Market Insight Global Chemicals Output Rose in February: ACC
The American Chemistry Council (ACC) has reported that global chemicals production rose 1.4 % in February. It also stated that chemical production grew in the Asia-Pacific region and the Former Soviet Union.
Washington/USA – Global chemicals production rose 1.4 % in February, continuing the global recovery that started last June, according to data collected and tabulated by the American Chemistry Council (ACC). Chemical production grew in the Asia-Pacific region and the Former Soviet Union (FSU), while output was weak elsewhere. Headline global production was up 14.4 % year-over-year (Y/Y) on a three-month moving average (3MMA) basis. Output a year ago was off due to Covid-19 pandemic. Global output stood at 132.0 per cent of its average 2012 levels.
During February, global capacity rose 0.2 % and was up 1.9 % Y/Y. With improving production, capacity utilization in the global chemical industry rose 1.0 points to 89.2 %. This is well above last February and above the long-term (1987-2019) average of 86.3 %. Among chemical industry segments, February results were positive, with gains seen across all segments except synthetic rubber. Considering year-earlier comparisons, production gains occurred in all segments.
ACC’s Global Chemical Production Regional Index (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 more than 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 U.S. CPRI data, a timely source of U.S. regional chemical production.