Forecast: Raw Steel Production in Belgium

Belgium's raw steel production exhibited considerable fluctuation from 2013 to 2023. Starting at 7.09 million metric tons in 2013, it reached a high of 8.02 million metric tons in 2018 before experiencing a notable dip in 2020 with 6.45 million metric tons. The following years showed a recovery trend, reaching 7.59 million metric tons in 2023.

Notable variations in year-on-year percentages included:

• 2013: -3.97%
• 2014: +3.36%
• 2015: -1.01%
• 2016: +5.93%
• 2017: +2.02%
• 2018: +2.27%
• 2019: -2.38%
• 2020: -17.66%
• 2021: +19.54%
• 2022: -0.78%
• 2023: -0.77%

Future trends forecast a gradual decline in production, dipping to 7.28 million metric tons by 2028, with a 5-year CAGR of -0.65% and an overall 5-year growth rate of -3.22%.

Future trends to watch for include:

• Economic recovery impacts post-pandemic period.
• Demand shifts in key markets such as automotive and construction.
• Technological advancements in steel production aimed at sustainability.