Choosing the right coding and marking solution for the chemical manufacturing industry
The UK chemical industry is faced with a challenge to deliver profit in an industry that is experiencing low growth and increased competition.
Since peaking in 2007 the industry has failed to sustain year on year growth of 3.5%, with overall industry growth only achieving 2.1% in 2016. Demand for chemicals has fallen as multinationals are affected by a strong dollar and also a decline in oil price, which affects petroleum-based products. Modest growth has been seen in the EU into mid-2017, with growth of 3.1%, but this is still below the first quarter of 2008.
As a result, some chemicals companies have undergone mergers and acquisitions in a bid to broaden their product range without the investment of own-production.