The import of synthetic rubber to Canada has shown a declining trend over the last decade, dropping from $612.73 million in 2013 to $410.32 million in 2023. Notably, the period between 2013 to 2023 witnessed fluctuations, with significant decreases in 2015 and 2020 followed by slight recoveries in the following years. Year-on-year variations highlight these shifts, like the -20.47% decrease in 2015 and the 12.47% increase in 2021. The compound annual growth rate (CAGR) over the past five years stands at -3.64%.
Forecast data suggests the decline will continue, with synthetic rubber imports expected to decrease to $371.47 million by 2028. The forecasted 5-year CAGR of -1.51% underlines this trend, with an overall anticipated growth rate reduction of -7.34% over the next five years. Predictions indicate a moderate yet steady decline each year in imports.
Future trends to watch for include shifts in global synthetic rubber supply chains, advancements in synthetic rubber technology, or changes in trade policies that could impact import volumes. Environmental regulations and the move towards sustainable materials could also influence future demand.
