The Non-Ferrous Metal (Except Aluminum) Smelting and Refining industry in Canada has shown significant volatility over the past decade. After peaking in 2017 at CAD 16.665 billion, the industry revenue has generally been in decline, reaching CAD 13.85 billion in 2023. Year-on-year growth rates have fluctuated, with notable declines in 2018 (-10.91%) and consistent negative growth in recent years. The average annual change (CAGR) over the last five years stood at -1.38%.
Looking ahead, forecasted revenues continue this downward trend, with industry revenue expected to fall to CAD 12.616 billion by 2028. Over the next five years, the industry is expected to witness a CAGR of -1.49%, translating to a total decline of approximately 7.22% by 2028.
Future trends to watch for:
- Shifts in global demand for non-ferrous metals driven by technological advancements and changes in key industries such as renewable energy and electric vehicles.
- Changes in environmental regulations and sustainability initiatives could impact production processes and costs.
- Potential improvements in smelting and refining technologies that could enhance efficiency and reduce costs.
- Geopolitical developments that might influence trade policies and commodity prices globally.
