The electricity consumption in the UK's chemical and petrochemical sectors is projected to decrease steadily from 13.76 thousand gigawatt-hours in 2024 to 12.83 in 2028. As of 2023, the recorded consumption stood slightly higher than the forecasted figure of 2024, indicating a gentle declining trend. The year-on-year decline from 2024 to 2028 shows a gradual reduction, with an annual decrease rate of around 1.7%. Over the five-year period, the compound annual growth rate (CAGR) reflects a contraction of about that percentage, emphasizing a consistent downward trajectory.
Future trends to watch for:
- Potential shifts in production processes or efficiency improvements might alter consumption patterns.
- Regulatory changes or advancements in renewable energy could impact electricity demand.
- Increased emphasis on sustainability and decarbonization efforts in the sector might further reduce consumption.
