported by DIG Airgas's Technical Development Center (DCRI) cryogenic research lab established in 1989 and supplied through a national network covering Banwol, Yangsan, Yeocheon, Cheongju, Daejeon, Gumi, Paju, Ulsan, Icheon, and Daesan, plus overseas operations in Guangzhou, Hefei, and Luoyang. Following Air Liquide's acquisition of DIG Airgas completed in January 2026, the company will be rebranded as Air Liquide Korea Co., Ltd. effective July 1, 2026.

Differentiator

Problem solved

Functional benefit

Products and services

• Oxygen (O2) Industrial oxygen used for steelmaking, metal refining, welding, cutting, rotary kilns, glass melting furnaces, rocket oxidizer, medical applications, wastewater treatment, pulp bleaching, fish farms, and live fish transport.
• Nitrogen (N2) Inert, non-flammable gas with -196°C boiling point. Gaseous use for inert atmosphere in steel, metals, petrochemicals, semiconductor and pharmaceutical manufacturing; liquid use for superconductors, food freezing, genetic engineering, low-temperature milling, soil freezing, and medical/surgical applications.
• Argon (Ar) Inert, nonflammable gas with -186°C boiling point used for TIG/MIG welding, plasma metal cutting, special steel refining, silicon ingot manufacturing, light bulb filling, analyzer carrier gas, and metal powder manufacturing.
• Hydrogen (H2) Used as pollution-free energy source for semiconductor manufacturing, hydrogen fuel cell vehicles, fuel cell energy, reducing atmosphere for metal heat treatment, optical fiber manufacturing, electronics/electric industry, glass polishing, and rocket fuel.
• Carbon Dioxide (CO2)

Quantifiable outcome

• 207 km of pipeline network serving 6 major Korean industrial complexes
• +4 more outcomes

Named customers12 records

Ideal customer profiles6 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Integration2 records

Feature7 records

Partnerships

Nine partnerships are on record, tiered flagship, core and minor.

• GS CaltexflagshipStrategic or Co-development Partner · 28 July 2023Signed business agreement to build KRW ~1,000 billion hydrogen and semiconductor-grade liquid CO2 plant in Yeosu (completion target H1 2026). Uses Air Liquide Cryocap technology. DIG receives purge gas feedstock from GS Caltex and supplies H2 back to GS Caltex and Air Liquide Korea; liquid CO2 sold to semiconductor fabs.
• Cheongju City (충주시) and Cosmo ChemicalcoreOthers · 13 July 2023Signed MOU with Cheongju City and Cosmo Chemical for KRW ~85 billion investment to build on-site oxygen plant serving Cosmo Chemical's cathode material facility (12,000 m³/H O2); commercial production 2025.
• Gumi City (구미시)coreOthers · 20 April 2022Signed MOU with Gumi City to invest KRW 70 billion to build a new ASU plant in Gumi National Industrial Complex 5 (Gumi Hi-Tech Valley), supplying 2nd battery, semiconductor, and carbon fiber customers.
• Samsung EngineeringcoreStrategic or Co-development Partner · 10 August 2021Signed cooperation agreement to jointly develop standard design package (Standard Package) for nitrogen (N2) Air Separation Units (ASU) — combining DIG Airgas's proprietary ASU technology with Samsung Engineering's overseas project execution experience (Middle East, South America, Europe, Southeast Asia). Enables shorter project timelines and cost savings.
• Korea University and SK E&CminorStrategic or Co-development Partner · 1 January 2018Joint development of rapid soil freezing construction method using liquid nitrogen (LN2) — applied to civil engineering projects.
• Luoyang Liming Daesung Fluorine Chemical Co., Ltd. (洛阳黎明大成氟化工有限公司)coreStrategic or Co-development Partner · 29 April 2017Chinese joint venture established in 2017 for fluorine chemical production in Luoyang.
• DIG (Guangzhou) Gases Co., Ltd. (디아이지광저우기체유한공사 / DGG)flagshipStrategic or Co-development Partner · 30 January 2013Chinese subsidiary with two ASU plants in Guangzhou (Plant I completed 2014, Plant II completed 2021). Produces UHP O2/N2/Ar/H2/He, mixture gases, excimer laser gas, and electronic specialty gases (SiH4, NF3, NH3, N2O, WF6, PH3 Mix) for LCD, OLED, semiconductor, and chemical plant customers including LGD Guangzhou.
• Daesung (Hefei) Gases Co., Ltd. (DHG)coreStrategic or Co-development Partner · 13 February 2012Chinese subsidiary established in 2012, supporting industrial gas supply in the Hefei region.
• Green Air Co., Ltd. (그린에어주식회사)coreStrategic or Co-development Partner · 18 December 2008Domestic Korean affiliated/partner company established in 2008 as a joint venture; complementary industrial gas operations within Korea.

Scale indicators16 records

Recent moves6 records

Expansion highlights6 records

Broad incumbents

• Linde plc: Global #2 industrial gas major with a significant Korean presence (Linde Korea). Directly comparable across pipeline, on-site, and bulk industrial gas supply, plus specialty gases for semiconductor fabs and hydrogen/clean energy initiatives that overlap with DIG Airgas's portfolio.
• Messer Group: Privately held global industrial gas major with significant specialty gas and medical gas operations. Comparable on product mix and supply model, with overlapping presence in Asia and a parallel private-equity-style capital structure.
• Air Liquide Korea (L'Air Liquide S.A.): Global #1 industrial gas major and now the parent/merger counterparty of DIG Airgas. Directly comparable as the leading industrial gas supplier in Korea with overlapping product lines (O2, N2, Ar, H2, specialty gases), pipeline and on-site business models, and customer base spanning semiconductor, display, and petrochemical customers.
• Air Products and Chemicals: Global #3 industrial gas major with operations in Korea, focused on hydrogen, helium, and on-site supply to semiconductor and petrochemical customers. Comparable on business model (on-site + pipeline), technology (ASU/PSA), and customer overlap in advanced manufacturing.

Regional players

• Iwatani Corporation: Japanese industrial gas major specializing in hydrogen and helium with strong Asia-Pacific distribution. Comparable on hydrogen value chain positioning and helium supply (a key input for DIG Airgas's semiconductor customers), though primarily Japan-domestic.
• Air Water Inc. Japanese diversified industrial gas and specialty gas company with regional Asia-Pacific presence. Comparable on specialty gas manufacturing for electronics and on the Japanese/Korean semiconductor supply chain, though primarily Japan-focused.

Direct peers

• Nippon Sanso Holdings: Japanese industrial gas major (#4 globally) with strong specialty gas capabilities for semiconductor fabs in Asia. Closely comparable on product mix (industrial and specialty gases), business model (pipeline/on-site/bulk), and customer overlap in Asian semiconductor and display supply chains.

Others

• Hyosung Chemical: Korean specialty chemicals producer serving semiconductor, display, and battery customers. Tangentially comparable as a Korean supplier to similar chaebol customers, but operates in different chemistries (PP, TPA, specialty resins) rather than industrial gases.
• Hanwha Solutions (Chemical Division): Korean conglomerate with adjacent specialty chemicals and advanced materials exposure. Tangentially comparable as a domestic Korean industrial supplier with overlap in customer base (Samsung, LG) but limited direct overlap in industrial gases themselves.

Emerging players

• SK Materials (SK Specialty): Korean specialty gas and advanced materials supplier affiliated with SK Group, producing NF3, WF6 and other semiconductor specialty gases. Most directly comparable as a Korean specialty gas competitor serving the same SK hynix and broader Korean fab customer base.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat8 records

Key risks6 records

Key highlights7 records

Customer concentration

Compliance9 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles5 records

Subsidiaries4 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about DIG Airgas