The turnover in the refined petroleum products sector in Belgium has shown significant volatility over the past decade. From a high of 60.05 billion euros in 2013, it has gradually decreased to 36.13 billion euros in 2023. The sector experienced dramatic declines, particularly in 2016 with a 22.49% drop and in 2020 with a 40.94% drop. A slight recovery occurred between 2021 and 2023, with a 3.66% increase in the last year. On average, the sector has seen a yearly decline (CAGR) of 4.87% over the last five years.
Future projections from 2024 onward indicate a continued downward trend, with turnover expected to decline to 27.23 billion euros by 2028. The forecasted CAGR over the next five years is -4.52%, representing a total decrease of approximately 20.65% during this period.
Future trends to watch for:
- Possible impacts of global economic conditions on the petroleum sector.
- Effects of environmental regulations and the shift towards renewable energy sources.
- Technological advancements in refining processes and their potential to influence sector dynamics.
- Market demand fluctuations driven by changes in consumer behavior and industry practices.
