Fastest Growing Industries by Imports in Canada in 2025

1. Truck & Bus Manufacturing in Canada

Growth in Imports for 2025: 154.0%

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. Battery Manufacturing in Canada

Growth in Imports for 2025: 35.3%

The Battery Manufacturing industry in Canada has experienced strong growth in recent years; there is growing demand for batteries in various applications, including portable electronics, electric vehicles, and renewable energy storage. This has created opportunities for Canadian battery manufacturers to expand their operations and increase production. The Canadian government has made significant investments in the development and commercialization of battery technology, including funding research and development programs, providing tax incentives and supporting the growth of the electric vehicle industry. This support has helped to attract investment and create opportunities for Canadian battery manufacturers. Consequently, industry revenue is anticipated to grow... Learn More

3. Computer Peripheral Manufacturing in Canada

Growth in Imports for 2025: 24.4%

Canadian computer peripheral manufacturers have struggled over the past decade, as strong import competition has brought low-cost goods into the domestic market. Peripheral products are still desirable in the corporate space, although individual consumers increasingly purchase mobile and cloud-based devices. These products rarely require peripheral add-ons. Revenue has expanded at an expected CAGR of 7.4% to $670.4 million through 2023, despite a 0.3% drop in 2023. Manufacturers peaked during the pandemic, particularly as consumers spent more time at home and on computers; however, massive declines bracket this pandemic-era growth.

Several major manufacturers have departed from the domestic industry because of... Learn More

4. Aluminum Manufacturing in Canada

Growth in Imports for 2025: 22.2%

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

5. Generic Pharmaceutical Manufacturing in Canada

Growth in Imports for 2025: 21.7%

Over the five years to 2023, Canadian generic pharmaceutical manufacturers have accounted for a climbing share of total drug prescriptions dispensed by volume. According to 2021 data from the Patented Medicine Prices Review Board (latest data available), average generic drug prices in Canada have declined more than 50.0% over the past decade. To cut healthcare costs, many provinces and territories have set more stringent price caps for generic drugs, effectively preventing generics from exceeding a set share of the brand-name drug equivalent's price.

Still, robust generic drug usage rates have buoyed demand, offsetting the influence of compressed drug prices. Also, prescription... Learn More

6. Sanitary Paper Product Manufacturing in Canada

Growth in Imports for 2025: 18.4%

The industry has experienced mixed results through the end of 2023, although the industry has ultimately grown in response to increased purchases of higher-value industry goods and rising prices. The industry purchases paper and converts it into consumer goods such as facial tissue, toilet paper, paper towels and tampons. Demand for these nondiscretionary items is typically stable, which helps to moderate revenue fluctuations, although the small size of the industry helps to increase its potential volatility, as any company entering or exiting the industry can have an outsize effect on overall performance. Through the end of 2023, the industry has... Learn More

7. Men's & Boys' Apparel Manufacturing in Canada

Growth in Imports for 2025: 18.3%

The Men's and Boys' Apparel Manufacturing industry in Canada has been characterized by offshoring, import competition and a significant shift toward producing high-end products over the past five years. The industry, which manufactures men's and boys' apparel from purchased fabrics, has been challenged by high import penetration. However, manufacturers shifting toward producing high-end, value-added designer and handcrafted fashion have helped industry revenue from falling at a much sharper rate. Consequently, industry revenue is expected to fall an annualized 6.5% to $1.0 billion over the five years to 2023, including a decrease of 3.6% in 2023 alone as consumer confidence levels... Learn More

8. Electrical Equipment Manufacturing in Canada

Growth in Imports for 2025: 18.1%

Revenue for the Electrical Equipment Manufacturing industry in Canada is expected to fluctuate, falling at an estimated CAGR of 2.2% to $5.5 billion over the five years to 2023, including a 2.5% dip in 2023 alone. The current period has demonstrated moderate revenue volatility, including revenue falling an estimated 7.8% in 2020 as a result of the economic dislocation caused by COVID-19; however, the industry rebounded, with revenue increasing an estimated 1.4% in 2022 alone as the pandemic began to recede. Electric equipment manufacturers in Canada rely on demand from downstream industries in the construction and manufacturing sectors. However, domestic... Learn More

9. Adhesive Manufacturing in Canada

Growth in Imports for 2025: 15.7%

Canadian adhesive manufacturers produce adhesives, glues, sealants and caulking components. These products have many uses, ranging from 3M's Post-it notes to roof shingling. The industry will expand through 2023, despite the pandemic forcing all nonessential businesses to shut down to help mitigate the spread. Also, declining residential and nonresidential construction value, one of the largest markets for adhesives, has constrained demand. Overall, revenue will expand at an expected CAGR of 1.1% to $1.0 billion through 2023, despite a 7.3% decrease in 2023 as interest rates constrain demand from construction markets.

Despite trade markets contracting during the pandemic, manufacturers have capitalized on... Learn More

10. Semiconductor Machinery Manufacturing in Canada

Growth in Imports for 2025: 14.1%

Semiconductor machinery manufacturers supply capital equipment for various processes in semiconductor manufacturing. While semiconductors have become the foundation of nearly every technology today, years of outsourcing semiconductor manufacturing put Canada in a weak position globally. Rising import penetration has been specifically challenging to the domestic industry. East Asian countries dominate semiconductor production, where enormous scale, massive R&D investment and lower-cost labour make it near impossible for domestic manufacturers to compete.But, an explosion in semiconductor demand during the COVID-19 pandemic led to supply shocks, boosting machinery purchases from domestic and foreign manufacturers expanding production volume. High interest rates and concerns about... Learn More