Chemical Giants Revealed
The ICIS Top 100 Chemical Companies
ICIS has announced the ICIS Top 100 Chemical Companies, a global ranking of the leading chemical producers worldwide based on 2023 sales.
Germany-based BASF is again the world's largest chemical company, with sales of $76.1 billion in 2023, down 21.1% year on year.
Rounding out the Top 5 are China-based Sinopec with $71.3 billion in chemical sales, followed by US-based Dow with $44.6 billion, US-based LyondellBasell with $41.1 billion and US-based ExxonMobil with $40.7 billion.
Most chemical companies saw significant sales declines in 2023 on weak global demand exacerbated by an extended period of customer destocking.
"Many companies experienced the longest stretch of destocking in memory through 2023, exceeding levels during the Global Financial Crisis of 2008-2009. Chemical companies are seeing some improvement thus far in 2024 but far from a meaningful recovery," said Joseph Chang, global editor of ICIS Chemical Business.
"Companies across the sector from commodity to specialty manufacturers were impacted by weak demand, destocked supply chains, and energy and logistics woes. China demand did not bounce back from COVID shutdowns as everyone hoped," said Nigel Davis, senior executive at ICIS.
The ICIS Top 100 Chemical Companies ranking compiles sales, operating profits, net income, total assets, capital expenditures and R&D spending for the world's leading producers.
Currency conversions to US dollars for the ranking are based on year-end 2023 exchange rates.
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