Authoritative Release | Who Made the Cut in the 2025 Global Top 50 Chemical Companies?

□ Research Team on Global Leading Chemical Enterprises, China National Chemical Information Center In recent years, the international environment has grown increasingly complex and volatile; regional instability continues to intensify; global economic growth has slowed; and energy structures are undergoing accelerated transformation. The global chemical industry is confronting multiple challenges—including shrinking demand, supply-chain disruptions, and surging trade barriers. At the same time, the global economy has demonstrated notable resilience: market demand is recovering steadily; inflation is gradually returning toward target ranges; and confidence in achieving a soft landing for the global economy is further strengthening—creating new opportunities for the global chemical industry. Overall, amid coexisting challenges and opportunities, signs of recovery are emerging across the global chemical sector, and the industry’s broad-based downturn is easing. General Overview In 2024, the global chemical industry continued its downward trend from 2023—but the contraction significantly narrowed, and regional divergence accelerated. Early signs of bottoming out in profitability among leading enterprises have appeared. The combined chemical revenue of the top 50 global chemical enterprises totaled RMB 755.321 billion (all figures in RMB unless otherwise specified), down 1.0% year-on-year—a 4.9 percentage-point improvement over 2023. Data Source: Corporate financial reports and publicly available data, collected, compiled, and analyzed by the China National Chemical Information Center. (Click image to view high-resolution version) Specifically, Sinopec ranked first on the 2024 Global Top 50 Chemical Enterprises list with chemical revenue of RMB 52.386 billion; BASF Germany followed closely in second place with RMB 50.412 billion; and Dow U.S. secured third position with RMB 30.598 billion—surpassing ExxonMobil U.S. Sinopec posted a recovery-oriented growth pattern, with its chemical revenue turning from decline to growth, rising 1.7% year-on-year. BASF Germany’s chemical revenue fell 4.3% year-on-year, while Dow’s declined 2.7%. Fertilizer prices—having peaked in 2022—continued falling, dragging down performance at fertilizer producers such as Yara Norway and Mosaic U.S. Their results deteriorated further following steep 2023 declines—though the pace of decline moderated. Mosaic recorded the largest year-on-year drop in chemical revenue among the Top 50—down 17.9%—causing its ranking to plummet 11 places. ▲ Year-on-Year Ranking Changes for the 2024 Global Top 50 Chemical Enterprises (Click image to view high-resolution version) Regional Distribution Of the Top 50, 45 companies are headquartered in the U.S., China, Europe, Japan, and South Korea—up one from 2023. Specifically: 12 U.S. firms (unchanged from 2023); 11 Chinese firms (+1); 7 Japanese firms (+1); 6 German firms (unchanged); and 2 South Korean firms (unchanged). Chinese enterprises performed notably well: Sinopec, PetroChina, Formosa Plastics, Hengli Petrochemical, Syngenta, Rongsheng Petrochemical, Wanhua Chemical, Dongfang Shenghong, Hengyi Holdings, Tongkun Group, and Xin Feng Ming all made the list—with Xin Feng Ming entering for the first time. Revenue Growth Regarding revenue growth rates, more than half of the Top 50 enterprises posted higher chemical revenue in 2024: 32 companies saw increases. Tongkun Group (China) led with 22.6% year-on-year growth—the fastest among all; Hengyi Holdings (China) ranked second at +10.0%; INEOS ranked third at +9.9%; and Xin Feng Ming (China) ranked fourth at +9.1%. Additionally, Japan’s Resonac and U.S.-based Eastman Chemical re-entered the list with growth of 1.1% and 3.0%, respectively.

Net Profit Doubles, Soars, Approaches RMB 10 Billion! Chemical Giants Stage a Collective Recovery—A Comprehensive Review of Q2 Financial Results from Global Plastics & Chemical Enterprises

From late July to early August, the global chemical industry entered a dense disclosure period for second-quarter 2025 financial results. From North America to Europe, the Middle East to Asia, multiple plastics and chemical giants collectively reported strong results: Dow posted a 20% year-on-year increase in net sales; BASF ended 14 consecutive quarters of declining revenue; and Wanhua Chemical forecasted a >60% year-on-year rise in its first-half net profit. Yet beneath the headline numbers, the drivers behind this recovery differ markedly: some companies benefited from price hikes; others from one-time gains from asset divestitures; still others from capacity ramp-ups and volume growth in new materials. Below is a regional review of the latest performance highlights. North America: Dow’s Strong Rebound; Eastman’s Volume-Price Dual Growth 1. Dow Inc. Q2 net sales: USD 12.1 billion, up 20% year-on-year. According to its earnings release on July 27, Dow achieved growth across all operating segments and regions in Q2. Local pricing rose 20% year-on-year—driven primarily by its Packaging & Specialty Plastics segment—with polyethylene prices increasing across all regions. Profit rebound was even more pronounced: GAAP net income reached USD 802 million; operating EPS stood at USD 1.44, versus an operating EPS loss of USD 0.42 in the prior-year quarter. Operating EBIT totaled USD 1.6 billion—up USD 1.7 billion year-on-year. Dow attributed this turnaround to higher pricing and internally driven operational improvements. Notably, operating EPS excluded a USD 0.45-per-share charge related to major initiatives—including costs associated with its ‘Transform to Outperform’ program, currently underway. The program’s progress will directly influence second-half performance. 2. Eastman Chemical Company Q2 sales revenue: USD 2.513 billion, up 10% year-on-year. Eastman released its Q2 results on August 3, delivering a robust performance marked by simultaneous growth in both volume/product mix and pricing—each contributing 5% and 4%, respectively, to overall revenue growth. On the profit front, EBIT amounted to USD 311 million; adjusted EBIT reached USD 320 million; and adjusted diluted EPS stood at USD 1.97. Net cash flow from operating activities totaled USD 224 million. Eastman had cut nearly 1,000 jobs in 2025 amid mounting profitability pressure. Its back-to-back quarterly revenue recoveries signal improving market conditions for its specialty materials businesses—including advanced intermediates, specialty plastics, and fiber products. 3. LyondellBasell Industries One of the world’s largest polyolefin producers, LyondellBasell disclosed its Q2 results on July 31. Q2 net income reached USD 559 million—versus only USD 115 million in the prior-year quarter. The company had endured a difficult 2025: it posted a USD 79 million adjusted net loss in Q4 2025 and announced dividend cuts in Q1 2026. Among the items identified in its Q2 disclosures, a pre-tax disposal loss of USD 734 million—stemming from the sale of certain European assets—was the primary one-time factor affecting GAAP net income. The company stated that the European asset sale aims to structurally improve cost efficiency and align its European footprint with long-term strategic goals. Additionally, the company’s first-half free cash flow and cash improvement initiatives continued progressing steadily, with capital expenditures running below prior-year levels.