20 Companies! Chemical Giants’ 2024 Performance Summary!

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 results. Given the market conditions in 2024, several giants announced a series of cost-cutting measures. Specifically: BASF On February 28, BASF released its full-year 2024 results. Total sales for 2024 amounted to €6.53 billion (approximately RMB 49.649 billion), down from €6.89 billion in 2023—a decrease of €360 million year-on-year. EBITDA stood at €6.7 billion, down €500 million from €7.2 billion in 2023; EBIT was €2.0 billion, down €206 million year-on-year; net income reached €1.3 billion, compared to €225 million in 2023—significantly higher than the prior year. By year-end 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 year-on-year; 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 approximately 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 slightly by 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 (compared to €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 increased by 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.

Shutdowns haven’t subsided, yet price hikes are surging again! The global plastics and chemicals industry has entered a phase of deep structural adjustment—who can withstand it, and who is exiting?

The 2026 plastics and chemicals industry price hike wave exhibits three prominent features: broad scope, high frequency, and large magnitude. Beginning in March, the trend gained momentum, with global giants—including BASF, Covestro, and Wanhua Chemical—leading the first round of price increases. By May–June, price hike notices were issued intensively, with some companies even pre-announcing July price adjustments. Celanese (USA): Simultaneous Price Increases Across Engineering Plastics and Acetyl Products On May 19, Celanese announced another round of price hikes for a range of engineering plastics, effective June 1, 2026. Affected products include ultra-high-molecular-weight polyethylene (UHMWPE), PA6, PBT/PET, TPC, TPV, PP, and high-temperature nylons (PPA), among others. This marks the third round of price adjustments this year—following previous hikes on April 1 and May 1. Eastman: Multi-category, Multi-region Price Increases Eastman announced simultaneous price increases across multiple categories and regions, covering core products such as amines, esters, polyesters, and solvents. Effective June 1, 2026—or as stipulated in individual contracts—the following adjustments apply: · Polyester and copolyester products: +$0.30/kg or +$0.14/lb; cumulative 2026 increase: $0.55/kg; Some copolyester products: additional +$0.05/kg on top of the April 2 announcement, bringing the 2026 cumulative increase to $0.55/kg; Cellulose ester polymers: +$0.25/kg; · All grades and packaging of Eastman™ DB solvent and Eastman™ EB solvent (excluding Eastapure): +$0.10/lb ($0.22/kg); · All grades and packaging of Eastman™ DB acetate, Eastman™ DE acetate, and Eastman™ EB acetate: +$0.10/lb ($0.22/kg); · All grades and packaging of Eastman™ n-butyl acetate (excluding Eastapure): +$0.15/lb ($0.33/kg); · All grades and packaging of Eastman™ n-propyl acetate and Eastman™ PM acetate: +$0.15/lb ($0.33/kg). Tosoh (Japan): Across-the-board Increases for Polyethylene, PVC, and Flame Retardants Tosoh recently issued a price adjustment notice covering multiple core products—including polyethylene resins, electrolytic manganese dioxide, and flame retardants: (1) Effective June 1, 2026, the following adjustments apply: · All grades of electrolytic manganese dioxide: further increase of ¥100/kg or more over current prices; · All grades of paste-grade PVC resin: further increase of ¥15/kg or more over the March 31 price hike; · Brominated flame retardants (tetrabromobisphenol A / product name: Flamecut® 120G): further increase of ¥60/kg or more over current prices; · PVC resins: further increase of ¥15/kg or more over current prices. (2) Effective for deliveries starting May 21, 2026, polyethylene resin prices will rise by ¥45/kg or more. Affected products include: low-density polyethylene (Petrocene®), linear low-density polyethylene (Nipolon®-L, Nipolon®-Z), ultra-low-density polyethylene (LUMITAC®), high-density polyethylene (Nipolon Hard®, Nipotec®), ethylene-vinyl acetate copolymer (Ultracene®), polyolefin-based adhesive resins (Mersen®), and high-melt-strength polyethylene (TOSOH-HMS®).

Eastman Chemical Cut at J.P. Morgan as Commodity Spreads No Longer Favorable

1 day ago

J.P. Morgan downgraded Eastman Chemical to Neutral from Overweight citing unfavorable commodity spreads driven by rising propane and falling propylene and ethylene prices, causing the stock to slip 2.6%.

Seeking Alpha

2026-01-30

Eastman Chemical, Kolmar Korea Forge Partnership to Advance Biodegradable Personal Care Solutions

2026-04-06

Eastman Chemical Co (EMN) Shares Drop 3.04% on April 6

2026-04-06

Eastman Chemical Co. Stock Underperforms Monday Compared to Competitors

2026-04-08

Global Amines Market Growth Driven by Arkema, Eastman Chemical in North America and Europe Expansion

2026-04-08

Eastman to Post Q1 Results April 30, Hold Webcast May 1