Fastest Growing Industries by Imports in Canada in 2023

1. Truck & Bus Manufacturing in Canada

Growth in Imports for 2023: 76.0%

Truck and bus manufacturers were severely affected by the COVID-19 pandemic. In 2018 and 2019, exports trended higher, as downstream freight operators increased their vehicle fleets, lifting demand at the manufacturing level. Plus, the depreciation of the Canadian dollar relative to other currencies has also catalyzed industry export activity, further supporting industry expansion. As exports account for a significant portion of industry revenue, the industry has benefited. However, as a result of the adverse effects from the pandemic, industry revenue fell at a CAGR of 10.9% over the past five years and is expected to total $2.8 billion in 2023,... Learn More

2. Aircraft, Engine & Parts Manufacturing in Canada

Growth in Imports for 2023: 33.0%

Revenue for the Canadian Aircraft, Engine and Parts Manufacturing industry has been declining over the past five years as a result of volatile economic conditions. In particular, the Canadian industry is a leader in manufacturing business aircraft, commercial planes with less than 150 seats, civil helicopters, regional and small engines and various aerospace components. The COVID-19 (coronavirus) pandemic weighed heavily on the industry given its effect on air travel, and thus, downstream demand. Industry revenue has been falling at a CAGR of 5.2% over the past five years, reaching $19.5 billion in 2023. This includes a projected rise of 3.7%... Learn More

3. Inorganic Chemical Manufacturing in Canada

Growth in Imports for 2023: 29.7%

Products manufactured by the Canadian Inorganic Chemical Manufacturing industry are primarily used as intermediary additives to products, such as detergents, pharmaceuticals, alumina, paints, paper and tires. Given the types of products manufactured, industry demand is closely linked to the overall performance of the manufacturing and construction sectors and the wide range of end markets helps to moderate industry volatility. Industry performance has fluctuated over the five years to 2022. While domestic manufacturing production has risen overall, some key markets, such as paper manufacturing, have experienced declining demand. Further, extreme volatility in the price of inputs, such as natural gas, has... Learn More

4. Semiconductor & Other Electronic Component Manufacturing in Canada

Growth in Imports for 2023: 27.2%

Canadian semiconductor and other electronic component manufacturers produce various input devices that are necessary in the production of electronics, including circuits and memory chips. In recent years, manufacturers experienced mild volatility amid continued offshoring and greater competition from US and East Asian manufacturers. Any expansion has been driven by robust demand for semiconductor products both domestically and abroad, and a global shortage for electronic components. COVID-19 has significantly affected manufacturers' performance by disrupting production plans and creating supply chain challenges largely due to an unanticipated surge in downstream demand. Industry-wide revenue has been growing at an average annualized 1.6% over... Learn More

5. Automobile Engine & Parts Manufacturing in Canada

Growth in Imports for 2023: 20.5%

Automobile engine and parts manufacturers have had a difficult time in recent years. The COVID-19 pandemic severely eroded revenue in 2020 as high economic uncertainty caused decreased manufacturing activity, reducing downstream demand from automakers. Most major auto engine and parts manufacturers are subsidiaries of automakers, and most parts that those companies use in finished cars come from in-house manufacturers.

After a temporary reprieve in 2021, revenue fell again in 2022. Supply chain issues limited microchips and other non-industry products for finished vehicles, which reduced downstream demand from for engines and parts. This was a missed opportunity, as demand for cars amid... Learn More

6. Organic Chemical Manufacturing in Canada

Growth in Imports for 2023: 17.4%

The Organic Chemical Manufacturing industry in Canada is primarily engaged in the manufacturing of organic chemicals, including methanol and fatty acids. Many industrial and consumer products, such as dyes, detergents and paints, use organic chemicals as inputs. Consequently, industry performance is closely tied to consumer spending and the performance of the manufacturing sector. The industry has benefited from steady economic growth over much of the five years to 2022, which has stimulated demand from a variety of downstream manufacturing industries. However, revenue has been highly volatile in response to significant fluctuations in the prices of upstream raw materials such as... Learn More

7. Metal Tank Manufacturing in Canada

Growth in Imports for 2023: 17.4%

Operators in the Metal Tank Manufacturing industry in Canada design, manufacture and at times install metal tanks that store various materials, including grain, dairy, oil, gas, chemicals and water. Industry revenue has risen over the five years to 2022 largely due to improving commodity prices and macroeconomic condition during the initial years of the period. The industry is estimated to have continued expansion despite operating challenges posed by the COVID-19 (coronavirus) pandemic beginning in 2020 due to strong demand from downstream agricultural producers that year. As the broader Canadian economy continues to rebound from the pandemic, the industry is expected... Learn More

8. Truck, Trailer & Motor Home Manufacturing in Canada

Growth in Imports for 2023: 17.0%

Truck, trailer and motor home manufacturing revenue is expected to marginally increase over the five years to 2023. The industry has a diverse array of product lines within consumer and commercial markets. As a result, the industry, which is cyclical, has a variety of factors that support demand. For example, recreational vehicles (RVs) and motor homes are typically big-ticket discretionary purchases. Consequently, demand for this segment has increased due to steady growth in consumer disposable incomes and consumer spending. In 2020, demand has actually increased for RVs as Canadians have adjusted vacation plans amid the COVID-19 pandemic. Industry revenue has... Learn More

9. Distilleries in Canada

Growth in Imports for 2023: 14.2%

Canadian distilleries have had a strong performance in recent years, despite the COVID-19 pandemic. Government intervention through the control of liquor retail sales and high excise taxes have aided in slowing growth and have been an impediment to expansion. Despite this, solid growth in demand for Canadian products in the United States and a boom in craft spirits consumption have mitigated this decline, as did increased alcohol consumption amid the coronavirus pandemic. Revenue is expected to grow at a CAGR of 4.2% to $2.0 billion over the five years to 2023, including a forecast increase of 0.6% in 2023 alone... Learn More

10. Aluminum Manufacturing in Canada

Growth in Imports for 2023: 13.8%

Canadian aluminum manufacturers produce various aluminum products, ranging from alumina to finished aluminum sheets and foil. Aluminum is lightweight, ductile, corrosion-resistant, highly conductive and recyclable, making it useful in various applications. For instance, aluminum sheet is a major input into automobiles and airplanes, while aluminum foil and rolled sheet are commonly used in containers and packaging material. The United States accounts for nearly all exports, making domestic manufacturers highly dependent on international trade. IBISWorld projects industry revenue to increase at a CAGR of 7.8% to $24.8 billion through the end of 2023, declining 3.3% in 2023 alone. This growth can... Learn More