Canada Cryogenic Gases Market

Canada Cryogenic Gases Market Size Insights Forecasts to 2035

• The Canada Cryogenic Gases Market Size was estimated at USD 3000.36 Million in 2024
• The Market Size is Expected to Grow at a CAGR of around 5.86% from 2025 to 2035
• The Canada Cryogenic Gases Market Size is Expected to Reach USD 5615.33 Million by 2035

According to a Research Report Published by Decisions Advisors and Consulting, The Canada Cryogenic Gases Market Size is anticipated to Reach USD 5615.33 Million by 2035, Growing at a CAGR of 5.86% from 2025 to 2035. The market for cryogenic gases offers substantial prospects due to the growing need in the energy, electronics, and healthcare industries. Further, growth opportunities are created by developments in medical applications, such as cryosurgery and biotechnology. Furthermore, growing industrial uses like food preservation and metal processing present fresh chances for market growth.

Market Overview

The production, distribution, and use of gases that are liquefied at extremely low temperatures for industrial, medical, and environmental purposes are all included in the Canada cryogenic gases market. These consist of hydrogen, carbon dioxide, argon, helium, oxygen, and liquid nitrogen. Several crucial steps are involved in the production of cryogenic gases in order to accomplish effective separation and liquefaction at low temperatures. Air is first forced into a multi-stage compressor, which filters out contaminants like moisture and hydrocarbons. After being purified, the air is cryogenically cooled and processed in heat exchangers, which are usually between -165°C and -269°C, to separate nitrogen and oxygen. To avoid embrittlement, high-tech materials like stainless steel and aluminium are utilised. Moreover, 6 pilot projects totalling more than $14 million in funding were announced by Natural Resources Canada to develop next-generation cryogenic/expansion technologies for carbon capture, utilisation, and storage (CCUS). This includes a $600,000 study at Université Laval to enhance direct air capture systems using cryogenic sorbents. One major factor propelling market expansion is the shift to liquefied natural gas (LNG) as a cleaner energy source. LNG is a desirable option for industrial and power generation applications since it emits less CO2 than conventional fossil fuels.

Report Coverage

This research report categorises the market for the Canada cryogenic gases market based on various segments and regions and forecasts revenue growth and analyses trends in each submarket. The report analyses the key growth drivers, opportunities, and challenges influencing the Canada cryogenic gases market. Recent market developments and competitive strategies, such as expansion, product launch, development, partnership, merger, and acquisition, have been included to draw the competitive landscape in the market. The report strategically identifies and profiles the key market players and analyses their core competencies in each sub-segment of the Canada cryogenic gases market.

Driving Factors

The market for cryogenic gases in Canada is expanding steadily due to many factors, such as the demand for cryogenic gases and storage tanks is greatly increased by growing investments in LNG infrastructure, especially the development of liquefied natural gas import and export terminals. Further driving market expansion is the increasing use of cleaner fuels like LNG and hydrogen, which are supported by strict environmental laws and government incentives aimed at reducing carbon emissions. Another important driver is the healthcare industry, which needs medical-grade cryogenic gases like oxygen and nitrogen for veterinary care, clinics, and hospitals. Constant demand is also produced by growing industrial applications such as metallurgy, food processing, and chemical manufacturing.

Restraining Factors

One of the main obstacles is the substantial financial layout needed to establish infrastructure for the production, storage, and distribution of cryogenic gas, which may put off smaller and new competitors with profit margins. Further, it can also be greatly impacted by rising operating costs and fluctuating energy prices, along with strict environmental and safety regulations.

Market Segmentation

The Canada cryogenic gases market share is classified into product and application.

• The oxygen segment dominated the market in 2024 and is projected to grow at a significant CAGR during the forecast period.

The Canada cryogenic gases market is segmented by product into nitrogen, oxygen, LNG, and argon. Among these, the oxygen segment dominated the market in 2024 and is projected to grow at a significant CAGR during the forecast period. This segment's growth is driven by its vital uses in chemical processing, metal fabrication, and healthcare. The market is expanding due to the widespread use of liquid oxygen in surgical procedures, respiratory therapies, and medical treatments. The growth of this market is also supported by rising demand from the manufacturing and steel sectors, where oxygen improves combustion efficiency.

• The healthcare segment held a substantial share in 2024 and is anticipated to grow at a significant CAGR during the forecast period.

The Canada cryogenic gases market is divided by application into healthcare, manufacturing, metallurgy & glass, food & beverage, retail, and chemical & energy. Among these, the healthcare segment held a substantial share in 2024 and is anticipated to grow at a significant CAGR during the forecast period. Increased use of medical gases such as liquid oxygen and nitrogen in cryotherapy, respiratory treatments, and surgical procedures is fueling the growth of the healthcare sector. The preservation of biological samples through cryogenic gases is essential for the development of biotechnology and regenerative medicine. Furthermore, two major factors driving demand are the rising incidence of chronic respiratory conditions and the developing healthcare system.

Competitive Analysis:

The report offers the appropriate analysis of the key organisations/companies involved within the Canada cryogenic gases market, along with a comparative evaluation primarily based on their product offering, business overviews, geographic presence, enterprise strategies, segment market share, and SWOT analysis. The report also provides an elaborative analysis focusing on the current news and developments of the companies, which includes product development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market.

List of Key Companies

• Ferus Inc.
• Enerflex Ltd.
• Cryogen Nitrogen Deliveries Ltd.
• Cryogen Environmental Inc.
• Cryogenics Canada Inc.
• Air Liquide Canada
• Linde Canada Inc.
• Others

Recent Developments:

• In August 2024, Linde would invest over $2 billion to supply clean hydrogen to Dow’s Path2Zero project in Fort Saskatchewan, marking a major step toward net-zero emissions in Canadian petrochemicals. In Alberta, Canada, the company plans to invest a billion dollars to construct, own, and run a world-class integrated clean hydrogen and atmospheric gases facility.

Key Target Audience

• Market Players
• Investors
• End-users
• Government Authorities 
• Consulting and Research Firm
• Venture capitalists
• Value-Added Resellers (VARs)

Market Segment

This study forecasts revenue at the Canada, regional, and country levels from 2020 to 2035. Decisions Advisors has segmented the Canada Cryogenic Gases Market based on the below-mentioned segments:

Canada Cryogenic Gases Market, By Product

• Nitrogen
• Oxygen
• LNG
• Argon

Canada Cryogenic Gases Market, By Application

• Healthcare
• Manufacturing
• Metallurgy & Glass
• Food & Beverage
• Retail
• Chemical & Energy