The value added of petrochemical manufacturing in Canada has shown significant fluctuations over the past decade. Starting from 1.9716 billion CAD in 2013, the value saw a modest increase to 2.0403 billion CAD in 2014. However, it dropped significantly in 2015 by 9.05% and further to a low of 1.208 billion CAD in 2017. A significant rebound occurred in 2018 with an 89.64% increase, but this was followed by another decline in 2019 by 30.86%. Although 2020 saw an 11.99% decrease, the sector managed a slight recovery from 2021 to 2023, with values stabilizing around 1.64 billion CAD by 2023.
For the future, the forecast points to a steady decline in value added, with a projected annual contraction (CAGR) of -1.62% from 2024 to 2028, resulting in an expected value of 1.4893 billion CAD by 2028. This indicates a total decline of 7.84% over the five-year period.
Future trends to watch for include market fluctuations due to global oil price volatility, regulatory changes aiming for sustainability, advancements in petrochemical technology, and potential shifts in global market dynamics affecting export demand.
