The Paint, Coating and Adhesive Manufacturing sector in Canada has seen fluctuating salaries and wages over the past decade. Starting from 403.48 million CAD in 2013, actual values experienced both substantial growth and notable declines. Noteworthy, there was an 11.53% increase in 2015, followed by significant declines in 2016 and 2020 at -10% and -5.35%, respectively. As of 2023, the value stood at 386.45 million CAD.
The compound annual growth rate (CAGR) analysis indicates a negative trend, with the 5-year CAGR from 2018 to 2023 being -1.44%. Over the last two years, there were consecutive year-on-year declines, with -1.93% in 2022, and -1.94% in 2023.
Forecast data predicts a continued downward trend, with a further drop to 349.27 million CAD by 2028, which represents a 5-year CAGR of -1.61%.
Future trends to watch for:
- Market responses to economic shifts and potential industrial automation.
- Regulatory changes impacting labor costs and industry practices.
- Technological advancements that could either mitigate costs or displace labor.
- Environmental and sustainability pressures influencing operational costs.
