Weaker industrial production weighed on basic chemical manufacturing over the last two years, but easing pressure on global supply chains means the industry will perform well over the next two years. Output is set to increase by 2.7 per cent in 2022 and 3.5 per cent in 2023.
The Russia–Ukraine war and political issues in Belarus have improved Canada’s position in the fertilizer manufacturing segment of the industry.
Pharmaceutical product manufacturing will perform well over the medium term, as new capacity, a desire to stockpile medication, and an aging Canadian population support growth.
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