Based on the expert analysis and our database of 440+ UK industries, IBISWorld presents a list of the Fastest Growing Industries by Exports in the UK in 2024
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View a list of the Top 25 fastest growing industries by exportsGrowth in Exports for 2024: 36.2%
Lithium battery manufacturing is ramping up in the UK following substantial support from government-backed R&D investment. Manufacturers are increasingly focused on producing high-quality, low-volume batteries – often to spec – for the defence, medical and automotive industries. Business confidence is a key driver of investment in lithium battery manufacturing, which is driven by the state of the economy. Exports are a key source of revenue; the sustained weakness of the pound has made UK-manufactured batteries more competitively priced, helping to raise export levels. Over the five years through 2023-24, lithium battery manufacturers' revenue is forecast to grow at a compound... Learn More
Growth in Exports for 2024: 35.3%
Revenue prospects for the lifting and handling manufacturing industry largely depend on the performance of downstream manufacturing, construction and freight-handling industries and their business expenditure levels. Following the EU referendum, business confidence dipped, weighing on domestic market prospects, as downstream companies restricted their capital spending. However, construction activity has been resilient, with overall growth in the total value of construction supporting industry revenue. Exports have grown, spurred by a weak pound making UK-manufactured products more competitive in overseas markets. However, import competition has remained intense thanks to cost advantages held by manufacturing excellence like Germany, driving down prices.
Over the five... Learn More
Growth in Exports for 2024: 26.2%
Over the five years through 2022-23, revenue is expected to fall at a compound annual rate of 4.1%. Large amounts of cheap steel on the global market have undercut British prices and caused major trade partners like the EU to institute import quotas. Unable to lower prices because of high labour costs and environmental charges, industry giants like British Steel and Tata Steel have stated a need for government intervention to continue operating. The industry is also wracked by volatility as overproduction followed by strict pandemic restrictions in China have caused global steel prices to fluctuate.
The Russian invasion of Ukraine... Learn More
Growth in Exports for 2024: 26.2%
The Other Non-Ferrous Metal Production industry's revenue is expected to contract at a compound annual rate of 1.4% over the five years through 2023-24. The pandemic significantly affected producers of other non-ferrous metals as downstream manufacturing industries significantly reduced purchases of metals to match much lower production capacity. Supply chain disruptions caused by the pandemic also inflated the costs of ores. Aircraft manufacturers were hit especially hard by low aircraft purchases from struggling airlines.
The industry's revenue is estimated to shrink by 4.4% in 2023-24 to £1.8 billion, with the average industry profit margin set to be 2.7%. The Russian invasion... Learn More
Growth in Exports for 2024: 25.0%
The Fibre-Optic Cable Manufacturing industry's revenue is forecast to climb at a compound annual rate of 19.9% over the five years through 2022-23, including growth of 3.9% in the current year, to £395 million; the industry's average profit margin is expected to be 7.7%. Revenue has been driven by investment into superfast broadband networks by the government and telecommunications companies.
Domestic producers compete against overseas manufacturers that benefit from cheaper operational costs, causing significant competition within the industry. This has constrained revenue growth, despite the weak value of the pound, which has made imported goods more expensive for domestic customers. The... Learn More
Growth in Exports for 2024: 24.6%
The Juice Production industry revenue is expected to have shrunk at a compound annual rate of 2.7% over the five years through 2023-24 to £517 million, including a contraction of 2.9% in the current year. The industry has been dealt blow after blow to their supply chains – COVID-19 and related lockdowns restricted international trade for over a year and poor harvests, combined with the Russia-Ukraine war, have led to prices of imported fruit skyrocketing since 2020. Furthermore, criticisms over fruit juice and smoothie sugar contents have also damaged the industry's reputation for having healthy products.
Shocks to inputs are the... Learn More
Growth in Exports for 2024: 22.5%
The lion's share of demand for weapons and ammunition manufactured by UK companies comes from the UK Defence sector and allied militaries. Therefore, domestic and international defence budgets are the primary driver of revenue, typically increasing during geopolitical tension and conflict. Over the five years through 2023-24, weapon and ammunition manufacturers' revenue is forecast to grow at a compound annual rate of 2.1% to reach £3.6 billion, including a projected growth of 3.9% in 2023-24. Between 2011 and 2020, the Middle East was the main export destination for UK arms sales, followed by North America, according to the UK Defence... Learn More
Growth in Exports for 2024: 17.5%
The nuclear fuel processing industry's revenue is expected to contract at a compound annual rate of 15.2% over the five years through 2023-24. The main reason for the fall in revenue is that Sellafield Ltd, one of three companies in the industry, exited the nuclear fuel processing industry in 2022 when it shut down its Magnox Reprocessing plant. Demand for nuclear energy in the UK has been supported by growing environmental concerns in the UK over the past decade. Soaring energy prices in 2022-23 supported nuclear energy and increased downstream demand for nuclear energy and fuel.
The nuclear fuel processing industry's... Learn More
Growth in Exports for 2024: 15.4%
Bearing and gear manufacturing companies produce a wide range of bearings, gearboxes, clutches and transmission shafts. Despite being artificially inflated by re-exports and intermediate imported goods, international trade is crucial to the industry. The UK bearing and manufacturing industry is small compared to the global industrial gears and bearing systems market. High import penetration has resulted in pricing pressure and foreign producers' quality and cost advantages have siphoned market share away from UK-bearing and gear manufacturers operating in the global market, like NSK Europe Ltd.
Over the five years through 2022-23, industry revenue is forecast to contract at a compound annual... Learn More
Growth in Exports for 2024: 15.0%
Demand for wood products is heavily dependent on the level of construction activity. Industry revenue has grown during the five years, due to a surge in timber prices in 2021. Technological advances, new products and new revenue streams also supported industry growth. However, the industry has been challenged by high levels of import competition, as well as competition from substitute products. Revenue is expected to rise at a compound annual rate of 7.3% over the five years through 2022-23, to £2.6 billion.
The industry suffered a major decline in 2020-21, as the COVID-19 pandemic had a devasting effect on many of... 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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