LONDON and NEW YORK, Sept. 16, 2024 /PRNewswire/ -- 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.
The ICIS Top 100 Chemical Companies issue of ICIS Chemical Business is available for download here.
Currency conversions to US dollars for the ranking are based on year-end 2023 exchange rates.
About ICIS
ICIS - Independent Commodity Intelligence Services - helps businesses through seamlessly delivering data and analytics, across the chemical, fertilizer and energy markets. A trusted source and benchmark for price information and insight across key commodities markets worldwide. Our independent, transparent market intelligence informs thousands of quality decisions every day, taking the pressure out of negotiations and giving customers space for more innovative thinking, through published datasets including price assessments, price forecasts, supply and demand fundamentals and more. Over 150 years of shaping the world by connecting markets to optimize the world's valuable resources. With a global team of more than 600 experts, ICIS has employees based in London, New York, Houston, Karlsruhe, Milan, Mumbai, Singapore, Guangzhou, Beijing, Shanghai, Dubai, Sao Paulo, Seoul, Tokyo and Perth.
ICIS is part of RELX, a FTSE15 company with a market cap of £67.8 billion and an employee base of over 35,000 experts across 40 countries.
About RELX
RELX is a global provider of information and analytics for professional and business customers across industries. The Group serves customers in more than 180 countries and has offices in about 40 countries. It employs approximately 30,000 people of whom almost half are in North America. RELX PLC is a London listed holding company which owns 52.9% of RELX Group. RELX NV is an Amsterdam listed holding company which owns 47.1% of RELX Group. The shares are traded on the London, Amsterdam and New York Stock Exchanges using the following ticker symbols: London: REL; Amsterdam: REN; New York: RELX and RENX. Total market capitalization is approximately £67.8 billion | €80.4 billion | $89.1 billion.
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