The value added of industrial gas manufacturing in Canada has shown fluctuating growth from 2013 to 2023. The peak growth was in 2014 with a 45.63% year-on-year increase, followed by a significant 17.58% increase in 2015. The value reached 873.8 million CAD in 2023. Over the last five years, from 2018 to 2023, the compound annual growth rate (CAGR) was 3.41%, reflecting a relatively moderate growth trajectory. However, the industry faced a contraction in specific years, notably -15.78% in 2016 and -5.69% in 2020.
Recent variations:
- 2022: +3.63% year-on-year
- 2023: +3.47% year-on-year
Forecast data indicates steady growth from 2024 onwards, with a forecast 5-year CAGR of 2.39%, projecting to reach 1,015.8 million CAD by 2028.
Future trends to watch for:
- Technological advancements in gas production methods
- Environmental regulations and sustainable practices
- Market demand from emerging industries such as electronics and healthcare
