The American Chemistry Council’s Global Chemical Production Regional Index (Global CPRI) shows that the first quarter ended on a soft note.
Washington/USA — According to the study, headline global production was slipping back 0.1 % in March, as measured on a three-month moving average (3MMA) basis. This follows a revised 0.1 % drop in February and a revised 0.4 % gain in January.
During March, chemical production decreased in every region except Africa & the Middle East and Asia-Pacific. The Global CPRI was up 1.3 % year-over-year (Y/Y) on a 3MMA basis and stood at 108.9 % of its average 2012 levels in March.
During March, capacity utilization in the global business of chemistry slipped 0.2 percentage points to 78.0 %. This is off from 79.4 % last March and is below the long-term (1987-2016) average of 88.7 %.
Results were mixed on a product basis during March, with gains in agricultural chemicals, bulk petrochemicals & organics, and plastic resins. Considering Y/Y comparisons, growth was strongest in plastic resins followed by coatings and inorganic chemicals.
ACC’s Global CPRI measures the production volume of the business of chemistry 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 business of chemistry. This data are the only timely source of market trends for the global chemical industry and are comparable to the US CPRI data, a timely source of U.S. regional chemical production.