London – September 17, 2026 -- BASF retook the top spot in the ICIS Top 100 Chemical Companies ranking with $70.0 billion in 2025 sales, even as sector-wide net profits collapsed 81.9% year-on-year.
BASF overtakes Sinopec to lead global chemical rankings
The Germany-based producer displaced China's Sinopec, which posted $66.3 billion in sales for second place. US-based ExxonMobil ranked third at $53.4 billion, followed by PetroChina at $42.1 billion and Dow at $40.0 billion, according to the annual ICIS Chemical Business ranking, which converts figures to US dollars using year-end 2025 exchange rates.
Industry-wide operating profits plunge 47.3% on overcapacity and weak demand
Total operating profits across the Top 100 fell 47.3% in 2025 versus the prior year, on a 4.6% decline in aggregate sales. Net profits fell even further, down 81.9%. Joseph Chang, global editor of ICIS Chemical Business, attributed the slump to petrochemical overcapacity led by Chinese expansions, compounded by weak demand from the housing, automotive and durable goods sectors throughout 2025.
China places four companies in the global top 10
China-based producers, which have driven the bulk of new capacity additions, secured four of the ten highest-ranked positions, ahead of three US companies, two European firms and one Middle East-based producer.
ICIS projects margin recovery in 2026 on Middle East-driven supply shortages
Chang said 2025 is likely to mark the cycle bottom for chemical industry earnings, with a "meaningful margin recovery" expected in 2026. He linked the anticipated rebound to supply shortages of chemicals and feedstocks stemming from the Middle East conflict.