The UK chemicals manufacturing output, standing at £36.32 billion in 2023, shows fluctuating trends over the past decade, with significant variations such as a peak in 2018 and a sharp dip in 2020. The last five-year CAGR up to 2023 averages at a minimal 0.25%, indicating limited growth. Year-on-year changes often reflect external market shifts, with notable recovery post-2020 downslide due to the pandemic's impact.
Looking ahead, the output is expected to grow modestly with forecasted values reaching £37.6 billion in 2028. This indicates a 5-year growth rate of 3.06% and a forecasted CAGR of 0.6%, suggesting steady, albeit slow, growth. Factors to watch include technological advancements, regulatory changes, and global economic conditions that could significantly impact this sector.
