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Price know-how 2021 Review & 2022 Outlook
Executive Summary
2021 turned out to be a challenging year, in which prices and availability were significant issues. Not only was price volatility a cause for concern, but for many materials prices were inflated to record highs. A crisis in the global container shipping industry not only illustrated the dependence of the polymer industry upon the free movement of goods but also the need to for this to take place at an economic cost so that goods can move freely to the point of demand. Natural phenomena including extreme weather events in the USA and the global Coronavirus pandemic brought further supply disruption. Finally, the world faced a shortage of IC Chips which significantly curtailed automotive production as motor manufacturers struggled to secure supply of these essential components.
The United Kingdom came to terms with the implications of Brexit, although shipments to Northern Ireland and exports to the EU27 were particularly problematic. Compliance with the UK REACh and UKCA legislative requirements created further challenges to UK plastic converters. From an economic viewpoint the impact of Brexit appeared to be more positive than forecasted.
Despite these significant challenges the UK plastics industry has performed well, in many cases responding to changed demands for products necessary to deal with the Coronavirus pandemic. In contrast to 2020 the important automotive and construction markets did not stutter despite further lockdowns. Many of the Government’s Covid-19 related support programs came to an end in the second half of 2021, thus far, with no serious drama in the plastics processing sector.[/vc_column_text][mk_padding_divider][/vc_column][/vc_row][vc_row fullwidth=”true”][vc_column][vc_raw_html]JTVCZGZsaXAlMjBpZCUzRCUyMjY2NzglMjIlMjAlNUQlNUIlMkZkZmxpcCU1RA==[/vc_raw_html][/vc_column][/vc_row]
