Market Trends of united kingdom engineering plastics Industry
Technological innovations to boost the consumer electronics market
- The United Kingdom witnessed a revenue increase of 10.7% in electrical and electronics production from 2020 to 2021. The electronics industry holds significant importance in UK manufacturing, accounting for 4.7% of the overall industry. In 2017, it generated EUR 8.4 billion in gross value added and EUR 19.4 billion in turnover.
- Over the past two decades, the electronics industry in the United Kingdom has undergone a transformation, focusing more on high-technology and knowledge-intensive production processes. The country's National Microelectronics Institute is the largest independent semiconductor design producer in Europe, commanding 50% of the market in application-specific integrated circuit design and 40% of Europe's independent electronics design overall. This shift has led to a transition in the UK's electronics activity from manufacturing and assembly to component design and innovation, with ARM, a major semiconductor and software design company, serving as a notable example.
- Electronics contributes more than 12% of the total R&D manufacturing expenditure in the country. The top 10 export markets consist of prominent Western economies, as well as emerging markets in Asia, including China, Hong Kong, and the United Arab Emirates. However, the United Kingdom faced challenges such as Brexit, the US-China trade war, R&D funding, and cybersecurity issues in 2019.
- The country is expected to witness an increase in the production of electrical and electronic equipment due to growing demand for smart devices, the expanding market in Asia, advancements in medical device technology, energy-efficient technologies, the Internet of Things (IoT), 5G technology, the use of virtual and augmented reality, and automation.
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OTHER KEY INDUSTRY TRENDS COVERED IN THE REPORT
- Commercial and military aircraft demand to drive component production growth
- Government initiatives through different policies to augment the construction industry
- The United Kingdom to remain as net importer of engineering plastics
- The UK began a legally binding global treaty aiming to end plastic pollution by 2040 which will promote recycling
- Recycling rate in the United Kingdom stood at 44.2% in 2021 with PET waste accounting for 2.5 million tons
- Electric vehicles to foster the growth of automobile production
- E-commerce sector to drive the packaging industry growth
- Resin prices to remain under the influence of crude oil prices in the international market
- Mechanical recycling of polycarbonate plastics to be challenging because of the poor quality of the recovered material
- R-ABS to be manufactured using mechanical recycling and blended with virgin ABS to create partially recycled plastic
