WASHINGTON, May 4, 2023 (PRNewswire) — According to the American Chemistry Council (ACC), the Global Chemical Production Regional Index (Global CPRI) rose by 0.7% in March following a 0.2% increase in February. In the U.S., the U.S. Chemical Production Regional Index (U.S. CPRI) rose 2.6% in March. Both indices are measured on a three-month moving average (3MMA) basis to reduce month-to-month volatility.
"During March, chemical output increased in all regions except Africa & Middle East," said Martha Moore, ACC's chief economist. "Despite these gains, chemical output continued to be lower than last year's global production numbers."
In the U.S., the 2.6% gain in March reflects a bump in chemical production that followed a tough Q4. "Producers were challenged at the end of the year by customer destocking and winter-weather related disruptions," she added.
Key findings:
- The gain in March reflects higher chemical production in several major producing countries, including the United States, China, Russia, and Germany.
- Global output is up in all segments, with the largest gains in synthetic materials, which includes plastic resins, synthetic rubber, and manufactured fibers.
- According to U.S CPRI, output in the U.S. rallied in March and was higher than a month ago in all regions, with the largest gain in the Gulf Coast, home to much of the nation's basic industrial chemical and synthetic materials capacity.
- In the U.S., output of plastic resins, organic chemicals, industrial gases, coatings, adhesives, crop protection chemicals, synthetic dyes & pigments, synthetic rubber, consumer products, and other specialty chemicals were higher. Gains were offset by lower production of synthetic rubber and fertilizers.
American Chemistry Council
The American Chemistry Council (ACC) represents the leading companies engaged in the multibillion-dollar business of chemistry. ACC members apply the science of chemistry to make innovative products, technologies and services that make people's lives better, healthier and safer. ACC is committed to improved environmental, health, safety and security performance through Responsible Care®; common sense advocacy addressing major public policy issues; and health and environmental research and product testing. ACC members and chemistry companies are among the largest investors in research and development, and are advancing products, processes and technologies to address climate change, enhance air and water quality, and progress toward a more sustainable, circular economy.
