We have manufacturers here in Canada making transformers, like Hammond Power. We've seen those sectors grow in terms of exports by 200% between 2022 and 2024.
Second, we also have an opportunity when it comes to electric vehicle manufacturing. The long-term reality is pretty clear. The better technology will win. EVs are simply more efficient. They perform better, and they cost less to operate. We may see ups and downs, but the path is clear in terms of where investments are headed in terms of the billions of dollars that have been spent on the sector. We can capture that entire value chain right here in Canada. We should be increasing made-in-Canada content requirements and making sure our automotive chains are resilient. This is the kind of transformation that will set us up for the future.
Third, I'm going to talk about critical minerals processing. We have a significant opportunity here, with reserves of lithium, cobalt, nickel, graphite and rare earths. Where we can create the real value is by processing raw ore into value-added materials. For example, if you go from lithium to lithium hydroxide, you increase the value by four to five times. These materials also go into other supply chains, like defence systems and precision-guided missiles. All of that is going to be essential to our sovereignty and our security.
Fourth is mass timber for housing. We can build housing faster with mass timber. We can also reduce carbon while doing so. The global market for mass timber is projected to grow by 150% by 2030. How do we add value to our forest products as we export them?
Last, I'm going to say, on the defence side, that building the defensive industrial base can actually piggyback or leverage the fact that we're building electricity systems, grid expansion and critical minerals.
Ultimately, when we're refocusing the 2030 plan, I would argue that every action should answer three questions. Does this strengthen Canada's competitive position? Does this create long-term economic value? Does this drive the structural transformation we need towards a low-carbon future?
It's really not necessarily about pursuing the lowest cost or the easiest emission reduction in the near term; it's about really transforming the economy so that we can build the structure required that would be part of our low-carbon future.
Thank you.