As we head into 2024, several industries in the UK are seeing substantial growth, creating promising opportunities for businesses and investors.
At Approved Finance Group, we recognise these emerging trends and offer tailored financial solutions to help businesses capitalise on these opportunities. Whether you’re looking to expand, invest, or strengthen your business position, our range of finance products—such as business loans, asset finance, property finance, motor finance, and tax innovation—can provide the support you need.
Let’s explore the fastest-growing industries in the UK and how they can benefit your business, along with key financing options to help you stay ahead of the curve.
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As we head into 2024, several industries in the UK are seeing substantial growth, creating promising opportunities for businesses and investors. At Approved Finance Group, we recognise these emerging trends and offer tailored financial solutions to help businesses capitalise on these opportunities. Whether you’re looking to expand, invest, or strengthen your business position, our range of finance products—such as business loans, asset finance, property finance, motor finance, and tax innovation—can provide the support you need.
Let’s explore the fastest-growing industries in the UK and how they can benefit your business, along with key financing options to help you stay ahead of the curve.
1. Building Societies: Growth Rate 82.4%
Building societies continue to thrive, with revenue expected to reach £26 billion by 2023-24, growing at an annual rate of 9%. Low interest rates pre-pandemic boosted mortgage approvals and remortgaging activity, driving strong growth. However, with increased competition from retail banks and a tighter regulatory environment, building societies need to innovate to maintain their edge.
If your building society or financial institution is looking to expand its product offerings or upgrade its infrastructure, consider our business loans or property finance solutions. These can provide the liquidity needed to invest in growth areas or improve operational efficiency, helping you stay competitive in a challenging market.
2. Chemical & Fertiliser Mineral Mining: Growth Rate 58.9%
The chemical and fertiliser mineral mining sector is undergoing significant changes, particularly since Cleveland Potash’s shift to polyhalite production. As major players like Schlumberger and Fluorsid continue to invest in new operations, the sector’s growth shows no signs of slowing down.
For companies in this sector, the right financing can be critical in scaling operations or purchasing essential equipment. Our asset finance options are designed to help businesses in capital-intensive industries, like mining, acquire the machinery and technology they need without tying up large amounts of capital upfront.
3. Lithium Battery Manufacturing: Growth Rate 56%
Lithium battery manufacturing is a booming industry in the UK, fuelled by government-backed R&D and the rising demand for electric vehicles. Manufacturers are focused on high-quality batteries for the defence, automotive, and medical industries.
To stay competitive in this fast-growing market, consider leveraging our business loans to finance R&D or expand production capabilities. Additionally, our tax innovation services can help you maximise R&D tax credits, further reducing costs and allowing you to reinvest in cutting-edge technologies.
4. Electricity & Telecommunications Infrastructure Construction: Growth Rate 54%
Although projected revenue in this sector may decline slightly, the government’s commitment to decarbonisation ensures a steady stream of opportunities in renewable energy projects and telecommunications upgrades. This industry relies heavily on public sector funding, making it essential for companies to stay financially flexible.
If your business is involved in infrastructure construction, our property finance and business loans can provide the funds you need to participate in large-scale government projects or expand your capabilities in the renewable energy space.
5. Waste Management Services: Growth Rate 45.7%
The waste management industry is growing rapidly, driven by environmental regulations and demand for contamination remediation. Waste management companies are in high demand for their role in cleaning up pollutants and handling hazardous materials safely. The sector is expected to grow at an annual rate of 12.1%, with a significant 15.4% growth expected in 2024-25.
For businesses in waste management, equipment and vehicles are critical to operations. Our motor finance and asset finance options can help you acquire the necessary tools and machinery to meet increasing demand while preserving your working capital.
6. Corporate Travel Services: Growth Rate 34.5%
Corporate travel services are making a gradual recovery post-pandemic, with revenue expected to rise by 34.5% in 2024-25. While economic uncertainties and Brexit posed challenges, the need for business travel is expected to rebound as confidence returns.
As corporate travel businesses look to regain momentum, they might consider our business loans to finance expansion or diversify their service offerings. Investing in marketing, technology, or additional staffing could position companies well as demand increases.
7. Financial Technology (FinTech): Growth Rate 32.3%
FinTech continues to be a thriving industry in the UK, driven by innovation in digital banking, peer-to-peer lending, and money transfers. Despite economic volatility, FinTech businesses have attracted both public and private funding, showing resilience and promise for the future.
If you’re a FinTech company seeking to scale or improve your technology, our business loans or tax innovation services could provide the boost you need to stay ahead of competitors. With additional funding, you can invest in advanced technologies or expand your customer base.
8. Meat Wholesaling: Growth Rate 28.0%
Meat wholesalers are grappling with changes in consumer habits, particularly due to the cost-of-living crisis and the rise of vegetarianism and veganism. Households are spending less on premium meats, opting for more affordable options like chicken and pork. Despite these challenges, the sector still shows a growth rate of 28%.
Wholesalers may want to consider expanding their product range or investing in more efficient distribution networks. Asset finance can help acquire necessary equipment, while business loans can support the diversification of product lines or upgrading storage facilities.
9. Railway & Underground Railway Construction: Growth Rate 23.4%
Railway construction is an essential industry for public transport development, although subject to fluctuations in government funding cycles. Despite these fluctuations, the industry is poised for growth as public sector investments increase in infrastructure.
If you’re involved in rail or underground construction, our property finance and asset finance products can provide the support needed to acquire land, develop new projects, or purchase construction equipment, allowing your business to meet the demands of government contracts.
10. Non-Alcoholic Beer Production: Growth Rate 23.2%
With a surge in health consciousness and a growing interest in non-alcoholic beverages, this industry is set to expand rapidly. Consumers are shifting towards healthier alternatives, providing opportunities for producers to innovate.
If you’re a non-alcoholic beverage producer looking to expand production or introduce new products, our business loans or asset finance options can help fund this growth. Additionally, our tax innovation services could help maximise your R&D efforts, allowing you to experiment with new flavours and sustainable packaging options.
Why Approved Finance?
Unlock Your Business Potential with Approved Finance Group As industries evolve, businesses must adapt to stay competitive. At Approved Finance Group, we offer a wide range of financial solutions—business loans, asset finance, property finance, motor finance, and tax innovation services—tailored to help you capitalise on these emerging market opportunities.
Whether you’re looking to expand, invest, or optimise your operations, we’re here to provide the financial support you need to drive growth in 2024 and beyond. Contact us today to find out how we can help your business thrive in these fast-growing industries.
How to Apply:
If you are a business that believes could benefit a business loan, speak to a member of our credit team today by calling 01908429888 or email us at info@approved-finance.co.uk. Alternatively, click here to check your eligibility today and a member of our specialist finance team will be in contact as soon as possible.
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