The forecast for the veneer, plywood, and engineered wood product manufacturing expenses in Canada from 2024 to 2028 shows a consistent upward trend. Starting at 8.4475 billion Canadian Dollars in 2024, expenses rise annually, reaching 9.6955 billion by 2028. The year-on-year growth rate, from 2024 to 2028, fluctuates between approximately 3.75% and 3.26%. The Compound Annual Growth Rate (CAGR) over this period is around 3.48%. In comparison, the actual expenditure figure for 2023 was 8 billion CAD, indicating a steady rise in costs driven by inflation, raw material prices, and market demand.
Future trends to watch for in this sector include:
- Increasing sustainability pressures that may lead to higher production costs due to the adoption of eco-friendly practices.
- Technological advancements in engineered wood products that could drive efficiency but also require upfront investments.
- Potential shifts in global trade policies affecting raw material imports and exports.
- Fluctuations in housing and construction markets influencing demand for these wood products.
