The polyurethanes market size volume in Belgium observed several fluctuations from 2012 to 2023. Starting from a base of 701.13 million kilograms in 2012, the market grew steadily, recording a peak in 2017 with 946.19 million kilograms, driven by annual growth rates that ranged from 3.97% to 8.44% between 2012 and 2017. However, post-2017, the market saw a significant downturn, with a sharp decline of 22.81% in 2018, followed by continued drops in subsequent years, resulting in a value of 586.77 million kilograms in 2022.
The last two years witnessed a slight recovery, with a year-on-year variation of 2.51% in 2022, after a consistent decline from 2018 onwards. The five-year compounded annual growth rate (CAGR) from 2018 to 2022 was a negative -9.11%, indicating a challenging period for the market.
Looking ahead, future trends to watch for include potential innovations in polyurethane applications, shifts towards sustainable and bio-based alternatives, and broader economic factors influencing demand in related industries such as automotive and construction. These factors could play a pivotal role in determining the market's trajectory moving forward.
How does Belgium rank in Polyurethanes Market Size Volume?
| # | 7 Countries | Kilograms | Last Year | YoY | 5-years CAGR | |
|---|---|---|---|---|---|---|
| 1 | 1 Belgium | 601,770,000 | 2023 | +0.63% | -3.8% | |
| 2 | 2 Italy | 377,790,000 | 2023 | +3.44% | -0.19% | View data |
| 3 | 3 United Kingdom | 146,380,000 | 2023 | +0.7% | +1.15% | View data |
| 4 | 4 Spain | 111,660,000 | 2023 | -0.9% | -1.02% | View data |
| 5 | 5 Poland | 71,320,000 | 2023 | +8.33% | +2.21% | View data |
