20 Companies! Summary of Chemical Giants’ 2024 Financial Performance!

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 the market conditions in 2024, several of these industry leaders announced a series of cost-cutting measures. Specifically: BASF On February 28, BASF published its full-year 2024 results. Total sales amounted to €65.3 billion (approximately RMB 49.65 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, significantly higher than €225 million in 2023. 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—including eliminating 1,500 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—meeting expectations; net profit was -€266 million (compared to -€198 million in the prior year); free operating cash flow stood at €89 million (down from €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% to €191 million; and free operating cash flow jumped 246.6% to €253 million. Arkema On February 28, Arkema released its full-year 2024 results: sales totaled €9.5 billion—stable year-on-year. Volumes increased 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 adhesives businesses, and expanding capacity in its Advanced Materials division—to serve attractive markets such as bio-based consumer goods, new energy, electrification, 3D printing, and sports.

2026 Global and China Modal Fiber Market Trend Analysis: Global Sales Expected to Reach USD 487 Million [Chart]

Company Name Headquarters / Year Founded Core Modal-Related Products & Business China Presence Industry Position Lenzing AG Linz, Austria / 1938; listed on Vienna Stock Exchange (LEN); CEO: Rohit Aggarwal; estimated 2025 revenue: ~€3 billion Modal inventor and undisputed global leader; flagship brands: TENCEL™ Modal, MicroModal AIR (ultra-fine 0.8 dtex), ProModal (Modal + TENCEL™ blend); closed-loop solvent recovery rate >99%; OEKO-TEX certified Lenzing Fibers (Shanghai) Co., Ltd. established in 2003; Beijing branch opened in 2019; ~50 employees covered by social insurance; launched Sun fiber and Circulose™ in 2024; collaborates with downstream partners on full-value-chain sustainability solutions Global leader in cellulosic fibers; #1 in modal production capacity and market share worldwide; China’s annual modal demand (~60,000 tons) is almost entirely import-dependent. Aditya Birla Group Mumbai, India / 1857; Fortune Global 500; estimated 2026 revenue: ~USD 67 billion; Chairman: Kumar Mangalam Birla; family wealth ranked at RMB 195 billion on Hurun Global Rich List Grasim subsidiary is the world’s largest viscose staple fiber (VSF) producer; Birla Cellulose offers Birla Modal—100% natural wood pulp, FSC-certified, wet modulus ~2.7× cotton; available in low- and high-elongation variants for pure-spun or polyester-blend applications Entered China in 2006; Birla Carbon operates plants in Jining and Weifang, Shandong; Birla Weaving Fiber jointly established with Fujian Weaving Fiber in Xiangyang, Hubei (30,000 tons/year differentiated VSF capacity; Phase II under construction) India’s largest viscose fiber group; Birla Modal is India’s leading domestic modal brand; #1 globally in viscose staple fiber capacity. Toray Industries Tokyo, Japan / 1926; listed on Tokyo Stock Exchange; >40,000 employees; annual sales >USD 12 billion Founded in synthetic fibers; regenerated cellulose fibers are a key segment—covering rayon and high-performance cellulose fibers for apparel and industrial applications; core strengths lie in carbon fiber (world #1) and membrane technologies Operates eight plants in Malaysia; 200 subsidiaries across 19 countries; engages China via trade and technical collaboration; limited publicly disclosed information specific to modal fibers World’s largest carbon fiber manufacturer; Japan’s largest integrated fiber company; regenerated cellulose fibers represent its second growth pillar. Eastman Chemical Kingsport, Tennessee, USA / 1994 (spun off from Kodak); NYSE: EMN; estimated 2025 revenue: USD 8.75 billion; ~14,500 employees Fiber segment’s flagship product is Naia™ acetate cellulose filament (not modal but a regenerated cellulose fiber); positioned for sustainable fashion; FSC-certified; fibers constitute one of its four high-value-added business segments China accounts for >11% of Eastman’s global revenue (second-largest single market after the U.S.); Asia-Pacific contributes ~24% (~USD 2.1 billion) of total revenue; deeply engaged in the sustainable specialty fiber market Global leader in specialty materials; successfully transformed from Kodak; benchmark for “de-Kodakization”; Naia™ is a representative sustainable regenerated fiber brand.

Investors React to Eastman Chemical (EMN) JPMorgan Downgrade

Oct 18, 2026

Eastman Chemical shares declined following a JPMorgan downgrade to Neutral with a $66 price target, though DCF analysis suggests the stock remains undervalued at current levels.

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Investors React to Eastman Chemical (EMN) JPMorgan Downgrade

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