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

Lanxess: Q3 sales amounted to €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: Group sales for Q3 totaled €1.52 billion, down 29% year-on-year; EBITDA was €152 million, down 67%; net profit for Q3 was €34 million. Clariant: Organic sales for Q3 were 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 group sales for the first three quarters of 2023 totaled CHF 3.315 billion, down 7% year-on-year. North America Dow: Net sales for Q3 were $10.7 billion, down 24% year-on-year; GAAP net income was $327 million, compared to $760 million in the prior-year quarter. LyondellBasell: Sales revenue for Q3 was $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 quarter. Sherwin-Williams: Net sales for Q3 were $6.117 billion, up 1.1%; net income was $298 million, up 10.7%; EBITDA was $1.27 billion, up 12.6%. Nutrien: Sales for Q3 were $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 quarter. PPG: Net sales for Q3 were $4.644 billion, up 4% year-on-year; net income was $430 million, up 29%. Ecolab: Net sales for Q3 were $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 quarter. Mosaic: Revenue for Q3 was $3.5 billion, down ~34% year-on-year; net loss was $4 million, compared to net income of $842 million in the prior-year quarter; EBITDA was $594 million, down 65%. Westlake Chemical Corporation: Net sales for Q3 were $3.115 billion, down 21.3% year-on-year; net income was $285 million, down 46.5%; EBITDA was $682 million, down 15%. DuPont: Net sales for Q3 were $3.1 billion, down 8% year-on-year; operating EBITDA was $775 million. Air Products: Sales for Q3 were $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): Net sales for Q3 were $2.82 billion, down 8% year-on-year; EBITDA was $506 million, down 10%.

Wanhua Chemical: Global Leader in Independent Innovation for MDI

Polyurethane applications are extensive, and MDI—the key raw material—features high synthesis barriers. Rising energy costs overseas have accelerated the recovery of domestic MDI margins. Post-pandemic, MDI margins rebounded rapidly. In 2022, new MDI capacity additions were limited, while pro-growth policies bolstered MDI demand. Under an oligopolistic market structure, domestic MDI profitability stabilized following a post-peak correction in 2022. Demand side: Following the Central Economic Work Conference, government work conferences reiterated prioritizing ‘stable growth’; policy measures such as ‘expanding investment, stimulating consumption, and unleashing domestic demand potential’ are expected to sustainably boost MDI demand. Supply side: In 2022, only two new MDI capacity projects came online—Wanhua’s Fujian plant (400,000 tons) at year-end and Wanhua’s Yantai technical upgrade expansion (100,000 tons)—resulting in minimal new supply. Margin dynamics: Following easing of domestic pandemic restrictions, MDI margins recovered swiftly. As of end-June 2022, the composite MDI–benzene spread stood at the 54th percentile historically—up 18 percentage points from its early-June low, yet still 6% below the historical average. We believe the most severe pressure on MDI margins has passed, price-related risks have been substantially mitigated, and the industry is poised to enter a new cycle driven by evolving supply-demand fundamentals. Cost side: Crude oil and natural gas prices surged significantly in H1 2022. Europe bore a heavier impact due to the Russia-Ukraine conflict: per ICE data, Dutch TTF natural gas futures rose to €145/MWh on June 30, 2022—up 80% and 628% from the start of 2022 and 2021, respectively. According to Baichuan Yingfu, European MDI production facilities include Covestro (790,000 tons), BASF (650,000 tons), Huntsman (470,000 tons), Dow (390,000 tons), and Wanhua BC (350,000 tons), totaling 2.65 million tons—representing 27.5% of global MDI capacity. European isocyanate plants rely primarily on natural gas for energy and syngas generation. Amid soaring natural gas prices, Huntsman announced in March 2022 a €300/ton natural gas surcharge on MDI and other products sold in Europe. Per Bloomberg data, as of June 2022, crude MDI prices in the U.S. and Europe exceeded those in China by $4,218 and $757 per ton, respectively. Our calculations indicate that, based on average June 2022 prices, MDI production costs in the U.S. and Europe were approximately RMB 2,094 and RMB 6,093 per ton higher than in China. We believe Wanhua Chemical is well-positioned to leverage its MDI cost advantage to expand exports to Europe amid declining marginal shipping costs. According to Baichuan Information, China’s MDI sector turned net-exporting in 2015. From 2017 to 2019, average annual net exports were ~340,000 tons; pandemic-hit 2020 saw net exports fall to 250,000 tons, while 2021 witnessed a sharp rise to 770,000 tons. In 2022, polymer MDI exports in May reached 114,200 tons, up 1.3% year-on-year; export average price was $2,300/ton, up 11.8% year-on-year and flat month-on-month. Cumulative net exports for Jan–May totaled 326,100 tons, up 0.4% year-on-year. For pure MDI, the May export average price was $2,541/ton, down 5.7% year-on-year but up 0.5% month-on-month; cumulative net exports for Jan–May totaled 26,900 tons, up 10.4% year-on-year.

Olin Shares Fall After BofA Downgrade Cites Huntsman Deal Risks, Slower Recovery

Jul 5, 2026

Olin shares dropped after BofA cited Huntsman deal risks and a slower-than-expected recovery in the chlor-alkali sector, noting demand improvements are not materializing quickly enough.

MSN

2026-02-18

Huntsman Q4 earnings down on pricing, MDI outage

2026-03-28

Huntsman Corp Stock: A Deep Dive into Chemical Industry Resilience and Investor Opportunities in 2026

2026-03-29

Huntsman stock surges 63% after Fair Value spotted opportunity

2026-04-05

Huntsman Textile Effects Introduces High IQ Lasting Black Eco Dye

2026-04-06

Huntsman Corp (HUN) Shares Down 4.73% on Apr 6