The output of Belgium's chemicals manufacturing industry in 2023 stood at 30.78 billion euros. Analyzing year-on-year changes, we observe fluctuations as significant as a 9.34% downturn in 2016 and a 9.76% increase in 2017. The most recent two years, 2022 and 2023, saw almost negligible reductions of 0.29%. The compound annual growth rate (CAGR) over the past five years has been -1.37%, reflecting a slight but consistent decline.
Future forecasts suggest a continuation of this downward trend, with an estimated 0.22% annual average decrease and an overall 1.12% reduction in industry output by 2028. Key trends to watch include technological innovations, shifting global supply chains, and sustainability initiatives which can impact future growth positively or negatively.
