Top 100 Chemical Companies

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Top 100 Chemical Companies Ranked

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Marie Emmermann/Skizzomat

SPECIAL REPORT ICIS TOP 100 CHEMICAL COMPANIES

We unveil the ICIS Top 100
Chemical Companies, the
global producers ranked by
annual sales in US dollars.
While there was little
change among the top 10
giants, many leading
companies are generating
high growth and poised to
move up in the years ahead
www.icis.com

ICB_080914_033.indd 33



COMPETITIVENESS



BUBBLING UNDER



TOP 100 RANKING



ANALYTICS

34 In the slow growth year of 2013 beset by
price volatility, a number of players
performed remarkably well. The Top 100
companies raised their sales by an average
3.7% in 2013 compared with 2012. Among
the top 10, little has changed.

36 In the Top 100 rankings for global chemical
producers, see which companies are
moving up the ladder. Germany-based BASF
has extended its lead with sales breaking
above $100bn for the first time. China’s
Sinopec is in the #2 position, followed by
US-based ExxonMobil.

39 The revenue cutoff for the Top 100 of
$3.9bn was just out of reach for a number
of companies. But plenty of heavy hitters
and high growth firms are moving fast up
the ranks. See which ones are poised to
break through.

40 Our data team slice and dice the data to
present a series of infographics to give a
view on major trends. See what share of
sales the top 10 players have taken
through the years, which companies have
the best and worst return on sales, and
how Top 100 sales move with the IPEX.

8-14 September 2014 | ICIS Chemical Business | 33

04/09/2014 16:56

SPECIAL REPORT ICIS TOP 100 CHEMICAL COMPANIES

ICIS Top 100
competitiveness
on display
In the overall slow economic growth year of 2013, many in the
ICIS Top 100 Chemical Companies performed remarkably well

Annual sales of the leaders have
grown remarkably over the long run
NIGEL DAVIS LONDON

T

he ICIS Top 100 Companies listing of
the world’s major chemical producers for 2013 highlights the financial
performance of a wide range of companies in a difficult year.
Chemicals output growth was restricted
globally in 2013, weighed down still in the
aftermath of the 2008-2009 crash and financial crisis. Firms battled with low growth
and price uncertainty. Some performed remarkably well against this backdrop while
others faced stiff competition, particularly in
the faster-growing markets in various parts of
the world.
The ICIS Top 100 Companies ranks the
world’s largest chemical producers by sales
expressed in US dollars, using year-end exchange rates. It presents an extensive set of
comparable financial data on the sector’s lead-

ing companies ranging from profits to assets
and employees.
The data shown are taken from the financial reports and other sources of information
for 2013, or the latest financial or fiscal year
for some players. All the major chemical producers are included, and footnotes explain
the background to some entries. ICIS uses corporate data wherever appropriate to capture
as much financial information as possible on
individual company performance. We split
out the chemicals operations of the oil majors,
often with their assistance.
The Top 100, therefore, reflects the performance of the leading producers of a significant number of intermediates and materials
which underpin modern life. These range
from industrial commodities to polymers,
advanced materials and essential ingredients
for the food, pharmaceuticals and personal
care industries.

34 | ICIS Chemical Business | 8-14 September 2014

ICB_080914_034-039.indd 34

The rankings are by sales with volume
growth and price performance, along with
mergers and acquisitions (M&A) moving companies in the listing. The Top 100 companies
raised their sales by an average 3.7% in 2013
compared with 2012. The ICIS Petrochemical
Index (IPEX) – an indicator of global petrochemical prices – was essentially flat year on
year. Exchange rate movements, year to year,
can have an impact on the position a company holds in the table.

SLOW GLOBAL ECONOMIC GROWTH
The main feature of 2013 was slow global economic growth, including the slowdown and
increased competition in China, which had
been the driver for so much chemicals demand; virtual stagnation in the eurozone; and
a still slow-growing US economy.
Data collected by the American Chemistry
Council (ACC) show that global chemical
www.icis.com

04/09/2014 16:32

SPECIAL REPORT ICIS TOP 100 CHEMICAL COMPANIES

higher while those from China were higher
by 14.0%.
The Top 100 data show how producers performed against this challenging backdrop of
increasing competition in the world’s fastest
developing chemicals markets, largely China
and wider Asia Pacific.

Rex Features

SALES GROWTH THROUGH THE YEARS
A sign of how strongly players in this industry are able to grow, even in these testing
times, is that the cut-off point for inclusion in
the Top 100 is now $3.90bn. Ten years ago it
was $1.96bn, 20 years ago the analysis included 88 companies and the cut off was $792m.
For some years now, ICIS has included a
“bubbling under” section in its Top 100 to
show which players might move into the
main listing in future.
The ICIS Top 100 Chemical Companies is
truly a global listing although it reflects a
chemical industry dominated by players
based in western Europe, the US and Japan.
There is only one major chemical producer
from the Middle East in the Top 50, Saudi
Arabia’s SABIC, and the listing for 2013 takes
into account the privatisation of Iran’s National Petrochemical Company (NPC) with companies once under its umbrella now held by
other entities.

sales in 2013 rose by 4.02%. Sales in this context are equal to shipments (value of output
from a country), less exports, plus imports,
and are equivalent to apparent consumption.
The data are telling. North America chemical sales (apparent demand) were 1.4% higher in 2013, while sales in Latin America were
down 2.8%. Western Europe chemical sales
were up 4.8% and Asia Pacific chemical sales
(including China) up 6.4%. China chemical
sales were 14.3% higher.
Of course, for the chemical producer, it depends on who is supplying product to meet
demand in different parts of the world.
Chemical shipments in 2013 (the data are,
once again, from the ACC) were 4.0% higher
year on year. They were up 1.4% in North
America, down 1.3% in Latin America,
climbed 4.1% in western Europe and were
down 2.2% from the Africa, Middle East region. Asia Pacific shipments were 6.4%
www.icis.com

ICB_080914_034-039.indd 35

MINOR CHANGES IN TOP 10
There is little change in the Top 10. LyondellBasell and Shell have swapped sixth and seventh places because the latter’s sales declined
further than the former’s. A change in accounting practices helped depress Shell’s full
year reported chemicals sales volumes but the
company said that chemicals trading volumes
had been higher. Bayer has swapped with
INEOS to take the number 10 position.
LyondellBasell reported lower sales in
2013 but record profits driven by the company’s advantageous cost position in the US
based on the ready availability and low price
of natural gas liquids (NGLs), and shale
gas condensate.
BASF pushed sales up by 2.6% in euro
terms and 7.2% in US dollars. It is now a
$100bn-plus company, the first chemical producer to reach that level. China’s Sinopec, a
company run very much to fuel downstream
manufacturing demand for petrochemical
products and intermediates, grew much more
strongly as China’s appetite for chemicals
continued to grow.
The spurt in sales reported by Mitsubishi
Chemical reflects modest domestic demand
growth in Japan and changes in the fiscal years
of consolidated subsidiaries. Dow Chemical
said that it had made sales gains on an adjusted basis in all geographic areas apart from Europe, Middle East and Africa and that emerging markets represented 35% of total sales for

the first time in the company’s history. DuPont
said that its sales volumes in 2013 were 5%
higher and local selling prices down 1%.

STRONG PROFIT GAINS
The thrust for most producers in 2013 was to
contain costs and work to drive profits higher
despite relatively weak demand growth and
the difficult pricing environment. The operating profit data particularly illustrate that with
some firms showing sharp gains on 2012.
Strong profits growth was shown by companies with an advantaged feedstock position, such as any petrochemical producer
with cracker operations in the US or the Middle East.
Upstream players in other parts of the
world generally were in a much higher feedstock cost position, particularly if they were
cracking naphtha. Crude oil prices were remarkably stable through 2013 while naphtha
prices remained high and climbed by close to
20% between May and December.
Olefins demand improved somewhat in
2013 and polymers growth was stronger in Europe. The so-called ethylene cycle, essentially
the supply/demand balance for the most widely used petrochemical, continued to improve.
That was not the case in certain other markets where supply outstripped demand. The
management of operating rates generally in
2013 was very much needed to maintain balance in some markets where demand growth
was weak and uncertain.
UNCERTAINTY PERSISTS
Uncertainty continued to plague the industry
in 2013 and has continued to do so in 2014.
Dow Chemical’s CEO, Andrew Liveris, talked
in the company’s 2013 annual report about
taking specific actions to generate strong financial performance in an increasingly uncertain and slow-growth world.
“It was a demanding year with a lot of
headwind for the industry,” said CEO Kurt
Bock in BASF’s annual report.
That headwind has eased somewhat in
2014 with most companies reporting top line
growth in the first and second quarters compared with 2013. The momentum for growth
from the world’s economies, however, remains weak.
There was not as much red ink across the
sector in 2013 as in previous years, and there
were some encouraging turnarounds. Profit
gains at the operating level were accompanied
by astute financial and asset management
which helped improve the level of profit available from sector companies to shareholders.
Chemical producers, large and small, recognise that they operate in a more challenging
growth and cost environment but one in
which there are clear opportunities for above
average performance. ■

8-14 September 2014 | ICIS Chemical Business | 35

04/09/2014 16:32

SPECIAL REPORT ICIS TOP 100 CHEMICAL COMPANIES

THE ICIS TOP 100
Rank Company
2013

Sales
$m
2013

Operating
profit

% Change
reporting
currency $

1

BASF a

2

Sinopec b

72,281 6.2

9.3

3

ExxonMobil b

59,273 -2.6

-2.6

4

Dow Chemical

57,080 0.5

0.5

101,906 2.6

$m
2013

$m
2012

Net profit
$m
2013

$m
2012

7.2 10,019 8,889 6,670 6,354

Total assets

R&D

Capital
spending

$m
2013

%
$m
%
Change 2013 Change

88,694

7.2 2,528 10.7

-

-

-

-

5,180 4,885 3,828 3,898

27,475

5.2

-

-

6,804 1,665 4,447

69,501

-0.1 1,747 2.3
0.5

143

189

-

842

-

$m
2013

%
Change

Employee
numbers

2013

6,420 21.3 112,206
-

-

1,112 11.5

-

2,302 -11.9 53,000

% Change

1.3
-1.9

5

SABIC a

50,403 0.0

0.0 11,355 10,938 6,740 6,606

90,409

6

LyondellBasell Industries

44,062 -2.8

-2.8

27,298 12.7

7

Shell b

42,279 -7.6

-7.6

-

-

8

DuPont a

35,734 2.6

2.6

3,489 3,088 4,862 2,780

51,499

3.3 2,153 1.4

1,882

5.0

64,000

-8.6

9

Mitsubishi Chemical c

33,961 13.3

3.6

1,072

10

Bayer d

29,251 0.5

5.0

2,306 2,272

11

INEOS i

27,864 -10.8 -6.8

-

12

Total a, uu

25,743 1.4

1.4

-

13

Linde Group p

22,944 5.2

9.9

14

LG Chem

21,920 -0.5

0.4

15

Sumitomo Chemical c

21,779 14.9

5.1

16

Air Liquide p

20,974 -0.7

3.8

17

AkzoNobel e/p

20,099 -5.2

-0.9

911

18

Johnson Matthey c

18,598 4.0

14.0

747

581

565

19

Toray c

17,838 15.4

5.5

1,022

886

579

515

20

Evonik b/f

17,735 -3.7

0.6

21

Braskem

17,345 13.3 -1.7

22

PTT Global Chemical

16,787 -2.4

23

Reliance Industries c/h

16,074 10.5 -0.1

-8.7

5,102 4,676 3,857 2,848
-

-

-

-

-

-

8.4

40,000

0.0

1,561 47.3

3,174

13,300

-1.5

1,195 36.6

313

197

33,772

-3.8 1,303 -8.9

1,294

-7.8

56,031

1.6

-

-

36,117

4.1 1,584 13.6

1,904 17.6

57,200

3.6

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

2,991 2,709 1,814 1,624

45,115

-0.2

127

-4.8

63,487

1.2

1,651 1,793 1,203 1,414

16,524

6.2

-

-

27,066

3.2

14

3.2

1,392 13.0

-

-

3,591 3,330 2,347 2,185

34,571

4.8

365

7.8

2,970 12.2

50,000

1.0

1,320 1,197

676

22,129

-5.9

514

1.5

917

-15.8 49,600

-2.0

412

6,318

17.4

-

-

-

-

-

-

20,574 11.9

539

-4.8

1,106

6.3

45,881

7.7

1,407 2,393 2,773 1,540

21,901

-3.2

543

7.8

1,485 24.5

33,650

1.1

1,160

20,468

1.9

49

-5.4

2,395 75.7

8,096

9.9

1,064 1,172 1,017 1,111

13,216

-7.3

-

-

525

81.4

-

-

1,399 1,319

9,590

6.5

-

-

1,447

-3.4

-

-

980

958

1,843 1,374

-

150 -12.8

478

777

359

215
-

-542

-360
-

2,978 21.3

1,289 -28.0 21,966

-

FOOTNOTES

2012 figures are restated

Chemical segment figures. Includes

a
b

intersegment revenues, e.g. ­revenue
for sales of by-­products to o
­ ther
­divisions. For ExxonMobil,
­intersegment ­revenues of $20.2bn
in 2013 ($22.2bn in 2012).
Operating ­profit calculated by addition of earnings after income tax (US
and non-US) and income tax (US
and non-US). For Sinopec = external
sales with intersegment sales
c
Financial year-end March 31, 2014
d

Excludes Pharmaceuticals and
Consumer Health (2013 sales
€18.9bn; 2012 sales €18.6bn)
e

Announced in December 2012
­divestment of the North American
Decorative Paints business in 2013.
Operating profit and net profit figures
for 2012 exclude Q3 impairment
charge of €2106m related to
Decorative Paints
f

Excludes real estate and energy
­business areas. Real Estate
­segment divested as of July 17,
2013 and ­deconsolidated. Lithiumion business, classified as assets

held for sale as of December 31,
2013, reclassified as a discon­tinued
operation
g

2012 figures restated to reflect: the
group's new business ­organisation
effective from January 1, 2013;
­chlorovinyls activities planned to be
contributed to a 50:50 joint venture
with INEOS
h

Petrochemical figures. For SK
Energy, the sales revenue figure
includes intersegment sales
i

Financial figures represent INEOS
Group Holdings, Kerling, INEOS
Industries and INEOS Paraform but
excludes joint ventures
j

Excludes homes, healthcare segments and critical care segments
k

Financial year-end June 30, 2013
- chemical cluster only (polymers,
solvents, olefins & surfactants,
other chemical businesses).
Sales represents external and
­intersegmental turnover
l

Financial year-end May 31, 2014.
Reflects (i) revised cost estimates
and exit costs related to unpro­fitable
contracts related to the i­ndustrial

36 | ICIS Chemical Business | 8-14 September 2014

ICB_080914_034-039.indd 36

segment totaling $11.0m; (ii) the
write-off of the c­ ompany’s ­various
investments in Kemrock Industries
and Exports Ltd totalling $78.6m;
(iii) the loss on the proposed settle­ etween the Building
ment b
Solutions Group and the GSA for
$65.1m; (iv) the s­ trategic
­repositioning of c­ ertain operations
in Brazil for $6.1m; and (v)
­restructuring expense for $23.9m
m

BP Petrochemicals figures only.
Revenue represents third-party sales
as well as other operating revenues
and excludes the sales made by joint
ventures, which are equity accounted. BP’s underlying replacement cost
profit, excluding joint venture interests in Europe
n

2012 figures restated to reflect
adoption of IFRS 11 and
­reclassifications resulting
from discontinued operations
o
Adhesive Technologies segment only
p

2012 figures restated following
adoption of the revised IAS 19,
Employee Benefits
q

Momentive Specialty Chemicals

listed as FY2013 financials for the
Momentive holding company have
not been filed
r

Financial year-end September 30,
2013
s

Performance Materials and
Technologies figures used
t

Figures are for petrochemicals and
fertilizers only
v
Financial year end October 28, 2013
w

2013 and 2012 sales represent
total revenue. Last year's publication reflected operating revenue for
2012 and 2011
x

Georgia Gulf is now known as Axiall
Corp following a merger with the
chemicals business of PPG
Industries on January 28, 2013.
Financial data includes merged
­business from January 28, 2013
y

All company segments included.
ICIS Top 100 listing last year
­excluded Optical and Specialty
Materials, and Glass business
­segments
z

Financial year end December 21,
2013
aa

Financial data relates to 2012 and

www.icis.com

04/09/2014 16:32

SPECIAL REPORT ICIS TOP 100 CHEMICAL COMPANIES

Rank Company
2013

Sales
$m
2013

Operating
profit

% Change
reporting
currency $

$m
2013

Net profit

$m
2012

$m
2013

24

Agrium n

15,727 -1.9

-1.9

25

Lotte Chemical

15,570 3.4

4.3

462

349

271

26

Mitsui Chemicals c

15,200 11.4

1.8

242

46

-244

27

PPG Industries y

15,108 11.8 11.8 1,489 1,057 1,156

28

Merck Group

14,741 -0.4

$m
2012

14,668

3.3

3.3

14,331 9.4

6.3

31

Yara International p

13,950 0.8

-7.6
-1.2

635

109

832

%
$m
%
Change 2013 Change

$m
2013

%
Change

Employee
numbers

2013

% Change

15,800

9.0

-

-

297

10,123

4.0

30

9.5

-86

13,901

-2.1

326

-4.0

836

15,863

-0.1

488

7.7

515

41.9

41,400

5.6

763

28,680

0.5 2,072 4.0

561

29.2

38,154

-1.8
3.3

2,086 2,256 1,649 1,850

Syngenta
Formosa Chemicals & Fibre w

Capital
spending

1.1

2,219 1,270 1,666

29

$m
2013

R&D

15,977

1,630 2,216 1,063 1,498

4.1

30

Total assets

252

1,284 2,005 1,005 1,905

1,755 43.3
284

-49.5

1,099 82.7

-

-

14,271

11.1

20,216

4.0 1,376 9.5

625

23.0

28,149

17,590

4.5

-

-

-

-

-

-

14,661

0.4

21

6.7

729

13.7

9,759

21.2

32

Solvay g/p

13,691 -5.5

1,557

372

742

25,394

5.1

326

0.3

1,116

7.8

29,400

1.0

33

Ecolab

13,253 11.9 11.9 1,561 1,289

968

704

19,637 11.7

188

2.7

625

8.8

45,415

11.1

34

DSM

13,250 5.3

10.1

697

576

371

380

16,555

732 44.9

1,013 11.9

35

Chevron Phillips Chemical

13,147 -0.7

-0.7

-

-

36

SK Energy h

12,069 1.4

2.3

799

706

37

Praxair

11,925 6.2

6.2

38

LANXESS

11,434 -8.7

-4.6

-128

39

Shin-Etsu c

11,316 13.7

4.0

1,687 1,667 1,103 1,122

40

Borealis

11,220 7.9

12.8

41

Henkel Adhesive Technologies o

11,182 -1.7

2.7

-

-

-

-

-

-

42

Asahi Kasei c/j

10,978 13.7

4.0

669

381

-

-

-

-

-

-

43

Huntsman

10,847 -1.1

-1.1

510

845

128

363

9,188

3.4

140

-7.9

44

Sekisui Chemical c

10,782 7.6

-1.6

801

633

400

320

9,328

-2.5

-

45

Sasol k

10,658 11.1 -8.0

194

795

-

-

-

-

-

46

Sherwin-Williams

10,186 6.8

6.8

1,086

907

753

631

6,383

2.4

47

47

Air Products r

10,180 5.9

5.9

1,324 1,282

994

1,167

17,850

5.4

48

Eastman Chemical

9,350 15.4 15.4 1,862

1,165

437

11,845

1.2

49

Mosaic aa

9,027 -10.1 -10.1 1,340 2,203 1,063 1,852

-

-

2013 calendar years. Mosaic has
changed the financial year to end
December 31 from May 31
cc

Formed as a result of the Iranian
constitution calling for privatization
of state-owned industries/sectors.
Data provided by the company to
represent Chemical operations. Data
provided by Persian Gulf
Petrochemical Industry Company
and TAPPICO in US dollars
dd

Sales figure is before the elimination
of intra group sales. Operating and
net profit are adjusted operating
and net profit in the 2013 ENI
­annual report
ee

2012 figures restated following
adoption of new and revised Thai
Financial and Reporting Standards
(TFRS)
ff

Financial year has been changed to
end 31 December from 31 March.
Data supplied by DIC and reflects
adjusted figures for 2012
gg
Results filed as Trinseo SA
hh

Data provided by Mexichem in US
dollars
ii

Unaudited financial figures available

www.icis.com

ICB_080914_034-039.indd 37

891

2,743 2,403
-

-

2,625 2,437 1,755 1,692

269

1,065

-231

208

582

1,751 1,570

800

at time of completion


Petrochemical and Chemical

jj

­segments combined


Results reflect acquisition of

kk

Spartech on March 13, 2013 and
divestment of the vinyl dispersion,
blending and suspension resin assets on May 30, 2013
ll

Acquired assets comprsing Certain
Teed Corporation's Pipe and
Foundation Group ("PFG") business
on May 1, 2013. The acquisition is
accounted for in the vinyls segment
of the business
mm
Company name changed to ADAMA
Agricultural Solutions effective as of
January 23, 2014
nn

2012 figures adjusted to reflect accounting of the company's 63.1%
interest in Atlas using the equity
method following adoption of new
IASB accounting standards
oo

Chemicals only - chemicals &
­plastics plus specialty chemicals
& products
rr

Supermetals business was divested
in 2012. Includes the acquisition of
Norit, completed July 31, 2012

671
633

24,349

3.6

10,533 11.9

-

-

-

-

5,000

-

5,705

-

-

-

-

-

-

20,255 12.0

98

0.0

2,020

-7.3

27,560

3.8

9,383

-5.4

256

1.2

860

-6.3

17,430

2.8

21,343

4.7

423

5.7

649

-24.4 17,892

1.0

150 18.9

378

-10.3

6,227

16.6

-

-

24,440

0.8

593

-24.9

-

-

471

14.3

12,000

0.0

-

-

-

-

-

-

-

-

-

-

5.4

167

6.1

37,633

10.2

134

5.8

1,524

0.2

21,600

1.4

193

-2.5

483

3.9

14,000

3.7

8,200

-2.4

4.9
93.6

10,612 15.7

19,554 12.1


Results of operations related to FMC

ss

Peroxygens segment reclassified
as a discontinued operation on a
­retrospective basis
uu
Chemicals sales figure
COMPANIES EXCLUDED
PetroChina – Does not segment
­chemicals from refining business. Total
turnover of refining and chemicals
­business was CNY 871.8bn ($144.0bn)
for year ending December 31, 2013
(CNY 883.2bn in 2012). Production of
commercial chemical products was
21.1m tonnes in 2013 and 21.8m
tonnes in 2012
Repsol – No longer discloses its
­chemical figures
Koch – Does not segment chemical
data
OMV – Includes petrochemical operations in its refining and marketing
­segment
Shanghai Petrochemical Corp. –
Majority owned by Sinopec
Samsung Total – Sales equity accoun­
ted in Total and Samsung figures
ChemChina – Accounts not made public

1,427 -14.8

by the company.
China Blue Star Chem – Majority owned
by ChemChina
Formosa Plastic Corp USA – Not
­segmented in Formosa reports
Nan Ya Plastics – Sales a mixture of
chemicals and processed items
Yeochon NCC – Results included with
Hanwha and Daelim
Daelim – Below Top 100 in sales as
Yeochon NCC accounted as equity firm
Samsung – Does not consolidate
­various chemicals company interests
into one area
Flint Group – Accounts not made public
by the company
Lubrizol – Acquired by Berkshire
Hathaway on September 16, 2011.
Lubrizol business not segmented
PIC – Accounts not made public by the
company.
EXCHANGE RATE
Key financial exchange rates used for
2013 data (2012 in parentheses): €/$
1.378 (1.318) based on December 31
year-end, $/Yen 103.0 (94.2) based on
March 31 year-end.

8-14 September 2014 | ICIS Chemical Business | 37

04/09/2014 17:35

SPECIAL REPORT ICIS TOP 100 CHEMICAL COMPANIES

Rank Company
2013

Sales
$m
2013

Operating
profit

% Change
reporting
currency $

Net profit

Total assets

R&D

$m
2013

$m
2012

$m
2013

$m
2012

$m
2013

130

166

-

-

-

-

-

Capital
spending

%
$m
%
Change 2013 Change

Employee
numbers

$m
2013

%
Change

2013

-

-

-

-

-

% Change

50

BP m

8,628 -12.5 -12.5

51

Formosa Petrochemical Corp h

8,445

5.9

3.0

-

-

-

-

-

-

-

-

-

-

-

-

52

Arkema

8,401

-4.6

-0.4

528

858

231

290

7,544

3.3

198

1.7

663

4.9

14,000

0.0

53

Persian Gulf Petrochemical Industry
Company cc

8,117

-

-

1,442

735

722

225

13,442 -13.3

305

1.3

502

73.1

7,284

12.3
0.7

54

Versalis

8,071

-8.7

-4.6

-532

-637

-466

-521

-

-

-

-

433

90.7

5,708

55

Styrolution

7,990

-3.3

1.0

-

-

-

-

-

-

-

-

-

-

3,200

-

56

Ashland r

7,813

-4.8

-4.8

1,241

302

683

26

12,088

-3.5

178 29.9

314

5.4

14,600

0.0

57

Teijin c

7,614

5.2

-3.8

175

131

81

-309

7,458

-7.8

322

-8.6

300

-9.0

15,756

-5.3

58

Tosoh c

7,496 15.5

5.6

404

260

287

179

7,005

-10.2

121

-6.3

230

-17.3 11,421

1.4

59

Hanwha Chemical

7,448 12.9 14.0

93

2

8

28

12,130

4.2

62

-12.3

-

60

PotashCorp

7,305

-7.8

17,958

-1.4

-

-

61

GS Caltex b

7,260

16.7 17.7

-

-

-

-

-

-

-

-

-

62

Formosa Plastics w

7,208

9.4

6.4

-

-

693

510

13,677

9.9

-

-

-

63

Indorama Ventures ee

7,004

8.7

1.7

202

275

46

95

5,778

2.5

-

-

208

64

Alpek

6,875

-6.3

-7.3

223

577

69

338

4,437

-6.8

-

-

65

Clariant p

6,822

0.6

3.5

528

449

6

249

9,178

-11.2

66

Honeywell s

6,764

9.4

9.4

67

DIC ff

6,702 12.8 -7.2

68

Celanese

6,510

1.4

1.4

69

Orica r

6,445

3.4

-7.0

70

PKN Orlen b

6,433

-1.0

71

SCG Chemicals

6,419

3.2

72

ICL p

6,272

-3.1

-3.1

73

Sojitz b/c

6,249 12.7

3.0

136

110

74

Wacker-Chemie p

6,170

-3.4

1.0

207

75

Dow Corning

5,711

-6.7

-6.7

-

76

CF Industries

5,475 -10.3 -10.3 2,412 2,959 1,465 1,849

77

K+S p

5,442

0.4

4.9

904

1,060

599

840

10,330 18.8

78

EuroChem

5,381

6.3

-1.3

965

1,317

373

1,067

7,978

79

Trinseo gg

5,307

-2.7

-2.7

180

182

-22

30

2,575

-3.4

-

80

NOVA Chemicals

5,278

4.4

4.4

905

859

658

544

6,205

10.6

49

81

Mitsubishi Gas Chemical c

5,190 14.3

4.5

111

121

145

-83

6,388

-2.0

-

-

82

Mexichem hh

5,177

8.6

8.6

562

642

83

962

83

Parsian Oil & Gas Development z/cc

5,098

-

-

84

Kaneka c

5,094 10.1

0.7

241

168

132

85

Taiyo Nippon Sanso c

5,074 11.6

2.1

306

264

dd

-7.8

2,616 3,019 1,785 2,079

-

-

-

5,338

-7.6

-

-

-

-

-

-

-41.5

9,173

-

1,624 -23.9

223 16.9

113

-2.7

4,550

-3.2

328

-3.5

18,099

-14.6

-

-

6,827

6.7

-

-

429

30.8

-

-

402

255

204

-

-

188

-4.8

-

-

20,034

-1.6

1,508

175

1,101

372

9,018

0.2

85

-18.3

370

2.5

7,430

-1.6

920

680

562

418

8,038

1.6

44

-9.4

507

-16.8 14,500

-3.3

1.6

436

389

-

-

-

-

-

-

174

13.1

-

-

-3.5

-

-

345

88

5,871

1.6

-

-

-

-

-

-

820

1,302

7,974

8.6

83

11.9

827

16.1

12,152

-1.0

77

34

2,720

-6.7

-

-

9

-8.5

-

460

9

151

8,724

1.9

239

4.5

781

-

376

188

12,302

-7.5

-

-

-

-

10,000

-16.7

10,678

5.0

-

-

824

57.4

2,800

12.0

19

-25.1

1,023 66.7

14,421

0.4

-

-

1,271 1,154
382

1,101 1,554

2.7

-37.2 16,009

-1.7

986

6.9

22,310

11.6

-

74

-38.0

2,100

0.0

8.9

470

77.4

2,600

4.0

285

-10.7

5,445

2.3

-

-

17,300

-3.9

8,182

6.6

-

-

4,994

8.1

-

-

99

5,048

-1.8

-

-

339

0.5

-

-

196

-22

7,102

8.7

-

-

-

-

-

6.7

1,812 1,844 1,737 1,586

1,377 109.9 6,285

-

86

Airgas c

5,073

2.3

2.3

631

596

351

341

5,793

3.1

-

-

355

8.9

16,000

87

Givaudan p

4,905

2.6

5.5

778

684

550

448

6,963

1.5

456

4.6

140

-17.6

9,331

2.3

88

Momentive Specialty Chemicals q

4,890

2.8

2.8

9

205

-634

346

2,866

-14.1

73

5.8

144

8.3

5,000

-2.0

89

Tasnee

4,853

1.6

1.6

823

1,098

314

470

12,604

3.7

-

-

275

5.2

-

-

90

Occidental Chemical b

4,673

2.0

2.0

743

720

-

-

3,947

2.4

-

-

424

18.8

3,100

3.3

91

Axiall x

4,666 40.3 40.3

371

238

165

121

92

Petronas Chemical Group h

4,636

-8.4 -14.6 1,322 1,421 1,069 1,255

93

Compania Espanola de Petroleos
(CEPSA) h

4,492

-1.2

3.2

-

-

-

5,877 226.3

-

-

196

144.2

6,000

0.0

8,458

-0.2

-

-

526

66.9

-

-

-

-

-

-

-

-

-

-

4.8

94

RPM l

4,376

7.3

7.3

490

251

292

99

4,378

6.2

55

12.2

94

3.3

11,000

95

Valspar v

4,104

2.1

2.1

492

482

289

293

4,026

11.0

122

4.0

117

30.7

10,000

5.3

96

Lonza p

4,024

-8.7

-6.1

284

371

98

190

7,344

-4.5

125

-1.6

218

-31.0

9,935

-7.9

97

Daicel Chemical Industries c

4,016 15.4

5.5

368

278

222

163

4,949

1.0

-

-

-

-

-

-

98

Kuraray c/ii

4,013 11.9

2.4

481

522

285

306

6,156

-1.2

-

-

-

-

-

-

99

Showa Denko jj

3,965 31.1

7.8

66

-21

-

-

3,160

-15.7

-

-

92

-34.7

-

-

100

SIBUR h

3,903

-

367

-

-

-

-

-

-

-

-

-

-

-5.4 -12.2

38 | ICIS Chemical Business | 8-14 September 2014

ICB_080914_034-039.indd 38

www.icis.com

04/09/2014 16:32

SPECIAL REPORT ICIS TOP 100 CHEMICAL COMPANIES

BUBBLING UNDER
Rank Company
2013

Sales
$m
2013

Operating
profit

% Change
reporting
currency $

Net profit

Total assets

$m
2013

$m
2012

$m
2013

$m
2012

$m
2013

R&D

Capital
spending

%
$m
%
Change 2013 Change

Employee
numbers

$m
2013

%
Change

2013

% Change

101

FMC ss

3,875 13.6 13.6

616

598

294

416

5,235

19.7

118

5.1

222

25.2

5,600

-1.8

102

JSR c

3,827

6.1

-2.9

350

374

244

321

4,866

-5.1

-

-

205

-30.7

-

-

103

TAPPICO cc

3,796

-

-

5,793

47.5

-

-

1,754

-

-

-

104

PolyOne kk

3,771 31.8 31.8

232

138

244

72

2,944

38.4

53

27.4

76

33.1

7,000

40.0
10.0

1,703 1,180 1,668 1,018

105

Westlake Chemical ll

3,759

5.3

5.3

953

615

610

386

4,061

19.0

-

-

679

75.5

2,200

106

Denki Kagaku Kogyo (Denka) c

3,657 10.3

0.9

206

200

132

119

4,187

-5.0

-

-

-

-

-

-

107

Cabot r/rr

3,463

4.9

4.9

384

409

153

388

4,233

-3.8

74

1.4

264

-6.0

4,638

-3.9

108

Incitec Pivot r

3,180

-2.8 -12.5

739

348

527

7,179

-1.4

10

5.0

422

-35.1

5,286

0.8

109

Pemex h

3,081 14.0 12.8 -1,164

-806

-1,140

-869

8,536

-7.9

-

-

306

37.0

-

-

110

Makhteshim-Agan Industries mm

3,076

8.5

4,457

7.3

34

12.0

85

-14.8

4,564

1.4

111

Kemira

3,071

-8.3

112

Industries Qatar a/t

3,066

113

W.R. Grace

3,061

114

Methanex nn

3,024 18.9 18.9

115

IFF

2,953

4.7

4.7

116

Nippon Shokubai c

2,933 12.1

117

Zeon c

2,877 18.2

118

Ube c/oo

2,850

119

Asahi Glass b

120

Tata Chemical c

333

8.5

309

282

127

123

-0.5

3.9

59

44

-36

30

3,046

-6.2

44

-20.4

186

5.3

4,453

6.7

3.6

-

-

-

-

6,714

-5.1

-

-

-

-

-

-

-3.0

-3.0

-

-

256

40

5,396

6.0

65

1.1

156

12.8

6,700

3.1

464

-59

377

-35

3,443

4.8

-

-

269

136.7

1,000

-

485

443

354

254

3,332

2.6

134

6.4

6,000

5.3

2.5

133

107

102

89

-

-

-

-

-

-

-

-

8.1

290

252

191

157

3,600

-3.2

-

-

-

-

-

-

-4.2

4

66

-

-

-

-

-

-

-

-

-

-

2,761 13.0 -7.1

169

194

-

-

2,761

-7.1

-

-

197

-48.2

-

-

2,677

223

300

-172

74

-

-

-

-

-

-

-

-

4.7
7.9

-2.4

260 11.2

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ICB_080914_034-039.indd 39

8-14 September 2014 | ICIS Chemical Business | 39
14/08/2014 15:25

04/09/2014 16:32

SPECIAL REPORT ICIS TOP 100 ANALYTICS

ICIS Top 100 metrics
Our global analytics team slices and dices the numbers to bring you interesting
comparisons and trends for the ICIS Top 100 Chemical Companies
FAHEEM BEHARDIEN LONDON

TOP 100 SALES GROWTH
Percentage
25
20
15
10
5
0
-5
-10
-15

Year on year sales growth

-20

Average growth
20

01
20
02
20
03
20
04
20
05
20
06
20
07
20
08
20
09
20
10
20
11
20
12
20
13

-25

Rex Features

The Top 100 sales total has returned to growth
with a 2.3% increase in 2013, representing a
market that has more than doubled since
2003, and has had average annual growth of
7.8% since 2000. The global economic
recovery remains stop-start, as total sales in
recent years have illustrated, but further signs
of stable growth correspond with the $1.4
trillion (€1.02 trillion) in total sales registered
by the world’s elite producers in 2013.
SALES RETURN BY EMPLOYEE
$ million

PERCENTAGE SHARE OF TOP 100 SALES

CF Industries

Sales $bn

Top 10/top 100 share
Bottom 50/top 100 share

Top 100 sales

1,500

Share %
40

1,200

35

900

30

600

25

300

20

0

15

NOVA Chemicals
Braskem
Styrolution
Trinseo
Chevron Phillips
Chemical
LyondellBasell
Industries

2000

2001

2002

2003

2004

2005

2006

2007

2008

2009

2010

2011

2012

2013

The bottom half of the Top 100 listing has increased its share to 20.9%, the highest this century. This
comes on the back of new entries from two Iranian privatised companies and inclusion of Taiwan’s
Formosa Petrochemical Corp and South Korea’s GS Caltex. US-based Axiall, which was part of the
bubbling under section last year, has risen 13 places to enter the Top 100 at the 91 position, on boosted
sales following the inclusion of the former PPG commodity chemicals business from 28 Jaunary 2013.

40 | ICIS Chemical Business | 8-14 September 2014

ICB_080914_040-041.indd 40

0

0.5

1

1.5

2

2.5

3

3.5

Extracting the best out of the workforce is
imperative in pushing efficiency. LyondellBasell
heads the field in the sales/employee race,
while BASF has the largest workforce of those
disclosing employee numbers.

www.icis.com

04/09/2014 16:42

SPECIAL REPORT ICIS TOP 100 ANALYTICS

With the recent slowdown in China growth, the
next big player in other developing markets is
always being searched for. Here the top
companies outside North America, Europe and
Northeast Asia are assessed. Of the four
companies, all except Thailand’s PTT Global
managed a sales increase (in domestic
reporting currency) in 2013. However, South
Africa-based Sasol and Brazil-based Braskem
sales were particularly weighed down by weaker
currencies versus the US dollar. Average annual
growth rates (AAGR) were negative (in dollar
terms) for both, while India’s Reliance remained
steady. PTT Global shows a fluctuating sales
trend over the period, but has the highest
average yearly growth rate.

15

10

5

0

2011

2012

2013

10

5

0

Despite the lacklustre European
market, the region holds the lion’s share
of producers (aided by a stronger euro)
when it comes to the top half of the listing.
Half of the Asian contingent consists of
Japanese companies, with the seven
companies reporting higher sales (in yen) in
the year due to smoother operations
compared with recent years, which were
impacted by natural disasters. China’s
Sinopec leads the way in the region,
finishing second in the overall list, recording
a 9.3% sales rise in dollar terms. Continued
political disruptions in parts of the Middle
East leave SABIC as the sole
representative. It is worth noting that the
Iranian petrochemical industry has been
privatised with a hope of stimulating growth
within the sector.

ICIS TOP 100 SALES VS IPEX
IPEX
400

1,600

Top 100 chemical sales

IPEX (1993 = 100)

1,200

300

800

200

400

100

0

2000

2001

2002

2003

2004

2005

2006

2007

2008

2009

2010

2011

2012

0

2013

The ICIS Petrochemical Index (IPEX) edged down by 0.1% in 2013, mainly the result of a decline in the
Asian and European sub indexes with the latter falling by 1.0%. According to the Business of Chemistry
Industrial Production Index, published by the American Chemistry Council (ACC), chemical production
(excluding pharmaceuticals) increased by 2.7%, which is in line with the rise in the Top 100 Sales.
LARGEST NET PROFITS

BASF
6.67

Xxxxx xxxxxx

15

NOTE: *Graphic excludes SABIC

Sales, $bn

Xxxxx xxxxxx
Xxxxx xxxxxx
Xxxxx xxxxxx

Region by location of company headquarters
North America includes Mexico
Europe includes Russia

AmNo
er r th
ic
a
Eu
ro
pe

20

20

a

Braskem (AAGR -1.19%)
Reliance (AAGR 0.43%)
Sasol (AAGR -6.77%)
PTT Global Chem (AAGR 2.88%)

Ea So
st ut
As h
ia
Ea No
st r t
As h
ia

25

Xxxxx xxxxxx
Xxxxx xxxxxx

AmSo
er uth
ic
a
M
Ea idd
st le

Sales, $bn

TOP 50 CONSTITUENTS BY REGION

Af
ric

BIGGEST PLAYERS OUTSIDE THE TOP
THREE REGIONS*

Download the ICIS Top100 Chemical
Companies. Visit icis.com/pages/icis-top100-chemical-companies

BEST & WORST RETURN ON SALES 2013
Percentage

DuPont
4.86

50
Dow Chemical
4.45

Top 7

40
30
20

$ billion

10
0

www.icis.com

ICB_080914_040-041.indd 41

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pm as Oi
en l
tC
o
P
Ch et
r
Gr em ona
ou ica s
p l
Ce
la
ne
se

as

s

There are familiar faces in the top five but
ExxonMobil gives way to Dow Chemical after
significantly stronger displays by the latter
company’s Performance Materials and
Performance Plastics segments.

Po
t

LyondellBasell
Industries
3.86

In
du CF
st
rie

SABIC 6.74

ChHan
Coem wha
rp ica
. l
Si
no
pe
c
M
Ch S om
em pe en
ic cia tiv
al lty e
s
In
c
LA .
NX
ES
S

Bottom 7

-10

CF
Industries and PotashCorp have dominated the top two positions in this category for three
0
consecutive years, illustrating their dominance in the fertilizer market. Petronas and new entry,
Celanese, round off the top five. Petronas increased its profit margin by more than 2.0 percentage
points, aided by an 11.4% cut in depreciation and amortization and a huge 22.4% drop in selling,
general and administration (SG&A) costs.

8-14 September 2014 | ICIS Chemical Business | 41

04/09/2014 16:42

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ICB_080914_032.indd 32

04/09/2014 11:14

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