The Canadian industrial gas market is the second-largest in North America, behind the US. It generated revenues of approximately $2,066.0m in 2023. This is down from $2,141.4m in 2022, so the market has been sluggish. To give a sense of this over a longer timeframe, it was worth $1,945.4m in 2013, indicating a compound annual growth rate of 0.60% per annum for the decade.
In other words, the market has been quite static for the past ten years, though within that span there will have been periods of growth and decline, naturally, and different parts of the industrial gases space have done different things.
The wider economy
How does Canada’s industrial gases space compare with the wider Canadian economy? In some ways the story is similar, though the gases market lags a little. The country’s gross domestic product was US$2.118 trillion in 2023 and was worth US$1.847 trillion ten years earlier, in 2013, representing a relatively small compound annual growth rate over the decade of just under 1.4%.
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