ICIS has announced the ICIS Top 100 Chemical Companies, a global listing of the leading producers of chemicals worldwide ranked by 2022 sales.
Germany-based BASF is again the world’s largest chemical company, with sales of $93.7bn in 2022, up 11.1% versus 2021.
Rounding out the Top 5 are China-based Sinopec with $78.2bn in chemical sales, followed by US-based Dow in third with $56.9bn, Saudi Arabia-based SABIC with $52.9bn and UK-based INEOS with $51.9bn.
While most chemical companies generated sales growth in 2022 on higher oil and natural gas feedstock costs, margins were squeezed, particularly in the back half of the year.
“After a robust H1 on tailwinds from the pandemic recovery, by Q3 deteriorating macroeconomic conditions and a shift in consumer spending away from durables led to an unprecedented stretch of destocking continuing well into 2023 with impacts still being felt today,” said Joseph Chang, Global Editor of ICIS Chemical Business.
“2022 will go down as one of the most difficult years for chemical companies since the Global Financial Crisis, as it was overshadowed by war and looming economic recession, although for some, the impact of these seismic events did not materialise until late in the year,” said Nigel Davis, ICIS Insight Editor.
The ICIS Top 100 Chemical Companies includes sales as well as operating profits, net income, total assets, capital expenditures and R&D spending for the world’s top 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 2022 exchange rates.