Episode 1434: Think Tank: UK chemicals needs serious state support as production collapses
The UK chemical industry needs more swift and powerful regulatory support to save it from further...
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Show Notes
The UK chemical industry needs more swift and powerful regulatory support to save it from further erosion as production falls by more than half compared to 2021 levels.
- 25 UK chemicals closures since 2021, country now only has one cracker
- Massive social impact of closures, often in deprived areas
- UK no longer produces some critical chemicals
- Lost UK chemical production could reach 55-60% from 2021 levels
- UK needs much more powerful government policy shift to save industry
- UK chemicals sees toughest business environment for many years
- Slight pick up expected in 2026
- For 2026, chemicals output forecast to contract in US, tepid growth in Europe, China
- India forecast 7% in chemicals output for 2026
- More protection needed against China, which has moved up the chemicals value chain and subsidises production
In this ICIS Think Tank podcast, Will Beacham interviews Stephen Elliott, CEO of the UK Chemical Industries Association and ICIS market development director John Richardson.