The value added of petroleum refineries in Canada has witnessed significant volatility over the past decade. From a high of 14.508 billion CAD in 2013, the sector saw a downward trend through 2016, with a 35.98% year-on-year drop that year. It rebounded briefly in 2017 and 2018, peaking at 11.977 billion CAD in 2018, but experienced another decline in subsequent years, culminating in a dramatic 58.56% year-on-year decrease in 2020. The recent past has shown modest recovery with a CAGR of -7.33% from 2018 to 2023, where the value stood at 8.1844 billion CAD. The forecast indicates a continued decline, with a 63.24% total drop expected by 2028, resulting in a 5-year CAGR of -18.14%.
Future Trends to Watch For:
- Increased global competition from low-cost producers
- Regulatory and environmental challenges impacting operations
- Impact of technological advancements and efficiency improvements
- Shifts in global energy demand and potential impact of alternative energy sources
- Market dynamics due to geopolitical factors and trade policies
