Key Market Indicators
Canada's synthetic rubber import market is projected to decline to approximately $371 million by 2028, down from about $410 million in 2023. This represents a compound annual growth rate (CAGR) decrease of 1.5% year on year. Historical data since 1994 shows a consistent drop in Canadian demand, averaging a 3.6% decrease annually. Exports of synthetic rubber from Canada are also on a downward trajectory. By 2028, exports are expected to fall to around $149 million, a significant drop from roughly $196 million in 2023. This reflects a year-on-year CAGR decline of 4.2%. Since 1994, the nation's synthetic rubber supply has diminished at an average annual rate of 5.1%. In 2023, Canada ranked 19th in the global market for synthetic rubber exports. Saudi Arabia surpassed Canada with export figures matching Canada’s $196 million. Leading the global ranking were Thailand, the United States, and Japan, holding the second, third, and fourth positions, respectively.