The rubber product manufacturing revenue in Canada stood at CAD 6.0123 billion in 2023. From 2013 to 2023, the industry saw annual fluctuations with a significant recovery post-2020. The sector experienced a notable dip in 2020 due to the pandemic, followed by steady growth in ensuing years, achieving a 4.27% year-on-year increase in 2023. From 2019 to 2023, the average annual growth rate, or CAGR, was 0.37%, indicating a moderate recovery trend. Forecasts for 2024 to 2028 suggest continued growth, with a predicted 5-year CAGR of 0.71% and a total growth rate of 3.61% over the period.
Future trends to watch for include:
- Technological advancements in manufacturing processes.
- Increased demand for sustainable and environmentally friendly rubber products.
- The impact of global supply chain disruptions and geopolitical factors.
- Policy changes and their implications on trade and industry regulations.
