Welcome to the latest instalment of the monthly Bulletin from gasworld’s Intelligence team. This month, we turn our attention to Belgium – a mid-sized but strategically positioned industrial gases market at the intersection of legacy infrastructure and future transition.
While the Belgian market is often seen as mature and steady, a closer look reveals a more nuanced picture: a stop-start recovery over the past decade, recent inflation-led value spikes, and a quiet transformation underway through hydrogen, CO₂ capture, and sustainability-led innovation.
As of 2024, Belgium’s industrial gas market is valued at $821m. This marks a return to its pre-pandemic plateau, but the path here has been anything but linear. Beneath the surface of its 1.69% decade-long CAGR lies a story of post-crisis stagnation, volatile energy pricing, and now, rising pressure to decarbonise.
So, how is Belgium’s market really performing? What unique structures shape its gas landscape? And where are the most credible growth levers for the years ahead?
