The import value of metal permanent magnets to Canada is forecasted to grow from $31.59 million in 2024 to $33.341 million in 2028. Based on previous years, this exhibits a steady increase. Specifically, the year-on-year growth rates are approximately 1.43% from 2024 to 2025, around 1.38% from 2025 to 2026, about 1.34% from 2026 to 2027, and approximately 1.29% from 2027 to 2028.
From a longer-term perspective, looking at the Compound Annual Growth Rate (CAGR) over the five-year forecast period from 2024 to 2028, it reflects consistent positive growth.
Future trends to watch for in the import of metal permanent magnets include:
- Technological advancements in magnet application that might increase demand.
- Changes in international trade policies or tariffs impacting import costs.
- Fluctuations in global raw material prices affecting overall market dynamics.
- Shifts in North American industries, such as automotive and electronics, that rely heavily on these magnets.
