Chemical sector seeks 50% growth by 2030

Business Secretary Vince Cable and Business Minister Michael Fallon will today meet business leaders – including Johnson Matthey and Sabic - to take forward the industry-led strategy which sets a vision of 50% growth of the sector by 2030.

Among the issues for discussion for the newly formed Chemistry Growth Partnership (CGP) will be the importance of shale gas, the establishment of a centre to foster innovation and a strengthening of relationships between major companies and SME's.

The Business Secretary met chemical processing company Thomas Swan yesterday which will lead on supply chain development work.

Cable said: “The chemical industry in the UK is already a leading exporter but there are considerable future growth opportunities if we can create the right conditions. Key to this is a strengthening of our supply chains so chemical technologies and products are sourced in this country rather than overseas. By working together with business on a long-term vision, we can build confidence to invest, grow and create British jobs in one of our most important sectors.”

Fallon added: “As we move to a low carbon economy, it is imperative that the UK chemical industry is at the forefront of innovation and has a skilled workforce adaptable to changing technologies. Working with industry, we can confront any challenges early and ensure the sector is building on its already impressive track record.”

Neil Carson, Johnson Matthey’s chief executive and co-chair of the CGP, said: "The products and technologies of the chemical industry are delivering huge benefits for society including vital medicines, food and climate change solutions. Growing the sector in the UK is critical for the economy, social progression and the environment."