In 2023, the Paint and Coating Manufacturing sector in Canada stood at 253.86 million CAD in terms of salaries and wages. The overall trend from 2013 to 2023 shows significant fluctuations, with an initial rise between 2013 and 2015, followed by a steep decline beginning in 2016. This trend reflects a persistent downward trajectory, marked by negative year-on-year changes.
Notably, the Compound Annual Growth Rate (CAGR) from 2018 to 2023 indicates an average annual decline of -2.74%. Moving forward, the forecast predicts a continued decrease with the sector expected to shrink at a CAGR of -2.74% from 2024 to 2028, culminating in a 12.97% reduction in salaries and wages over the next five years.
Future trends to watch:
- Technological advancements and automation impacting labor costs.
- Potential industry consolidation and its effects on employment.
- Economic factors such as inflation and currency fluctuations.
- Environmental regulations and their impact on production costs and employment.
