May 4, 2023
(press release)
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WASHINGTON (May 4, 2023) — 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. 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. Global Chemical Production by Country/Region, Percentage Change Global Chemical Production by Segment, Percentage Change The Global CPRI measures the production volume of the chemical industry for 55 key nations, sub-regions, and regions, all aggregated to the world total. While most data are seasonally adjusted at source, some are adjusted using the U.S. Census Bureau’s X-12 model to present data comparable to the United States. In a few cases, ACC creates indices of production based on actual production data weighted according to industry structure. The index uses the total value added as a proxy for individual country weights to arrive at the total. This method accounts for the changes in each country’s share relative to global production, which is more reflective of ever-changing global production dynamics. The Global CPRI measures production activity generally consistent with the overall industry nomenclature of NAICS 325 (less pharmaceuticals) and the EU NACE 20 industries. The index measures the production of soaps and detergents, personal care products, fertilizers, and other downstream products in addition to measuring inorganic chemicals, organic chemicals, plastic resins, synthetic fibers, synthetic rubber, adhesives and sealants, coatings, and other specialty chemicals. Production of pharmaceuticals is excluded. U.S. Chemical Production Regional Index, Percentage Change The U.S. CPRI was developed to track chemical production activity in seven regions of the United States. The U.S. CPRI is based on information from the Federal Reserve, and as such, includes monthly revisions as published by the Federal Reserve. The U.S. CPRI includes the most recent Federal Reserve benchmark revision released on March 28, 2023. To smooth month-to-month fluctuations, the U.S. CPRI is measured using a three-month moving average. The reading in March reflects production activity during January, February, and March.
During March, chemical output increased in all regions except Africa & Middle East. Despite these gains, chemical output continued to be lower than last year’s global production numbers.
Key findings:
(Seasonally adjusted, 3-month moving average)
(Seasonally adjusted, 3-month moving average)
(Seasonally adjusted, 3-month moving average)
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