The Canadian industrial gas market is the second-largest in North America, behind the US.
It generated revenues of approximately $2,141.4m in 2022. This is up from $2,013.3m in 2012, indicating a compound annual growth rate of 0.62% pa for the decade. In other words, the market has been quite static for the past ten years, though within that span 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$2.14 trillion in 2022 and was worth US$1.808 trillion 10 years earlier, in 2012, representing a relatively small compound annual growth rate over the decade of just under 1.7%.
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