Canada is an integral part of the global paint and coatings industry despite facing a sluggish economy in recent months and a weaker dollar hovering around the U.S. 75-cent mark since January. However, recent numbers just released for the first quarter reveal the Canadian economy is very strong out of the gate, with first-quarter GDP growth much stronger than anticipated, and is expected to continue for the balance of the year. While industry is set to face imminent challenges, such as strict environmental regulations and a greater demand for product stewardship, Canadians can take comfort in the fact that paint and coatings is a mature, slow-growing industry and is expected to do well in the long run.
With one of the highest standards of living, Canada is similar to the United States as an international leader in per capita coatings consumption rates at 8.4 kg/person. Its industrial output continues to post good results as a percentage of GDP, and civil construction is expected to outperform that of the United States. Projections show the demand for Canadian exports will increase on the heels of the growing U.S. recovery. This in turn will encourage investment, allowing companies to boost their productive capacity and secure export opportunities.