Based on the expert analysis and our database of 440+ UK industries, IBISWorld presents a list of the Industries with the Biggest Decline in Imports in the UK in 2023
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View a list of the Top 25 industries with the biggest decline in importsDecline in Imports for 2023: -45.8%
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
Decline in Imports for 2023: -45.0%
The Bottled Water Production industry had performed well until the pandemic, owing to growing health consciousness; consumers' healthy hydration habits have supported demand for bottled water at the expense of soft drinks. Through extensive marketing campaigns, industry players have successfully broadcasted the health benefits of bottled water, convincing shoppers to pay for industry products rather than choose tap water.
Industry revenue is expected to fall at a compound annual rate of 0.6% over the five years through 2023-24 to approximately £1.3 billion, including growth of 3.2% in 2023-24. The COVID-19 outbreak pandemic is expected to have significantly reduced demand from on-the-go... Learn More
Decline in Imports for 2023: -32.8%
The world is increasingly connected. People communicate through a host of devices and services such as smartphones and computers. Connections are made via radio, TV, infrastructure and smart devices such as alarm systems, which are now often connected directly to the authorities. Communications equipment is used to establish these connections and manufacturing such equipment is a vital component of the global manufacturing sector. UK firms specialise in producing high-value products, competing on quality rather than price. Despite high global demand, the industry is in long-term decline, as cost pressures have forced manufacturers to relocate offshore.
Over the five years through... Learn More
Decline in Imports for 2023: -21.2%
Before the pandemic, veneer panelling sales were on the rise owing to robust demand. Government incentives have helped maintain consistently high sales to residential building contractors, while increases in furniture manufacturing activity have supported sales of wood panels. A dip in timber prices in 2019-20 forced manufacturers to lower selling prices, causing a slump in sales. Revenue was curbed further following the COVID-19 outbreak, which disrupted construction and manufacturing activity following lockdown measures imposed in the UK. Many manufacturers temporarily closed their production facilities during the pandemic, contributing to revenue decline in 2020-21.
Revenue is forecast to grow at a compound... Learn More
Decline in Imports for 2023: -21.0%
The Steel Drum and Similar Container Manufacturing industry's revenue is expected to contract at a compound annual rate of 1.7% over the five years through 2023-24. The pandemic caused significant damage to downstream manufacturers, limiting the need for steel drums and containers. However, the industry benefitted from the swift recovery of downstream buyers like those in the food and drink sectors. Domestic steel drum and container manufacturers have struggled with steep competition from imports, with manufacturers in China benefitting from cheaper steel, labour and energy costs.
The Steel Drum and Similar Container Manufacturing industry's revenue is estimated to shrink by 0.2%... Learn More
Decline in Imports for 2023: -20.5%
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 Imports for 2023: -18.3%
Changing consumer tastes and volatile ingredient prices have caused turbulence for dairy processors in recent years. Industry revenue is expected to dip at a compound annual rate of 0.5% over the five years through 2022-23 to £942.7 million. Price changes have also caused profitability to be volatile as cost pressures from supermarkets have limited dairy processors' ability to hike prices. Following the COVID-19 outbreak, demand from supermarkets partially offset a fall in demand from food service operators, but sales still dropped down in 2020-21. However, since then, the industry's on track for two consecutive years of growth, including an expected... Learn More
Decline in Imports for 2023: -15.3%
Flat glass is integral to the construction of buildings and vehicles and is also an important input for some appliances and furnishings. The manufacture of flat glass in the UK is dominated by three global companies: Pilkington, Saint-Gobain Glass and Guardian Industries. The financial power of these companies and the substantial investment required to set up flat glass manufacturing operations make it difficult for new manufacturers to enter the industry. The volume of glass produced domestically has declined, as multinational owners of UK flat glass producers have shifted more operations overseas.
Revenue is expected to decline at a compound annual rate... Learn More
Decline in Imports for 2023: -10.0%
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 Imports for 2023: -8.8%
Over the five years through 2022-23, revenue is forecast to expand at a compound annual rate of 0.5%. With rock salt used for de-icing roads making up 70.2% of the industry's revenue, winter conditions play a key role. Slowly increasing annual temperatures and disruptions caused by the COVID-19 outbreak have caused a fall in industry revenue as less rock salt is needed. However, the severe cold wave that hit the UK in 2018 and harsh winter storms in the US and Canada in 2021-22 meant that salt sales grew marginally, benefiting revenue growth.
In 2022-23, revenue is expected to weaken by... 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 2023
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 2023
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