The announcement is part of a 10-year plan for strengthening the auto sector’s competitiveness.
Clariant’s plastics & coatings division increased sales by one per cent, with particularly strong regional expansion in Latin America.
Vehicle purchases in the U.S. also dropped in January, a new report from Scotiabank said, as sales activity rebalances from strong gains in late-2018 and adverse weather conditions keep buyers at bay.
But despite posting a decline relative to 2017, the Canadian auto market posted its second best year on record, a new report from Scotiabank said.
Canada’s capital spending on industrial chemical industry projects is expected to jump by 65 per cent in 2019.
The auto parts maker anticipates that the strong U.S. dollar, the sale of its fluid pressure and controls business, and GM plant closures will negatively impact its bottom line this year.
The U.S. plastics industry accounted for an estimate of $432.3 billion in shipments and 989,000 jobs in 2017, according to the 2018 Size & Impact Report, an annual publication of the Plastics Industry Association.
But auto purchases in the U.S. recorded their highest one-month total since October 2017, the new report from Scotiabank said.
Vehicle purchases in Canada in November fell below 1.9 million annualised units for the first time since late-2016, Scotiabank said, but sales are still on track for their second-highest year on record in 2018.
The sales figures are compiled by the Plastics Industry Association’s Committee on Equipment Statistics.
A sharp drop in Detroit Three sales pulled purchases below 1.9 million units for the first time in over three years, a new report from Scotiabank said.
And the American Chemistry Council is also calling on U.S. President Donald Trump to use the agreement to cancel tariffs on steel and aluminum.
Canadian auto sales contracted by 1.9% year-over-year for an eighth consecutive month of annual declines in October, Scotiabank’s latest Global Auto Report says, but ticked up by 3.1% from September in seasonally-adjusted terms.
Shuttering the Oshawa plant represents a loss of about 10 per cent of Canada’s auto parts industry, said APMA head Flavio Volpe.
Spurred by rising disposable incomes and continuously changing lifestyles, the increasing production of cars and commercial vehicles will grow the global automotive plastic market at a CAGR of 11.91% from now until 2023, the new report from Research and Market said.
Sales of passenger cars for several major auto companies dipped, a new report from DesRosiers said.
The Ontario government said new rules – which will link future minimum-wage increases to the inflation rate and reduce the number of personal leave days – will help cut red tape and encourage business investment.
But auto sales in the U.S. jumped to an annualised level of more than 17 million units in September, Scotiabank said, beating expectations.
The agreement provides increased access to Canada’s dairy market for U.S. producers, limits the number of cars and the value of automobile parts that Canada can ship to the U.S. without paying higher duties, and preserves key dispute-resolution provisions.
For the fifth consecutive quarter, plastics machinery shipments in North America continued to increase in the second quarter of 2018, according to the statistics compiled and reported by the Plastics Industry Association’s Committee on Equipment Statistics.