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Chemical Industry Market Report 2011
Key Note Publications Ltd, Sep 2011, Pages: 85
This Key Note Market Report analyses the UK chemical industry, which is essentially concerned with the production and consumption of organic and inorganic substances. The UK chemical industry is one of the country’s largest manufacturing sectors and also one of the largest sources of exports in the manufacturing business. Most of the major chemical companies in the UK are global players that focus on core activities, and tend to buy specialist chemicals from external suppliers rather than producing the materials themselves.
Basic chemicals comprise the UK chemical industry’s largest sector, accounting for 38.3% of manufacturers’ sales in 2010 and estimated to be worth £19.47bn. This sector is followed by the basic pharmaceutical products and pharmaceutical preparations sector, which accounted for 32.9% of the total sales of chemicals in 2010. It should be noted that sales of basic chemicals decreased year-on-year between 2006 and 2009, as production has been shifting away from the developed world to emerging economies in recent years. Key Note estimates slight growth in 2010, however.
The chemical industry, like virtually every other industry in the UK, has been significantly impacted by the recent economic downturn. In 2008, UK manufacturers’ total sales of chemicals, chemical products and man-made fibres decreased to £57.26bn, from a peak of £62.99bn in 2007. The industry then declined by a further 12.6% in 2009, but is expected to have shown a modest increase in 2010.
Key Note expects chemical manufacturers to be disadvantaged by the new carbon price plans outlined in May by the Secretary for Energy and Climate Change, Chris Huhne. Furthermore, the UK chemical industry is also facing increasing competition from expanding economies such as the People’s Republic of China (PRC), India and Brazil. On the other hand, the rapid growth of these economies creates huge new markets for chemical and pharmaceutical companies, which should play to the industry’s advantage in the long term.
Key Note forecasts that the UK chemical industry will grow by 14.4% between 2011 and 2015, reaching £59.22bn. The ageing of the UK’s population is expected to drive long-term demand in the pharmaceutical sector, while new product innovation will remain one of the key drivers for growth in the chemical industry.
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