Refining and Petrochemicals Middle East brings you an update on some of the major changes taking place in the downstream sector
Global chemical industry activity eased in August 2018, according to data collected and tabulated by the American Chemistry Council (ACC). ACC’S Global Chemical Production Regional Index (Global CPRI) shows that global chemicals production fell back 0.3% in August 2018. This follows a 0.2% gain in July 2018, a strong second quarter, and a weak first quarter.
During August 2018, production declines were fairly steady across the board among regions but flat in North America and rising in Latin America, Africa, and the Middle East. After softness earlier in the year, the Global CPRI was up only 0.5% year-overyear (Y/Y) and 1.2% year-to-date (YTD) on a 3MMA basis and stood at 115.5% of its average 2012 levels in August 2018.
During August 2018, capacity utilisation in the global chemical industry eased 0.5 points to 83.9%. This is down from 85.9% last August and below the long-term (1987-2017) average of 86.5%.
ACC’S Global CPRI measures the production volume of the chemical industry for 33 key nations, subregions, 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 chemical industry. This data is the only timely source of market trends for the global chemical industry and are comparable to the US CPRI data, a timely source of the US regional chemical production.