Representatives from Composites UK have been busy voicing industry views and concerns at events, round tables and workshops recently in an effort to ensure that as an industry, our voice is heard.
A working group, led by board director Steve Barbour, has prepared and submitted a response to the UK Government’s new industrial strategy consultation this week, representing the views of the UK composites industry.
Whilst the consultation is very far reaching, some of the key elements of the Composites UK consultation submission are;
Sectors
Positioning Composites and Advanced Materials as a horizontal cross-cutting “Foundation Sector” with the new Government, which provides critical inputs to the vertical growth-driving vertical sectors (Aerospace, Automotive, Construction, Defence, Energy, Marine, Rail, Space, etc.).
Skills
The skills gap is a barrier to investment and growth. Business investment and growth is intrinsically linked to the provision of a pool of local talent. For companies to start new businesses or grow existing ones they need access to skilled labour. However, there has been a skills shortage of qualified and experienced personnel in the UK’s composites sector for at least the last 10 years. This poses two key challenges for the composites industry:
- The requirement to rapidly up skill and retain the current workforce.
- The need to attract young people into composites manufacturing as a lifelong career path providing a step change in the number of new apprentices.
Finances
The UK has one of the largest financial sectors in the world but, it does not invest very much in UK business (c4%). Funding for high-growth manufacturing is very difficult to obtain. It is not generally well-understood by the UK finance industry and it does not typically offer exponential growth and quick returns. Many UK companies face challenges accessing growth-stage funding, particularly between £5 million and £50 million. Early-stage funding is more readily available, but scale-up funding often comes with stricter requirements. Traditional banks often prioritise lending to established businesses with proven cash flows, leaving high-growth, high-risk companies under served.
Place and Clusters
National and regional clusters can play a hugely important role in the engagement of SMEs in the UK’s new industrial strategy, acting as a conduit between Government and the business community. Trade associations have often developed a personal relationship with the owners and senior leadership teams of the SMEs in their clusters and this can prove to be a valuable connection for the Government to deliver strategic initiatives. However, this requires the cluster organisations (trade / business associations) to resource this activity and needs to be co-financed by industry and government.
Sustainability & Circularity
Lightweight, adaptable, immensely strong, and durable, composites are the essential enabling technology for decarbonisation. They hold the key to more efficient transportation (air and land), the transition to sustainable energy (wind, hydrogen, and nuclear), and to increasing defence resilience. The UK’s Composites Sector will help our powerhouse industries – aerospace, automotive, defence, and energy – to stay relevant and competitive.
Please contact us if you require further information.