20 Companies! 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-reduction measures. Specifically: BASF On February 28, BASF released its full-year 2024 results. Total sales for 2024 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—more than fivefold higher. 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 $1.6 billion from $44.6 billion in 2023; 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, including eliminating 1,500 employee positions globally. Covestro On February 26, Covestro released 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 (vs. -€198 million in the prior year); free operating cash flow stood at €89 million (vs. €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 Asia’s specialty materials business. 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 acquiring PIAM’s polyimide business, acquiring Ashland’s and Dow’s adhesive businesses, and adding new capacity in its Advanced Materials division—to serve attractive markets such as bio-based consumer goods, new energy, electrification, 3D printing, and sports.

In-Depth Analysis of 2024 Financial Reports and Cost-Reduction Measures by Global Chemical Giants

I. Overview and Trend Analysis of Global Chemical Giants’ 2024 Performance As of March 1, numerous global chemical giants—including BASF, Dow, Covestro, Arkema, DuPont, and 15 other companies—have released their 2024 financial reports. These 20 industry leaders hold pivotal positions in the global chemical market. Their performance shifts not only reflect each company’s operational health but also directly mirror broader industry trends. Overall, amid heightened global economic uncertainty, fluctuating demand, and volatile raw material prices, most chemical giants faced varying degrees of performance challenges in 2024. II. BASF: Cost Savings and Strategic Adjustments Amid Declining Performance In 2024, BASF achieved full-year sales of €65.3 billion (approximately RMB 49.649 billion)—down from €68.9 billion in 2023. Nevertheless, through a series of cost-savings initiatives, BASF lifted its net income to €1.3 billion, far exceeding the €225 million recorded in 2023. By year-end 2024, BASF had incurred approximately €900 million in one-time costs tied to its cost-savings program. These measures not only helped the company navigate current performance headwinds but also laid a solid foundation for future strategic realignment. III. Dow: Dual Initiatives of Workforce Reduction and Cost Cutting Dow faced declining net sales in 2024, reporting $43.0 billion—$1.6 billion less than in 2023. To address this, Dow took decisive action: eliminating 1,500 positions globally and targeting $1 billion in cost reductions. These steps are expected to lower short-term expenses and improve operational efficiency, while also providing strong support for the company’s long-term development. IV. Covestro: Cash Flow Improvement and Market Responsiveness Amid Performance Volatility Covestro posted €14.2 billion in sales for 2024—a 1.4% decline year-on-year—but achieved year-on-year growth in both sales and EBITDA in Q4. Notably, its free operating cash flow rose sharply to €89 million in 2024, a significant improvement over €232 million in the prior year. This performance shift reflects Covestro’s agility and resilience in responding to market volatility, as well as its outstanding execution in optimizing cash flow management. V. Arkema: Investment in Growth Projects and Stable Revenue Growth Arkema reported €9.5 billion in sales for 2024—stable year-on-year. Driven by growth in Asia’s specialty materials business, volumes increased 2.4%. Additionally, Arkema actively invested in several major growth projects—including acquiring PIAM’s polyimide business, acquiring Ashland’s and Dow’s adhesive businesses—and expanded capacity in its Advanced Materials division to broaden its business scope and enhance market competitiveness. VI. DuPont: Revised Electronics Spin-off Plan and Steady Revenue Growth DuPont achieved full-year 2024 net sales of $12.4 billion (approximately RMB 9.063 billion), representing a 3% increase year-on-year.

Mexico’s chemicals recovering as US trade uncertainty eases – Evonik exec

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Evonik executives report Mexico's chemical sector is recovering from trade-induced slowdowns with sustained investment despite pending USMCA renewals. While record exports signal resilience, access to competitively priced natural gas remains a critical constraint for regional growth.

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Mexico’s chemicals recovering as US trade uncertainty eases – Evonik exec

Mexico’s chemicals recovering as US trade uncertainty eases – Evonik exec

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