The value added of refined petroleum products and coke in Canada exhibited a dynamic trend from 2013 to 2023. The sector experienced fluctuations with significant growth in certain years, such as 2015, 2018, and 2021, but also marked declines in 2016, 2017, 2019, and especially in 2020. By 2023, the value stood at CAD 16.24 billion, showing a 9.92% year-on-year increase. Notably, despite annual variations, the compound annual growth rate (CAGR) over the last five years stood at 0.59%, reflecting moderate growth in the sector.
Looking forward, the forecasted data suggests a steady increase in value over the next five years, with a forecasted CAGR of 2.83% from 2024 to 2028. The anticipated growth rate over this period is 14.97%, indicating optimism for the sector's future. Key future trends to watch for include the impact of global energy transitions, technological advancements in refining processes, and evolving regulatory landscapes, which could significantly influence the sector's value addition trajectory.
