The U.S. Chemical Production Regional Index (U.S. CPRI) edged higher by 0.2% in February, following a 0.5% gain in January, and a 0.4% gain in December, according to the latest Weekly Chemistry and Economic Report from the American Chemistry Council (ACC; Washington, D.C.; www.americanchemistry.com). Chemical production grew in every region in February, the report adds, and remained ahead of year-ago levels in all regions.
Meanwhile, U.S. specialty chemicals market volumes retreated in February, falling 0.4%. This reverses a 0.5% gain in January. “Weakness in oilfield chemicals and other segments have weighed on overall volumes,” the ACC report says. “Of the 28 specialty chemical segments we monitor, only eight expanded in February, three were flat, and 17 declined”
The segments with large gains (1.0% and over) in underlying market volumes in February include catalysts and electronic chemicals, the report says.
“The overall specialty chemicals volume index was off 1.5% Y/Y on a 3MMA basis. Year-over-year comparisons were generally in the 4.0% to 6.8% range during 2012-2014 but since February 2015, they have fallen below that range as the downturn in the oil and gas sector affected headline volumes,” the report explains.