Global chemical production climbs for the sixth consecutive month

According to the ICIS-MRC website, according to data collected and compiled by the American Chemistry Council (ACC), global chemical production increased by 1.9% in November last year, up from 1.7% in October, extending the recovery that began in June. According to the Hydrocarbon Processing Network, in November last year, the production of chemical products increased in all regions except the former Soviet Union (FSU).

Based on the 3-month average, total global production increased by 3.7% year-on-year, and is currently 2.9% higher than the peak before the new crown epidemic in December of the previous year. Global production is 122.0% of the 2012 average.

In November last year, global production capacity increased by 0.1%, a year-on-year increase of 2.2%. With the increase in production, the global chemical industry's capacity utilization rate rose by 1.5 percentage points to 82.9%. This figure is higher than the 81.7% in October last year and the peak before the new crown epidemic in December 2019, but lower than the long-term (1987-2017) average of 86.5%.

In the chemical industry, the results in November last year were positive, and there were gains in all fields. Compared with the same period of the previous year, the growth of the coatings industry has been mixed. Plastic resins, synthetic rubber, man-made fibers, bulk petrochemical and organic products, inorganic chemicals, other specialty products, agricultural chemicals, and consumer products have all increased. The coating industry has declined.