IHS Chemical Week

Chemweek's lab

Billion-Dollar Club: Asian, Mideast Producers Reshape Top Ranks

12:12 PM MDT | May 9, 2013 | —Lindsay Frost and Robert Westervelt

Chemical revenues and operating earnings were up again in 2011 as industry recovery continued. BASF claimed the top spot for the sixth straight year in CW’s Billion-Dollar Club, our ranking of companies by chemical revenues. ExxonMobil claims the second spot, and Sabic is now number three. Dow Chemical was pushed out of the second spot, to number four. The median revenue gain in dollar terms for all companies in the ranking was 12%.

The ranking highlights the rapid rise of new giants from Asia and the Mideast. Europe has ten companies in the top 20, and Asia has five. U.S. now only has three producers in the top 20, and the Mideast has two. In 2000, there were 11 European firms and six U.S. firms in the top 20. Three Asian companies made up the remainder that year.

Companies in high-growth economies posted some of the strongest gains, as did fertilizer makers. Indorama had the largest overall gain, 92%, on strong volume growth and acquisitions. Honam Petorchemical revenues rose 47% in 2011. In the Mideast, Sabic and IPIC both notched revenue gains of more than 30%.

Bock: BASF Tops ranking for sixth year.
Liveris: Dow retains top five position.
Pryor: ExxonMobil takes second spot.
Al Mady: Sabic joins top three.

Strong agricultural markets pushed revenues up for Agrium, CF Industries, Eurochem, Mosaic, and PotashCorp. All notched gains of more than 30%.

Worldwide growth in chemical production slowed in 2011, and the debt crisis in Europe caused a considerable slowdown in the second half, but firms still saw solid 2011 gains. Sales in emerging markets “have almost tripled in the past 10 years and accounted for approximately one-third of total sales, excluding oil and gas, in 2011,” BASF said in its 2011 annual report. “Growing demand was accompanied by increasing raw material costs, which we were largely able to pass on to the market,” BASF says.

Sinopec, which has seen some of the biggest revenue gains in the past decade, says its board in 2011 refined the company’s business strategy to focus on increased efficiency, safe production, and improved energy savings as well as reduced emissions. The chemical business “achieved excellent results through market expansion, management improvement and structure adjustment,” says Wang Tianpu, vice chairman and president of Sinopec. Demand for chemical products increased at a more moderate pace in 2011, and “prices for chemical products declined from the first quarter highs, and slumped in the fourth quarter,” Tianpu says.

Sabic says new products and ventures helped the company grow—including an agreement with Sinopec to collaborate on polycarbonate production, as well as other agreements with Mitsubishi, Rayon, Montfibre, ExxonMobil and Asahi Kasei in specialties. Sabic also started production at its Saudi Kayan petrochemical complex at Al-Jubail, Saudi Arabia. “New projects and capacity growth are integral to [Sabic’s] future performance. When combined with an increasingly diverse product portfolio, the company reduces market risk significantly and establishes a platform to better serve our customers’ needs and facilitate [its] long-term strategic objectives,” says Mohamed Al-Mady, vice chairman and CEO of Sabic.

Dow posted double-digit gains in revenue and earnings for the year. The company says a strong R&D pipeline and the benefits of lower-cost feedstocks bolstered results. “We delivered these results in the midst of an often unpredictable economic environment, which is validation of the resilience of our company,” Dow chairman and CEO Andrew Liveris said in the company’s 2011 annual report. Overall, Dow says that despite a slowdown in the global economic recovery, it “remained focused on strategy, delivering revenue and earnings growth, expanding its global footprint, and launching new, innovative solutions that address customer and consumer needs.”

Larger diversified chemical makers and industrial gases firms continued to be industry’s biggest spenders. BASF spent $2.9 billion on projects in 2011, Sabic spent $2.8 billion, Dow, $2.7 billion, and Sinopec, $2.6 billion. The sharp ramp-up of spending at industrial gas makers continued in 2011 with Air Liquide, Praxair, Air Products, and Linde all ranking in the top 10 for capital expenditures.

Agricultural and flavors and fragrances producers posted the highest R&D spending ratios. Monsanto, Syngenta and flavors and fragrances producer Givaudan reported the highest R&D spending rations, with 11.7%, 8.5% and 7.5% of total sales, respectively.

Industry as a whole will likely not be able to match 2011 growth rates with forecasts for 2012. Demand has slowed globally and second-half forecasts are being cut. BASF in July cut its 2012 global chemical production growth forecast to 3.5% from the 4.1% rate it expected earlier in the year. Recession in Europe and deceleration in China are the cause.

Footnotes

* All figures in millions of U.S. dollars. Ranking includes companies with chemical revenues of more than $3 billion for fiscal years ending September 30, 2011 through June 30, 2012.

a Excludes oil and gas; b includes intersegment sales; c excludes refining; d excludes pharma and/or other non-chemical businesses;
q fiscal year ended March 31, 2012; qq fiscal year ended June 30, 2012; qqq fiscal year ended September 30, 2011; qo fiscal year ended Oct. 31, 2011; qm fiscal year ended May 31, 2012; qa fiscal year ended August 31, 2011; na not available; nm not material.

Exchange rates used for dollar conversion based on rates at end of each company’s respective fiscal year. Exchange rates include $1=1.85 Brazilian reals; 0.64 British pound; 6.34 Chinese renminbi; 0.77 euro; 3.75 Saudi Arabian riyal; 1150 South Korean won; 0.935 Swiss franc as of December 31, 2011. $1=50.87 Indian rupees; 82.82 Japanese yen; and 3.06 Malaysian ringgit as of March 31, 2012.

Several companies with substantial chemical operations do not publicly report chemical revenues. These companies include ChemChina, Koch Industries, and Petrochina. Chemical sales for Sabic and integrated oil firms include intersegment sales. Data sources include company reports, regulatory filings, and Thomson Reuters (New York).:

2011 ranking Year ago ranking Company (headquarters) 2011 chemical sales in millions $ Change from last year 2011 total sales in millions $ Chemical revenues as percent of overall sales 2011 chemical operating income in millions $ Change from last year 2011 capital spending in millions $ 2011 chemical R&D in millions $ 2011 chemical employees
1 1 BASF (Germany)a $71,502 13.1% $95,252 75% $8,142 -1% $2,854 $2,085
2 3 ExxonMobil (U.S.)b 64,731 20.8 467,029 4 4,383 -11 1,450
3 4 Sabic (Saudi Arabia) 62,469 34.2 50,640 nm 10,285 31 2,838 219 40,000
4 2 Dow Chemical (U.S.) 59,985 11.8 59,985 100 3,601 29 2,687 1,646 51,705
5 5 Sinopec (China) b 58,170 29.1 395,374 15 3,991 71 2,553 71,607
6 6 Royal Dutch/Shell (Netherlands; U.K.)b 46,963 18.5 470,171 10 634
7 7 DuPont (U.S.) 37,961 20.0 37,961 100 4,282 15 1,843 1,956 70,000
8 8 LyondellBasell (The Netherlands) c 37,333 20.0 51,035 73 3,301 62 793
9 10 Mitsubishi Chemical (Japan) d, q 32,658 2.1 38,223 85
10 9 Ineos Holdings (Switzerland) 27,530 -3.1 27,530 100 1,850 na 12,807
11 12 Total (France) b 26,841 8.5 239,362 11
12 13 Bayer (Germany) d 22,011 6.5 47,340 46 1,346 14 1,152 1,244 35,800
13 18 Formosa Plastics Group (Taiwan) 21,869 -7.6 74,719 29 27,205
14 14 Akzo Nobel (Netherlands) 20,343 3.8 20,343 100 1,576 13 692 433 57,240
15 SK Innovation (Korea) d 19,900 60,600 33 686 na
16 17 Evonik (Germany) 18,844 5.8 18,844 100 1,076 473 33,677
17 16 Air Liquide (France) 18,736 3.7 18,736 100 3,114 3 46,200
18 15 Sumitomo Chemical (Japan) d, q 18,274 -0.3 23,511 78 639 -34 23 18 29,839
19 22 Linde (Germany) 17,868 3.7 17,868 100 2,371 10 1,743 127
20 24 IPIC (UAE) 16,956 36.7 34,318 49
21 21 Reliance Industries (India) a, q 16,922 11.2 70,105 24 1,776 -17
22 28 Toray Industries (Japan) d, q 16,832 8.1 - 1,387 10 13 7 40,227
23 19 Mitsui Chemicals (Japan) d, q 16,801 15.8 18,701 90 489 12,782
24 20 Braskem (Brazil) 16,407 30.1 16,407 100 954 -40 1,120 49
25 PTT Global Chemical (Thailand) 15,643 26.3 156,426 10 931 73 NA
26 34 Agrium (Canada) 15,470 44.0 15,470 100 1,508 107 663 14,800
27 23 LG Chem (South Korea) 14,962 14.5 14,962 100 2,024 1,911 10,000
28 26 PPG Industries (U.S.) 14,885 10.9 14,885 100 1,597 23 390 445
29 PetroRabigh (Saudi Arabia) 14,234 13.9 14,234
30 30 CPChem (U.S.) 13,935 24.4 13,935 100
31 31 Honam Petrochemicals (South Korea) 13,919 47.6 13,919 100 1,322 27 830 26
32 46 3M (U.S.) d 13,747 11.6 29,611 46 2,845 5
33 29 Yara (Norway) 13,442 19.5 13,442 100 2,215 72 502 123 7,300
34 27 Syngenta (Switzerland) 13,268 14.0 13,268 100 2,051 14 1,310 1,127
35 25 Shin-Etsu (Japan) q 12,646 -0.6 12,646 100 1,667 9 980 139 16,167
36 35 Monsanto (U.S.) q a 11,822 12.8 11,822 100 2,502 56 540 1,386 26,100
37 33 DSM (Netherlands) 11,726 7.1 11,726 100 1,053 55 1,122 617
38 42 Sasol (South Africa) qq 11,556 2.4 20,839 55
39 39 Lanxess (Germany) 11,372 19.3 11,372 100 1,003 23 880 187 15,849
40 36 Praxair (U.S) 11,252 11.2 11,252 100 2,468 19 2,091 90 26,184
41 43 Huntsman (U.S.) 11,221 21.3 11,221 100 606 48 330 166 12,000
42 BP (U.S.) 10,832 33.5 375,517 3 1,120 -9
43 40 Solvay (Belgium) 10,369 30.4 10,369 100 1,270 5 621 283 29,121
44 44 Air Products (U.S.) qqq 10,082 11.7 10,082 100 1,622 17 1,582 119 18,900
45 38 Henkel (Germany) 10,039 2.6 20,224 50 1,294 10 200 314 47,265
46 37 Mosaic (U.S) 9,937 47.0 9,937 100 2,664 110 1,263 7,700
47 45 Asahi Kasei (Japan) d, q 9,535 1.9 18,989 50 1 -30 NA
48 41 DIC Corp. (Japan) d, q 9,402 3.2 9,402 100 448 34 133 21,572
49 50 Sherwin-Williams (U.S.) 8,766 12.7 8,766 100 742 9 32,988
50 54 PotashCorp. (Canada) 8,715 33.3 8,715 100 4,306 66 69
51 47 Eni (Italy) 8,412 2.3 142,027 6 548 376 280 41 5,804
52 48 Tosoh (Japan) d, q 8,261 9.3 8,261 100 405 158 11,221
53 Asahi Glass (Japan) 8,078 -6.9 15,572 52 1,943 -24
54 51 Clariant (Switzerland) 7,849 2.8 7,849 100 764 2 187 22,149
55 76 Showa Denko (Japan) 7,729 12.9 11,092 70 590 38 279 424 11,542
56 49 Arkema (France) 7,646 17.3 7,646 100 927 25 473 171 15,776
57 62 Eastman Chemical (U.S.) 7,178 22.9 7,178 100 1,021 18 457 158 10,000
58 63 Israel Chemicals 7,067 18.6 7,067 100 1,926 43 496 11,910
59 58 Ecolab (U.S.) 6,798 11.6 6,798 100 754 -7 342 40,200
60 61 Celanese (U.S.) 6,763 14.3 6,763 100 690 37 364 96 7,600
61 72 Grupo Alfa (Mexico) 6,588 na 13,263 50 454 na
62 86 Ashland (U.S.) qqq 6,502 13.3 6,502 100 130 -48 201 89 15,000
63 59 Dow Corning (U.S.) 6,430 7.2 6,430 100 NA NA
64 55 Wacker-Chemie (Germany) 6,362 0.1 6,362 100 789 -27 1,271 224 17,168
65 Orica (Australia) (qqq) 6,182 -5.5 6,182 100 1,028 -7 60 48 14,000
66 68 Lubrizol (U.S.) 6,128 13.1 6,128 100 7,115
67 87 CF Industries (U.S.) 6,098 53.8 6,098 100 2,790 211 247 2,500
68 60 Hitachi Chemical (Japan) d,q 6,004 9.7 6,004 100 525 14 367 318 15,930
69 Styron (U.S) 6,000 na 6,000 100 2,100
70 Indorama (Indonesia) 5,997 92.1 5,997 100
71 SCG Chemical (Thailand) 5,981 25.6 59,808 10 303 -27
72 93 Liaoning Huajin Tongda Chemical (China) 5,926 56.9 5,926 100 163 120 201
73 67 Taiyo Nippon Sanso (Japan) q 5,837 12.1 5,837 100 428 29 391 47 10,269
74 96 Sekisui Chemical (Japan) 5,769 4.4 11,649 50 284 -9
75 73 Honeywell (U.S.) 5,659 19.7 36,529 15 1,042 39
76 91 PKn Orlen (Poland) 5,574 29.8 33,771 17 4 -97
77 66 Kaneka (Japan) q 5,478 10.5 5,478 100 256 22 353 220 3,278
78 Johnson Matthey (U.K.) 5,466 15.2 19,248 28 451 28 6,700
79 69 Mitsubishi Gas Chemical (Japan) d, q 5,444 17.8 5,444 100 282 473 427 198 4,979
80 71 Teijin (Japan) d,q 5,384 5.7 10,312 52 144 1
81 78 Tasnee (Saudi Arabia) 5,240 22.9 5,240 100 1,442 72 283 45 1,096
82 52 Momentive Specialty Chemicals (U.S.) 5,207 13.3 5,207 100 368 -33 (64) 70 5,300
83 82 K+S (Germany) 5,180 -24.9 5,180 100 1,142 -10 22 353 14,000
84 83 Merck KGaA (Germany) 4,987 22.1 13,318 37 2,923 54 347 13,615
85 109 Hengyi Petrochemical (China) 4,926 68.0 4,926 100 432 2 268
86 85 Occidental Petroleum (U.S.) 4,815 0.2 23,939 20 861 97 234 3,000
87 75 Imerys (France) 4,762 6.3 4,762 100 599 9 294 16,187
88 79 Airgas (U.S.) q 4,746 11.6 4,746 100 556 19 356 15,000
89 90 Kuraray (Japan) q 4,499 4.0 4,499 100 667 na 475 197 6,776
90 Eurochem (Russia) 4,468 38.8 4,468 100 1,090 65
91 Cepsa (Spain) 4,454 -4.5 242 14 67
92 77 Denki Kagaku Kogyo (Japan) q 4,402 2.3 4,402 100 247 -13 271 101 4,921
93 81 Daicel Chemical Industries (Japan) q 4,269 10.9 4,269 100 395 57 142 144 7,747
94 84 JSR (Japan) q 4,224 3.2 4,224 100 434 -8 239 108 5,259
95 74 Givaudan (Switzerland) 4,169 -8.2 4,169 100 472 -21 291 313 8,913
96 92 Avery Dennison (U.S.) 3,972 6.9 6,000 66 313 2 65
97 100 Valspar (U.S.) qo 3,953 22.5 3,953 100 -40 nm 66 115 10,000
98 Sinochem (China) 3,908 82.2 8,274 47
99 94 Nippon Shokubai (Japan) 3,871 11.7 3,871 100 375 5 252 134 3,779
100 89 Petronas (Malaysia) 3,824 na 3,824 100 1,200 na
101 Sibur (Russia) 3,777 2.1 3,777 100 30,453
102 Mexichem (Mexico) 3,776 34.5 3,776 100 561 29 230 11,000
103 101 Rockwood Holdings (U.S.) 3,669 14.9 3,669 100 567 58 279 59 9,700
104 102 Westlake Chemical (U.S.) 3,620 14.1 3,620 100 447 18 177 1,811
105 129 Tokuyama (Japan) q 3,408 -2.1 3,408 100 166 -32 945 141 5,506
106 95 RPM (U.S.) qm 3,382 -0.9 3,382 100 238 17 40 9,025
107 104 FMC (U.S) 3,337 8.0 3,337 100 587 52 190 105 5,000
108 126 Georgia Gulf (U.S.) 3,222 14.3 3,222 100 66 3,744
109 114 W.R. Grace (U.S.) 3,211 20.0 3,211 100 384 63 141 69 6,300
110 99 Zeon (Japan) q 3,173 -2.4 3,173 100 375 -4 259 134 2,900
111 127 Pemex (Mexico) 3,172 -4.1 113,093 3
112 107 Cabot (U.S.) qqq 3,102 14.2 3,102 100 230 4,100
113 112 Cytec Industries (U.S.) 3,073 11.8 3,073 100 235 -2 112 5,500
114 111 Chemtura (U.S.) 3,025 9.6 3,025 100 227 nm 154 43 4,500
Source: Company reports; Thomson Reuters (New York); CW research. See footnotes at end of text.
Americas Leaderboard
(2011 total revenues in dollars)
ExxonMobil $64,731
Dow Chemical 59,985
DuPont 37,961
Braskem 16,407
Agrium 15,470
PPG Industries 14,885
CPChem 13,935
3M 13,747
Monsanto 11,822
Praxair 11,252
Asia Leaderboard
(2011 revenues in dollars)
Sinopec $58,170
Mitsubishi Chemical 32,658
Formosa Plastics 21,869
SK Innovation 19,900
Sumitomo Chemical 18,274
Reliance Industries 16,922
Toray Industries 16,832
Mitsui Chemicals 16,801
PTT Global Chemical 15,643
LG Chem 14,962
Europe Leaderboard
(2011 revenues in dollars)
Sabic $62,469
Royal Dutch/Shell 46,963
LyondellBasell 37,333
Ineos Holdings 27,530
Total 26,841
Bayer 22,011
AkzoNobel 20,343
Evonik 18,844
Air Liquide 18,736
Linde 17,868
R&D Leaders
(R&D expenditures as percentage of sales)
Monsanto 11.7%
Syngenta 8.5
Givaudan 7.5
Merck KGaA 7.0
Bayer 5.7
Showa Denko 5.5
Hitachi Chemical 5.3
DSM 5.3
DuPont 5.2
Kuraray 4.4
Big Spenders
(2011 capital expenditures in dollars)
BASF $2,854
Sabic 2,838
Dow Chemical 2,687
Sinopec 2,553
Praxair 2,091
LG Chem 1,911
DuPont 1,843
Linde 1,743
Air Products 1,582
ExxonMobil 1,450












 
contact us | about us | customer care | privacy policy | sitemap | advertise

ihsCopyright © 2014 IHS, Inc. All rights reserved. Reproduction in whole or in part without permission is prohibited.

North Asia Russia Southeast Asia China India/Pakistan Middle East Eastern Europe Western Europe Central America Canada USA Australia/New Zealand South America Africa