In an article on the UK’s fastest growing sectors, Lloyd’s bank states that chemical manufacturing (the transformation of raw materials by a chemical process) in the UK, has witnessed a 31% growth in 2015 and has further expanded in 2016. The UK is “achieving outstanding levels of growth, exports, productivity performance and international investment” and in recent years, the main areas of growth have been in glues, photographic chemical materials and explosives.
The article goes on to say that there is an emerging area of growth within the chemical market of specialty chemicals, green chemistry, advanced materials engineering and high specification equipment. Much of these are produced in factories in the North-West of England, and are worth approximately £10bn.
The Chemical Industries Association’s Surveys shows that large companies fear that severing ties with the EU will cause uncertainty for chemical manufacturing. However, Energy Global claims that as many as “75% of companies will maintain or increase capital investment expenditure, while 71% say that employment levels will remain the same or increase.” Along with this, the decreased value of the pound is also expected to increase exports, as the bulk chemical market moves away from the UK to overseas areas.”