In 2023, Belgium's Domestic Material Consumption of precious metals stood at 120.84 thousand metric tons, reflecting a modest increase of 6.74% from the previous year. The fluctuations over the past decade have been quite pronounced, with significant rises and falls year-on-year. From 2022 to 2023, the upward trend continued, albeit at a slower pace compared to earlier peaks, such as the substantial rise of 50.51% in 2017. The last five years, marked by dynamic shifts, recorded a compounded annual growth rate (CAGR) of 2.1%, indicating a relatively steady growth despite some volatility.
Looking ahead, forecasts suggest a continued moderate growth trajectory, with the Domestic Material Consumption expected to reach 137.88 thousand metric tons by 2028. This indicates a projected CAGR of 2.1% over the next five years, translating to a cumulative growth of 10.94% from 2023. It signals a period of stable but conservative expansion.
Future trends to watch for include:
- Potential impacts of technological advancements on material efficiency and recycling practices.
- Market reactions to geopolitical shifts and economic policies affecting the mining and trade of precious metals.
- Emerging preferences and demands in industries reliant on precious metals such as electronics and automotive sectors.
- Any significant regulatory changes or environmental policies influencing domestic consumption patterns.
