Zhongzhi Weiye Information | Q3 2023 Financial Results of the World’s Top 50 Chemical Companies Released!

Recently, major chemical enterprises—including BASF, Dow, SABIC, Hengli, and Wanhua—have successively released their third-quarter 2023 financial reports. Data show that, amid persistently weak global demand, large chemical companies are facing severe operational challenges. Asia Rongsheng Petrochemical reported Q3 revenue of RMB 84.522 billion, up 9.07% year-on-year; net profit attributable to shareholders was RMB 1.234 billion, surging 1,367% year-on-year. For the first three quarters, revenue totaled RMB 239.047 billion, up 6.19% year-on-year; net profit attributable to shareholders amounted to RMB 108 million, down 98.03% year-on-year. Hengli Petrochemical reported Q3 revenue of RMB 63.683 billion, up 24.38% year-on-year; net profit attributable to shareholders was RMB 2.652 billion, compared to a net loss of RMB 1.939 billion in the same period last year. For the first three quarters, revenue totaled RMB 173.112 billion, up 1.62% year-on-year; net profit attributable to shareholders was RMB 5.701 billion, down 6.34% year-on-year. Wanhua Chemical reported Q3 revenue of RMB 44.928 billion, up 8.78% year-on-year; net profit was RMB 4.135 billion, up 28.21% year-on-year. For the first three quarters, revenue totaled RMB 132.554 billion, up 1.64% year-on-year; net profit attributable to shareholders was RMB 12.703 billion, down 6.65% year-on-year. China National Chemical Corporation (CNCEC) reported Q3 revenue of RMB 40.106 billion, down 11.38% year-on-year; net profit attributable to shareholders was RMB 777 million, down 27.49% year-on-year. Hengyi Petrochemical reported Q3 revenue of RMB 37.213 billion, down 14.48% year-on-year; net profit attributable to shareholders was RMB 130 million, up 126.25% year-on-year. For the first three quarters, revenue totaled approximately RMB 101.529 billion, down 17.67% year-on-year; net profit attributable to shareholders was approximately RMB 206 million, down 84.34% year-on-year. Dongfang Shenghong reported Q3 revenue of RMB 37.743 billion, up 129.22% year-on-year; net profit attributable to parent company was RMB 798 million, soaring 1,457.58% year-on-year. For the first three quarters, revenue totaled approximately RMB 103.642 billion, up 121.89% year-on-year; net profit attributable to shareholders was approximately RMB 2.479 billion, up 57.15% year-on-year. Tongkun Group reported Q3 revenue of RMB 24.845 billion, up 43.30% year-on-year; net profit attributable to shareholders was RMB 798 million, turning from loss to profit. For the first three quarters, revenue totaled approximately RMB 61.742 billion, up 30.84% year-on-year; net profit attributable to shareholders was approximately RMB 904 million, down 53.23% year-on-year. Yuntianhua reported Q3 revenue of RMB 18.084 billion, down 8.83% year-on-year; net profit was RMB 1.027 billion, down 27.80% year-on-year. For the first three quarters, revenue totaled RMB 53.303 billion, down 5.59% year-on-year; net profit attributable to shareholders was RMB 3.704 billion, down 27.80% year-on-year. Xinfengming reported Q3 revenue of RMB 16.017 billion, up 12.57% year-on-year; net profit attributable to shareholders was RMB 407 million, turning from loss to profit.

Authoritative Release | Who Are the Top 50 Global Chemical Companies by Revenue in 2025? With Detailed Data Analysis →

(Click image to view high-resolution version) Specifically, Sinopec ranked first on the 2024 Global Leading Chemical Companies Top 50 List with chemical business revenue of RMB 523.86 billion; Germany’s BASF followed closely in second place with RMB 504.12 billion; and U.S.-based Dow ranked third with RMB 305.98 billion—surpassing U.S. ExxonMobil. Sinopec demonstrated a recovery trend, with its chemical business revenue shifting from decline to growth, rising 1.7% year-on-year. BASF’s chemical business revenue declined 4.3% year-on-year, while Dow’s fell 2.7% year-on-year. Affected by the sustained decline in fertilizer prices from their 2022 peaks, fertilizer producers Yara (Norway) and Mosaic (U.S.) continued to suffer sharp profit declines in 2024, following steep drops in 2023. Although the rate of decline narrowed, Mosaic remained the company with the largest year-on-year drop in chemical business revenue among the Top 50—down 17.9%—causing its ranking to plummet 11 places. Year-on-Year Ranking Changes for the 2024 Global Leading Chemical Companies Top 50 (Click image to view high-resolution version) Regional Distribution Among the Top 50, 45 companies are headquartered in the U.S., China, Europe, and Japan/South Korea—up one from 2023. Specifically: the U.S. has 12 companies, unchanged from 2023; China has 11, up one from 2023; Japan has 7, up one from 2023; Germany has 6, unchanged; and South Korea has 2, unchanged. Chinese enterprises performed notably well: Sinopec, PetroChina, Formosa Plastics, Hengli Petrochemical, Syngenta, Rongsheng Petrochemical, Wanhua Chemical, Dongfang Shenghong, Hengyi Petrochemical, Tongkun Group, and Xinfengming all made the list—with Xinfengming appearing for the first time. Revenue Growth In terms of revenue growth rate, more companies on the 2024 Top 50 list posted growth than decline in chemical business revenue: 32 companies recorded increases. Among them, Tongkun Group (China) achieved the highest growth at +22.6%; Hengyi Petrochemical (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. ▲ Year-on-Year Change in Chemical Business Revenue for the 2024 Global Leading Chemical Companies Top 50 (Click image to view high-resolution version) Among the 18 companies posting revenue declines, Mosaic (U.S.) registered the steepest drop. LG Chem (South Korea), Syngenta (China), PPG Industries (U.S.), and Shell (Netherlands) each saw declines exceeding 10.0%. Umicore (Belgium), Nutrien (Canada), and Albemarle (U.S.) dropped out of the Top 50 in 2024, with chemical business revenue declining 18.0%, 13.8%, and 43.5% year-on-year, respectively. Overall, regional performance varied significantly in 2024: among the Top 50, companies headquartered in the U.S., South Korea, Japan, and Europe exhibited pronounced polarization—roughly half posted revenue growth, half posted declines.

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