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Sinopec Ranks Second, Wanhua Chemical Ranks Fifteenth

DT New Materials 2025-07-24 14:21:37

[DT New Materials] has learned that on July 22, the U.S. publication Chemical & Engineering News (C&EN) announced the "Top 50 Global Chemical Companies for 2025" (ranked based on chemical sales revenue).

The threshold for this year's shortlist is $8 billion, which is nearly $4 billion lower than last year. Among the companies, China has 11, the United States has 10, Japan has 7, Germany has 4, the United Kingdom has 3, and South Korea has 2. The total sales of the 50 companies amount to $1.014 trillion, a year-on-year decrease of 0.07% from 2023. However, in 2023, there was a year-on-year decrease of 10.7% compared to 2022, which basically indicates that the chemical industry in 2024 has stabilized at the bottom.

In terms of ranking, BASF, Sinopec, Dow, and PetroChina are the top four, with their 2024 chemical sales amounting to approximately $70.6 billion, $58.1 billion, $43.0 billion, and $42.8 billion respectively. Compared to 2023, the changes are -5.3%, +1.7%, -3.7%, and +6.4% respectively. Additionally, Japanese chemical giants have all maintained or achieved growth, which slightly reveals that the chemical industry landscape in North America, Europe, and Asia is quietly changing.

Among the Chinese companies on the list, in addition to the two oil giants, there are also Formosa Plastics (ranked 11th, $30.3 billion) and Syngenta (ranked 13th, $26.9 billion).Rongsheng Petrochemical (14th, $26.4 billion), Wanhua Chemical (15th, $25.3 billion), Hengli Petrochemical (18th, $21.3 billion), Orient Shenghong (23rd, $15.3 billion), Tongkun Group (8th, up 8 places, $13.7 billion), Hengyi Petrochemical (35th, $11.8 billion), and New Fengming Group (44th, up 4 places, $9.3 billion).

Among them, the fastest sales growth was achieved by Tongkun Holdings, reaching 23.3%.

The company currently has processing capacities of 10 million tons of crude oil equity, 10.2 million tons of PTA, 13 million tons of polymerization, and 13.5 million tons of polyester filament annually, ranking first in the world in chemical fiber production capacity and output. Adhering to the strategy of "from a drop of oil to a bolt of cloth," the company promotes full-chain collaboration across upstream oil and gas, upstream PTA, midstream polymerization and spinning, and downstream texturing, dyeing, and weaving. It also collaborates with Hesu, Zhongke Guosheng, and others to develop cutting-edge products such as bio-based antibacterial fibers and bio-based PEF polyester fibers.

Compared to Tongkun's "specialization" in the fiber field,Oriental Shenghong has taken many actions.Actively deploying various new materials。

For example, this July,Jiangsu Siborui Petrochemical Co., Ltd. under ShenghongThe pilot project for the development technology of 800 tons/year of polyolefin has been approved for record filing. The main product, dicyclopentadiene, is primarily used to produce the popular high-end chemicals COC/COP. This May,Jiangsu Shengbang New Materials Co., Ltd. Annual ProductionThe 5,000-ton para-aramid project was successfully commissioned in one go; in March this year, the announcement of the proposed approval status of the environmental impact assessment documents for Jiangsu Hongjing New Materials Co., Ltd.'s 100,000-ton/year high-end polyolefin monomer plant and supporting facilities project (second phase), to support the company.1010,000 tons of POE. In addition, the company also produces ultra-high molecular weight polyethylene (UHMWPE), PETG copolyester, CHDM polyester, acrylonitrile and its derivatives, recycled polyester fiber, lithium iron phosphate, etc.

Compared to the diversified product offerings of Dongfang Shenghong, Rongsheng Petrochemical must be described as having a chain-by-chain industrial layout, often involving investments of tens of billions, supported by Saudi Aramco, giving it a distinct presence.

For example, Rongsheng New Materials (Taizhou) is investing 148 billion yuan to build a project with an annual output of 10 million tons of high-end chemical new materials, covering eight major industrial chains including nylon 66, biodegradable plastics (PBAT/PBS), and specialty polyester. Another example is the Zhoushan Jintang New Materials Park, with a total investment of 76 billion yuan, covering EVA and POE.PTT、PBS、Polyether polyol plant, ABSPolycarbonate, PCTG, UHMWPEPP、Polyurethane elastomer.....

In contrast to Rongsheng Petrochemical's "financial strength," Wanhua Chemical is more adept at the "specialized, refined, and innovative" approach of making small, incremental advancements.

Accidentally, there are multiple flagship products, such as MDI, TDI, Nylon 12, PSU/PPSU, specialty isocyanates (HDI/IPDI), PC, bio-based TPU, cycloolefin polymers, citral and derivatives, specialty esters (HEMA/HPMA), POE...The company recently trended on social media due to TDI.

In addition, the company is recruiting talent globally to establish a presence in ten new material sectors, including packaging materials, PVC, ePTFE membrane materials, biomanufacturing membrane products, high-end optical films, polyolefin films, synthetic biology, electrolyzers and electrodes, anode and cathode products, and battery materials.

Compared to the aforementioned companies that like to chase market trends, Sinopec is clearly more focused on "filling gaps," doing what is needed, such as Zhenhai Refining & Chemical's "gold in plastics" polybutene-1, ultra-high melt index impact-resistant PP, special materials for battery separators, metallocene polyolefins, SSBR, bio-jet fuel, and so on.

Image source:Adsale

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Sinopec Ranks Second, Wanhua Chemical Ranks Fifteenth

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