Wedoany.com Report-Sept. 16, China-based Sinopec (Beijing; www.sinopecgroup.com) has taken the number one position in the ICIS Top 100 Chemical Companies ranking for 2024, becoming the world’s largest chemical company. This annual report, released by ICIS Chemical Business, highlights the leading chemical producers by sales and other key financial metrics. Sinopec moved ahead of Germany-based BASF (Ludwigshafen; www.basf.com), which placed second with revenues of $67.5 billion.

The Top 5 list also included major global players. ExxonMobil (Spring, Texas; www.exxonmobil.com) ranked third with $55.4 billion in chemical sales. Dow (Midland, Michigan; www.dow.com) followed in fourth place with $43.0 billion, and PetroChina (Beijing; www.petrochina.com.cn) secured the fifth position with $42.2 billion.

Chinese companies accounted for four of the Top 10, all reporting sales growth. The remainder of the Top 10 included three U.S.-based companies, two European companies, and one Middle East company. This highlights China’s expanding presence in the global chemical sector.

While rankings by revenue shifted, the industry overall faced challenges. Most global chemical producers experienced substantial profit declines in 2024, largely due to overcapacity combined with weaker demand. These conditions have continued into 2025, affecting both profitability and strategic direction for many companies.

Joseph Chang, global editor of ICIS Chemical Business, commented on the current environment: “It’s been tough sledding with key profitability metrics in 2024 well off their peaks in 2021. The slide is expected to continue in 2025, with overall sales also likely to take a hit in the coming years as a number of producers shut down or divest assets while being cautious on the M&A front.”

Chang also noted regional differences in market trends: “Yet some companies will continue building capacity, bolstering their sales base, particularly in China. Look for Chinese chemical companies to continue moving up in the ICIS Top 100 rankings. In contrast, major US and European companies are likely to see sales shrink as they restructure by selling or shutting down assets.”

The ICIS Top 100 ranking evaluates companies based on 2024 data, covering sales, operating profits, net income, total assets, capital expenditures, and R&D spending. All figures are converted to U.S. dollars using year-end 2024 exchange rates, ensuring consistency across global comparisons.

The 2025 edition of the ICIS Top 100 Chemical Companies highlights not only the performance of individual producers but also broader market dynamics. China’s increasing role in capacity building and sales growth contrasts with ongoing restructuring in the U.S. and Europe. Meanwhile, the Middle East maintains a steady presence in the global market.

As the chemical industry adapts to changing demand patterns, new investments and strategic adjustments will play a key role in shaping future rankings. For now, Sinopec’s leadership position underscores both its scale and the importance of the Chinese market in global chemical production.