From 2013 to 2023, the production of plastics in primary forms in Belgium exhibited a somewhat volatile trend. The highest production volume was recorded in 2013 at 6.2521 Billion Kilograms, followed by fluctuations, with a significant decline in 2015 of 21.91%. A notable recovery occurred in 2016 with an increase of 28.4%, but overall, the trend showed a gradual downward trajectory until 2020. The years between 2021 and 2023 depict minor increases, with 2023 standing at 5.1817 Billion Kilograms, up 0.43% from 2022. The Compound Annual Growth Rate (CAGR) for the last five years leading up to 2023 is -1.02%.
Looking forward to 2024 and beyond, forecasted data suggests a steady growth pattern. From 2023 to 2028, an average annual growth rate (CAGR) of 0.33% is anticipated, with a total growth of 1.64%. The market is expected to stabilize and slightly increase year-on-year, reaching up to 5.2889 Billion Kilograms by 2028.
Future trends to watch for include advancements in sustainable plastics production, government policies promoting recycling and eco-friendly materials, and technological innovations aimed at efficiency in production processes. Market participants should also keep an eye on potential economic influences and global market shifts that could impact production volumes.
