UK chemical industry looks to another year of growth

Businesses in the UK chemical and pharmaceutical industry, Britain’s leading manufacturing exporter, are looking forward to another year of growth in 2016.

The latest survey of business confidence for members of the Chemical Industries Association (CIA) shows that more than 90% of businesses expect sales volumes to remain or exceed 2015 levels when there was a record 5% growth. More than 40% expect sales volumes to grow in 2016.

Similar sentiment was expressed in terms of exports, investment in research and development, and investment in buildings and technology.

Commenting on the results, Steve Elliott Chief Executive of the CIA said: “What we are seeing across the sector is real confidence in growth. Of course the economy is very challenging for all sectors but our companies throughout the UK are investing for the future and providing a quality and safe service to their customers.”

Noting the publication of the latest official trade figures Elliott added: “The export performance continues to be astonishing. Although the end of 2015 was difficult for all sectors, our growth between 2014 and 2015 in exports of goods to countries outside the EU was an extra £6 billion. As the European market continues to struggle, UK companies in our industry are successfully exporting to the world”.

Adapted from press release by Rosalie Starling

Read the article online at: https://www.hydrocarbonengineering.com/petrochemicals/09022016/growth-in-the-uk-chemical-industry-2429/