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7-13 September 2015 | ICIS Chemical Business | 25www.icis.com

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.

introduction26 We examine key trends affecting chemical

industry performance in 2014

top 100 ranking30 We list key financial data for the world’s

most important chemical producers

bubbling under35 Potential leaders of the future who did not

quite make it onto the Top 100 list

analytics36 The ICIS analytics team presents eight

graphs that highlight important trends

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www.icis.com26 | ICIS Chemical Business | 7-13 September 2015

special report icis top 100 chemical companies

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

nigel davis london

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

Oil collapse consequences

ethane and other natural gas liquids (NGLs), important petrochemical feedstocks. Yet hard-ly anyone foresaw, or contemplated the poten-tial 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, nev-ertheless.

First, upstream, and then, increasingly, downstream chemical prices began to fall. The price declines were significant but not as se-vere as those for crude. The ICIS Petrochemical

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 contin-ued to benefit greatly from low feedstock and energy costs. The competitive landscape for petrochemicals, the largest sub-sector of the in-dustry has changed markedly with the shale gas revolution and the drop in the price of

Chemical producers had to chart a course through some choppy waters in 2014. The latest ICIS Top 100 an-nual listing of chemical producer fi-

nancials 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 play-ers but became more difficult, and increasingly uncertain, as the months progressed.

ICB_070915_026-028.indd 26 02/09/2015 18:12:35

www.icis.com 7-13 September 2015 | ICIS Chemical Business | 27

IN ASSOCIATION WITH

In the ICIS Top 100 ranking of the leading chemical compa-nies, ICIS lists the major producers globally by sales and collates a substantial amount of financial informa-tion for the sector.

The Top 100 table pub-lished here is based on performance in the most recent financial year, which for most companies was

calendar 2014. The data shown are col-

lected from public, private and state-controlled chemical companies including the chemicals operations of the major oil companies, indus-trial gases and fertilizer pro-ducers. 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 de-velopment (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.

TOP 100

METHODOLOGY

CRUDE OIL VERSUS IPEX

Brent crude oil, $/bbl

NOTE: IPEX = ICIS Petrochemical Index (petrochemical prices)

Crude

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IPEX

IPEX

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Jan2015

Jan2014

Jan2013

Jul2012

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Index IPEX), which reflects price movements for a basket of 12 major petrochemicals and polymers fell by 17% between August and De-cember 2014.

That price decline was manifested, particu-larly 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 com-petitive 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 for-tunes 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 or-dered by sales, to external customers where ap-propriate. The table published here shows sales, profits, assets, expenditure and employ-ees 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, di-versified producer of chemicals, with an im-

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 Exx-onMobil in the table are for the chemicals op-erations of both firms. While most oil compa-nies 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

has been Total and an estimated sales figure is shown. The data for Bayer are for its MaterialS-cience 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 Moerdi-jk 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 GROWTHTop line growth was not easy to find in 2014. The Top 10 companies grew by 1.5% on aver-age 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 world’s 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

The fall in naphtha and otheroil-based feedstock pricesshifted the competitive position again for olefins producers and some others

❯❯

ICB_070915_026-028.indd 27 02/09/2015 18:13:11


lower average sales prices. Fourth quarter net profit was down 30% year on year in the 2014 fourth quarter as oil price impact on petro-chemicals became much more apparent.

Chemical producers processing naphtha saw variable cracker margins improve mark-edly 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).

The balance between feedstock costs and the input of lower-priced crude on petro-chemicals played out on global markets is the second half and has persisted thus far through 2015.

For chemical producers further down-stream from the oil barrel the difficulties arose in balancing generally weakly-growing cus-tomer 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 benefit-ted from the shale revolution and profits gen-erally were pushed higher, significantly for some. The ICIS analysis for its Chemical Com-pany of the Year Award will look in more de-tail 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

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%.

Europe’s 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 region’s 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 Japan’s chemical produc-ers 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 in-creased 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 off-set 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 chem-icals margins added greatly to profits.

The impact of the oil price crash in the sec-ond half of 2014 is masked in the table but more widely apparent for the upstream petro-chemical producers and for producers of polymers.

oil crash hits middle eastSaudi Arabia’s 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

under pressure in 2014 with the growth slow-down and increasing local production capaci-ties having a major impact.

Brighter picture for japan On the other hand, the major chemical com-panies in Japan reported significant profit im-provements for fiscal 2014/15. Mitsubishi Chemical’s 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 Chemical’s net profit for the year was up 41.1%.

Sinopec is the world’s second largest chem-icals producer but its chemicals business was in loss last year. Other major chemical pro-ducers 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 prof-its 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 chal-lenged 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 govern-ment is attempting to rebalance the economy to tackle the country’s financial and environ-mental 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. ■

U.S. Chemicals, LLC (USC), a woman-owned spe-cialty chemicals distributor is honoured to spon-sor 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 en-able USC to offer its customers a consistent and reliable supply of the finest available chemical products.

Today, USC, headquartered in Darien, CT, con-tinues to provide the same standard of excel-lence established by Howard T. Von Oehsen. The goal remains the same – to offer the best solu-tion 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 envi-ronmentally aware is vital in an industry not nec-essarily 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

sponsor’s message Carol PICCaro preSIDenT & CeO, U.S. CHemICaLS

u.s. chemicals – a unique chemical distriButor

petrochemical producers in the us benefitted from the shale revolution

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ICB_070915_026-028.indd 28 02/09/2015 18:13:17

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30 | ICIS Chemical Business | 7-13 September 2015

Rank 2014

Company Sales Operating profit

Net profit Total assets R&D Capital spending

Employee numbers

% change reporting reporting reporting

$m 2014

reporting currency $

$m 2014

$m 2013

$m 2014

$m 2013

$m 2014

currency % change

$m 2014

currency % change

$m 2014

currency % change 2014 % change

1 BASF a 90,011 0.5 -11.7 9,235 9,864 6,243 6,602 86,417 11.1 2,282 1.9 6,414 8.7 113,292 1.0

2 Sinopec b 68,875 -2.3 -4.7 -351 143 - - - - - - 2,554 - - -

3 Dow Chemical 58,167 1.9 1.9 5,265 6,804 3,432 4,447 68,796 -1.0 1,647 -5.7 3,572 55.2 53,000 0.0

4 ExxonMobil b/c 56,393 -4.9 -4.9 5,705 5,180 4,315 3,828 27,247 -0.8 - - 2,128 91.4 - -

5 SABIC 50,122 -0.5 -0.5 10,114 11,343 6,220 6,740 90,597 0.8 - - 4,127 35.1 40,000 0.0

6 LyondellBasell Industries 45,608 3.5 3.5 5,736 5,102 4,174 3,857 24,283 -11.0 127 -15.3 1,499 -4.0 13,100 -1.5

7 DuPont 34,723 -2.8 -2.8 4,991 3,489 3,636 4,862 49,876 -3.2 2,067 -4.0 2,020 7.3 63,000 -1.6

8 Mitsubishi Chemical d 30,478 4.5 -10.3 1,381 1,072 507 313 36,036 24.2 1,102 -1.5 1,376 23.8 68,263 21.8

9 INEOS e 27,003 10.2 -3.1 - - - - - - - - - - - -

10 Bayer f 26,962 4.9 -7.8 2,331 2,306 - - 37,117 16.9 1,542 8.2 1,955 16.8 58,172 2.7

11 Shell b/hh 24,607 -41.8 -41.8 - - 1,417 1,843 - - - - 1,802 50.8 - -

12 Total b/g 24,600 -4.4 -4.4 - - - - - - - - - - - -

13 LG Chem 20,675 -2.4 -5.7 1,200 1,651 782 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 -9.0 1,062 979 435 359 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 2,303 -11.8 50,000 0.0

17 PTT Global Chemical h 17,443 3.8 3.2 428 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

19 AkzoNobel 17,313 -2.0 -13.9 1,195 1,320 727 911 19,738 1.5 440 -2.7 712 -11.7 47,200 -4.8

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 - -

a 2013 figures restated as a result of dissolution of gas trad-ing 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 ventures

f Data excludes HealthCare (2014 sales €20.0bn; 2013

sales €18.9bn)g Total’s chemical activities

include petrochemicals and specialties

h 2103 figures restated following implementation of new account-ing standard 19 regarding em-ployee 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 busi-ness 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,

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 dollarsq Adhesive Technologies seg-

ment onlyr 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. BP’s underlying replacement cost profit, excluding joint ven-ture interests in Europe

t Performance Materials and Technologies figures only, exclud-ing Process Solutions, ie UOP and Advanced Materials only

u Financial year-end changed from 21 December 2013, to 22 September 2014. Figures stat-ed 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 restruc-turning and incorporation under

FOOTNOTES

ThE iCiS TOp 100

ICB_070915_030-035.indd 30 02/09/2015 18:27:37


IN ASSOCIATION WITH

24 PPG Industries j 15,360 7.7 7.7 1,416 1,226 1,157 973 17,583 10.8 492 6.3 587 18.8 46,100 11.4

25 Syngenta 15,134 3.2 3.2 2,105 2,086 1,622 1,649 19,929 -1.4 1,430 3.9 600 -4.0 29,340 4.2

26 Johnson Matthey d 14,935 -9.8 -19.7 791 747 634 565 6,205 10.3 252 12.0 314 -3.0 12,148 7.2

27 SK Global Chemical 14,512 3.8 0.3 329 818 226 592 5,984 968.2 38 755.2 - - - -

28 Ecolab 14,281 7.7 7.7 1,955 1,561 1,203 968 19,467 -0.9 197 4.8 749 19.8 47,430 4.4

29 Merck Group 13,674 5.5 -7.2 2,134 2,219 1,411 1,666 31,499 24.9 2,063 13.1 582 18.2 39,639 3.9

30 Lotte Chemical Corp 13,607 -9.6 -12.6 321 462 132 271 9,453 -3.4 37 26.1 266 0.6 - -

31 Chevron Phillips Chemical 13,416 2.0 2.0 - - 3,288 2743 12,311 16.9 - - - - 5,000 0.0

32 Mitsui Chemicals d 12,921 -1.0 -15.0 350 242 144 -244 11,768 -1.4 - - 293 -32.6 14,363 0.6

33 Solvay k 12,872 4.7 -7.9 790 814 16 434 21,670 -3.4 299 3.8 1,195 13.8 26,000 -11.6

34 Yara International l 12,723 12.3 -8.8 1,343 1,271 1,063 1,006 14,943 26.0 21 20.3 940 29.5 12,073 23.7

35 Formosa Chemicals & Fibre (Taiwan) 12,700 -6.2 -11.3 128 635 444 893 16,791 1.0 - - 442 6.1 - -

36 Praxair 12,273 2.9 2.9 2,608 2,625 1,694 1,755 19,802 -2.2 96 -2.0 1,689 -16.4 27,780 0.8

37 Huntsman 11,578 4.5 4.5 633 510 323 128 11,002 19.7 158 12.9 601 27.6 16,000 33.3

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 1.9 390 -10.1 786 -0.6 21,351 -9.1

40 Sherwin-Williams 11,130 9.3 9.3 1,258 1,086 866 753 5,706 -10.6 50 6.4 201 20.3 39,674 5.4

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 1,324 992 994 17,779 -0.4 141 5.8 1,684 10.5 21,200 -1.9

43 Borealis 10,088 2.8 -9.7 339 269 692 582 10,115 8.3 156 18.5 448 39.9 6,290 1.0

44 Persian Gulf Petrochemical Industry o/p 9,956 22.7 22.7 1,870 1,442 2,396 722 13,953 3.8 44 -85.6 220 -56.2 11,114 52.6

45 Henkel Adhesive Technologies q 9,842 0.1 -12.0 1,629 1,751 - - - - - - - - 25,334 3.7

46 LANXESS 9,695 -3.5 -15.2 264 -128 53 -231 8,780 6.4 194 -14.0 744 -1.6 16,584 -4.4

47 Eastman Chemical 9,527 1.9 1.9 1,162 1,862 751 1,165 16,072 35.7 227 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 ex-clude 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 2015bb Financial year-end 31 October

2014cc 2013 figures restated to include

Monomers, Polymers, Aromas, Fertilizers, Plastics and PTA only following restructuring of operat-ing segments to include petro-chemicals 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

segments onlyff Formerly Makhteshim-Agan

Industries. Name change effec-tive from 23 January 2014

gg 2013 figures restated due to completion of acquisition ac-counting 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)

Companies exCludedChemChina – Results not made publicChina National BlueStar (Group) – Owned 80% by ChemChina, 20% by the Blackstone Group. Accounts not made publicDaelim – Below Top 100 in sales as Yeochon NCC accounted as equity firm

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 peopleFormosa Plastics Corp USA – Not segmented in Formosa reportsKoch Industries – Privately owned, does not segment chemicals dataLubrizol – Acquired by Berkshire Hathaway. Lubrizol business not segmentedNan Ya Plastics – Sales a mixture of chemicals and processed itemsOMV – Includes petrochemicals in its Refining and Marketing (R&M) segment; holds a 36% stake in Borealis. For 2014, the R&M seg-ment reported consolidated sales of €27.8bn (€29.3bn in 2013) and EBIT of €-290m (€658m in 2013)PetroChina – Does not segment

chemicals from refining businessPIC – Accounts not made publicRepsol – Includes petrochemicals in its Downstream segmentSamsung – Does not consolidate various chemicals company inter-ests into one areaShanghai Petrochemical – Majority owned by by SinopecTAPPICO o/p – Company provided results after deadline for table compilation. ‘Bubbling under’ at No. 103 last year, TAPPICO’s sales in 2014 of $3,926m (up by 3.4%)would have placed it at No. 97Yeochon NCC – Results included with Hanwha and Daelim

exChange rateKey financial exchange rates used for 2014 data (2013 in parenthe-ses): €/$ 1.211 (1.378) based on 31 December year-end. $/Yen 120.0 (103.0) based on 31 March year-end

rank 2014

Company sales operating profit

net profit total assets r&d Capital spending

employee numbers


$m 2014


$m 2014

$m 2013

$m 2014

$m 2013

$m 2014

currency % change

$m 2014

currency % change

$m 2014


ICB_070915_030-035.indd 31 02/09/2015 18:28:04



50 Mosaic 9,056 0.3 0.3 1,217 1,340 1,029 1,063 18,283 -6.5 - - 929 -34.9 9,100 11.0

51 Formosa Petrochemical Corporation b 8,242 3.2 -2.4 - - - - - - - - - - - -

52 SCG Chemicals 7,540 18.2 17.5 475 393 379 345 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 -14.2 441 528 202 231 8,252 24.4 188 7.6 569 -2.3 14,280 2.7

57 PotashCorp 7,115 -2.6 -2.6 2,348 2,616 1,536 1,785 17,724 -1.3 - - 1,138 -29.9 5,136 -3.8

58 Honeywell t 7,099 5.0 5.0 - - - - - - - - - - - -

59 DIC 6,931 17.6 3.4 343 382 210 254 6,711 5.5 91 23.9 266 24.8 20,411 1.9

60 Formosa Plastics 6,852 0.5 -4.9 174 153 569 693 13,637 5.5 29 2.9 255 -38.6 - -

61 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

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 1.5

63 GS Caltex b 6,597 -6.0 -9.1 256 716 - - - - - - - - - -

64 Styrolution 6,582 -6.3 -17.6 - - - - - - - - - - 3,100 -3.1

65 Teijin d 6,553 0.2 -13.9 326 175 -67 81 6,866 7.2 270 0.4 234 -6.9 15,780 0.2

66 Parsian Oil & Gas Development Company b/o/u

6,542 38.1 28.3 2,286 1,812 2,445 1,737 9,183 97.9 - - 405 -68.3 8,021 27.6

67 Versalis v 6,399 -9.8 -20.7 -419 -532 -335 -466 - - - - 342 -10.2 5,443 -4.6

68 Dow Corning 6,221 8.9 8.9 - - 513 376 11,145 -9.4 - - - - 11,000 10.0

69 Clariant 6,160 0.7 -9.7 529 528 219 6 7,972 -3.2 215 7.0 312 6.2 17,003 -6.1

70 Ashland n/w 6,121 0.5 0.5 46 1,039 233 683 10,951 -9.4 114 -19.7 248 -6.1 11,000 -24.7

71 ICL (Israel Chemicals) 6,111 -2.6 -2.6 758 1,101 466 820 8,348 4.7 87 4.8 752 -9.0 12,457 2.5

72 Orica n 5,934 -1.3 -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 9 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 - - 6 -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 9 -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 1,397 55.3 14,295 -0.9

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 0.8 -9.6 766 778 567 550 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 4.2 485 616 308 294 5,341 2.0 128 9.0 225 1.3 6,000 7.1

97 PolyOne 3,836 1.7 1.7 155 232 53 244 2,711 -7.9 - - 93 21.5 6,900 -1.4

98 Compania Espanola de Petroleos (CEPSA) b

3,717 -5.9 -17.2 - - - - - - - - - - - -

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

Rank 2014


Net profit Total assets R&D Capital spending

Employee numbers


$m 2014


$m 2014

$m 2013

$m 2014

$m 2013

$m 2014

currency % change

$m 2014

currency % change

$m 2014


ICB_070915_030-035.indd 32 02/09/2015 18:28:28

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ICIS accepts no liability for commercial decisions based on the content of this report

MARKET UPDATE:

Global polymers to face

heightened competition

The global commodity polymers market

continues to be under severe pressure

from challenges such as the European

debt crisis, slowing emerging market

growth and increased competition.

Despite these challenges, overall polymers

consumption is poised to grow at a

compounded annual growth rate (CAGR)

of 4.7%/year through 2015.

After the plunge in global consumption during the 2008-

2009 economic crisis, demand started to recover in the

following years. Yet, a full recovery to pre-crisis levels is

still far off in mature economies, and the industry entered

another difficult period during 2011.

The worsening of the European debt crisis, volatility of

the capital markets and a faltering economy have all

destabilized confidence at a global level.

The cumulative global consumption of polyethylene

(PE), polypropylene (PP), polyvinyl chloride (PVC) and

polystyrene (PS) excluding expandable PS - in 2011 is

estimated at 178m tonnes or 4.5% over 2010 levels. The

largest increases were recorded by PVC at 6.2% and

linear low density PE (LLDPE) at 5.8%.

However, growth was hampered considerably on the

widespread slowdown of key end-markets, also in some

of the fastest-growing economies.

China Impact

China is the largest world market for each of these

polymers, accounting for 49m tonnes in 2011 or 27% of

global demand. China’s market recovered quickly after

2008, thanks to government economic stimulus measures

and incentives to boost consumption.

PE and PVC demand recorded consecutive double-digit

annual increases in 2009 and 2010. Overall Chinese

demand growth in 2011 is estimated at 5.6%, 5.4

percentage points lower than the 11.0% growth in 2010.

The government’s efforts to curb inflation through

restrictive monetary policy resulted in a tight credit

market, which hurt investment and demand. Furthermore,

China’s exports of finished and semi-finished plastic

products had to cope with lower demand from recipient

markets, and with some loss of competitiveness due to

the stronger yuan.

The electronic and household appliances sectors in

China slowed down notably during the second and third

quarters of 2011 on weak domestic sales and exports

to traditional markets in the West. Later in the year,

shipments to fast-growing countries such as India and

Brazil also decelerated.

PS demand grew less in the manufacture of TVs,

computers and electronic accessories, which resulted

in a weak peak demand season. PE and PP performed

relatively better thanks particularly to the packaging

sector and agriculture applications.

But China’s automotive industry worsened overall with a

slight increase in the production of passenger cars, and a

decline in commercial vehicles, which principally impacted

PP consumption.

The domestic PVC market recorded another year of

substantial growth, but at a reduced pace. Government

policies aimed at limiting speculation in the housing

market and preventing a bubble, such as restrictions on

mortgages and pre-sales of homes, have cooled down the

property sector. This has impacted demand for PVC, and

high density PE (HDPE) to a lesser extent.

Remarkably, the profitability of the polymers sector in

China worsened on the mounting costs of energy and raw

materials and volatile downstream demand.

Major PP producers chose to reduce operations in mid-

2011 due to tight margins.

Many PVC operators reported small profits or losses

during most of the year. Also, margins over the

In the first quarter of 2012, the CFR (cost &

freight) Japan naphtha price has risen to its

highest level since May 2011 supported by

strong demand, tight supplies and strong

crude values.

In recent months the naphtha market has moved into a

steeper backwardated structure, which underlines demand

for prompt naphtha supplies from the petrochemical sector in

Asia amid increased operating rates at crackers in Taiwan and

full operating rates at crackers in China and South Korea.

Supply for regional cargoes loading and arriving in the first

half of April continue to be tight, with record premiums

paid by cracker operators such as South Korea’s Honam

Petrochemical, LG Chem and Malaysia’s Titan Chemicals.

© Copyright 2012 Reed Business Information Ltd. ICIS is a member of the Reed Elsevier plc group.

ICIS accepts no liability for commercial decisions based on the content of this report

The backwardated structure could ease moving into the next

few weeks amid reports of an increase in arbitrage cargoes

into Asia from the West. There were reports that some

650,000 tonnes of naphtha were expected to arrive in Asia

during April. Crack spreads between April naphtha and ICE

Brent crude futures were strong, but have moved off highs

as market players digested news of possible increased

spot availability.

The European naphtha cargo market is subdued. With low

levels of business taking place, the market has lengthened

slightly, rendering it balanced too long. The arbitrage to Asia

remains closed, although some believe it viable for heavy

grades of naphtha to head east.

The arbitrage to the US is also shut. Demand from the

gasoline sector is described as mediocre, while interest from

the petrochemical industry is also minimal, despite naphtha

having a financial advantage over rival feedstock propane.

A lack of near-term buyers in the US Gulf heavy naphtha

market has pushed differentials to a deeper discount to

US Gulf spot gasoline in both the gasoline sector and the

petrochemical industry.

Energy and feedstocks:

Asia crackers ramp

up production,

boosting naphtha

Natural gas prices, front month

Source: ICIS

Millions

US Henry Hub, S/MMBtu

Feb 2012

Feb 2011

50

2

100

7

70

4

80

5

90

6

60

3

UK NBP

US Henry Hub

Global Naphtha prices

Source: ICIS

$/tonne

$/bbl

Feb 2012

Mar 2011

800

70

1,200

130

1,000

100

1,100

115

900

85

Naphtha AsiaNaphtha US

Naphtha EuropeOil - West Texas

Intermediate

ICB_070915_034.indd 34 02/09/2015 17:28


IN ASSOCIATION WITH

101 Cabot n 3,647 5.5 5.5 447 386 218 160 4,084 -3.5 60 -11.8 171 -35.2 4,737 2.1

102 Showa Denko b 3,511 0.7 -11.4 4 66 - - 2,778 0.0 - - 100 23.8 - -

103 PKN Orlen cc 3,483 1.8 -13.2 - - - - - - - - - - - -

104 Kuraray dd 3,435 -0.5 -14.4 336 481 178 285 5,774 9.0 - - - - - -

105 Industries Qatar ee 3,378 -8.9 -8.9 - - - - - - - - - - - -

106 JSR d 3,368 2.5 -12.0 317 350 249 244 4,456 6.6 - - 271 54.2 - -

107 WR Grace 3,243 6.0 6.0 334 361 276 256 4,095 -24.1 80 21.9 170 8.7 6,500 -3.0

108 Methanex 3,223 6.6 6.6 697 477 506 377 4,775 15.9 - - 84 -68.7 1,100 10.0

109 ADAMA Agricultural Solutions ff 3,221 4.7 4.7 311 309 146 127 4,745 6.5 34 -0.3 101 18.4 4,791 5.0

110 Denki Kagaku Kogyo (Denka) d 3,201 1.9 -12.5 200 206 159 132 3,714 3.3 93 2.8 178 -17.1 - -

111 Nippon Shokubai d 3,125 24.1 6.6 218 133 159 102 3,498 5.3 - - - - - -

112 IFF 3,089 4.6 4.6 549 485 415 354 3,495 4.9 254 -2.4 143 6.7 6,200 3.3

113 Pemex b 3,002 9.6 -2.6 -1,284 -1,164 -1,282 -1,140 7,356 -3.0 - - 323 19.0 -

114 Incitec Pivot n 2,927 -1.5 -8.0 272 326 217 344 6,959 3.7 6 -30.5 578 46.5 5,064 -4.2

115 Grupa Azoty gg 2,799 0.8 -14.0 86 241 75 235 2,813 0.0 - - 191 -0.7 - -

116 Tata Chemical d 2,772 7.5 3.6 272 223 96 -172 2,026 -1.5 - - - - - -

117 Rabigh Refining and Petrochemical b 2,702 31.2 31.1 - - 883 676 - - - - - - - -

118 Asahi Glass b 2,649 9.1 -4.1 201 169 - - - - - - 251 45.5 - -

119 Kemira 2,588 -4.1 -15.7 185 59 116 -36 2,780 3.8 34 -12.8 171 4.7 4,248 -4.6

120 Symrise 2,567 15.8 1.8 373 390 226 237 4,844 81.0 169 9.8 98 39.5 8,160 36.9

BuBBling underrank 2014


net profit Total assets r&d Capital spending

employee numbers


$m 2014


$m 2014

$m 2013

$m 2014

$m 2013

$m 2014

currency % change

$m 2014

currency % change

$m 2014


YOUR D R I N K I N G BO T T L E A T T H E G YM YOUR DR INK I NG BO T T L E

C2 H

4 C2 H

4 C2 H

4 C2 H

4 C2 H

4 C2 H

4 C2 H

4 C2 H

4 C2 H

4 C2 H

4 C2 H

4 C2 H

4 C2 H

4 C2 H

4 C2 H

4 C2 H

4 C2 H

4 C2 H

4 C2 H

4 C2 H

4 C2 H

4 C2 H

4 C2 H

4 C2 H

4 C2 H

4 C2 H

4 C2 H

4 C2 H

4 C2 H

4 C2 H

4 C2 H

4

C6 H

5 C2 H

3 C6 H

5 C2 H

3 C6 H

5 C2H

3 C6H

5C2H

3 C6H5C2H3 C6H5C2H3 C6H5

C 2H 3

C 6H 5

C 2H 3

C 6H 5

C 2H 3

C 6H 5

C 2H 3

C 6H 5

C 2H 3

C 6H 5

C 2H 3

C 6H5

C2H3

C6H5C2H3 C

6H5 C

2 H3

C3H6

C 3H 6

C 3H6

C3H

6 C3 H6 C

3 H6 C

3 H6 C

3 H6 C

3 H6 C

3 H6 C

3 H6 C

3 H6 C

3 H6 C

3 H6 C

3 H6 C

3H6 C

3H6 C3H6 C3H6 C3H6 C

3H6 C

3 H6 C

3 H6 C

3 H6 C

3 H6 C

3 H6

C6 H

5 OH C6 H

5 OH C6 H

5 OH C6 H

5 OH C6 H

5 OH C6 H

5 OH C

6 H5 OH C

6 H5 OH C

6 H5 OH C

6 H5 OH C

6 H5 OH C

6 H5 OH C

6 H5 OH C

6 H5 OH C

6 H5 OH C

6 H5 OH C

6 H

5 OH

4,32°E0°40°W 40°E

4,32°E0°20°W 20°E

45°N

40°N

60°N

51,31°N

45°N40°N

60°N51,31°NPOR T OF

ANT WERP

Everything is possible at the Port of Antwerpwww.portofantwerp.com/en/chemical-cluster

#eisp13#portofantwerpif lx

ICB_070915_030-035.indd 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

DuPont3.63

ExxonMobil4.32

BASF6.24

SABIC6.22

LyondellBasellIndustries

4.17

LARGEST NET PROFITS $ BILLION

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.

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

NOVAChemicals

Braskem

Styrolution

CFIndustries

0 1 2 3 4

Chevron PhillipsChemical

Trinseo

LyondellBasellIndustries

$ million

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 compo-nent 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.

2014 saw little change in the Top 50 constituents by region. Europe continues to hold the lion’s 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 r espectively. 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.

IPEX COLLAPSES IN H2 2014

Sales, $bn

SOURCE: Xxxxxxxx

Top 100 chemical sales

Xxxxx xxxxxx

Xxxxx xxxxxx

Xxxxx xxxxxx

Xxxxx xxxxxx

Xxxxx xxxxxx

IPEX

IPEX index (1993=100)

0

400

800

1,200

1,600

2,000

2014201320122011201020092008200720062005200420032002200120000

100

200

300

400

500

TOP 50 CONSTITUENTS BY REGION

Total

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

Xxxxx xxxxxx

Xxxxx xxxxxx

Xxxxx xxxxxx

Xxxxx xxxxxx

Xxxxx xxxxxx

Xxxxx xxxxxx

0

5

10

15

20

EuropeNorthAmerica

NortheastAsia

SoutheastAsia

MiddleEast

AfricaSouthAmerica

ICB_070915_036-037.indd 36 02/09/2015 18:40:13

www.icis.com 7-13 September 2015 | ICIS Chemical Business | 37

IN ASSOCIATION WITH

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. Braskem’s 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. Reliance’s 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.

TOP AND BOTTOM PROFIT MARGINS

Percentage

-10

0

10

20

30

40

50

Versalis BP SinopecIndoramaVentures

ShowaDenko

AshlandFormosa Chemicals &

Fibre (Taiwan)

PraxairPETRONASChemicals

Group

EuroChem

WestlakeChemical

PotashCorpParsian Oil & Gas

Development

CFIndustries

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)

*Graphic excludes SABIC

Braskem (AAGR -0.84%)PTT Global Chem (AAGR 3.22%)

Sasol (AAGR -2.71%)

Reliance (AAGR -0.86%)

0

5,000

10,000

15,000

20,000

25,000

2014201320122011

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 report-ing 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 year’s “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 dollar-denominated sales, to $2,430m.

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 aver-age growth rates this century by a full percent-age point, from last year’s 7.8% to 6.8%.

TOP 100 SALES GROWTH

Percentage

SOURCE: XxxxxxxxYear-on-year sales growth

Xxxxx xxxxxx

Xxxxx xxxxxx

Xxxxx xxxxxx

Xxxxx xxxxxx

Xxxxx xxxxxx

Percentage

Average growth

-20

-15

-10

-5

0

5

10

15

20

25

2013

201120092007200520032001 2014

PERCENTAGE SHARE OF TOP 100 SALES

$ billion

SOURCE: Xxxxxxxx

Top 100 total sales, $ billion

Xxxxx xxxxxx

Xxxxx xxxxxx

Xxxxx xxxxxx

Xxxxx xxxxxx

Xxxxx xxxxxx

Share, %

Top 10 share, %

0

200

400

600

800

1,000

1,200

1,400

1,600

201420122010200820062004200220005

10

15

20

25

30

35

40

45

51-100 share, %

ICB_070915_036-037.indd 37 02/09/2015 18:40:36

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