The Rubber and Plastics Products Manufacturing industry in Canada has seen a varying trend over the past decade. The output value increased gradually from 26.59 Billion Canadian Dollars in 2013 to reach 32.19 Billion Canadian Dollars in 2023. Significant growth was observed between 2013 and 2018, after which the growth rate slowed down, showing even a decline in 2020. A mild recovery followed, with a modest annual growth evident up to 2023.
Year-on-year variations highlighted an average annual growth rate of -0.21% over the last five years leading to 2023. Looking ahead, projections indicate an expected average annual growth rate of around 1.19%, with a total growth rate of 6.1% over the next five years, reaching 34.7 Billion Canadian Dollars by 2028.
Future trends to watch for:
- Advancements in sustainable and green materials impacting the sector.
- Technology integration and automation improving manufacturing efficiencies.
- Potential regulatory changes influencing the industry dynamics.
- Global supply chain shifts and their effect on raw material availability and costs.
- Increasing demand in sectors like automotive, packaging, and healthcare driving volume.
