The production value of rubber, plastics, and other non-metallic mineral products in Canada is forecasted to grow steadily from CAD 63.88 billion in 2024 to CAD 68.52 billion by 2028. As of 2023, the actual production value stood at CAD 62.74 billion. The year-on-year growth rates for the years 2024 to 2028 show a consistent increase, ranging from approximately 1.88% to 1.68%. The compound annual growth rate (CAGR) over this five-year forecast period averages around 1.76%.
Future trends to watch for include technological advancements in production processes, increasing demand for sustainable materials, and potential impacts of global trade policies on the production sectors. Monitoring these trends will be crucial for anticipating shifts in market dynamics and shaping strategic decisions.
