The forecast for the UK chemical and petrochemical sector's final consumption of natural gas shows a steady decline from 2024 to 2028, with a decrease from 55.31 to 48.69 thousand terajoules. Compared to 2023, which stood at approximately 57 thousand terajoules, this indicates a continuing downward trend. Year-on-year variations show decreases of around 3.1%, 3.1%, 3.2%, and 3.2% respectively from 2024 onwards. The Compound Annual Growth Rate (CAGR) implies an average annual decline of roughly 3% over the five years from 2024 to 2028.
Future trends to watch for include:
- Increasing regulatory and environmental pressures may drive further decreases in natural gas consumption.
- Technological advancements and energy efficiency improvements could further accelerate the reduction.
- Potential shifts in energy sources towards sustainable alternatives might further impact natural gas demand.
- Economic factors, including market dynamics and competitiveness of alternative energy sources.
