The American Chemistry Council’s Global Chemical Production Regional Index (Global CPRI) shows that growth in the industry has been nearly flat for most of the year to date.
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 headline index for July rose just 0.1% on a three-month moving average (3MMA) basis. This follows six months of relatively stable activity after a fairly strong fourth quarter.
During July, chemical production increased in both Africa and the Middle East and in the Asia-Pacific region. Activity was flat in Central and Eastern Europe, while production fell in North America, Latin America, and Western Europe.
The Global CPRI was up 2.3% year-on-year (YoY) on a 3MMA basis and stood at 108.5% of its average 2012 levels in July.
During July, capacity utilisation in the global business of chemistry declined 0.2 percentage points to 78.9%; this is off from 80.5% last July and is below the long-term (1987-2015) average of 89.2%.
Results were largely positive on a product basis during July. Weakness in the production of pharmaceuticals was offset by gains in agricultural chemicals, consumer products, inorganic chemicals, organic chemicals, plastic resins, synthetic rubber, manufactured fibres, coatings, and other specialties.
The American Chemistry Council (ACC) represents the leading companies engaged in the business of chemistry. ACC members apply the science of chemistry to make innovative products and services that make people’s lives better, healthier and safer.
The business of chemistry is a $797bn enterprise and a key element of the US economy. It is the nation’s largest exporter, accounting for 14% of all US exports.