Massive losses, layoffs, asset sales! How dire is the situation for global chemical giants in 2025?

Specialized Plastics Vision compiled 2025 performance data for major global chemical companies—presented in a single table for an industry-wide overview: Note: ① LG Chem’s figure represents operating profit; all other companies report net profit; ② PPG’s figure is adjusted earnings per share (EPS); ③ Companies headquartered in the Eurozone report in euros; all others use U.S. dollars. Hotspots of Loss: Who Fell the Hardest? Dow Chemical reported full-year 2025 net sales of USD 40 billion, down 7% year-on-year; GAAP net loss of USD 2.4 billion; operating EBIT dropped sharply from USD 2.6 billion in 2024 to USD 400 million—a decline exceeding 80%; operating cash flow fell from USD 2.9 billion to USD 1.1 billion, nearly halved. Saudi Basic Industries Corporation (SABIC) recorded 2025 revenue of SAR 116.5 billion (approx. USD 31.1 billion), down 1% year-on-year—but posted a net loss of SAR 24.7 billion (approx. USD 6.6 billion). This massive loss stems not primarily from deteriorating operations but from large-scale asset impairments. SABIC disclosed in its financial report significant write-downs on certain assets, alongside declining average selling prices for key products—both contributing to the sharp profit contraction. However, the company generated free cash flow of SAR 7.2 billion, up 17% year-on-year, providing ample financial flexibility for future transformation. Covestro reported 2025 sales of EUR 12.942 billion, down 8.7% year-on-year; EBITDA of EUR 740 million, down 30.9%; and a net loss of EUR 644 million—worsening from a net loss of EUR 266 million in 2024. As the world’s leading polyurethane producer, Covestro is navigating a challenging transition. CEO Markus Steilemann stated the company is advancing its “Winning with Purpose” strategy, implementing cost reductions and business restructuring to weather the industry downturn. Additionally, LyondellBasell reported 2025 sales of USD 30.153 billion, down 10% year-on-year; and a net loss of USD 738 million. In its financial report, the company acknowledged that 2025 marked one of the longest downturns ever recorded for the chemical industry, with weak global demand for polyethylene and polypropylene—particularly in China, where inventories remain persistently high—driving steep declines in product prices and margins. Notably, LyondellBasell exceeded its 2025 cash improvement target, achieving USD 800 million in cash improvements (vs. an original target of USD 600 million), and raised its cumulative 2026 target to USD 1.3 billion. Despite extreme adversity, the company delivered positive operating cash flow of USD 2.3 billion, with a cash conversion rate as high as 95%. Countercyclical Breakthrough: Who Grew Amidst the Winter? Against the backdrop of widespread losses among global chemical giants, BASF delivered a relatively strong performance. Its 2025 sales totaled EUR 59.657 billion, down 3% year-on-year—but attributable net profit to shareholders reached EUR 1.313 billion, surging 118% year-on-year and more than doubling from EUR 602 million in 2024. BASF’s resilience stems from two pillars: first, its global leadership position in MDI, granting pricing power; and second, sustained investment in emerging markets such as China. In its financial report, the company emphasized ongoing structural adjustments and cost-cutting initiatives at its Ludwigshafen site, projecting cumulative cost savings of EUR 2.1 billion by end-2026.

Current status and outlook forecast report for China’s propylene glycol monomethyl ether (PGME) and propylene glycol monomethyl ether acetate (PGMEA) industry, 2026–2032

4.5 China Market: PGME and PGMEA Sales Volume, Revenue, and Growth Rate (2022–2032) 4.6 Japan Market: PGME and PGMEA Sales Volume, Revenue, and Growth Rate (2022–2032) 4.7 Southeast Asia Market: PGME and PGMEA Sales Volume, Revenue, and Growth Rate (2022–2032) 4.8 India Market: PGME and PGMEA Sales Volume, Revenue, and Growth Rate (2022–2032) 5 Analysis of Global Key Producers 5.1 Dow 5.1.1 Dow: Company Profile, PGME and PGMEA Production Bases, Sales Regions, Competitors, and Market Position 5.1.2 Dow: PGME and PGMEA Product Specifications, Technical Parameters, and Market Applications 5.1.3 Dow: PGME and PGMEA Sales Volume, Revenue, Pricing, and Gross Margin (2022–2026) 5.1.4 Dow Company Overview and Core Business Lines 5.1.5 Dow’s Latest Corporate Developments 5.2 Shell 5.2.1 Shell: Company Profile, PGME and PGMEA Production Bases, Sales Regions, Competitors, and Market Position 5.2.2 Shell: PGME and PGMEA Product Specifications, Technical Parameters, and Market Applications 5.2.3 Shell: PGME and PGMEA Sales Volume, Revenue, Pricing, and Gross Margin (2022–2026) 5.2.4 Shell Company Overview and Core Business Lines 5.2.5 Shell’s Latest Corporate Developments 5.3 LyondellBasell 5.3.1 LyondellBasell: Company Profile, PGME and PGMEA Production Bases, Sales Regions, Competitors, and Market Position 5.3.2 LyondellBasell: PGME and PGMEA Product Specifications, Technical Parameters, and Market Applications 5.3.3 LyondellBasell: PGME and PGMEA Sales Volume, Revenue, Pricing, and Gross Margin (2022–2026) 5.3.4 LyondellBasell Company Overview and Core Business Lines 5.3.5 LyondellBasell’s Latest Corporate Developments 5.4 Eastman 5.4.1 Eastman: Company Profile, PGME and PGMEA Production Bases, Sales Regions, Competitors, and Market Position 5.4.2 Eastman: PGME and PGMEA Product Specifications, Technical Parameters, and Market Applications 5.4.3 Eastman: PGME and PGMEA Sales Volume, Revenue, Pricing, and Gross Margin (2022–2026) 5.4.4 Eastman Company Overview and Core Business Lines 5.4.5 Eastman’s Latest Corporate Developments 5.5 KH Neochem 5.5.1 KH Neochem: Company Profile, PGME and PGMEA Production Bases, Sales Regions, Competitors, and Market Position 5.5.2 KH Neochem: PGME and PGMEA Product Specifications, Technical Parameters, and Market Applications

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LyondellBasell Q3 Earnings Miss on Weak Polymer Prices Despite Oxyfuels Gains

LyondellBasell Q3 Earnings Miss on Weak Polymer Prices Despite Oxyfuels Gains

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