The production of polyurethanes in primary forms in Belgium has seen various highs and lows from 2013 to 2023. The market contracted sharply between 2016 and 2021, witnessing significant year-on-year declines, especially in 2021 with a steep 42.39% drop. However, 2022 saw a remarkable recovery with a 158.88% increase. In 2023, the production value stood at 1.4934 billion euros, showing a modest year-on-year growth of 5.49%. Over the past five years, the Compound Annual Growth Rate (CAGR) portrays a slight decline of -0.58%.
Future trends to watch for include a modest positive growth trajectory, with forecast data suggesting a CAGR of 1.26% from 2024 to 2028, and an overall growth rate of 6.49% over this period. Monitoring technological advancements, sustainability trends, and regulatory changes will be crucial in understanding market dynamics moving forward.
