The year came to a close with poor winter weather resulting in reduced levels of construction output. Economists are forecasting that output will continue to fall by almost 5% in 2023, largely driven by the reduced demand for new housing, where higher mortgage rates and the end of the Help to Buy scheme are expected to slow new sales. However, industrial, commercial, infrastructure and government projects continue to see strong demand.

Despite the seemingly gloomy economic outlook, many companies in the industry are continuing to report strong financial results, highlighting our resilience in face of the disruption caused by the pandemic, the war in Ukraine, and the political turmoil in the UK.

The past 12 months have been extremely challenging for most, but as an industry we should be proud of the way that we have handled these testing times.

I believe there are positives to be taken from this period. As a manufacturer, we’ve invested to ensure we’re able to scale production up or down more easily than ever before in case of sudden shifts in demand.

Supply chain issues and spiraling energy costs have also turbocharged our efforts to become a more sustainable supplier, by introducing products that contain bio-based formulations, in packaging made from recycled materials.

For sealants in particular, the spotlight on energy efficiency also presents an opportunity for merchants. A well-sealed building envelope, coupled with the right amount of insulation, can make a real difference to utility bills. Leaky windows and doors can lead to uncomfortable drafts and energy losses. While these projects may have less impact on energy use than others around the home, they tend to be the more accessible areas and are perfect for a DIY project.

With the Bostik Academy, we’re able to give guidance to merchant branch staff, both in-person or online, to ensure they’re well-equipped to advise the end user on sealant selection, and maximise any cross-selling opportunities.