In 2023, the re-import of electro and permanent magnets, along with equipment using magnets to Canada, stood at a significant level, establishing a strong baseline for subsequent growth. From 2024, forecasts project a steady year-on-year increase: 3% in 2025, 2.85% in 2026, 2.71% in 2027, and 2.59% in 2028. This indicates a positive trajectory with a Compound Annual Growth Rate (CAGR) of approximately 2.78% over five years, signifying consistent market expansion in this sector.
Future trends to watch include technological advances in magnet applications, which could drive demand further, and potential changes in trade policies that might impact re-import rates. Also, sustainability initiatives could influence industry dynamics by encouraging eco-friendly production and sourcing.
