Between 2013 and 2015, the metal manufacturing production value in the UK experienced notable growth, reaching 2.99 billion Euros. However, a decline occurred in 2016, with fluctuations observed through 2020. The year 2020 marked a significant drop of 17.07%, attributed to the COVID-19 pandemic's impact. Recovery was seen in 2021 with a 20.38% increase, stabilizing at 2.82 billion Euros by 2022. As of 2023, the value stands firm at 2.82 billion Euros. Future forecasts indicate minimal decline, with a forecasted -0.07% CAGR through 2028.
Future trends to watch for:
- Technological advancements in metal manufacturing that could drive efficiency and production value.
- Global supply chain dynamics and their impact on the UK’s metal manufacturing sector.
- Environmental regulations influencing production processes and costs.