Table of Contents
Petroleum Refining in the UK
Motor Vehicle Manufacturing in the UK
Aircraft, Engine & Parts Manufacturing in the UK
Clothing Manufacturing in the UK
Computer & Peripheral Equipment Manufacturing in the UK
Crude Petroleum & Natural Gas Extraction in the UK
Pharmaceutical Preparations Manufacturing in the UK
Communication Equipment Manufacturing in the UK
Motor Vehicle Parts & Accessories Manufacturing in the UK
Organic Basic Chemical Manufacturing in the UK
1. Petroleum Refining in the UK
Imports for 2023: $32.4B
A number of petroleum refiners have altered their production to focus on diesel as the new primary fuel. Diesel is more fuel efficient than petrol and until recently was considered more environmentally friendly. Nevertheless, both petrol and diesel face rising competition from alternatively fuelled vehicles due to their reduced emissions, lowering demand for industry products.Industry revenue is expected to grow at a compound annual rate of 2.7% over the five years through 2023-24 to £55.5 billion, including forecast growth of 4.1% in 2023-24. The COVID-19 pandemic led to significant contraction in demand for fuel.
2. Motor Vehicle Manufacturing in the UK
Imports for 2023: $28.6B
The Motor Vehicle Manufacturing industry has declined over the past five years. Car sales have dipped because of households tightening their budgets. Car production output fell by 14.2% and engines fell by 7.2% in 2019, when compared to the previous year, according to the SMMT. The COVID-19 outbreak deepened the industry’s troubles with output falling by 29.3% in 2020, when compared to 2019. Revenue is forecast to fall at a compound annual rate of 5.9% to £46.6 billion over the five years through 2022-23, including a projected decline of 2% in the current year.
3. Aircraft, Engine & Parts Manufacturing in the UK
Imports for 2023: $21.5B
The Aircraft, Engine and Parts Manufacturing industry revenue is forecast to fall at a compound annual rate of 3.4% to £34.5 billion over the five years through 2022-23, including an estimated revenue growth of 3.5% in the current year aided by orders of 250 Airbus aircraft from Air India. The UK industry is the second-largest in the world after that of the US. It’s a major source of investment, research and development, and is particularly renowned for the production and assembly of aircraft wings and manufacture of aircraft engines.
4. Clothing Manufacturing in the UK
Imports for 2023: $18.1B
Over the five years through 2023-24, the clothing manufacturing industry is expected to contract at a compound annual rate of 5.4% to £2.2 billion. Before the pandemic, manufacturers relied on the strength of the Made in Britain label and the boom in emerging economies, creating a new wave of consumers with spending power, desiring British-made goods and brands like Mulberry and Burberry. While production in the Far East is not as cost-efficient as it once was, imports have remained a significant share of the domestic clothing market, hindering industry growth prospects.
5. Computer & Peripheral Equipment Manufacturing in the UK
Imports for 2023: $16.1B
The Computer and Peripheral Equipment Manufacturing industry is highly competitive, which is displayed by low selling prices and tight profit margins. Demand for industry products has been promoted by cheap prices and the release of new and enhanced products, computer software and applications. However, computer and peripheral equipment manufacturing activity has largely shifted to countries that have access to low-cost labour and more efficient supply chains. The number of firms operating in the UK industry has consequently fallen over the past five years.
6. Crude Petroleum & Natural Gas Extraction in the UK
Imports for 2023: $16.0B
UK oil and gas production has diminished over the past decade because old oil fields have matured and it has become increasingly challenging to develop new commercially viable sources. Extractors have pooled their resources and formed partnerships, enhancing efficiency. Some extractors have benefited from previous investments in fields coming onstream. Revenue has swelled at an expected compound annual rate of 4.4% to £28.9 billion over the five years through 2022-23. This includes a projected growth of 32.1% in 2022-23.In 2020-21, revenue tanked because of the COVID-19 outbreak.
7. Pharmaceutical Preparations Manufacturing in the UK
Imports for 2023: $15.4B
Companies in the Pharmaceutical Preparations Manufacturing industry produce medications, chemical contraceptive products, medical diagnostic preparations, radioactive in-vivo diagnostic substances and biotech pharmaceuticals. The United Kingdom is one of the largest pharmaceutical markets in the world, so the industry commands an important position in both the global pharmaceutical market and the UK economy. A large proportion of revenue is derived from export sales, but the value of exports has declined over the past five years.Industry revenue is expected to grow at a compound annual rate of 2.7% over the five years through 2022-23.
8. Communication Equipment Manufacturing in the UK
Imports for 2023: $14.5B
The world is increasingly connected. People communicate through a host of devices and services such as smartphones and computers. Connections are made via radio, TV, infrastructure and smart devices such as alarm systems, which are now often connected directly to the authorities. Communications equipment is used to establish these connections and the manufacturing of such equipment has become an increasingly important part of the global manufacturing sector. UK firms specialise in the production of high-value products, competing on quality rather than on price.
9. Motor Vehicle Parts & Accessories Manufacturing in the UK
Imports for 2023: $11.2B
Before 2018-19, the Motor Vehicle Parts & Accessories Manufacturing sector benefited from aftermarket sales as the number and age of vehicles on UK roads rose. However, falling car production numbers hindered revenue growth despite a resilient aftermarket. Revenue nosedived in 2020-21 following the COVID-19 outbreak. Manufacturing plants were forced to close temporarily after the government implemented lockdown measures and reduced demand from downstream markets. Nonetheless, eased lockdown measures in April 2021 failed to support orders from the aftermarket in 2021-22.
10. Organic Basic Chemical Manufacturing in the UK
Imports for 2023: $7.9B
Revenue is expected to contract at a compound annual rate of 1.6% to £11 billion over the five years through 2023-24. The pandemic significantly disrupted downstream manufacturing activity, as buyers had lower production, reducing the need for organic basic chemicals used as intermediate products. The temporary closure of construction sites across the UK during the COVID-19 outbreak meant sales of organic basic chemicals used to make plastic piping, wire coatings, insulation and other construction products fell, dampening revenue.The Russian invasion of Ukraine hiked the price of key inputs like crude oil and natural gas.
Source from IBISWorld
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