The turnover in Belgium's plastics products industry has exhibited fluctuations over the past decade, with significant movements noted in 2016 and 2018. From 2013 to 2023, the market has had years of both contraction and growth. In 2023, the turnover stood at 8.15 billion Euros. The year-on-year growth rate for 2023 was consistent, showing a slight increase of 1.37%. Over the last two years, the turnover has grown steadily by an average of 1.99% per year.
From 2024 onwards, the forecasted data suggests a steady growth trajectory, with an average annual growth rate or CAGR of 1.01% over the next five years, culminating in an anticipated turnover of 8.68 billion Euros by 2028. This indicates a moderate but steady upward trend.
Future trends to watch for:
- Increasing demand for sustainable and recyclable plastics driven by environmental regulations and consumer preferences.
- Technological advancements in manufacturing and materials that could reduce costs and improve efficiency.
- Potential impacts of global economic conditions and supply chain disruptions on production and turnover.
- Expansion into new markets and applications, particularly in high-growth sectors such as medical devices and electric vehicles.
