Based on the expert analysis and our database of 440+ UK industries, IBISWorld presents a list of the Industries with the Biggest Decline in Exports in the UK in 2024
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View a list of the Top 25 industries with the biggest decline in exportsDecline in Exports for 2024: -45.2%
Electronic components are ubiquitous in modern life. A vast range of appliances, from computers and mobile phones to TVs and cars, use electronic components. They are present in infrastructure, like traffic lights and alarm systems, and in medical equipment, industrial machinery and solar panels. Although UK companies design a considerable number of new electronic components, the UK industry is not considered to be a global market leader. There has been a tendency to outsource manufacturing away from the UK and, in some cases, to stop physical manufacturing altogether. Instead, there's focus on the production and sale of intellectual property in... Learn More
Decline in Exports for 2024: -44.4%
Over the five years through 2022-23, the Fertiliser and Nitrogen Compound Manufacturing industry's revenue is set to swell at a compound annual rate of 10.6% to £2.7 billion. The Russian invasion of Ukraine has inflated natural gas prices, a key feedstock in fertiliser production, significantly disrupting operations. High fertiliser prices have forced farmers to adapt by increasing their spreading efficiency, reducing the amount of fertiliser farmers need. Even though output has been slashed, high fertiliser prices have still boosted industry revenue.
Despite soaring natural gas prices eating into profit, manufacturers have begun optimising output to reduce costs, meet lower demand and... Learn More
Decline in Exports for 2024: -30.7%
Over the five years through 2022-23, hard coal mining revenue is forecast to fall at a compound annual rate of 26.2%. Before COVID-19 hit, coal prices were inching downwards as demand for coal from electricity generators fell. The drop in sales and revenue has contributed to a sharp drop in the number of UK coal mines in the UK, with numerous mining licences expiring.
The COVID-19 outbreak accelerated the closure of coal mines in the UK; however, as the pandemic started to wind down, coal prices rose in response to supply chain disruptions. Russia's invasion of Ukraine has also played a... Learn More
Decline in Exports for 2024: -27.1%
The Primary Form Plastics Manufacturing industry's revenue is set to dip at a compound annual rate of 1.2% over the five years through 2022-23 to £5.3 billion; it's forecast to swell by 2.6% in 2022-23. Petroleum is a key input for most plastic products, so revenue and profitability can move in line with oil prices, which are historically very volatile. For example, a drop in the price of crude oil in 2018-19 enabled plastic manufacturers to increase average selling prices slightly, supporting growth in industry revenue but slashing profit.
The COVID-19 pandemic caused a slump in plastic manufacturers' output in 2020-21,... Learn More
Decline in Exports for 2024: -25.1%
The Scrap Metal Recycling industry is mainly swayed by prices of ferrous and non-ferrous metals. Trends in the downstream manufacturing and construction markets also determine demand. Industry revenue has dipped at a projected compound annual rate of 1.6% to £6.2 billion over the five years through 2022-23.
Metal prices fluctuate a lot, meaning revenue is very volatile. Higher global metal prices allow recyclers to sell their scrap metal at higher prices, boosting revenue. However, both manufacturing and construction output tumbled in 2020-21 amid COVID-19 restrictions, reducing industry demand in the process.
The recovery of metal manufacturing and construction activity and soaring metal... Learn More
Decline in Exports for 2024: -24.1%
The Dye and Pigment Manufacturing industry's revenue is set to contract at a compound annual rate of 3.3% over the five years through 2023-24 to £1.1 billion. The COVID-19 pandemic caused a marked decline in sales of dyes and pigments to downstream manufacturers, causing revenue to slump. Sales of dyes and pigments to paper and cosmetics manufacturers were hit especially hard, as both industries significantly reduced their production capacity.
Titanium dioxide is a key input in paint. However, titanium prices soared in 2022 when Russia (a major global exporter of titanium) invaded Ukraine. The Russian invasion of Ukraine also caused energy... Learn More
Decline in Exports for 2024: -21.9%
... Learn More
Decline in Exports for 2024: -20.7%
Revenue is expected to contract at a compound annual rate of 1.6% to £11 billion over the five years through 2023-24. The pandemic significantly disrupted downstream manufacturing activity, as buyers had lower production, reducing the need for organic basic chemicals used as intermediate products. The temporary closure of construction sites across the UK during the COVID-19 outbreak meant sales of organic basic chemicals used to make plastic piping, wire coatings, insulation and other construction products fell, dampening revenue.
The Russian invasion of Ukraine hiked the price of key inputs like crude oil and natural gas. While high gas and oil prices... Learn More
Decline in Exports for 2024: -20.6%
Non-dairy milk sales are booming. Consumers are living by the health-is-wealth mantra and swapping traditional dairy milk with a high saturated fat content with plant-based alternatives. Plant-based beverages are hailed as more sustainable and appealing to the eco-warrior, using fewer resources (land, water, and energy) and emitting lower greenhouse gases than traditional cow's milk.
As more consumers have switched to non-dairy milk, producers are pouring money into research and development to come up with innovative flavours and ranges. Food processors have latched onto the plant-based trend, introducing vegan cheese, yoghurts, and spreads where non-dairy milk is the main ingredient. Enticed by... Learn More
Decline in Exports for 2024: -20.1%
The aluminium production industry's revenue is forecast to contract at a compound annual rate of 3.7% over the five years through 2023-24. Since the aluminium industry is very globalised, aluminium producers were hit especially hard by the pandemic, which disrupted supply chains and reduced exports. The sharp drop in air travel during the pandemic also caused a considerable fall in revenue, since many aluminium manufacturers cater heavily to the aircraft manufacturing industry. Despite falling revenue, manufacturers were supported by the stable supply of scrap aluminium available from local sources as the price of imported alumina rose.
Revenue is estimated to shrink... Learn More
Based on the expert analysis and our database of 440+ UK industries, IBISWorld presents a list of the Biggest Industries by Employment in the UK in 2024
VIEW ARTICLEBased on the expert analysis and our database of 440+ UK industries, IBISWorld presents a list of the Biggest Industries By Revenue in the UK in 2024
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