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Global chemical production is now falling at an alarming rate, down over 4% in November, as core demand from housing/construction and auto markets collapses. Only the Middle East is now seeing positive growth year-on-year. As the chart shows (using ACC data):
N America is now down 12%
W Europe/C&E Europe are down over 6%
Asia-Pacific is down 1.6%
Latin America is down 0.1%
Meanwhile, the Middle East continues to show strong growth of 14%, as new advantaged-cost production comes on line. These volumes will increase the pain of falling demand, especially for those producers who depend on exports to maintain their operating rates.