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Chemical Industry Market Report Plus 2010
Key Note Publications Ltd, May 2010, Pages: 97
The chemical industry lies at the heart of UK manufacturing, providing ingredients that are essential to many other manufacturing processes and employing large numbers of people. Industry turnover is high and the industry represents around 12% of value added in manufacturing, equivalent to 1.5% of gross domestic product (GDP). Trends in export earnings and the growing balance of trade surplus would seem to suggest that the industry is becoming increasingly competitive internationally. Some manufacturing is being transferred overseas, primarily to areas where labour costs are lower or because production requires plentiful supplies of cheap raw materials, but the UK remains home to a wide range of successful companies that are focused on innovative, high-value areas of the market.
UK manufacturers' total sales of chemicals, chemical products and man-made fibres increased in value by 3.6% over the review period (2005 to 2009), to reach £62.62bn at manufacturers' selling prices (msp). However, in 2009 alone, sales contracted, as the global economy fell into recession. Manufacturing was particularly badly hit and the chemical industry is a key supplier to this sector.
The chemical industry is highly competitive and has been subject to a great deal of merger and acquisition activity. Most of the major companies involved in the UK industry are global players that focus on `core' activities, such as specialised synthesis or final formulation of products. They tend to buy specialist chemicals from external suppliers, rather than producing the materials themselves.
Industrial firms are the main customers of the chemicals covered by this Market Report; as a result, the majority of advertising is focused on trade magazines (many of which are published on the Internet as well as in printed form) and global trade fairs. The large companies that dominate the sector operate extensive marketing and sales departments with generous budgets, which target buyers at key industrial users. The firms also focus their marketing activities on buyers at the large chemical distribution companies, to take advantage of their close links with end users.
The authors expect growth to pick up slowly in 2010, reflecting global oversupply and sluggish growth in the UK economy. Growth will also remain relatively subdued in 2011 and 2012, given the poor state of the Government's finances (which will lead to spending cuts and tax rises) and the indebtedness of many UK consumers. Companies that are focused on export markets, particularly those in emerging economies, are likely to be the most successful.
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