The paint, coating, and adhesive manufacturing industry in Canada experienced a gradual decline from CAD 3.5999 billion in 2013 to CAD 3.0201 billion in 2023. The trend over the past decade reveals a consistent year-on-year decrease, except for a slight increase in 2019. The compound annual growth rate (CAGR) shifted from -2.81% (2014-2018) to -0.66% (2019-2023), indicating a slowing rate of decline. The industry value in 2023 stood at CAD 3.0201 billion.
From 2024 onwards, forecasts suggest continued declines with a 5-year CAGR of -0.86%, resulting in a projected value of CAD 2.8608 billion by 2028. The expected reduction over the next five years is around 4.24%.
Future trends to watch for include potential shifts in market demand driven by environmental regulations, technological advancements in sustainable products, and fluctuations in raw material prices.
