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Global chemicals output falls in April

June 02/2020

MOSCOW (MRC) Data collected and tabulated by the American Chemistry Council (ACC) show that with stabilizing activity in China partially offsetting widespread weakness due to COVID-19, global chemicals production fell 1.3 percent in April, an improvement from the 3.3 percent decline in March and 2.1 percent decline in February, said Americanchemistry.

During April, chemical production fell in every region. Headline global production was off 5.8 percent year-over-year (Y/Y) on a three-month moving average (3MMA) basis and stood at 110.2 percent of its average 2012 levels.

During April, global capacity rose by 0.2 percent and was up 3.3 percent Y/Y. With the decline in production, capacity utilization in the global chemical industry fell 1.2 points, to 75.6 percent. This is down from 82.8 percent last April, below the long-term (1987-2017) average of 86.5 percent, and is the lowest level since April 2009.

Among chemical industry segments, April results were negative across most segments, with some gains in plastic resins, synthetic rubber, and manufactured fibers primarily in China. Considering year-earlier comparisons, growth was present only in synthetic rubber.

ACCs 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 percent 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.

As MRC informed earlier, Russia's output of products from polymers grew in April 2020 by 11.2% year on year due to quarantine restrictions. However, this figure increased by 3.4% year on year in the first four months of 2020.  According to the Russian Federal State Statistics Service, April production of unreinforced and non-combined films decreased to 107,000 tonnes from 110,400 tonnes a month earlier. Output of films products grew in the first four months of 2020 by 12.5% year on year to 402,800 tonnes.
Author:Anna Larionova
Tags:petroleum products, crude oil, petrochemistry.
Category:General News
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