Global chemicals output rises to start second quarter

Global chemicals output rises to start second quarter
Published: 13 June 2019 - 9 a.m.
By: Martin Menachery
Data collected and tabulated by the American Chemistry Council (ACC) show that global chemicals production rose 0.3% in April. This follows a 0.1% gain in March and a 0.2% gain in February.

During April, chemical production increased in North America, the Former Soviet Union (FSU), Africa and the Middle East, and Asia-Pacific. Activity was flat in Europe and fell in Latin America. With softness earlier last year, the Global CPRI was up 2.3% year-over-year (Y/Y) on a three-month moving average (3MMA) basis and stood at 117.1% of its average 2012 levels.

During April, global capacity rose by 0.3% and was up 3.7% Y/Y. As a result, capacity utilisation in the global chemical industry slipped 0.1 points to 83%. This is down from 84.2% last April and below the long-term (1987-2017) average of 86.4%.

Among chemical industry segments, April results were mixed on a product basis, with gains in consumer products, bulk petrochemicals and organics, plastic resins, synthetic rubber, manufactured fibres, coatings and other specialties offset by weakness in agricultural chemicals and inorganic chemicals. Considering year-earlier comparisons, growth was strongest in manufactured fibres followed by bulk petrochemicals and organics, synthetic rubber, coatings, and plastic resins.

ACC’s Global CPRI measures the production volume of the chemical industry for 33 key nations, sub-regions, and regions, all aggregated to the world total. The index is comparable to the Federal Reserve Board (FRB) production indices and features a similar base year where 2012=100.

This index is developed from government industrial production indices for chemicals from over 65 nations accounting for about 98% of the total global chemical industry. This data set is the only timely source of market trends for the global chemical industry and is comparable to the US CPRI data, a timely source of the US regional chemical production.

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