In 2023, the value added of primary metal manufacturing in Canada was recorded at approximately CAD 8.034 billion. Forecasts suggest a significant decline from 2024 onwards, with year-on-year decreases: 2025 (-13.67%), 2026 (-15.65%), 2027 (-18.35%), and 2028 (-22.19%). On average, the compound annual growth rate (CAGR) from 2024 to 2028 is projected to be approximately -13.22%, indicating a steady downward trend in the industry's economic contribution.

Future trends to watch for:

Potential recovery in global metal demand impacting Canadian exports.
Technological advancements improving efficiency and reducing costs.
Environmental regulations influencing production practices and costs.
Currency fluctuations affecting competitiveness in international markets.
Impact of geopolitical tensions on supply chain stability and material import/export policies.