Marie Emmermann/Skizzomat

special report ICIS TOP 100 CHEMICAL COMPANIES

Welcome to the ICIS Top 100 Chemical Companies,

sponsored by distributor U.S. Chemicals. This list ranks
the leaders of the global chemical industry and is based on
2014 sales revenues. The year was challenging, especially
in the second half, as oil and chemical prices started to
collapse. Chemicals demand growth was lacklustre to say
the least: not as strong as expected in the US, minimal in a
Europe overshadowed by the eurozone crisis, and weaker
in the important China markets. See how the leading global
chemical producers performed in the global rankings.
www.icis.com

ICB_070915_025.indd 25

introduction

top 100 ranking

bubbling under

analytics

26 We examine key trends affecting chemical

industry performance in 2014

30 We list key financial data for the worlds

most important chemical producers

35 Potential leaders of the future who did not

quite make it onto the Top 100 list

36 The ICIS analytics team presents eight

graphs that highlight important trends

7-13 September 2015 | ICIS Chemical Business | 25

02/09/2015 17:41:51

special report ICIS Top 100 Chemical Companies

2014 was the year the oil price started to collapse, with a powerful impact on chemicals

Oil collapse
consequences
During 2014 the global chemical sector experienced a large and sustained
oil price drop which was good news for some, and bad for many others
nigel davis london

hemical producers had to chart a

course through some choppy waters
in 2014. The latest ICIS Top 100 annual listing of chemical producer financials highlights the diversity of the sector,
or, rather, the diverse impacts of global market
movements on chemical companies in 2014.
The year started reasonably well for most players but became more difficult, and increasingly
uncertain, as the months progressed.

Chemicals demand growth was lacklustre to

say the least: not as strong as expected in the
US, minimal in a Europe overshadowed by the
eurozone crisis, and weaker in the important
China markets.
Oil prices were high in the first half of the
year and US petrochemical producers continued to benefit greatly from low feedstock and
energy costs. The competitive landscape for
petrochemicals, the largest sub-sector of the industry has changed markedly with the shale
gas revolution and the drop in the price of

26 | ICIS Chemical Business | 7-13 September 2015

ICB_070915_026-028.indd 26

ethane and other natural gas liquids (NGLs),

important petrochemical feedstocks. Yet hardly anyone foresaw, or contemplated the potential impact, of a collapse in the oil price.
The impact, when it came, on chemicals
was customarily delayed by a few weeks and,
as it turned out, diluted. It was significant, nevertheless.
First, upstream, and then, increasingly,
downstream chemical prices began to fall. The
price declines were significant but not as severe as those for crude. The ICIS Petrochemical
www.icis.com

02/09/2015 18:12:35

IN ASSOCIATION WITH

TOP 100

METHODOLOGY
In the ICIS Top 100 ranking of
the leading chemical companies, ICIS lists the major
producers globally by sales
and collates a substantial
amount of financial information for the sector.
The Top 100 table published here is based on
performance in the most
recent financial year, which
for most companies was

calendar 2014.
The data shown are collected from public, private and
state-controlled chemical
companies including the
chemicals operations of the
major oil companies, industrial gases and fertilizer producers. The aim is to present
as comprehensive a picture
as possible of major sector
companies, to illustrate

trends in profitability as well

as top line performance.
The data illustrate profits
as well as sales growth
across the sector, debt levels,
capital and research and development (R&D) spending
and, where available, other
measures. In our analytics
feature (see page 36) we look
at some of the trends that the
numbers reveal.

CRUDE OIL VERSUS IPEX

Brent crude oil, $/bbl
300

600

Xxxxx xxxxxx

500

Xxxxx xxxxxx
Xxxxx xxxxxx
Xxxxx xxxxxx

200

400

Xxxxx xxxxxx

150

300

100

200

50

100

Warming images/Rex Shutterstock

250

Index IPEX), which reflects price movements

for a basket of 12 major petrochemicals and
polymers fell by 17% between August and December 2014.
That price decline was manifested, particularly in the third and fourth quarter financial
results of the major chemical producers. This
was reflected most clearly in the results of the
lowest feedstock cost players.
Meanwhile, the fall in naphtha and other
oil-based feedstock prices shifted the competitive position again for olefins producers
and some others. Naphtha cracking became
more competitive. Some producers began to
enjoy stronger cash margins.
The ICIS Top 100 for 2014 charts the fortunes of the leading producers of chemicals
globally. ICIS collects data from all the major
companies, including the oil majors who have
chemicals operations. This is a global listing.
What do the data show? The listing is ordered by sales, to external customers where appropriate. The table published here shows
sales, profits, assets, expenditure and employees data for the leading 100 chemicals and a
group of 20 firms that stand just outside that
cut-off point.
BASF heads the listing. It is the leading, diversified producer of chemicals, with an imwww.icis.com

ICB_070915_026-028.indd 27

IPEX

IPEX
Crude

0
Jul
2012

Jan
2013

Jan
2014

Jan
2015

Jul
2015

NOTE: IPEX = ICIS Petrochemical Index (petrochemical prices)

portant oil and gas operation which produced

sales of 15.1bn ($18.3bn) in 2014 from the
corporate total of $90.1bn.
The numbers shown for Sinopec and ExxonMobil in the table are for the chemicals operations of both firms. While most oil companies run highly integrated downstream
operations it is still possible to split out
chemicals sales and sometimes profits and

other data for the year. One exception for 2014

The fall in naphtha and other

oil-based feedstock prices
shifted the competitive
position again for olefins
producers and some others
has been Total and an estimated sales figure is
shown. The data for Bayer are for its MaterialScience and CropScience sub groups and not
the entire company.
There have been some changes in position
in the league table for the major players as
chemicals demand growth is captures on the
one hand and as restructuring and realignment
affects corporate structures.

Shell moved sharply down the table in

2014 as its sales contracted sharply on the
major production outages it suffered at one of
its most important production sites at Moerdijk in the Netherlands. The impact on profits
was also severe.
Five chemical companies produced sales
of more than $50bn in 2014 and a further five
more than $25bn. At the other end of the scale
the Top 100 cut-off point this year fell to
$3,666m.

GLOBAL GROWTH
Top line growth was not easy to find in 2014.
The Top 10 companies grew by 1.5% on average in local currencies which underscores the
difficult end-use market environment.
Data from the American Chemistry Council
(ACC) show chemicals shipments growth in
US dollars of just 3.7% in 2014 to $5,389bn.
China, the worlds largest market for
chemicals recorded chemical shipments

growth of 10.0% but growth was lacklustre or

negative elsewhere. US chemicals growth was
just 0.35% year on year while western Europe
growth (in dollar terms, so influenced by the
weaker euro) was 2.5%. Shipments from
Japan contracted by 3.2% while chemical
markets in some of previously fast growing

7-13 September 2015 | ICIS Chemical Business | 27

02/09/2015 18:13:11

special report ICIS Top 100 Chemical Companies

economies stumbled. Shipments from

Brazil were down 4.6% in 2014 and from
Russia down 9.3%. Shipments from India
were up 2.7%.
Europes chemicals output growth in 2014
was virtually flat although erring towards the
positive. The shadow of the eurozone crisis
and excessive debt hung over the regions
economies and markets.
The euro lost 12% of its value against the
US dollar between the end of 2013 and the
end of 2014. Most of Japans chemical producers report to a 31 March year end the yen
contracted 14% in value against the US dollar
between 31 March 2013 and 31 March 2014.
BASF said that its sales volumes had increased by 4% in 2014 while prices had fallen
3% and that it had had to contend with a 1%
negative currency effect.
Dow Chemical reported sales growth of
1.9% for the year with prices flat increased
selling prices across its portfolio had been offset by unfavourable currency effects, it said.
ExxonMobil sold more tonnes of product in
2014, largely because of production from its
new Singapore cracker complex. Volumes
were higher and improved commodity chemicals margins added greatly to profits.
The impact of the oil price crash in the second half of 2014 is masked in the table but
more widely apparent for the upstream petrochemical producers and for producers of
polymers.

oil crash hits middle east

Saudi Arabias SABIC reported a 0.5% fall in
sales for the year and a 7.6% fall in net profit
attributing the weaker profit performance to

lower average sales prices. Fourth quarter net

profit was down 30% year on year in the 2014
fourth quarter as oil price impact on petrochemicals became much more apparent.
Chemical producers processing naphtha
saw variable cracker margins improve markedly later in the year as their feedstock and
energy costs fell. The competitive advantage
of players processing ethane in the Middle
East and in the US was diminished as was the
advantage from processors of other natural
gas liquids (NGLs).

Petrochemical producers
in the US benefitted from
the shale revolution
The balance between feedstock costs and
the input of lower-priced crude on petrochemicals played out on global markets is the
second half and has persisted thus far through
2015.
For chemical producers further downstream from the oil barrel the difficulties arose
in balancing generally weakly-growing customer demand with lower input costs. The
game was to capture value as lower costs fed
through rapidly into lower product prices.
Petrochemical producers in the US benefitted from the shale revolution and profits generally were pushed higher, significantly for
some. The ICIS analysis for its Chemical Company of the Year Award will look in more detail at the margin and profit performance of
the Top 100 suffice it to say that among the
Top 20 it is clear that producers in Asia were

under pressure in 2014 with the growth slowdown and increasing local production capacities having a major impact.

Brighter picture for japan

On the other hand, the major chemical companies in Japan reported significant profit improvements for fiscal 2014/15. Mitsubishi
Chemicals full year net profit was up 88.7%
in the year to 31 March 2015, for example, on
higher sales and a much improved feedstock
cost position. Sumitomo Chemicals net profit
for the year was up 41.1%.
Sinopec is the worlds second largest chemicals producer but its chemicals business was
in loss last year. Other major chemical producers from China, such as PetroChina,
ChemChina and China National BlueStar are
not included in ICIS Top 100 listing because a
breakdown of their chemicals sales and profits is not available publicly. A full list of the
companies excluded from the Top 100 is
shown with the footnotes to the main table.
Chemical producers started 2015 challenged by sluggish global economic growth
And crude oil price uncertainty. There
have been some remarkable developments in
2015 driven by crude oil price volatility and
by developments in China where the government is attempting to rebalance the economy
to tackle the countrys financial and environmental problems.
The year 2014 proved to be challenging
and there has been no relief from uncertainty
in 2015. Chemical companies captured
growth in many places and in many products
in 2014 and continue to do so although in a
difficult price environment.

SPONSORS MESSAGE Carol PicCaro president & CEO, U.S. Chemicals

U.S. Chemicals A unique chemical distributor

U.S. Chemicals, LLC (USC), a woman-owned specialty chemicals distributor is honoured to sponsor the 2015 ICIS Top 100 Chemical
Companies. USC is proud to be both a supplier
and a customer of so many of the Top 100
Chemical Companies.
In 1960 Howard T. Von Oehsen founded the
company now known as U.S. Chemicals, LLC with
a wish to provide the highest quality chemical
products at worldwide prices. The goal was to
develop long-term relationships that would enable USC to offer its customers a consistent and
reliable supply of the finest available chemical
products.
Today, USC, headquartered in Darien, CT, continues to provide the same standard of excellence established by Howard T. Von Oehsen. The
goal remains the same to offer the best solution to the customers needs with the integrity
established over 50 years ago.
USC can offer its customers prompt and ef-

ficient deliveries with warehouses throughout the

US. In addition to chemical sourcing, USC offers
specialized services such as blending, aqueous
dispersions, grinding, special packaging and toll
manufacturing.
USC is a dedicated advocate of women in
business and fully understands that being environmentally aware is vital in an industry not necessarily associated with being green.
USC has a strong reputation of unparalleled
customer service and is pleased to supply both
large and small quantities of even hard-to-source
chemicals.
For more about U.S. Chemicals, LLC and how
to put us to work for your organization, visit:
www.uschemicals.com

28 | ICIS Chemical Business | 7-13 September 2015

ICB_070915_026-028.indd 28

www.icis.com

02/09/2015 18:13:17

Every 7 seconds, our members deliver products

safely

for businesses like yours.

NACDs cornerstone program, Responsible Distribution, practiced by
every NACD distributor, means our members safety rating remains
consistently better than all manufacturing combined!

6 companies a day search the NACD website for

a Responsible Distributor.

WE HELP YOU CONNECT.

www.nacd.com

ANNUAL MEETING 2015

Meet potential distributors face-to-face.

Join us at NACDs Annual Meeting where 77% of

attendees meet a potential new customer or supplier.
Contact Roselle Foley at (703) 527-6223
November 9-12, 2015 | Bonita Springs, Florida

ICB_070915_029.indd 29

02/09/2015 16:45

special report ICIS TOP 100 CHEMICAL COMPANIES

the icis top 100

Rank Company
2014

Sales

Operating
profit

Net profit

Total assets

% change
$m
2014

reporting
currency $

R&D

reporting
$m
2014

$m
2013

$m
2014

$m
2013

BASF a

90,011 0.5 -11.7 9,235 9,864 6,243 6,602

Sinopec b

68,875 -2.3

-4.7

-351

Dow Chemical

58,167 1.9

1.9

5,265 6,804 3,432 4,447

ExxonMobil b/c

56,393 -4.9

-4.9

SABIC

50,122 -0.5

143

$m
2014

reporting

currency $m currency
% change 2014 % change

86,417 11.1 2,282

-

Capital
spending

Employee
numbers

reporting
$m
2014

currency
% change

2014

% change

1.9

6,414

8.7

113,292

1.0

2,554

53,000

0.0

68,796

-1.0 1,647 -5.7

5,705 5,180 4,315 3,828

27,247

-0.8

2,128 91.4

-0.5 10,114 11,343 6,220 6,740

90,597

0.8

4,127 35.1

40,000

0.0

127 -15.3

1,499

-4.0

13,100

-1.5

-3.2 2,067 -4.0

2,020

7.3

63,000

-1.6

1,376 23.8

68,263

21.8

LyondellBasell Industries

45,608 3.5

3.5

5,736 5,102 4,174 3,857

24,283 -11.0

DuPont

34,723 -2.8

-2.8

4,991 3,489 3,636 4,862

49,876

Mitsubishi Chemical d

30,478 4.5 -10.3 1,381 1,072

INEOS e

27,003 10.2 -3.1

10

Bayer f

26,962 4.9

11

Shell b/hh

24,607 -41.8 -41.8

12

Total b/g

24,600 -4.4

-4.4

-5.7

-7.8

2,331 2,306

507

313

1,417 1,843
-

782

36,036 24.2 1,102 -1.5

-

37,117 16.9 1,542

3,572 55.2

8.2

1,955 16.8
1,802 50.8

58,172

2.7

13

LG Chem

20,675 -2.4

1,203

16,600

3.9

1,292

3.7

24,928

13.5

14

Linde Group

20,644 2.4 -10.0 2,283 2,991 1,335 1,814

41,689

5.1

128

15.2

2,370

-9.5

65,591

3.3

15

Sumitomo Chemical d

19,812 5.9

24,010

3.3

701

-41.3

16

Air Liquide

18,599 0.9 -11.3 3,209 3,591 2,089 2,347

32,365

6.5

337

4.9

50,000

0.0

17

PTT Global Chemical h

17,443 3.8

1,060

411

1,000

12,300

-6.5

581

11.3

18

Braskem

17,320 12.4 -0.1

1,343 1,160

273

215

18,596

2.2

52

19.5

1,995

-6.3

8,126

0.4

1.5

-4.8

-9.0
3.2

1,200 1,651
1,062
428

979

435

359

2,303 -11.8

19

AkzoNobel

17,313 -2.0 -13.9 1,195 1,320

727

911

19,738

440

-2.7

712

-11.7

47,200

20

Toray d

16,761 9.4

-6.0

1,029 1,022

592

579

19,655 11.2

45,789

-0.2

21

Agrium

16,042 2.0

2.0

1,160 1,630

720

1,063

17,108

7.1

2,021 15.2

15,500

-1.9

22

Evonik i

15,643 1.6 -10.6 1,267 1,440

704

2,773

18,995

-1.2

500

4.8

1,326

1.1

33,412

-0.7

23

Reliance Industries b/d

15,530 -6.9 -10.3 1,330 1,399

9,495

2.8

1,292

-7.3

FOOTNOTES

2013 figures restated as a

result of dissolution of gas trading business disposal group,
which followed the decision on
18 December 2014 by BASF
and Gazprom not to proceed
with an asset swap planned for
the end of 2014
b
Petrochemicals/chemicals
figures only
c
Includes intersegment
revenues of $18.2bn in 2014
($20.2bn in 2013). Operating
profit calculated by addition of
earnings after income tax (US
and non-US) and income tax
(US and non-US)
d
Financial year-end 31 March
2015
e
Financial figures represent INEOS
Group Holdings, Kerling, INEOS
Industries and INEOS Paraform
but excludes joint v entures
f
Data excludes HealthCare
(2014 sales 20.0bn; 2013
a

sales 18.9bn)
Totals chemical activities
include petrochemicals and
specialties
h
2103 figures restated following
implementation of new accounting standard 19 regarding employee benefit
i
2013 figures restated following
divestment of the lithium ion
business and remaining stake
in energy company STEAG
j
2013 figures restated following
sale of the Transitions Optical
joint venture and sunlens business in March 2014
k
2013 figures restated to reflect
application of IFRS 11
l
2013 figures restated following
adoption of the new standards
IFRS 10, 11 and 12 and revised
IAS 27 and 28
m
Financial year-end 30 June 2014
chemical cluster only (polymers,
solvents, olefins & surfactants,
g

30 | ICIS Chemical Business | 7-13 September 2015

ICB_070915_030-035.indd 30

other chemical businesses).

Sales represents external and
intersegmental turnover
n
Financial year-end 30
September 2014
o
Formed as a result of the
Iranian constitution calling for
privatisation of state-owned
industries/sectors
p
Data provided in US dollars
q
Adhesive Technologies segment only
r
Chemicals & Fibers and
Electronics segments only; 2013
figures restated to exclude
Construction Materials following
combination in financial year
2014 with the former Homes
segment (previously excluded)
s
ICIS estimates. 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.

BPs underlying replacement
cost profit, excluding joint venture interests in Europe
t
Performance Materials and
Technologies figures only, excluding Process Solutions, ie UOP
and Advanced Materials only
u
Financial year-end changed
from 21 December 2013, to 22
September 2014. Figures stated are nine months of 2014
compared with full calendar
year 2013
v
Sales figure is before the
elimination of intra group sales
w
2013 figures restated following
sale of the Water Technologies
business, completed 31 July
2014
x
Formerly Momentive Specialty
Chemicals
y
2013 results restated in US
dollars following group restructurning and incorporation under

www.icis.com

02/09/2015 18:27:37

IN ASSOCIATION WITH

Rank Company
2014

Sales

Operating
profit

Net profit

Total assets

% change
$m
2014

reporting
currency

reporting
$m
2014

$m
2013

$m
2014

$m
2013

11.4

-1.4 1,430

3.9

600

-4.0

29,340

4.2

565

6,205

10.3

252

12.0

314

-3.0

12,148

7.2

592

5,984 968.2

38

755.2

968

19,467

197

4.8

749

19.8

47,430

4.4

31,499 24.9 2,063 13.1

582

18.2

39,639

3.9

37

26.1

266

0.6

5,000

0.0

293

-32.6

14,363

0.6

Syngenta

15,134 3.2

3.2

2,105 2,086 1,622 1,649

26

Johnson Matthey d

14,935 -9.8 -19.7

791

747

634

27

SK Global Chemical

14,512 3.8

0.3

329

818

226

28

Ecolab

14,281 7.7

7.7

1,955 1,561 1,203

-7.2

2,134 2,219 1,411 1,666

31

Chevron Phillips Chemical

13,416 2.0

5.5

2.0

321

462

132

973

271

3,288 2743

17,583 10.8

9,453

-0.9
-3.4

12,311 16.9

32

Mitsui Chemicals d

12,921 -1.0 -15.0

350

242

144

-244

11,768

-1.4

33

Solvay k

12,872 4.7

790

814

16

434

21,670

-3.4

299

3.8

34

Yara International l

12,723 12.3 -8.8

14,943 26.0

35

Formosa Chemicals & Fibre (Taiwan)

12,700 -6.2 -11.3

36

Praxair

12,273 2.9

2.9

37

Huntsman

11,578 4.5

4.5

633

510

323

128

38

Sasol m

11,290 21.3 12.8

791

306

9,656

17.8

39

DSM k

11,242 -1.5 -13.5

505

697

120

371

14,685

1.9

866

753

5,706

-7.9

1,343 1,271 1,063 1,006

128

635

444

% change

19,929

25

13,674

2014

46,100

1,416 1,226 1,157

13,607 -9.6 -12.6

currency
% change

18.8

7.7

Merck Group

reporting
$m
2014

587

15,360 7.7

Lotte Chemical Corp

reporting

currency $m currency
% change 2014 % change

Employee
numbers

6.3

PPG Industries j

29

$m
2014

Capital
spending

492

24

30

R&D

893

2,608 2,625 1,694 1,755

1,195 13.8

26,000 -11.6

21

20.3

940

29.5

12,073

16,791

1.0

442

6.1

23.7
-

19,802

-2.2

96

-2.0

1,689 -16.4

27,780

0.8

11,002 19.7

158

12.9

601

27.6

16,000

33.3

390 -10.1

786

-0.6

21,351

-9.1
5.4

40

Sherwin-Williams

11,130 9.3

9.3

1,258 1,086

-10.6

50

6.4

201

20.3

39,674

41

Shin-Etsu Chemical d

10,466 7.7

-7.5

1,545 1,687 1,072 1,103

20,442 11.5

393

8.3

723

29.8

42

Air Products n

10,439 2.5

2.5

1,328 1,324

5.8

21,200

-1.9

-9.7

992

994

17,779

-0.4

141

692

582

10,115

8.3

156

18.5

448

39.9

6,290

1.0

722

13,953

3.8

44

-85.6

220

-56.2

11,114

52.6

43

Borealis

10,088 2.8

44

Persian Gulf Petrochemical Industry o/p

9,956 22.7 22.7 1,870 1,442 2,396

45

Henkel Adhesive Technologies q

9,842

0.1 -12.0 1,629 1,751

46

LANXESS

9,695

-3.5 -15.2

339

264

269

-128

53

-231

8,780

6.4

1,684 10.5

25,334

3.7

194 -14.0

744

-1.6

16,584

-4.4

47

Eastman Chemical

9,527

1.9

751

1,165

227

17.6

593

22.8

15,000

7.1

48

Sekisui Chemical d

9,276

0.2 -14.0

715

801

442

400

8,069

0.7

49

Asahi Kasei d/r

9,211

4.5 -10.3

658

598

the laws of Switzerland on 16

July 2014
z
Chemical segment earnings exclude asset impairments of $149
million in 2014 and gain on sale
of $131 million from the sale of
the Carbocloro investment
aa
Financial year-end 31 May 2015
bb
Financial year-end 31 October
2014
cc
2013 figures restated to include
Monomers, Polymers, Aromas,
Fertilizers, Plastics and PTA only
following restructuring of operating segments to include petrochemicals within a Downstream
segment and implementation of
IFRS 11 standard
dd
Financial year-end changed from
31 March to 31 December.
Fiscal 2014 results (1 April to
31 December 2014) compared
with 12-month period 1 April
2013 to 31 March 2014
ee
Petrochemical and fertilizer

www.icis.com

ICB_070915_030-035.indd 31

1.9

1,162 1,862

s egments only
Formerly Makhteshim-Agan
Industries. Name change effective from 23 January 2014
gg
2013 figures restated due to
completion of acquisition accounting of African Investment
Group SA
hh
The change in sales in 2014 vs
2013 is due to organisational
related reporting changes and
to a lesser extent operational
issues and market conditions
(Shell)
ff

Companies excluded
ChemChina Results not made
public
China National BlueStar (Group)
Owned 80% by ChemChina, 20%
by the Blackstone Group. Accounts
not made public
Daelim Below Top 100 in sales
as Yeochon NCC accounted as
e
quity firm

16,072 35.7

Flint Group Acquired by Koch

Equity Development, a subsidiary
of Koch Industries, and Goldman
Sachs Merchant Banking Division
on 5 September 2014, accounts
not made public. Revenues for
2013 were 2.2bn, employs some
6,600 people
Formosa Plastics Corp USA Not
segmented in Formosa reports
Koch Industries Privately owned,
does not segment chemicals data
Lubrizol Acquired by Berkshire
Hathaway. Lubrizol business not
segmented
Nan Ya Plastics Sales a mixture
of chemicals and processed items
OMV Includes petrochemicals in
its Refining and Marketing (R&M)
segment; holds a 36% stake in
Borealis. For 2014, the R&M segment reported consolidated sales
of 27.8bn (29.3bn in 2013) and
EBIT of -290m (658m in 2013)
PetroChina Does not segment

chemicals from refining business

PIC Accounts not made public
Repsol Includes petrochemicals
in its Downstream segment
Samsung Does not consolidate
various chemicals company interests into one area
Shanghai Petrochemical Majority
owned by by Sinopec
TAPPICO o/p Company provided
results after deadline for table
compilation. Bubbling under at
No. 103 last year, TAPPICOs sales
in 2014 of $3,926m (up by 3.4%)
would have placed it at No. 97
Yeochon NCC Results included
with Hanwha and Daelim
Exchange rate
Key financial exchange rates used
for 2014 data (2013 in parentheses): /$ 1.211 (1.378) based on
31 December year-end. $/Yen
120.0 (103.0) based on 31 March
year-end

7-13 September 2015 | ICIS Chemical Business | 31

02/09/2015 18:28:04

special report ICIS TOP 100 CHEMICAL COMPANIES

Rank Company
2014

Sales

Operating
profit

Net profit

Total assets

% change
$m
2014

reporting
currency $

50

Mosaic

9,056

0.3

0.3

51

Formosa Petrochemical Corporation b

8,242

3.2

-2.4

52

SCG Chemicals

7,540 18.2 17.5

R&D

reporting
$m
2014

$m
2013

$m
2014

$m
2013

1,217 1,340 1,029 1,063

$m
2014

Capital
spending

reporting

currency $m currency
% change 2014 % change

Employee
numbers

reporting
$m
2014

currency
% change

2014

% change

18,283

-6.5

929

-34.9

9,100

11.0

475

393

379

345

5,588

-4.3

53

Indorama Ventures

7,412

6.5

5.8

-10

185

54

46

5,941

3.4

256

24.0

11,125

21.3

54

Hanwha Chemical

7,377

2.4

-1.0

130

93

10

-75

11,535

-1.6

55

-7.8

55

BP s

7,284 -15.6 -15.6 -49.0

130

56

Arkema

7,208

-2.4 -14.2

528

202

231

8,252

24.4

188

7.6

569

-2.3

14,280

2.7

1,138 -29.9

5,136

-3.8

57

PotashCorp

7,115

-2.6

-2.6

58

Honeywell t

7,099

5.0

5.0

59

DIC

60
61

441

2,348 2,616 1,536 1,785

17,724

-1.3

6,931 17.6 3.4

343

382

210

254

6,711

5.5

91

23.9

266

24.8

20,411

1.9

Formosa Plastics

6,852

0.5

-4.9

174

153

569

693

13,637

5.5

29

2.9

255

-38.6

Celanese

6,802

4.5

4.5

758

1,508

627

1101

8,818

-2.2

86

1.2

254

-8.3

7,468

0.5
1.5

62

Tosoh d

6,749

4.8 -10.0

428

404

519

287

6,370

5.9

107

2.9

272

37.5

11,594

63

GS Caltex b

6,597

-6.0

256

716

64

Styrolution

6,582

-6.3 -17.6

3,100

-3.1

65
66

Teijin d
Parsian Oil & Gas Development
Company b/o/u

6,553 0.2 -13.9 326

175
-67
81
6,542 38.1 28.3 2,286 1,812 2,445 1,737

6,866
9,183

7.2
97.9

270
-

0.4

234
405

-6.9
-68.3

15,780
8,021

0.2
27.6

67

Versalis v

6,399

-9.8 -20.7 -419

68

Dow Corning

6,221

8.9

8.9

69

Clariant

6,160

0.7

-9.7

70

Ashland n/w

6,121

0.5

0.5

71

ICL (Israel Chemicals)

6,111

-2.6

72

Orica n

5,934

-1.3

-9.1

-532

-335

-466

342

-10.2

5,443

-4.6

513

376

11,145

-9.4

11,000

10.0

529

528

219

7,972

-3.2

215

7.0

312

6.2

17,003

-6.1

46

1,039

233

683

10,951

-9.4

114 -19.7

248

-6.1

11,000 -24.7

-2.6

758

1,101

466

820

8,348

4.7

87

4.8

752

-9.0

12,457

2.5

-7.7

812

904

547

570

7,718

2.6

32

-22.3

387

-29.4

14,000

-3.4

73

Wacker-Chemie

5,845

7.8

-5.3

533

207

237

8,413

9.7

222

5.4

636

-7.4

16,703

4.3

74

ALPEK (Grupo Alfa)

5,839

-4.4 -15.1

261

418

89

69

4,434

12.5

97

-3.1

4,669

2.6

75

Sojitz b/d

5,629

4.9

-9.9

99

136

52

77

2,418

3.5

-22.3

76

Sika

5,612

8.3

-2.8

638

588

444

387

4,853

1.7

169

1.0

147

1.3

16,895

3.7

77

Mexichem p

5,583

7.8

7.8

403

562

115

83

8,726

6.7

518

23.2

19,056

10.2

78

Airgas d

5,305

4.6

4.6

641

631

368

351

5,974

3.1

469

32.2

17,000

6.3

79

NOVA Chemicals

5,159

-2.3

-2.3

614

658

6,328

2.0

595

22.2

2,600

0.0

80

Hexion x

5,137

5.1

5.1

198

-148

-634

2,672

-7.0

72

-1.4

183

27.1

5,200

4.0

81

Trinseo

5,128

-3.4

-3.4

113

180

-67

-22

2,356

-8.5

99

34.1

2,179

3.8

82

EuroChem y

5,088

-8.4

-8.4

1,260

997

-578

387

6,321

-21.1

1,064

4.5

22,435

0.6

83

Tasnee

4,980

2.7

2.6

743

829

285

314

12,760

1.9

395

41.5

84

Occidental Chemical z

4,817

3.1

3.1

569

612

3,917

-0.8

314

-25.9

3,100

0.0

85

CF Industries

4,743 -13.4 -13.4 2,367 2,412 1390

1465

11,338

6.2

1,809 119.5

2,200

-21.4

86

Taiyo Nippon Sanso d

4,663

7.0

-8.1

294

306

173

196

6,522

6.9

87

K+S

4,628

-3.3 -15.0

777

904

444

599

9,513

4.8

15

-12.2

88

Kaneka d

4,603

5.2

-9.6

205

241

150

132

4,651

7.3

335

14.9

89

RPM International aa

4,595

5.0

5.0

453

425

240

292

4,694

7.2

57

3.8

85

-9.0

12,864

16.9

90

Axiall

4,569

-2.1

-2.1

134

371

46

165

5,674

-3.5

211

7.3

6,000

0.0

91

Valspar bb

4,522 10.2 10.2

560

492

345

289

4,034

0.2

134

4.5

121

3.9

10,500

5.0

92

Givaudan

4,436

766

778

567

550

6,519

4.4

408

-0.2

169

34.4

9,704

4.0

93

Westlake Chemical

4,415 17.4 17.4 1,124

954

685

610

5,214

28.4

431

-36.5

3,550

61.4

94

Mitsubishi Gas Chemical d

4,414

-1.0 -14.9

125

112

370

145

6,588

20.1

204

-16.7

8,254

51.6

95

PETRONAS Chemicals Group

4,172

-4.0 -10.0

981

1,322

779

1,069

8,135

2.6

805

63.4

96

FMC

4,038

4.2

485

616

308

294

5,341

2.0

128

9.0

225

1.3

6,000

7.1

97
98

PolyOne
Compania Espanola de Petroleos
(CEPSA) b

3,836
3,717

1.7 1.7
-5.9 -17.2

155
-

232
-

53
-

244
-

2,711
-

-7.9
-

93
-

21.5
-

6,900
-

-1.4
-

99

Daicel Chemical Industries d

3,699

7.2

-7.9

428

368

261

222

4,712

10.9

100

Lonza

3,666

1.6

-8.9

426

284

239

98

6,488

1.1

181

-14.3

9,809

-1.3

0.8

32 | ICIS Chemical Business | 7-13 September 2015

ICB_070915_030-035.indd 32

-9.6

4.2

1,397 55.3

14,295

-0.9

www.icis.com

02/09/2015 18:28:28

GLOBAL PLAYERS

FAMILY
BUSINESSPEOPLE
ALTANA global leader in true specialty chemicals. With 50 independent operating companies
worldwide we are not only in your vicinity but working passionately for you like family businesspeople. Empowerment to act and trust in our employees are the best prerequisites for innovations
and top-notch achievements. So that you can take off in your markets.

Discover this plus for your business: www.altana.com/plus

ANTONIO NASTASI, MANAGING DIRECTOR IN THE ELANTAS ELECTRICAL INSULATION DIVISION

ICB_070915_033.indd 33
ICIS_Family_business_ALTANA_ET_070915_197x267_EN_R.indd
1

02/09/2015
16:51
31.07.2015
08:13:29

The Largest Water Treatment Chemicals Manufacturer

Keep in touch with ICIS

We offer:
On time delivery

300,000 MT/YR water

treatment chemicals
capacity

Access FREE updates across

the chemical markets:
Insightful analysis

Toll
manufacturing

THWATER

News articles on the

latest developments

157,000 MT/YR
phosphonates
capacity

percentage

Thought-provoking
white papers
55,000 MT/YR polycarboxylic
dispersant capacity

Free blending service

E:
MARKET UPDAT to face
ers
Global polym
competition
heightened

Outlooks for
different sectors

We produce:
HEDP: 60,000 MT/YR
PBTC: 40,000 MT/YR
ATMP: 30,000 MT/YR DTPMPA: 20,000 MT/YR
DDBAC/QUAT: 24,000 MT/YR

points lower

than the 11.0%

growth in 2010.
through

curb inflation
ts efforts to
polymers market
in a tight credit
The governmen
e,
commodity
policy resulted
Furthermor
pressure
The global
and demand.
restrictive monetary
be under severe
n
hurt investment
ed plastic
continues to
market, which
the Europea
and semi-finish
recipient
of finished
es such as
Chinas exports
g market
s:lower demand from
from challeng
with
ock
ness due to
had to cope
slowing emergin tion.
products
loss of competitive
feedst
debt crisis,
with some
p
markets, and
increased competi polymersrgy and
yuan.
growth and
overall
Ene
rs ram
stronger
the
cke
challenges,
sectors in
appliances
Despite these
grow at a Asia cra
and third
tion, and household
is poised to
The electronic a notably during the second
rate (CAGR) produc
consumption
down
hth
slowed
sales and exports
up
annual growth
China
g nap
weak domestic
compounded
in the year,
of 2011 on
stinquarters
the West. Later
boo
through 2015.
in
and
ar
markets
such as India
of 4.7%/ye
to traditional
g countries
2008n during the
in global consumptio to recover in the
started
After the plunge
levels is
crisis, demand
to pre-crisis
2009 economic
Yet, a full recovery the industry entered
, and
following years.
mature economies
still far off in
2011.
period during
another difficult
volatility of
debt crisis,
of the European
have all

to fast-growin
shipments
.
decelerated
Brazil also

e of TVs,
the manufactur
grew less in
s, which resulted
PS demand
accessorie
performed
and electronic
PE and PP
computers
demand season.
to the packaging
in a weak peak
thanks particularly
$/bbl
s.
s better
relatively
application
price
130
agriculture
a
sector and
overall with
industry worsened
cars, and a
automotive
passenger
of115
But Chinas
impacted
in the production
principally
slight increase
l vehicles, which
100
decline in commercia
n.
PP consumptio
year of
another
85
t
market recorded
PVC
pace. Governmen
The domestic
at a reduced
growth, but
70
in the housing
substantial
on
at limiting speculation
Feb 2012
as restrictions
policies aimed
US
bubble, such
the
a
down
under
the
linear
Naphtha
900
cooled
ly on
and preventing
Texas
al sector
s the naphth re, which
marketAsia
considerab
of homes, have
hemic
Oil - Westiate
and
month
PVC, and
was hampered
d structu growth
and pre-sales
Naphtha
Intermed
ts, also in some
the petroc
demand for
in Taiwan
In recent
ardate However,
mortgages
Europe
es from at crackers
of key end-marke
.
800
Naphtha
This has impacted
r backw
Mar 2011
slowdown
Korea .
a suppli
extent.
steepe
property sector.
to a lesser
ting rates
ICIS
t naphth widespread
economies
and South
wing
PE (HDPE)
Source:
for promp increased opera
high density
first
of the fastest-gro
rs in China
sector in
g in the
at cracke
of the polymers
Asia amid
arrivin
and raw
y, the profitability
ting rates
ums
g and
the nextof energy
Remarkabl
premi
g into costs
Impact
mounting
full opera
es loadin
the
on
es
record
movin
China
cargo
these
al
with
s Honam
ease
demand.
China worsened
ge cargo
for each of
Korea
downstream
of
y for region ue to be tight, as
icals.
ure could
volatile
Southworld market
se in arbitra some
Suppl
struct and
Chem
in 2011 or 27%
is the largest
dmaterials
in midincrea
ardate
s that reduce
April contin China
operations
tors such
for 49m tonnes
sias Titan
after
s of an
to
in Asia
half of
accounting
r opera
Malay
chose
The backw amid report
were report
recovered quickly
arrive
and
polymers,
cracke
to
producers
market
PP
There
ICE
ted
Chem
Major
paid by
stimulus measures
West.
expec
ha and
al, LG global demand. Chinas
few weeks
t economic
to tight margins.
hemic
from the 2011 due
ha were
April napht off highsprofits or losses
to governmen
Petroc
n.
into Asia
s of napht s between
2008, thanks
moved small
reported
0 tonne
to boost consumptio
sed
spread operators
over the
, but have le increa
650,00it
and incentives
Many PVC
strong thepossib
e double-dig April. Crack
Also, margins
th
of of year.
s were
u
during
t monrecorded consecutiv
future
during most
S/MMBt
demand
fron
ed news
Hub, Overall Chinese
PVC
crude
PE ands,
7
2010.
s digest
US Henry
Brent
low
in 2009 and
t player
gas price
at 5.6%, 5.4
ed. With
annual increases
as marke bility.
Natural
in 2011 is estimated
t is subdu lengthened
group.
6
availa the Reed Elsevier plc
marke
demand growth
t has
spot
Asia
ha cargo the marke
a member of napht
ge to
report
Millions
Ltd.5 ICIS is
eanof this
place,
The arbitra heavy
on the content
Business Information
for
100
ss taking
decisions based The Europ
2012 Reed
too long.
commercial
Copyright
of busine it balanced believe it viable
4
no liability for
levels
ring
ICIS accepts
90
y, rende although some
slightl
,
3
the
s closed
head east.
nd from
80
ha to
remain
t from
Dema
interes
s of napht
shut.
2
grade
is also
cre, while e naphtha
70
the US
medio
Feb 2012
ge to
al, despit
bed as
ne.
minim
is descri
The arbitra
ock propa
is also
60
ha
ne sector al industry
UK NBP
rival feedst
napht
Hub
gasoli
hemic
US Henry
tage over
Gulf heavy
nt to
50
the petroc
ial advan s in the US
Feb 2011
r discou
a financ
ICIS
and the
to a deepe
having
erm buyer
Source:
of near-t d differentials gasoline sector
A lack
the
t has pushe ne in both
marke
spot gasoli ry.
US Gulf
al indust
hemic
petroc

tha
The worsening
a faltering
t & economy
al Naph
markets and (cos
level. Glob
the capital the CFR at a global
, confidence to its
e
of 2012 has risen
$/tonne
terdestabilized
by n of polyethylen
orted
first quar
1,200
tha price global consumptio
(PVC) and
The cumulative supp
naph
In the
g chloride - in 2011 is
2011 ne (PP), polyvinyl
Japan
PS
May
polypropyle and stron
(PE),
freight)
The
liesexcluding expandable
1,100
level since
supp(PS)
over 2010 levels.
polystyrene
tight
tonnes or 4.5%
highest
at 6.2% and
demand, estimated at 178mwere recorded
a by PVC
1,000
strong
increases moved into at 5.8%.
d
t has PE (LLDPE)
values. largesta marke
lines deman in
low density
crude

r plc group.

Elsevie
Reed
er of the this report
t of
is a memb
Ltd. ICIS on the conten
ation
ns based
ss Inform
Busine ercial decisio
Reed
for comm
ight 2012
Copyr ts no liability
ICIS accep

Oil field chemicals:

BHMTPMP
HMDTMPA.K6
Imidazoline Corrosion Inhibitor

Sign up to receive free insights

www.icis.com/keep-in-touch

BHMTPMP
HMDTMPA.K6,
etc.

SHANDONG TAIHE WATER TREATMENT TECHNOLOGIES CO., LTD.

www.thwater.net

info@thwater.net

NEW THIS YEAR

Co-produced by:

The 5 ICIS
Asian Surfactants
Conference
th

Exploring applications and areas of

demand growth to support margins
19-20 November 2015
Grand Copthorne, Singapore

In-depth market insights across the value

chain, from feedstocks to end-use applications
Highlighting and forecasting key demand
drivers in major end-use sectors
Ensure regulatory compliance and product
approval across key regions
Address challenges around ethylene oxide
supply, including regulations and transport safety
Focus on new applications and growing
demand in particular end-user industries

To find out more or to register:

www.icisconference.com/asiansurfactants
Asian Surfactants A5 Advert 1.indd 1
3410715
| ICIS
Chemical Business | 7-13 September 2015

ICB_070915_034.indd 34

+44 (0)20 8652 4659

events.registration@icis.com
29/07/2015 16:18
www.icis.com

02/09/2015 17:28

2 4

C 2H 4
C 2H 4
C 2H 4
C 2H 4
C
2H
4 C H
C 2H 4
2
H4
4 C H
2
C2
4 C H
2
H4
4 C
H
C2 H C
4 2 H 4 C 2H 4

IN ASSOCIATION WITH

Bubbling under
Rank Company
2014

Sales

OH
C 6H 5
Cabot n

102

% change
$m
2014

H 5OH
OH C 6
C 6H 5

reporting
currency $

3,647

5.5

Showa Denko b

3,511

0.7 -11.4

103

PKN Orlen cc

3,483

1.8 -13.2

104

Kuraray dd

3,435

-0.5 -14.4

105

Industries Qatar ee

3,378

-8.9

106

JSR d

107

WR Grace

OH
C 6H 5

5.5

-8.9

3,368

2.5 -12.0

3,243

6.0

6.0

Net profit

$m
2014

447

386

218

160

4,084

-3.5

60

66

2,778

0.0

336

481

178

285

9.0

-3.0

697

477

506

377

4,775

15.9

84

-68.7

1,100

10.0

311

309

146

127

4,745

6.5

34

-0.3

101

18.4

4,791

5.0

200

206

159

132

3,714

3.3

93

2.8

178

-17.1

102

3,498

5.3

354

3,495

4.9

254

-2.4

143

6.7

6,200

3.3

415

C 2H 4

485

C 2H 4

6,500

549

4.6

9.6

-2.6 -1,284 -1,164 -1,282 -1,140

217

344

241

75

235

223

96

-172

201

2,588

-4.1 -15.7

185

59

116

-36

373

390

226

237

OH
H5
C6

-4.1

C -H

676

9.1

1695 OH

883

2,649

OH
C 6H 5

323

19.0

-30.5

578

46.5

5,064

2,813

0.0

191

-0.7

2,026

-1.5

251

45.5

2,780

3.8

34

-12.8

171

4.7

4,248

-4.6

4,844

81.0

169

9.8

98

39.5

8,160

36.9

40W

60N

CH
3

CH
3

4
C 2H
C 2H 4 C H6

40E

OH
H5
C6

C3 H

0 4,32E

-4.2

C 2H 4

OH

60N

3.7

-3.0

C 6H

C3 H C
H
6
3 6 C3 H6 C H C
3 6
3 H6 C H
3

7,356

6,959

C H4
C H C 2H 4 2
C 2H 4 C 2H 4 2 4

326

C 2H 4

4.6

-1.5 -8.0 272

6H O
5 H
2,799 0.8 C6-14.0
H O 86
5 H
2,772 7.5 3.6 C272
6H O
5 H

5,774

8.7

3,089

54.2

IFF

CH

271

112

170

159

133

2,567 15.8 1.8

21.9

218

120

3,125 24.1 6.6

119

2.1

80

Nippon Shokubai d

2,702 31.2 31.1

6.6

111

118

23.8

-24.1

1.9 -12.5

117

100

4,456

3,201

116

% change

4,095

Denki Kagaku Kogyo (Denka) d

CGrupa Azoty gg
3 H
6
d
TataC3Chemical
H
Rabigh6 Refining
and Petrochemical b
C
3 H
Asahi Glass6 b C
3 H
Kemira
6
C
3H
Symrise
6 C
3H
6 C
3H
6 C
H

2014

244

110

4,737

256

4.7

115

-35.2

249

6.6

Incitec Pivot

171

276

4.7

C H 3,002
6
5 OH
C
2,927

-11.8

350

6.6

currency
% change

361

3,221

OH

reporting
$m
2014

317

3,223

currency $m currency
% change 2014 % change

Employee
numbers

334

Methanex

Pemex b

Capital
spending

reporting

$m
2013

ADAMA Agricultural Solutions ff

H
C 3H 6 C 3 6 C3 H6 113
C
3 H
114

reporting

$m
2014

108

R&D

$m
2013

109

Total assets

$m 2
2014

OH
C 6H 5

OH
C 6H 5

C 5HO
3

DR

INK

51,31N

C 6H 5

ING

TT

LE

AT

T
GY

YO
UR

Everything is possible
at the Port of Antwerp

BO

HE

HCH C
C6
H
6 5 C2 H3 C H C H
6 5 2 3 C H C 2H 3
6 5

6 5
2 3

UR

45N

H3
H 5C 2

POR T OF
ANT WERP
YO

3
C 2H

C 2H 3
5
H
C6

C 6H 5

C 6H 5

51,31N

C 2H 3

H4
C2

6 C
C 2H 3 C 6H5C2 H3 C6 H3 CH6
H
5
C
5 2H
6
3
C 2H 3

45N

101

Operating
profit

DR

www.portofantwerp.com/en/chemical-cluster

f i lx

#eisp13
#portofantwerp

40N

40N

20W

www.icis.com

ICB_070915_030-035.indd 35

4,32E

20E

7-13 September 2015 | ICIS Chemical Business | 35

02/09/2015 18:28:56

special report icis top 100 analytics

Charting the slide...

As the ICIS Top 100 global sales downturn to a four-year low of $1.34 trillion, ICIS
Analytics charts the financial metrics and highlights the best and worst of 2014
IPEX COLLAPSES IN H2 2014

LARGEST NET PROFITS $ BILLION

Sales, $bn

IPEX

2,000

500
IPEX index (1993=100)
Top 100 chemical sales

1,600

400

1,200

300

ExxonMobil
4.32

Xxxxx
xxxxxx
SABIC
6.22
Xxxxx
xxxxxx
Xxxxx xxxxxx
Xxxxx xxxxxx

LyondellBasell
Industries
4.17

Xxxxx xxxxxx
SOURCE: Xxxxxxxx

800

200

400

100

0
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014

The average IPEX fell by 3.2% in 2014, and by 20.8% from Q3 to Q4, reflecting an overall fall
in global product prices, particularly in the closing months of the year. Notably the Asian component of the IPEX tumbled by 6.3%, and by 20.2% from Q3 to Q4, as Asian spot product prices
promptly tracked tumbling crude oil prices in the last quarter, and the China economy weakened.
The European sub-index was down by 2.2% year on year in dollar terms, as the fall in product
prices lagged in the contract price-dominated European market [the euro was on average only
0.2% weaker versus the dollar]. Meanwhile, the US sub-index rose by 2.4%, representing a
particularly good year-on-year performance between March and October 2014, in a strong
US economy.

DuPont
3.63

BASF
6.24

Familiar faces in the top five, with BASF

climbing above SABIC to take pole position in
net profit as well as retaining its No. 1 position
in the Top 100 listing. ExxonMobil, which
dropped to No. 6 in 2013, has re-entered at
No. 3, with Dow Chemical displaced to No. 6.
SALES RETURN BY EMPLOYEE
Borealis

TOP 50 CONSTITUENTS BY REGION

NOVA
Chemicals

Total
20

Xxxxx xxxxxx
Styrolution
Xxxxx
xxxxxx

15

Xxxxx xxxxxx
Braskem
Xxxxx xxxxxx
Xxxxx xxxxxx CF
XxxxxIndustries
xxxxxx

Trinseo
Chevron Phillips
Chemical

10

LyondellBasell
Industries

0
South
America

Africa

Middle
East

Southeast
Asia

NOTE: *Region by location of company headquarters. North America includes Mexico

Northeast
Asia

North
America

Europe

2014 saw little change in the Top 50 constituents by region. Europe continues to hold the lions
share of companies, despite BP falling outside the Top 50. In the Middle East, SABIC is joined this
year by the Iranian privatised company Persian Gulf Petrochemical, which has risen to No. 44.
Braskem and Sasol continue as the sole representatives of South America and Africa
respectively. For the Top 50 constituents graph we sort the Top 50 leading companies from the
main Top 100 Chemical Company listing by the region in which they are located. North America
includes Mexico.

36 | ICIS Chemical Business | 7-13 September 2015

ICB_070915_036-037.indd 36

$ million

LyondellBasell once again heads the Top 100

field [of those disclosing employee numbers]
in the sales/employee race, with Chevron
Phillips Chemical and Trinseo retaining second
and third positions, respectively. CF Industries
climbs to fourth position, while Braskem
creeps into fifth position, just pipping
Styrolution. Methanex, in the bubbling under
category, achieved $2.93m/employee, which,
had its sales figures placed it in the Top 100,
would have put it in second position.
www.icis.com

02/09/2015 18:40:13

IN ASSOCIATION WITH

PERCENTAGE SHARE OF TOP 100 SALES

$ billion
1,600
1,400

Top 100 total

sales, $ billion

Share, %
Top 10 share, %
51-100 share, %

45
40

Xxxx

1,200

35

1,000

30

Xxxx
Xxxx
Xxxx

800

25

TOP AND BOTTOM PROFIT MARGINS

600

20

Percentage

400

15

200

10

Xxxx

SOURCE:

50
40

0
5
2000 2002 2004 2006 2008 2010 2012 2014

30
20
10
0

-10

CF
Parsian Oil PotashCorp Westlake
Industries
& Gas
Chemical
Development

Euro
Chem

PETRONAS
Chemicals
Group

Praxair

Formosa
Ashland
Chemicals &
Fibre (Taiwan)

Showa
Denko

Indorama
Ventures

Sinopec

BP

Versalis

CF Industries and PotashCorp continue to dominate this category, now for the fourth consecutive
year, illustrating their dominance in the fertilizer market. The Iranian privatised Parsian Oil &
Development, however, climbs to No. 2. Westlake Chemical and EuroChem following its
restructuring are new entrants. At the other extreme, Versalis, which has slipped from No. 54 of
the Top 100 in 2013 to No. 67 this year, remains entrenched at the bottom. BP and Sinopec, both
affected by the upstream feedstocks situation, linger with negative operating margins in the bottom
seven, and are joined in negative territory by Indorama Ventures. LANXESS, which in 2014 returned
a positive operating margin, has climbed clear of the bottom cut.
BIGGEST PLAYERS OUTSIDE THE TOP 3 REGIONS*
Sales ($ million)

The share held by the Top 10 companies has

fallen for the third consecutive year, but at 36.5%
remains a good percentage point above the low
of 2009. With eight of the Top 10 particularly
exposed to upstream markets, annual sales
figures were not surprisingly hit by tumbling
crude oil and product prices in the closing
months of 2014. The five companies not reporting in dollars were also impacted by the stronger
year-end dollar. Meanwhile, the bottom half of
the Top 100, less exposed to upstream markets,
has again increased its share, to 21.1%, a new
high this century. With record performances,
helped by the stronger year-end dollar, US firms
Westlake Chemical and PolyOne rose from last
years bubbling under to inclusion in the 2014
Top 100. FMC, which at No. 101 just missed out
last year, entered at No. 96. SIBUR, No.100 last
year, fell outside the Top 120: despite a 10.9%
boost to sales in local currency, the collapse of
the rouble resulted in a 37.7% plummet in dollardenominated sales, to $2,430m.

25,000
Braskem (AAGR -0.84%)
Reliance (AAGR -0.86%)

Sasol (AAGR -2.71%)

PTT Global Chem (AAGR 3.22%)

20,000

TOP 100 SALES GROWTH

Percentage

Percenta

25
15,000

20
15

10,000

Xxxxx
Xxxxx
Xxxxx
Xxxxx

10
5

5,000

-5
0
2011
*

2012

2013

-10

2014

Graphic excludes SABIC

-15

Three of the top four companies bucked the Top 100 trend with sales growth in 2014, at least in
local currencies, but total sales remained below their 2012 levels. Braskems 12.4% sales growth
was wiped out by the weaker Brazilian real. Sasol was the star performer, with a 21.3% rebound in
local currency terms (12.8% in dollar terms), although it is to be noted that its year end (June 2014)
is six months out of sync with the majority of other companies, and ahead of the crash in crude oil
prices. Reliances sales fell by 6.9% in local currency, and by 10.3% in dollar terms, reflecting the
poorer Asian markets. However, average annual growth rates (AAGR) for the period 2011 to 2014
were negative (in dollar terms) for all except PTT Global.

-20

www.icis.com

ICB_070915_036-037.indd 37

Xxxxx

0
Year-on-year sales growth
Average growth

2001 2003 2005 2007 2009 2011

SOURCE:2013
Xxxxx

2014

The Top 100 sales growth has again turned

negative, down by 5.9%, its largest fall since
the collapse of 2009. The impact has cut average growth rates this century by a full percentage point, from last years 7.8% to 6.8%.

7-13 September 2015 | ICIS Chemical Business | 37

02/09/2015 18:40:36