Tag: ICIS

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.

ICIS, a global source of commodity intelligence, today announced that the independent assurance review of its price reporting business has been successfully completed for the ninth successive year.

The Price Reporting Agency (PRA) principles are set out by the International Organization of Securities Commissions (IOSCO) to ensure that commodity benchmark price reporting meets the highest standards.

“The COVID-19 pandemic has created an unprecedented level of volatility in many commodity markets. This has made it more important than ever that ICIS benchmarks are produced with the transparency of methodology and consistent credibility and impartiality required by the IOSCO’s PRA principles,” said Stephen Burns, Editorial Director at ICIS.

“Meeting these standards justifies the confidence that the markets have in the integrity and credibility of the information we provide ensuring fairness and transparency. ICIS is committed to maintaining the highest standards in the quality and independence of our market intelligence enabling customers to make thousands of decisions every week, decisions that shape our world,” Burns said.

The IOSCO principles support the ICIS purpose: to connect data and customers to make some of the world’s most important markets more trusted and predictable.

The areas assured by BDO LLP include governance structures, controls, maintenance of Editorial integrity, and conflict management processes in relation to the creation of commodity benchmark price assessments.

This external audit continues to comply with the requirements of the Benchmarks Regulation (BMR) for commodity benchmarks (paragraph 18 of Annex II) as outlined by European Securities and Markets Authority (ESMA).

A full report detailing how ICIS has met and satisfied the IOSCO PRA Principles can be found here.

This report is accompanied by BDO’s findings following an independent review of ICIS processes and policies to provide Reasonable and Limited Assurance conclusions.