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The phrase "a declining" is correct and usable in written English.
It can be used to describe something that is decreasing or deteriorating in quality, quantity, or status.
Example: "The company is facing a challenging market due to a declining demand for its products."
Alternatives: "a decreasing" or "a waning".
Exact(60)
"It's a declining industry.
A declining letter grade.
It was a declining business.
But that is a declining habit.
It's a city with a declining population.
"I'm running for a declining middle class".
"It's a declining country town," said Mr. Ready, 79.
It is also the only one with a declining population.
These could be precursors to a declining upswing here".
Bear market, in securities and commodities trading, a declining market.
In a declining car market, mini-car sales are booming.
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Since I tried Ludwig back in 2017, I have been constantly using it in both editing and translation. Ever since, I suggest it to my translators at ProSciEditing.

Justyna Jupowicz-Kozak
CEO of Professional Science Editing for Scientists @ prosciediting.com