Sinopec, China’s leading energy and chemical giant, has claimed the top position in the newly released ICIS Top 100 chemical companies, overtaking Germany’s BASF as the world’s largest chemical producer.

Sinopec achieved this milestone on the back of strong sales performance, ranking ahead of BASF, which posted $67.5 billion in revenues. The Top 5 is rounded out by US-based ExxonMobil with $55.4 billion in chemical sales, Dow with $43 billion, and China-based PetroChina with $42.2 billion.

Chinese companies made a strong showing overall, with four of the Top 10 global players coming from China, all reporting solid sales growth. They were followed by three US companies, two European companies, and one Middle Eastern company.

Despite Sinopec’s success, the broader chemical industry continues to face turbulence. Most global producers recorded steep profit declines in 2024, as industry-wide overcapacity collided with weak demand—challenges that remain in 2025.“It’s been a difficult environment, with profitability metrics in 2024 well below their 2021 peaks,” said Joseph Chang, Global Editor of ICIS Chemical Business.

“The downturn is expected to continue in 2025, with sales likely to remain under pressure as companies shut down or divest assets, while remaining cautious on mergers and acquisitions. However, Chinese companies are expanding capacity and strengthening their sales base. We expect them to continue climbing in the ICIS Top 100 rankings, while major US and European producers focus on restructuring and asset rationalization.”

The ICIS Top 100 Chemical Companies ranking, based on 2024 financial data, tracks sales, operating profits, net income, total assets, capital expenditures, and R&D spending for the world’s largest producers. Currency conversions are based on year-end 2024 exchange rates.