In 2023, total hours worked in the UK’s coke and refined petroleum products sector stood at 17.23 million hours. The forecast for 2024 shows a decline to 16.99 million hours, continuing a downward trend to 16.06 million hours by 2028. Year-on-year percentage changes demonstrate a consistent decrease in hours worked: 2024 witnesses a reduction of approximately 1.4%, with similar declines around 1.5% annually through to 2028. The compound annual growth rate (CAGR) over this period suggests a reduction average of approximately 1.6% annually.
Future trends to watch include advancements in automation and technology which could further drive efficiency, possibly reducing labor requirements. Additionally, shifts towards renewable energy might impact industry dynamics, influencing labor needs within the sector.
