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
lis
sa
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r
BP
r
Ch M
em its
ic ui
al
s
ai
C
BI
ax
Pr
SA
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or
p.
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ar
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pm as Oi
en l
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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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