In addition to the political questions following the Brexit, economic concerns are abundant. Not only is Britain an important market as a whole it is also among the most important trading partners for chemical companies in Europe. According to numbers by the European Chemical Industry Council (CEFIC) European exports to the UK are around 22.3 billion EUR, which accounts for approximately nine percent.
The British coatings market is large as well. In 2015, Britain produced 429.7 mio litres of coatings which accounts for a value of 1,658.3 mio. EUR. Another point of interest are end users markets. The UK’s withdrawal from the European Union might affect markets such as the European automobile or construction market, which then would have consequences for the automotive or decorative coatings sector.
As of now EU rules will remain relevant for Britain for the next two years. It remains to be seen how the British economic relations will be affected and if/how the European Union is weakened by the Brexit. I would be very interested in your opinions. What do you think will be its impact on the European chemical industry and coatings sector?
CEFIC’s press release can be found here: http://pr.euractiv.com/pr/cefic-statement-impact-brexit-chemical-industry-143130.