Summary of the 2022 fiscal year performance of the world’s top 50 chemical companies

Lanxess achieved sales growth of 32.6% year-on-year in 2022, reaching €8.088 billion; EBITDA from continuing operations rose 14.1% to €930 million. Nouryon reported sales of approximately $5.8 billion in 2022, up 17% year-on-year; adjusted EBITDA increased 15% to $1.24 billion. III. North America Dow posted net sales of $56.9 billion in 2022, down 3.45% year-on-year; net profit declined over 27% to $4.64 billion. In Q4, net sales totaled $11.859 billion, down 17.6% year-on-year; net profit stood at $647 million, down 64.05% year-on-year. LyondellBasell recorded sales of $50.45 billion in 2022; net profit was $3.9 billion, compared to $5.6 billion in the prior year; EBITDA was $6.3 billion, versus $8.7 billion in the prior year. Nutrien achieved sales of $37.884 billion in 2022, up 37% year-on-year; EBITDA reached $12.2 billion, up 71% year-on-year; net profit amounted to $7.7 billion, up 142% year-on-year. Sherwin-Williams reported full-year net sales of $22.149 billion (approx. RMB 149.5 billion), up 11.1% year-on-year; net profit was $2.0201 billion, up 8.35% year-on-year. Mosaic reported revenue of $19.1 billion in 2022, up 55% year-on-year; adjusted EBITDA was $6.2 billion, up 73% year-on-year; net income was $3.6 billion, up 120% year-on-year. PPG Industries recorded net sales of $17.7 billion in 2022, up about 5% year-on-year; net profit was $1.028 billion, down 28% year-on-year. Corteva reported full-year net sales growth of 11%, reaching $17.46 billion; GAAP net profit was $1.22 billion, down 33%; adjusted EBITDA was $3.22 billion, up 25%. Westlake Chemical Group reported net sales of $13.4 billion and net profit of $3.35 billion in 2022. DuPont reported net sales growth of 8% in 2022, reaching $13.0 billion; EBITDA was $3.26 billion, up 3%; GAAP net profit was $1.06 billion, down 12%. Air Products recorded fiscal-year sales of $12.7 billion, versus $10.3 billion in the prior year; net income attributable to the company was approximately $2.3 billion, versus $2.1 billion in the prior year. Eastman reported full-year sales of $10.58 billion in 2022, essentially flat year-on-year; EBIT was $1.159 billion, slightly below $1.281 billion in 2021; adjusted EBIT was $1.339 billion, down 18% year-on-year. CF Industries reported net sales of $11.19 billion in 2022, versus $6.54 billion in 2021; net profit was $3.35 billion; adjusted EBITDA was $5.88 billion. Celanese reported net sales of $9.7 billion in 2022—a record high—up 13% year-on-year; consolidated operating profit was $1.4 billion; adjusted EBIT was $2.2 billion.

Why are we still underestimating the impact of disruptions in the chemical products supply chain?

When there’s a teacher among three people walking together, one should learn from them—welcome to follow us. Back when severe winter weather hit the U.S., we published an article titled: “We May Be Underestimating the Impact of Chemical Supply Chain Disruptions.” Although we had mentally prepared ourselves thoroughly, we still did not anticipate such sharp price surges for chemical products—far exceeding market expectations. Chapter I: Prediction and Trading Are Two Different Things Trading is difficult precisely because predictions are often inaccurate, and financial market volatility moves far faster than expected. Judgment and trading must therefore be governed by independent, systematic frameworks. If judgment proves wrong but trading follows strict risk-control procedures, disciplined capital management, and rigorous entry/exit rules, risks can be effectively mitigated. We often say, “Believe in yourself,” because we face fierce societal competition—only inner strength and greater self-confidence enable us to stand firm in society. However, trading is a battle against our own greed and fear—and we cannot defeat ourselves! Once we do, we cease to be ourselves; what meaning remains in defeating oneself? Moreover, human nature is inherently unconquerable; thus, we can only constrain and regulate it through discipline. Chapter II: The Unique Characteristics of Chemical Production Facilities What is the first principle underlying chemical plants? Metal piping plus complex reaction vessels—this fundamental configuration means chemical plants are prone to frequent failures and require annual maintenance. For example, in October 2020, concentrated maintenance on styrene units triggered a surge in spot prices—from over RMB 5,000 to RMB 10,500 per ton. Additionally, chemical facilities pose enormous safety risks: explosions can cause massive loss of life and property, demanding extremely high safety standards. Furthermore, iron rusts easily; some facilities cannot remain idle for extended periods—so is cost truly the top priority for chemical plants? Why does a county government in Zhejiang Province burn RMB 100,000 daily into an idle PTA facility—producing nothing at all? Chapter III: Impact of Texas Weather in the U.S. Virtually all major U.S.-based Fortune 500 chemical enterprises were affected. Below are companies that have publicly declared force majeure due to production halts, as listed on their official websites: 1. Westlake Chemical Corporation Its U.S. caustic soda, chlorine, PVC, and vinyl chloride monomer (VCM) facilities were impacted by force majeure. The company holds 2.9 million tons/year of caustic soda capacity, over 2 million tons/year of PVC capacity, and 2.6 million tons/year of VCM capacity; chlorine capacity across five affected production sites exceeds 2.26 million tons/year. 2. Vestolit Due to insufficient supply of VCM feedstock from U.S. suppliers, its PVC production facilities in Colombia and Mexico encountered force majeure. Total plant capacity reaches 1.8 million tons/year. 3. Formosa Plastics USA Its 1.3-million-ton-per-year PVC facilities in Port Comfort, Texas, and Baton Rouge, Louisiana, were impacted by force majeure. As early as February 17, the company announced force majeure on all chlor-alkali product manufacturing. 4. Dow Chemical Multiple intermediate chemical production facilities in Deer Park, Freeport, Texas City, and Bayport (Texas); Hahnville (Louisiana); and Louisville (Kentucky) were impacted by force majeure. Products affected include: vinyl acetate monomer (VAM), methyl methacrylate (MMA), glycidyl methacrylate (GMAA), butyl methacrylate (BMA), glycidyl methacrylate (GMA), 2-ethylhexyl acrylate (2EHA), and butyl acrylate (BA).

Westlake Chemical faces earnings test after brutal Q1 loss

Aug 3, 2026

Westlake Chemical prepares to report second-quarter earnings following a significant first-quarter loss, with investor focus on profitability amidst high energy prices and industry overcapacity. Analyst sentiment remains cautious despite an overall buy consensus.

Investing.com

Westlake Chemical Faces Earnings Test Following Brutal Q1 Loss

Investing.com Nigeria

Westlake Chemical faces earnings test after brutal Q1 loss

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