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Santander and EEF: Manufacturing Chemicals Sector Bulletin
Our report highlights new market opportunities for the UK’s £21 billion chemicals industry – including demand from emerging markets, the rise of the ‘green chemistry’ industry, and the need for specialist chemicals for 3-D printing.
Our new sector report in partnership with manufacturing organisation EEF reveals demand from emerging markets such as China for UK goods, the rise of the ‘green chemistry’ industry and the positive impact of digitalisation on production costs are three key future market opportunities for the UK’s chemical manufacturers.
Other opportunities are the growing demand for low-impact products and production processes that meet heightened environmental regulation, and the need for specific chemicals to support the booming, global 3-D printing market.
With £12.1 billion and £21 billion generated in gross value added and sales respectively in 2016, the UK chemicals industry makes a sizeable contribution to UK manufacturing and the wider UK economy. Output has increased 27% since 1990, a growth rate surpassed only by the pharmaceuticals, motor vehicles and other transport sectors.
According to our Chemicals Sector Bulletin, the six market opportunities for the UK chemicals sector are:
As with all other manufacturing sectors, 4IR technologies, the Internet of Things, and Artificial Intelligence are all growing in importance and influence. The big opportunities lie in optimisation but also better security and importantly smart manufacturing, like the introduction of closed loop sensors, which has the ability to improve logistics, reduce waste and avoid delays.
The recent development of the shale gas market has revolutionised world commodity markets over the last few years. In the UK, shale gas, and specifically the process of fracking, has been the source of much debate, with particular concern regarding the environmental impact. However, there are also many opportunities on offer, in terms of job creation, cost reduction and crucially reduced dependency on Russian gas.
The push towards environmentally friendly policies can represent an opportunity for chemical manufacturers, over the longer term. The demand for low-impact products and production processes is growing, and governments are increasingly introducing new regulations to this effect. This may mean higher costs in the short term for manufacturers, but it could also result in manufacturers pushing to achieve greater efficiency and productivity, key drivers for prosperity in the long-run. Opportunities also lie in the development of new bio products.
Green chemistry broadly describes the efforts of industry to reduce the negative impact that chemical manufacturing has on the environment through emissions and waste, by developing alternative products and processes. One of the most influential trends has been the move to bio-based feedstocks. For instance, the majority of solvents have historically been derived from petroleum. In recent years, however, the element D-limonene has seen its uptake increase as manufacturers look to move towards “greener inputs”. D-limonene is the main component of oil extracted from citrus fruit rinds.
3D printing is becoming a crucial technology in manufacturing, and the chemical sector is no different. Several chemical players are already investing, together with 3D printing manufacturers, to develop chemical products suitable for this technology. Producing polymers, resins or powders able to satisfy clients’ needs and to run efficiently in a 3D printer can be a great source of revenues for chemical companies.
Long term growth in the chemical industry, as is the trend throughout manufacturing, hinges on the sector’s ability to harness the opportunities that emerging markets represent. The globalisation of the industry has occurred at a rapid pace, as more and more manufacturing activities shift to the Far East. While this can represent a risk to some incumbent UK chemical manufacturers, the opportunities on offer are great.
More about how we help customers in the Manufacturing industry.