Sinopec has become the world’s largest chemical producer in the newly released ICIS Top 100 Chemical Companies ranking, an authoritative annual league table tracking leading chemical manufacturers across the globe.
Sinopec dethrones Germany’s BASF, which slips to second place with chemical sales of $67.5 billion. Three other enterprises round out the top five spots. ExxonMobil from the United States takes third with $55.4 billion in chemical sales, followed by Dow with $43 billion, and PetroChina ranking fifth with $42.2 billion.
By sales volume, four Chinese enterprises secure positions in the top 10 of the ICIS list, and all of them posted year-on-year sales growth. The remaining six top 10 players consist of three U.S. companies, two European firms and one Middle Eastern chemical enterprise.
Most global chemical manufacturers suffered sharp profit declines in 2024, dragged by widespread industrial overcapacity and stagnant downstream market demand. The challenging market conditions have persisted into 2025.
“It has undoubtedly been a difficult period for the chemical sector. Core profitability metrics for 2024 fell far below the record highs seen in 2021. The downward trend is set to continue throughout 2025. Overall industry sales may face headwinds in the coming years, as major producers shut down or divest non-core assets and adopt a cautious stance on mergers and acquisitions,” said Joseph Chang, Global Editor of ICIS Chemical Business.
Chang added that divergent development trends will emerge between Chinese and Western chemical giants. “Nevertheless, several enterprises, primarily those based in China, will keep expanding production capacity to solidify their sales foundations. Chinese chemical players are projected to climb further in future ICIS Top 100 rankings. In contrast, leading U.S. and European chemical firms are undergoing business restructuring via asset sales and plant closures, which will likely lead to contracting sales revenues.”
The 2025 ICIS Top 100 Chemical Companies list is compiled based on full-year 2024 financial and operational data. Compiled indicators cover consolidated chemical sales, operating profit, net income, total assets, capital expenditure and research and development spending. All cross-border currency conversions are calculated using official exchange rates as of the end of 2024, ensuring unified statistical standards for global enterprises.
