Germany-based BASF has reclaimed the top position in the global chemical industry, recording $70.0 billion in sales in 2025, according to the latest ICIS Top 100 Chemical Companies ranking.
The annual ranking of the world’s leading chemical producers puts China-based Sinopec in second place with $66.3 billion in sales, followed by US-based ExxonMobil at $53.4 billion, PetroChina at $42.1 billion and US-based Dow at $40.0 billion.
The rankings come against a backdrop of one of the chemical industry’s most challenging years, with weak demand, persistent petrochemical overcapacity and falling prices putting severe pressure on profitability.
"2025 is likely to be the cycle bottom for earnings with 2026 seeing a meaningful margin recovery buoyed by supply shortages stemming from the Middle East conflict – shortages of chemicals as well as feedstocks used to make chemicals," said Joseph Chang, global editor of ICIS Chemical Business.
"Petrochemicals overcapacity led by China expansions combined with weak demand in housing, automotive and durable goods to depress prices and margins throughout 2025," he added.
The impact was stark across the industry. Total operating profits among the ICIS Top 100 Chemical Companies plunged 47.3% in 2025 from the previous year, despite sales declining by a comparatively modest 4.6%. Net profits suffered an even sharper collapse, cratering 81.9%.
China’s growing influence on global chemical production was also evident in the rankings. Chinese chemical companies accounted for four of the Top 10 positions, reflecting the country’s aggressive expansion of production capacity. The US followed with three companies, while Europe accounted for two and the Middle East for one.
The ICIS Top 100 Chemical Companies ranking provides a comprehensive snapshot of the global chemical industry, compiling sales, operating profits, net income, total assets, capital expenditures and R&D spending for the world’s leading producers.
