Belgium's liquefied petroleum gases (LPG) imports have seen varied trends over the past decade. From a high growth of 8.19% in 2013, the growth rate has fluctuated, with significant dips observed in 2016 (-11.11%) and 2017 (-0.57%). However, a strong recovery was noted in 2018 with a 27.29% increase. Over the last two years, the year-on-year variations indicate steady growth, with 3.36% in 2022 and 3.23% in 2023. In 2023, LPG imports stood at 2.7 million tonnes of oil equivalent.
The compound annual growth rate (CAGR) over the last five years highlights a steady increase with a rate of 2.94%. Forecasted data from 2024 to 2028 suggest a consistent upward trend, with an average annual growth rate (forecast 5-year CAGR) of 2.25% and a total growth rate of 11.74% by 2028.
Future Trends to Watch For:
- Shifts in global energy policies and their impact on LPG supply and demand.
- Technological advancements in LPG transportation and storage.
- Global economic fluctuations affecting import volumes and costs.
- Environmental regulations and their influence on LPG consumption patterns.
