Performance Insights from the World’s Top Seven Chemical Giants

BASF reported that the decline in sales was primarily driven by sharp price reductions in its Materials, Chemicals, and Surface Technologies businesses, as well as volume declines across all business segments. The drop in earnings stemmed mainly from lower profitability in its Chemicals, Nutrition & Care, Industrial Solutions, and Materials divisions. BASF has been actively optimizing its cost structure to enhance competitiveness. The company announced a cost-reduction program and structural adjustments at its integrated Ludwigshafen site. It expects annual non-production-related cost savings of over €600 million by the end of 2024, rising to approximately €1.1 billion annually by the end of 2026. BASF forecasts global chemical production to stabilize in 2023, though rising raw material prices may continue weighing on demand and margins. Sales are projected to range between €73 billion and €76 billion, with EBIT before special items expected between €4.0 billion and €4.4 billion. ② Covestro: Q3 Sales Down 22.7% Covestro’s Q3 2023 financial report shows that its sales for the first nine months totaled €11.0 billion, down 21.2% year-on-year; EBITDA stood at €948 million, down 42.7% year-on-year. Q3 sales amounted to €3.6 billion, down 22.7% year-on-year; EBITDA was €277 million, down 8.3% year-on-year. The profit decline was primarily attributable to weak market demand, falling selling prices, and lower sales volumes. The Functional Materials segment recorded sales of €1.7 billion, down 26.7% year-on-year; however, thanks to improved margins and reduced fixed costs, its EBITDA rose 60.4% year-on-year to €85 million. The Solutions & Specialties segment saw sales fall 17.6% to €1.8 billion; EBITDA declined 12.1% year-on-year to €246 million. Covestro expects full-year 2023 group EBITDA to range between €1.1 billion and €1.6 billion—below last year’s level—and anticipates continued pressure on performance. ③ Dow Chemical: Q3 Net Profit Drops Over 60% Dow Chemical released its Q3 2023 financial results, reporting net sales of $10.73 billion, down 23.98% year-on-year; operating profit stood at $302 million, down more than 60%. This decline was primarily due to lower local raw material prices and reduced profitability in certain business segments. By business segment: Industrial Intermediates & Infrastructure posted net sales of $3.0 billion, down 25% year-on-year; Performance Materials & Coatings reported net sales of $2.1 billion, down 20% year-on-year. Based on year-to-date sales performance, Dow expects its full-year 2023 sales to be approximately $45 billion—below the 2022 level. ④ Sipchem: Q3 Net Profit Falls 70% Saudi Arabia’s Sahara International Petrochemical Company (Sipchem) released its Q3 2023 financial results, reporting quarterly sales of $477 million, down 37% year-on-year; net profit was SAR 233.1 million (approx. $62 million), down 70% year-on-year.

Global Chemical Companies’ Revenue Ranking for 2025 (Top 20)

In 2025, the global chemical industry continued its trend of 'revenue growth without profit growth.' Performance among 59 leading domestic and international companies diverged significantly—some achieved countercyclical growth by divesting non-core businesses, while others faced severe challenges due to rising costs and sluggish markets, prompting deep reflection on evolving industry dynamics. (I) Global Chemical Giants: Profitability Reigns Supreme—The Strong Get Stronger Globally, the effects of market consolidation are bearing fruit. Linde delivered an outstanding performance in 2025, achieving annual revenue of $34 billion—a 3% increase year-on-year and a new record high—with an operating margin nearing 30%, underscoring the industrial gas giant’s exceptional earnings resilience. PPG also performed impressively, with net profit surging 17% to $1.571 billion—the highest in recent years. By contrast, BASF—the industry’s long-standing leader—had a steady year. Its full-year revenue reached €59.657 billion (approx. $70 billion); although sales declined slightly year-on-year, its net income attributable to shareholders doubled year-on-year to €1.313 billion, reflecting strong core profitability. (II) Agrochemicals and European Segment: Bright Spots Amidst a Winter Chill Companies in Europe and the agrochemical sector demonstrated notable resilience. Syngenta reported full-year revenue of $28.4 billion; excluding the strategic downsizing of low-margin grain trading operations, its underlying revenue grew 2% year-on-year, highlighting the stability of its core businesses. DSM-Firmenich maintained revenue at approximately €9 billion—essentially flat year-on-year. Amid this cyclical downturn, multiple companies opted to sell non-core assets to generate cash flow and sharpen focus on high-margin core businesses—a strategic shift gradually reshaping the competitive landscape of the global chemical industry. (III) Chinese Powerhouse: Rongsheng Petrochemical Soars Against the Tide, Turning Profitable in Q3 Among the 59 companies, Chinese enterprises stood out notably. Rongsheng Petrochemical emerged as the undisputed 'Revenue Champion' in this earnings roundup, posting full-year revenue of RMB 308.622 billion—ranking third among the top ten industry players, behind only China’s two national oil giants. More importantly, its net income attributable to shareholders rose 17.09% year-on-year to RMB 848 million, signaling that its strategic pivot toward new materials is beginning to bear fruit. Quarterly data further revealed that the company turned profitable in Q3—evidence of steadily recovering profitability across its integrated refining-and-chemicals value chain. (IV) Risks in the Chemical Industry Against the backdrop of intensifying industry divergence, some companies face severe operational difficulties. Dow reported a full-year net loss of $2.623 billion—switching from profit to loss. INEOS’s losses widened to €659 million, while Covestro’s net loss reached €644 million. Overall, the chemical industry in 2025 is undergoing a rigorous 'survival-of-the-fittest' shakeout.

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