The electricity consumption in the UK’s chemical and petrochemical sectors is expected to exhibit a slight declining trend from 2024 to 2028, with values decreasing from 1.18 to 1.1 million tonnes of oil equivalent. Comparing this forecast to 2023's levels, there is a consistently modest contraction in consumption overserved year-on-year. This trend reflects a compound annual growth rate (CAGR) that indicates a steady reduction over the forecast period. The main drivers are likely to include increased efficiency, improved technological processes, and potentially a deceleration in sector activities due to evolving market dynamics and regulatory environments.
Future trends to monitor include shifts in global oil prices, technological advancements that improve energy efficiency, regulatory changes that might impose stricter emissions standards, and the expanding use of renewable energy sources. These factors could alter consumption patterns in ways that could either accelerate the decline or stabilize, depending on sector responses and adaptability.
