Delivering innovation-based growth is at the heart of the Chemistry Council’s new strategy for the chemicals sector, which launched today, 15 November 2018.
The UK Chemistry Council, jointly chaired by Steve Foots, the Chief Executive of Croda International plc and Business & Industry Minister, Richard Harrington, will publish a new strategy “Sustainable Innovation for a better world”. Drawing on unique UK strengths in the field of innovation and linking it to the Industrial Strategy, the chemical industry sets out a series of proposals to form the basis of an agreement with Government on the way forward.
The strategy targets a 50% increase in production, increases in turnover, in exports and annual investment climbing by 68%. On top of this, the industry sees a 35% climb in jobs, ensuring a great future for this vital sector.
Business & Industry Minister Richard Harrington said “This is a great example of our modern Industrial Strategy in action. Chemicals is one of the largest manufacturing sectors in the UK, generating billions for our economy and we are determined put the sector on course for growth”
Croda International plc Chief Executive, Steve Foots said “I passionately believe in the UK’s innovation strength. As we look to capitalise on our knowledge based economy , we will deliver a world class ‘create and make’ culture” .
For further information, please contact Simon Marsh on 07951 389197 or [email protected].
- The chemical and pharmaceutical industry adds £18 billion of value to the UK economy every year from total annual turnover of £50 billion.
- In addition to gross value added, the sector also contributes to the UK economy in its position at the head of many supply chains within manufacturing and its employment of a well remunerated, high-skilled workforce. We support 500,000 jobs both directly and indirectly Chemical manufacturing adds £9 billion in gross value added annually and pharmaceutical manufacturing £9 billion.
- The wider chemical and pharmaceutical sector (manufacturing plus distribution) is the largest exporter of manufactured goods with annual exports of over £50 billion. The export of motor vehicle, trailers and semi-trailers is the sector with next highest exports of £35 billion. Aerospace is £32 billion.
- 63% of companies in the sector export what they make to the world, the highest proportion of any goods manufacturing sector in the UK economy. 60% of our exports go to the European Union and 75% of our imports and raw materials come from the European Union.
- The sector’s level of business investment is £4.3 billion, compared to automotive £2.7 billion and aerospace £2.1 billion, while the expenditure on research & development is £5.0 billion (automotive £2.7 billion and aerospace £2.1 billion).
- The products and technologies of the Chemical industry are essential parts of medicines, food & drink, telecommunications, energy-saving, I.T, clothing and much more.
- For every tonne of Greenhouse Gas (GHG) emitted, our products and technologies enable over 2 tonnes of GHG emissions savings.