The American Chemistry Council (ACC) reports that U.S. specialty chemicals market volumes grew 1.1% in July, a much faster pace than the 0.3% gain in June. This left volumes off 2.4% from pre-COVID levels. Of the 28 specialty chemical segments that ACC monitors, 23 expanded in July, up from 13 in June. Four segments declined in July and one was neutral. On a sequential basis, diffusion was 84%, up from 46% in June. During July, 16 segments featured gains of 1.0% or more.
During July, overall specialty chemicals volumes were up 10.1% on a year-over-year (Y/Y) basis. Total volumes stood at 103.7% of their average 2017 levels in July. This is equivalent to 7.61 billion pounds, or 3.45 million metric tons. On a year-earlier basis, all 28 chemical segments showed gains. Diffusion was 100% in July, up from 96% in June.
Since last year, the recovery has largely been V-shaped. Entering the third quarter, volumes were up 3.9% year-to-date (YTD). If the economic recovery continues, then 2021 should be a good year for specialties, according to ACC.
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