The import value of parts of machines for working rubber or plastic to Canada was forecasted to reach $418.87 million in 2024, gradually increasing to $452.34 million by 2028. This growth demonstrates a steady annual increase ranging from 2% to 2.2% year-on-year from 2024 through 2028. Over this five-year forecast period, the compound annual growth rate (CAGR) is approximately 2.2%. In 2023, the imports stood at a lower value, indicating a consistent demand increase over the coming years.

Future trends to watch for include:

Shifts in global trade policies that may affect import tariffs and regulations.
Technological advancements in machinery that may require different parts.
Changes in demand for rubber and plastic products that could influence machinery purchases.
Sustainability initiatives and their potential impact on material preferences and machine types required.