Just like all manufacturing industries, chemical manufacturing companies can be ranked based on their gross annual revenues.
Most of these companies focus on manufacturing a particular category of chemicals, such as specialty chemicals (e.g. industrial gases, adhesives, sealants, and chemical coatings) and consumer chemicals (e.g. soaps, detergents, and cosmetics).
Since some chemicals are more expensive to produce than others, ranking chemical companies on the basis of sales and profits is reasonable. Let’s take a look…
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Global Chemical Manufacturing Industry (2023/24)
According to a 2022 study, the total global revenue of the chemical industry, which includes the chemical contract manufacturing companies, amounted to £4.36 trillion (US$5.72 trillion). This represents approximately 7% of global GDP.
In the same year, China dominated the global chemical industry in terms of total revenue. China had the lion’s share of 44%, while the European Union came in second place with 14% share of the global revenue.
The global chemical industry is expected to have marginal growth over the next five years. The projected compound annual growth rate from 2024 to 2029 is 1.14%.
Key Takeaways
The global chemical industry represents about 7% of global GDP
China dominates the global chemical industry with 44% share of revenue
The world’s biggest chemical manufacturing company by revenue is in Germany
In terms of production mass and volume, basic chemicals dominate the industry
Some industries served by the biggest chemical companies include the petroleum industry, the electronics industry, and the polymer industry
The Top 10 Biggest Chemical Manufacturing Companies
1. BASF SE
The current name of this German company is the initialism of its original name, Badische Anilin- und Sodafabrik, which translates as ‘Baden Aniline and Soda Factory’.
The company was founded in 1865 and originally produced beverages. However, it has since diversified its products. It is now mainly engaged in chemical manufacturing, plastic manufacturing, crop technology, and exploration/production of petroleum products. Its total revenue in 2023 was €68.9 billion.
2. Sinopec
Sinopec is a Chinese company with its international HQ in Beijing. It is a petroleum and chemical manufacturing corporation founded in 2000. It had a market cap of ₹9.464 trillion as of October 2024.
3. Dow Chemical Company
This chemical manufacturing company was founded 127 years ago in 1897. Its current iteration, however, is only five years old, as it merged with DowDuPont in 2019.
Dow manufactures various chemicals, plastics, performance chemicals, catalysts, and coatings. It is also involved in hydrocarbon exploration. The company has undertaken several government contract projects, including weapons manufacturing such as the napalm B compound. Its total revenue in 2023 was US$44.62 billion.
4. SABIC
Otherwise known as the Saudi Basic Industries Corporation, SABIC is a Saudi-based chemical manufacturing company partly owned by Saudi Aramco with 70% majority shares. The company was founded in 1976. It is engaged in the manufacture of various chemicals and intermediates, industrial polymers, and fertilisers. Its total revenue in 2022 was US$52.92 billion.
5. Formosa Plastics Corp
Formosa is a Taiwanese company founded in 1954. It specialises in the manufacture of plastics, mainly PVC resins, polyethylene, acrylic fibre, and carbon fibre. It has a total assets of US$16.3 billion.
6. Ineos
Ineos Group Ltd is a UK-based British multinational conglomerate founded in 1998. It manufactures various types of chemical substances, petrochemicals, and plastics. It has acquired 22 companies from 1998 to 2008 and posted a total revenue of €20,927,000,000 in 2022.
7. PetroChina
The PetroChina Company Ltd is a Chinese oil and gas company founded in 1999. It is listed as an arm of the state-owned company, China National Petroleum Corporation. Its products include fuels, lubricants, natural gas, and petrochemicals. It posted a gross revenue of US$297 billion in 2020.
8. Lyondellbasell
This chemical company is an American multinational company but incorporated in the Netherlands in 2007. It manufactures chemicals and polymers such as polyethylene and polypropylene and posted a gross revenue of US$41.1 billion in 2023.
9. LG Chem Ltd
LG Chem is the largest Korean chemical company founded in 2009, but it was originally established as Lucky Chemical Industrial Corporation. The company produces a wide range of products including raw materials, various chemicals, and IT and electronics materials. It earned a total revenue of KRW 51.865 trillion in 2022.
10. Exxon Mobil
ExxonMobil Corporation is an American multinational company engaged in exploring, refining, and distributing petroleum fuels and natural gas. The company was founded in 1882, but can trace its roots to Vacuum Oil Company, which was founded in 1866. In 2023 it posted a gross revenue of US$344.6 billion.
Which Industries Do The Biggest Manufacturers Serve?
The top 10 global chemical companies have something in common. Most of them, in one way or another, are involved in the production of three main types of products: polymers/plastics, petroleum fuels, and industrial chemicals.
Some industries that the top ten companies serve include the following:
- Agrochemicals
- Electronics
- Petroleum
- Plastic
- Automotive
- Energy
Conclusion
The top 10 chemical manufacturing companies worldwide are ranked based on their revenue. These companies are mainly engaged in the manufacture of industrial basic chemicals, polymers, and a wide range of petroleum products. The products that they produce are used by other companies as well as by end-users or consumers.