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

Lanxess reported Q3 sales of €1.601 billion, down 26.7% year-on-year; EBITDA stood at €119 million, down 50.4%; net income declined from €80 million in the prior year to -€131 million. Wacker Chemie AG reported Q3 group sales of €1.52 billion, down 29% year-on-year; EBITDA totaled €152 million, down 67%; net profit for Q3 was €34 million. Clariant reported Q3 organic sales of CHF 1.031 billion, down 8% year-on-year; EBITDA margin fell to 15.4%, compared to 16.8% in the same period last year. Cumulative sales for the first three quarters of 2023 amounted to CHF 3.315 billion, down 7% year-on-year. North America Dow reported Q3 net sales of $10.7 billion, down 24% year-on-year; GAAP net income was $327 million, compared to $760 million in the prior year. LyondellBasell reported Q3 sales revenue of $10.625 billion, down 13.3% year-on-year from $12.25 billion; EBITDA was $1.356 billion, up 21.8% from $1.108 billion in the prior year. Sherwin-Williams reported Q3 net sales of $6.117 billion, up 1.1%; net income was $298 million, up 10.7%; EBITDA was $1.27 billion, up 12.6%. Nutrien reported Q3 sales of $5.631 billion, down 31% year-on-year from $8.188 billion; net income was $82 million, down 95% from $1.853 billion in the prior year. PPG reported Q3 net sales of $4.644 billion, up 4% year-on-year; net income was $430 million, up 29%. Ecolab reported Q3 net sales of $3.958 billion, up 8% from $3.669 billion in the prior year; net income was $404 million, up 16% from $347 million in the prior year. Mosaic reported Q3 revenue of $3.5 billion, down approximately 34% year-on-year; net loss was $4 million, compared to net income of $842 million in the prior year; EBITDA was $594 million, down 65%. Westlake Chemical Corporation reported Q3 net sales of $3.115 billion, down 21.3% year-on-year; net income was $285 million, down 46.5%; EBITDA was $682 million, down 15%. DuPont reported Q3 net sales of $3.1 billion, down 8% year-on-year; operating EBITDA was $775 million. Air Products reported Q3 sales of $3.034 billion, down 4.8% year-on-year; GAAP net income was $2.01 billion, up 170%; adjusted EBITDA was $3.9 billion, up 8%. International Flavors & Fragrances (IFF) reported Q3 net sales of $2.82 billion, down 8% year-on-year; EBITDA was $506 million, down 10%.

Examining the Global Polyurethane Industry’s ‘Great Migration’ through Lanxess’s Planned Divestiture of Its Polyurethane Business

In recent years, long-established global chemical enterprises have frequently undertaken strategic adjustments. Earlier, Abu Dhabi National Oil Company (ADNOC), the largest national oil company in the UAE, proposed a bid valued at over €1 billion (US$1.09 billion) to acquire Covestro. More recently, Covestro announced it would make a final decision on the protracted ADNOC acquisition talks—repeatedly negotiated over the past year—this spring. This reflects the broader context of sluggish economic conditions and declining corporate performance across Europe. BASF reported a 28% year-on-year decline in Q3 sales to $16.2 billion. BASF attributed this drop primarily to lower product selling prices and reduced overall sales volume. The company has announced cost-cutting measures and plans to reduce annual costs by over $750 million by 2027, while also planning to cut capital expenditures over the next five years. Bayer, facing a sharp 31.3% decline in Q3 2023 results, will initiate a restructuring of its business architecture and undertake large-scale management reorganization. Dow reported Q3 net sales of $10.73 billion—a decrease of $3.385 billion year-on-year—and decided to close its polyether polyol/alkoxylation plant in Taiwan by the end of 2024. Covestro reported Q3 sales down 22.7% year-on-year to €3.6 billion; EBITDA declined 8.3% to €277 million. Huntsman reported Q3 revenue of $1.506 billion, down 25.07% year-on-year; adjusted net income was $27 million, down 81%; adjusted EBITDA was $136 million, down 50%. By contrast, Wanhua Chemical reported Q3 revenue of RMB 4.4928 billion, up 8.78% year-on-year; cumulative revenue for the first three quarters of 2023 reached RMB 13.2554 billion, up 1.64% year-on-year. Polyurethane was first developed by German scientists in the 1930s. The global polyurethane market is concentrated primarily in the United States, Western Europe, China, South Korea, and Japan. Today, companies such as Wanhua Chemical, Covestro, BASF, and Huntsman hold dominant positions globally and are extending their reach across the entire polyurethane value chain. Globally, the Western polyurethane industry is relatively mature, whereas Asian markets—driven by the transfer of global polyurethane production capacity and rapid downstream development—are experiencing robust growth. Notably, China is currently the world’s largest producer of polyurethane.

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