UK chemical industry is expected to see a CAGR of 1.9% during the period (2019-2025). UK chemical industry has a significant Brexit impact, which in turn, results in trade disruptions and uncertainty in investment. The UK’s decision to exit the EU has created an economic and political challenge which leads to the uncertainty for companies and their employees associated with different sectors. Most of the UK chemical companies have shifted their focus towards the production of ventilator components and personal protective equipment and hand sanitizers owing to the meet demand for these products with the effect of COVID-19.
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UK chemical industry is segmented into petrochemicals, basic inorganic, polymers, specialty chemicals, consumer chemicals, and others. Based on the segmentation, the petrochemical industry is expected to see a considerable downfall in 2020, due to the COVID-19 pandemic. On the other hand, the consumer chemical industry is least impacted by the substantial demand for soap and detergents even during the pandemic. Therefore, the consumer chemical industry is expected to see the least impact, with a downfall of around 1.5% in 2020, due to the outbreak. Consumer chemical essentially includes cosmetics, vitamins, and health supplements, soaps, detergents, and household chemicals, perfumes, and flavors. The demand for consumer chemicals has increased significantly during the COVID-19 pandemic and to ensure the proper supply of the products related to consumer chemical government is taking essential steps.
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Verticals Affected Most
· Petrochemicals
· Basic Inorganic
· Polymers
· Specialty Chemicals
· Consumer Chemicals
· Others (Auxiliaries for Industry)
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