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Canada Financial Guarantee Market Size is expected to reach $2.19 Billion by 2028

08-31-2021 09:28 AM CET | Business, Economy, Finances, Banking & Insurance

Press release from: Valuates Reports

Canada Financial Guarantee Market Size is expected to reach

The COVID-19 pandemic affected the country’s economy and trade. Moreover, huge costs were incurred by both exporters & exporters for conducting trade, which therefore severely impacted the Canada financial guarantee market

The Canada financial guarantee market was valued at $1.32 billion in 2020, and is projected to reach $2.19 billion by 2028, growing at a CAGR of 7.3% from 2021 to 2028.

Inquire for Sample Report: https://reports.valuates.com/request/sample/ALLI-Manu-2V67/Canada_Financial_Guarantee_Market

Banks are majorly engaged in providing financial guarantees to traders in case of large international transactions. As seller possesses lack of knowledge about the buyer, the need for financial guarantors continues to rise among sellers. Moreover, banks provide performance or warranty bond, which essentially guarantees that the goods provided to a buyer are as promised and delivered as agreed by contract with the seller.

Factors such as technological advancements in the field of financing and reduction in financial risk propel the growth of the market. In addition, surge in government support & initiatives toward financial guarantee and rise in import & export activities are expected to provide lucrative opportunities for the financial guarantee providers in Canada.

View Full Report: https://reports.valuates.com/market-reports/ALLI-Manu-2V67/canada-financial-guarantee

On the basis of end user, the importers segment dominated the Canada financial guarantee market in 2020, and is projected to maintain its dominance during the forecast period. This is attributed to the fact that importers are increasingly engaging into massive trades by importing bulk of goods from different countries, which involve complex transactions. Therefore, demand for financial bank guarantee among importers continue to rise and becoming major Canada financial guarantee market trends.

According to Pramod Borasi, Senior Research Analyst, BFSI at Allied Market Research, “The COVID-19 pandemic affected the country’s economy and trade. Moreover, huge costs were incurred by both exporters & exporters for conducting trade, which therefore severely impacted the Canada financial guarantee market.”

The Canada financial guarantee industry has been severely affected, due to sudden business shutdown. In addition, traders have changed their preferences of availing financial guarantee products particularly for metals such as aluminum and nickel, due to the impact on industries such as automotive and aviation, respectively. Moreover, consequent lockdown has disrupted supply chains, which, in turn, has resulted in a situation wherein buyers failed to pay dues to manufactures. As a result, these major factors affected the Canada financial guarantee market growth during the pandemic situation.

Key Findings of the Study

By product type, the documentary letter of credit segment led the Canada financial guarantee industry, in terms of revenue in 2020.
Depending on enterprise size, the large enterprises segment garnered the highest Canada financial guarantee market share in 2020.

On the basis of end user, the importers segment acquired the highest revenue in 2020.

The key players profiled in the Canada financial guarantee market analysis are Scotiabank, Toronto Dominion, Banque Nationale du Canada (National Bank of Canada), Banque de Montreal (Bank of Montreal), BNP Paribas, HSBC, Citigroup, Inc., CIBC, Royal Bank of Canada, and Export Development Canada. These players have adopted various strategies to increase their market penetration and strengthen their position in the industry.

Similar Reports

Trade Finance Market: https://reports.valuates.com/market-reports/QYRE-Auto-6X849/global-trade-finance

Non-Bank Trade Finance Market: https://reports.valuates.com/market-reports/QYRE-Othe-3A258/non-bank-trade-finance

Letter of Credit Confirmation Market: https://reports.valuates.com/market-reports/ALLI-Manu-1V31/letter-of-credit-confirmation

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