Global Top 50 Chemical Companies’ 2021 Fiscal Year Performance Released! BASF, Dow, Hengli, Wanhua, etc.

Lanxess achieved sales of €7.557 billion in 2021, up 23.8% from €6.104 billion in the prior year. EBITDA excluding special items rose 17.2% to €1.01 billion, compared with €862 million a year earlier. AkzoNobel’s 2021 revenue grew 12% to €9.587 billion; operating profit increased 16% to €1.118 billion. Syngenta Group’s 2021 revenue rose 23% (US$5.2 billion) year-on-year to US$28.2 billion. Full-year EBITDA reached US$4.6 billion, up 14% year-on-year. Yara International reported 2021 revenue of US$16.6 billion and EBITDA of US$2.8 billion. North America Dow’s 2021 sales totaled US$55 billion, with operating EBIT of US$9.5 billion. Profitability improved across all operating segments; operating cash flow reached US$7.1 billion, and annual return on capital employed exceeded 22%. DuPont achieved net sales of approximately US$16.7 billion in 2021, up 16% year-on-year; operating EBITDA was US$4.2 billion, up 21% year-on-year; full-year adjusted EPS was US$4.30. Eastman saw growth across all businesses, driving sales up 24% to US$10.476 billion; EBIT was US$1.281 billion. Celanese reported net sales of US$8.5 billion in 2021, up 51% year-on-year—driven by 39% higher prices and 10% higher volumes. Adjusted EBIT reached US$2.5 billion, a new record high. Air Products reported fiscal 2021 sales of US$10.3 billion, up 17% year-on-year. Net income was US$2.099 billion, versus US$1.887 billion in the prior year. Ecolab’s 2021 revenue was US$12.733 billion, up 8% year-on-year; net income attributable to common shareholders was US$1.13 billion, up 193.76% year-on-year. International Flavors & Fragrances (IFF) reported net sales of US$11.66 billion in 2021, up 129% year-on-year; EBITDA was US$2.43 billion—up US$1.37 billion from US$1.06 billion in 2020. Huntsman achieved revenue of US$8.453 billion and net income of US$1.104 billion in 2021; adjusted net income was US$784 million, and adjusted EBITDA was US$1.343 billion. Celanese reported net sales of US$8.5 billion in 2021, up 51% year-on-year; consolidated operating profit reached US$1.9 billion and adjusted EBIT US$2.5 billion—both new record highs. Westlake Chemical’s 2021 sales were US$11.8 billion, up 57% from 2020; EBITDA was US$3.7 billion—up 196% versus three years ago. Corteva’s fiscal 2021 net sales were US$15.65 billion, up 10% year-on-year. Sherwin-Williams achieved net sales of US$19.9446 billion in 2021, up 8.6% year-on-year; EBITDA was US$3.1559 billion, down 8.29% year-on-year.

Severely Undervalued, Huge Domestic Substitution Potential, Highly Certain 'Small but Excellent' Leader—Now Taking Off

This is Original Article #1,269 from New Energy Frontline. Previously, Leo—due to his strong preference for Giant Power Tools—selected several companies similar to it and assigned them internal codes: 'Giant No. 1', 'Giant No. 2', and 'Giant No. 3' (later discontinued due to regulatory concerns). Both Giant Power Tools and Giant No. 2 (China Molybdenum Co., Ltd.) performed quite well, validating their underlying investment logic. However, Giant No. 3 underperformed expectations. Why? Today, we’ll track its progress. Giant No. 3 is Songjing Co., Ltd., a company engaged in coatings business, which has now grown into a leading domestic enterprise in the 3C coatings sector. 01 Giant No. 3 Its core business may sound unexciting—and even evoke perceptions of low-end chemical products—but in reality, many chemical products involve substantial technical sophistication. Moreover, the chemical industry is one where long-term growth companies frequently emerge. For instance, global coating giants PPG and Sherwin-Williams—whose businesses closely resemble Songjing’s—are both outstanding long-term compounders. However, these two are comprehensive coating companies, whereas Songjing focuses almost exclusively on the 3C sector. Even so, Songjing maintains gross margins around 50%—a figure that is truly extraordinary for any manufacturing business. To put this in perspective: even Tencent—a company renowned for its exceptional business model—has a gross margin of only about 50%. Songjing’s net margin, however, lags significantly. It stood near 20% around 2020 but has since declined sharply, approaching 10% recently—and fell below 5% in the first three quarters of 2025. Meanwhile, gross margin—though also declining—remains at 43%. This sharp divergence between gross and net margins is puzzling: as a B2B enterprise, Songjing’s sales expenses should be relatively stable, with little volatility. So where does the problem lie? A closer look at expense items reveals that sales and finance expenses have remained broadly stable. The main drivers of increased costs are management and R&D expense ratios—each rising by 2–3 percentage points, exceeding 12% and 14%, respectively. Why did these two ratios surge markedly over the past few years? According to financial statements, the primary reason is depreciation of newly commissioned fixed assets and amortization of intangible assets following the completion and commissioning of several IPO-funded projects. As for the rise in R&D expenses, it reflects the company’s intensified investment in passenger vehicle-related R&D—where automotive coatings represent Songjing’s entirely new growth trajectory. 02 Passenger Vehicle Business Has Emerged as the Second Growth Engine Compared with its 3C coatings business, passenger vehicle coating materials face far higher market entry barriers—including stricter technical standards, longer certification cycles, deeper supply-chain integration requirements, and greater capital commitments. To enter the passenger vehicle supply chain, suppliers must pass both ‘end-customer certification’ and ‘module-factory certification’. Certification processes are lengthy and rigorous: some joint-venture automakers even require finished vehicles—after coating application—to undergo one full year of natural outdoor exposure testing in designated environments, followed by aging performance evaluation upon return. The entire certification cycle typically takes 2–3 years. Coating materials must meet stringent performance criteria—including corrosion resistance, abrasion resistance, weather resistance, UV resistance, and low VOC (volatile organic compound) emissions. Especially for premium passenger vehicles, requirements for gloss, color consistency, and stone-chip resistance are exceptionally demanding (which explains why high-end cars have superior, more beautiful paint finishes in daily life).

Sherwin-Williams vs IFF: Financial Performance and Strategic Differences

Oct 23, 2026

Sherwin-Williams demonstrates superior margins and cash flow compared to IFF's volume-driven growth. Investors are monitoring IFF's debt levels as it prepares to sell its Food Ingredients division.

Trefis

2026-04-07

BNP Paribas Exane Lowers Price Target for International Flavors & Fragrances (NYSE:IFF)

2026-04-07

International Flavors & Fragrances Inc. Stock Underperforms on Tuesday

2026-04-08

International Flavors & Fragrances Inc. Given Consensus Recommendation of "Moderate Buy" by Analysts

2026-04-09

OFI Invest Asset Management Reduces Stake in International Flavors & Fragrances

2026-04-10

Douglas Lane & Associates LLC Sells 39,607 Shares of International Flavors & Fragrances Inc.