Authoritative Release | Who Has Claimed the Top 50 Global Chemical Enterprises of 2025?

□ Research Team on Global Leading Chemical Enterprises, China National Chemical Information Center In recent years, the international environment has grown increasingly complex and volatile; regional instability continues to intensify; global economic growth has slowed; and energy structures are undergoing accelerated transformation. The global chemical industry is confronting multiple challenges—including shrinking demand, supply-chain disruptions, and surging trade barriers. At the same time, the global economy has demonstrated notable resilience: market demand is recovering steadily; inflation is gradually returning to target ranges; and confidence in achieving a soft landing for the global economy is further strengthening—creating new opportunities for the global chemical industry. Overall, amid coexisting challenges and opportunities, signs of recovery are emerging across the global chemical industry, and the previously widespread industry-wide downturn is easing. General Overview In 2024, although the global chemical industry continued the downward trend observed in 2023, the contraction significantly narrowed, and regional divergence accelerated. Early signals of profit stabilization have emerged among leading enterprises. The combined chemical revenue of the top 50 global chemical enterprises totaled RMB 755.321 billion (all figures in RMB unless otherwise specified), down 1.0% year-on-year—a narrowing of 4.9 percentage points compared with 2023. Data Source: Corporate financial reports and publicly available data, collected, compiled, and analyzed by the China National Chemical Information Center. (Click image to view high-resolution version) Specifically, Sinopec ranked first on the 2024 Top 50 Global Leading Chemical Enterprises list with chemical revenue of RMB 52.386 billion; BASF (Germany) followed closely in second place with RMB 50.412 billion; and Dow (USA) secured third position with RMB 30.598 billion—surpassing ExxonMobil (USA). Sinopec exhibited a recovery-oriented growth pattern, with its chemical revenue turning from decline to growth, rising 1.7% year-on-year. BASF’s chemical revenue declined 4.3% year-on-year, while Dow’s fell 2.7%. Fertilizer prices have continued falling from their 2022 peaks, causing fertilizer producers such as Yara (Norway) and Mosaic (USA) to suffer sharp performance declines in 2023—and further steep drops in 2024. Although the rate of decline eased slightly, Mosaic remained the largest year-on-year revenue decliner among the Top 50, with a 17.9% drop—causing its ranking to plummet 11 places. ▲ Year-on-Year Ranking Changes for the Top 50 Global Leading Chemical Enterprises in 2024 (Click image to view high-resolution version) Regional Distribution Among the Top 50, 45 companies are headquartered in the United States, China, Europe, Japan, and South Korea—up one from 2023. Specifically: 12 U.S. companies made the list, unchanged from 2023; 11 Chinese companies were included—up one from 2023; 7 Japanese firms appeared—up one; 6 German companies were listed—unchanged; and 2 South Korean enterprises were included—unchanged. Chinese enterprises performed notably well: Sinopec, PetroChina, Formosa Plastics, Hengli Petrochemical, Syngenta, Rongsheng Petrochemical, Wanhua Chemical, Dongfang Shenghong, Hengyi Holdings, Tongkun Group, and Xinfengming all entered the list—with Xinfengming appearing for the first time. Revenue Growth Regarding year-on-year revenue growth, more than half of the Top 50 enterprises reported increased chemical revenue in 2024—32 companies in total. Tongkun Group (China) posted the highest growth at +22.6%; Hengyi Holdings (China) ranked second at +10.0%; INEOS ranked third at +9.9%; and Xinfengming (China) ranked fourth at +9.1%. Additionally, Japan’s Resonac and U.S.-based Eastman Chemical re-entered the list with growth rates of +1.1% and +3.0%, respectively.

Net Profit Doubles, Soars, Approaches RMB 10 Billion! Chemical Giants Stage a Collective Recovery—A Comprehensive Review of Q2 Financial Results from Global Plastics & Chemical Enterprises

From late July to early August, the global chemical industry entered the peak disclosure period for second-quarter 2025 financial results. From North America to Europe, and from the Middle East to Asia, numerous plastics and chemical giants collectively posted strong financial results: Dow reported a 20% year-on-year increase in net sales; BASF ended 14 consecutive quarters of declining revenue; and Wanhua Chemical forecasted a >60% year-on-year rise in its first-half net profit. Yet beneath these headline numbers, the drivers of this recovery differ markedly. Some companies benefited from price hikes; others recorded one-time profit boosts from asset divestitures; and still others achieved gains through capacity expansion and ramp-up of new-material production. Below is a regional review of the latest performances. North America: Dow’s Strong Rebound; Eastman Achieves Volume-Price Growth 1. Dow Inc. Q2 net sales: USD 12.1 billion, up 20% year-on-year. According to its earnings release on July 27, Dow posted growth across all operating segments and regions in Q2. Local prices rose 20% year-on-year—driven primarily by its Packaging & Specialty Plastics segment—with polyethylene prices increasing across all regions. Profit rebound was even more pronounced: GAAP net income reached USD 802 million; operating EPS stood at USD 1.44, versus an operating EPS loss of USD 0.42 in the prior-year quarter. Operating EBIT totaled USD 1.6 billion—an increase of USD 1.7 billion year-on-year. Dow attributed this turnaround to higher pricing and internally driven improvement initiatives. Notably, operating EPS excluded a USD 0.45-per-share charge related to major items—including costs associated with the ‘Transform to Outperform’ initiative. This ongoing transformation program will directly influence Dow’s performance in the second half of the year. 2. Eastman Chemical Company Q2 sales revenue: USD 2.513 billion, up 10% year-on-year. Eastman released its Q2 results on August 3, delivering a strong performance marked by simultaneous growth in both volume/product mix and selling prices—each contributing 5% and 4%, respectively, to overall revenue growth. On the profit front, EBIT reached USD 311 million; adjusted EBIT totaled USD 320 million; and adjusted diluted EPS stood at USD 1.97. Net cash flow from operating activities amounted to USD 224 million. Eastman had cut nearly 1,000 jobs in 2025 amid profitability pressures. Its back-to-back quarterly revenue recoveries indicate improving market conditions for its specialty materials businesses—including advanced intermediates, specialty plastics, and fiber products. 3. LyondellBasell Industries LyondellBasell—one of the world’s largest polyolefin producers—released its Q2 results on July 31. Q2 net income reached USD 559 million, versus only USD 115 million in the prior-year quarter. The company had endured a difficult 2025: it posted a Q4 adjusted net loss of USD 79 million, and announced dividend cuts in Q1 2026. Among the identified items affecting Q2 GAAP net income, a pre-tax disposal loss of USD 734 million from the sale of certain European assets was the primary one-time factor. The company stated that this divestiture aims to structurally improve cost efficiency and align its European footprint with long-term strategic goals. Additionally, the company’s first-half free cash flow and cash improvement initiatives progressed steadily, with capital expenditures running below the prior-year level.