The basic metals and fabricated metal products manufacturing sector in Belgium has shown significant fluctuations over the past decade, from a decline in 2013 to a robust recovery by 2023, reaching 51.49 billion Euros in output. The years 2021 and 2022 recorded remarkable year-on-year growth rates at 30.36% and 20.64%, respectively. However, growth slowed in 2023 to 1.74%. The compound annual growth rate (CAGR) over the past five years stands at 7.63%, indicating solid growth in recent years.
Looking ahead, forecasted data suggests a steady but slower growth trajectory, with the output expected to reach 55.95 billion Euros by 2028. The forecasted five-year CAGR is 1.32%, translating to a total growth rate of 6.77% over this period.
Future Trends to Watch:
- Continued industrial innovation and technological advances in metal manufacturing.
- Impact of global economic conditions on metal demand and prices.
- Sustainability and environmental regulations shaping industry practices.
- Investment in infrastructure projects stimulating demand for metal products.
