20 Companies! A Summary of Global Chemical Giants’ 2024 Financial Results!

As of March 1, global chemical giants—including BASF, Dow, Covestro, Arkema, DuPont, Huntsman, Lanxess, Celanese, Syensqo, Trinseo, INEOS, Honeywell, Clariant, Eastman, SABIC, Chemours, LyondellBasell, ExxonMobil, LG Chem, and Avient—have all released their 2024 financial reports. Given market conditions in 2024, several of these giants announced a series of cost-cutting measures. Specifically: BASF On February 28, BASF released its full-year 2024 results. Total sales amounted to €65.3 billion (approximately RMB 49.649 billion), down from €68.9 billion in 2023—a decrease of €3.6 billion. EBITDA stood at €6.7 billion, down €500 million year-on-year (€7.2 billion in 2023); EBIT was €2.0 billion, down €206 million; net income reached €1.3 billion, compared to €225 million in 2023—far exceeding the prior year’s figure. By the end of 2024, BASF had incurred approximately €900 million in one-time costs related to its cost-savings program. Dow On January 30, Dow Inc. released its latest financial report. Full-year 2024 net sales totaled $43.0 billion, down from $44.6 billion in 2023—a reduction of $1.6 billion; GAAP net income was $1.2 billion, up from $660 million in 2023; operating EBIT was $2.6 billion, down from $2.8 billion in 2023. Operating cash flow from continuing operations amounted to $2.9 billion, down from $5.2 billion in 2023. The report indicated that Dow is implementing measures to cut costs by $1 billion globally, including eliminating 1,500 positions worldwide. Covestro On February 26, Covestro published its fiscal 2024 results: sales declined 1.4% to €14.2 billion (€14.4 billion in the prior year), primarily due to lower selling prices; EBITDA remained stable, dipping only 0.8% to €1.1 billion—broadly in line with expectations; net profit was -€266 million (compared to -€198 million in the prior year); free operating cash flow stood at €89 million (€232 million in the prior year). In Q4 2024 alone, Covestro’s sales rose 0.9% year-on-year to approximately €3.4 billion; EBITDA surged 44.7% year-on-year to €191 million; free operating cash flow jumped 246.6% year-on-year to €253 million. Arkema On February 28, Arkema released its full-year 2024 results: sales totaled €9.5 billion, remaining stable year-on-year. Volumes rose 2.4%, driven by growth in specialty materials businesses across Asia. EBITDA reached €1.532 billion, with an EBITDA margin of 16.1%—slightly up year-on-year. Recently, Arkema has invested in several major growth initiatives, including the acquisition of PIAM’s polyimide business, the acquisitions of Ashland’s and Dow’s adhesives businesses, and new capacity additions in its Advanced Materials division—targeting attractive markets such as bio-based consumer goods, new energy, electrification, 3D printing, and sports.

Net Profit Doubled, Soared, Approaching RMB 10 Billion! Chemical Giants Rally Collectively—A Comprehensive Review of Global Plastics & Chemical Firms’ Q2 2026 Financial Results

From late July to early August, the global chemical industry entered a period of intensive Q2 2026 earnings disclosures. From North America to Europe, and from the Middle East to Asia, multiple plastics and chemical giants posted collectively strong results: Dow’s net sales rose 20% year-on-year; BASF ended 14 consecutive quarters of revenue decline; Wanhua Chemical’s first-half net profit is projected to increase over 60%. Yet beneath the headline numbers, the drivers behind this recovery differ significantly. Some companies benefited from price hikes; others saw one-time profit boosts from asset divestitures; still others gained momentum from new capacity ramp-ups and commercialization of novel materials. Below is a regional review of each company’s latest performance. North America: Dow’s Strong Rebound; Eastman’s Volume-and-Price Growth 1. Dow Inc. Q2 net sales: $12.1 billion, up 20% year-on-year. According to its earnings release on July 27, Dow achieved growth across all operating segments and regions in Q2. Local prices rose 20% year-on-year, primarily driven by its Packaging & Specialty Plastics segment, with polyethylene prices increasing across all regions. Profit recovery was even more pronounced: GAAP net income reached $802 million; operating EPS stood at $1.44, versus a loss of $0.42 per share in the prior-year quarter. Operating EBIT totaled $1.6 billion—up $1.7 billion year-on-year. Dow attributed this rebound to higher pricing and internally driven improvement initiatives. Notably, operating EPS excluded a $0.45-per-share impact from major items—including costs associated with the ‘Transform to Outperform’ initiative. This transformation program remains underway, and its progress will directly influence second-half performance. 2. Eastman Chemical Company Q2 sales revenue: $2.513 billion, up 10% year-on-year. Eastman released its Q2 results on August 3, delivering a solid performance marked by simultaneous growth in both volume/product mix and pricing—each contributing 5% and 4%, respectively, to overall revenue growth. On the profit front, EBIT was $311 million; adjusted EBIT was $320 million; adjusted diluted EPS was $1.97. Net cash flow from operating activities totaled $224 million. Eastman had previously cut nearly 1,000 jobs in 2025 amid profitability pressures. Two consecutive quarters of rising revenue suggest improving market conditions for its specialty materials businesses—including advanced intermediates, specialty plastics, and fiber products. 3. LyondellBasell LyondellBasell—one of the world’s largest polyolefin producers—released its Q2 results on July 31. Q2 net income reached $559 million, up sharply from $115 million in the prior-year quarter. The company had faced a difficult 2025: it reported a $79 million adjusted net loss in Q4 2025, and then announced a dividend cut in Q1 2026. Among the identified items affecting Q2 GAAP net income was a pre-tax disposal loss of $734 million arising from the sale of certain European assets—the primary one-time factor impacting GAAP net income. The company stated that the divestiture aims to structurally improve its cost position and align its European footprint with its long-term strategy. Additionally, the company continues to advance its first-half free cash flow and cash improvement initiatives, with capital expenditures running below the prior-year level.