The value added of cement and concrete product manufacturing in Canada registered fluctuations from 2013 to 2023. In 2023, the sector stood at 5.2499 billion CAD. There has been a noticeable overall upward trend, particularly from 2016 onwards, with a slight dip in 2020 due to external factors likely influenced by global events. The year-on-year variations demonstrate modest growth, particularly over the last two years at 2.45% in 2022 and 2.37% in 2023. The 5-year compounded annual growth rate (CAGR) stands at 1.62% up to 2023.
Looking ahead, the forecast from 2024 to 2028 suggests continued steady growth with a 5-year CAGR of 1.69%. By 2028, the value is projected to reach 5.8388 billion CAD, reflecting an overall forecasted growth rate of 8.73% over this period.
Future trends to watch for include:
- Sustainable manufacturing practices and their impact on production costs and values.
- Technological advancements in concrete and cement production.
- Government infrastructure projects and their influence on demand.
- Impact of global economic conditions on the Canadian construction sector.
