Fuels, Industrial Chemicals & Metals Agents in the UK - Industry Market Research Report

Low fuel: Crude oil prices have fallen, which is forecast to cause a decline in revenue in 2023-24

Fuel, chemical and metal agents contend with highly volatile global commodity prices and industrial production and construction output fluctuations. The COVID-19 outbreak severely pressured global economic growth causing production levels to tumble and stymieing oil demand. Oil prices collapsed and fell into negative territory for the first time, with producers paying clients to take the surplus off their hands. Record-low oil prices had a substantial contractionary effect on revenue as most agents work off a commission basis. China's steel production was curbed by strict social distancing measures, lagging behind global steel demand, forcing the prices of some steel products to quadruple between September 2021 and September 2020. Steel prices dropped in 2022 as spiralling inflation and strict lockdowns in China ignited demand uncertainty, hitting steel-related commissions. This industry includes the activities of commission agents, commodity brokers and other types of wholesalers acting on behalf of others in the sale of fuels, ores, metals and industrial chemicals, including fertilisers. Participants in the industry generate revenue on a fee, commission or contract basis. The industry includes transactions conducted over the internet. This report covers the scope, size, disposition and growth of the industry including the key sensitivities and success factors. Also included are five year industry forecasts, growth rates and an analysis of the industry key players and their market shares.