Wire & Spring Manufacturing in Canada - Industry Market Research Report

Wired up: Improving economic conditions over the coming years will likely create growth opportunities for manufacturers

Wire and spring manufacturers in Canada produce a wide range of fabricated metal products, including heavy and light gauge springs, wire rope, wire mesh and chain link fencing. Wire and springs are then used as intermediate inputs in the production of various goods, such as mattresses and furniture, vehicles and industrial machinery. The pandemic resulted in a drastic slowdown in revenue as social distancing regulations forced many producers to pause operations or operate at a lower capacity, harming spring and wire sales. Elevated steel prices also enabled manufacturers to generate higher revenue, as many producers can pass down cost increases to consumers, boosting the value of sales and harming profit. A recovering economy, strong construction activity and growing demand for manufactured products have led to revenue growing at a CAGR of 0.3% over the past five years, and is expected to total $1.5 billion in 2023. This includes a 1.2% drop in 2023 alone.

Canadian wire and spring manufacturers produce heavy gauge and light gauge springs using steel and drawn wire, in addition to manufacturing other wire-based products such as wire rope, wire mesh and chain link fencing. The industry does not include manufacturers that primarily draw wire for sale to other companies.

This report covers the scope, size, disposition and growth of the industry including the key sensitivities and success factors. Also included are five year industry forecasts, growth rates and an analysis of the industry key players and their market shares.