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2023 Top 50 American Chemical Enterprises

Recently, based on the financial performance in 2022, Chemical and Engineering News released the report of the top 50 chemical enterprises in the United States in 2023. Among them, Dow, ExxonMobil, and LyondellBasell occupy the top three. The report shows that the total sales of the top 50 chemical manufacturers in the United States in 2022 were $376.7 billion, an increase of 11.4% compared to the previous year, setting a new record in the annual survey.
It is reported that among the 43 companies that released profit data, the total operating profit of chemicals decreased by 4.8% year-on-year to $55.2 billion. 16 companies saw a decline in profits, with only Shengxiao experiencing losses. In 2022, major petrochemical producers such as Dow, ExxonMobil, LyondellBasell, and West Lake also experienced a decline in profits. In recent years, the petrochemical industry has added a large amount of production capacity, causing the industry to be in a cyclical downturn. In addition, due to the conflict between Russia-Ukraine conflict, energy prices rose sharply in 2022, and oil prices in the first half of the year soared by 33% compared with the same period in 2021, squeezing corporate profits.
In contrast, fertilizer manufacturers achieved very impressive performance in 2022. The sales of phosphate fertilizer producer Meisheng increased by 54.8%, ranking fourth among the top 50 chemical companies in the United States. The sales of CF Industry, a nitrogen fertilizer producer, surged 71.1%, ranking eighth among the top 50 chemical companies in the United States. Yabao, the main supplier of lithium for electric vehicle batteries, has grown even more, with sales doubling and ranking from 24th last year to 15th this year.
US chemical companies have mixed views on future spending. The 42 companies that released capital expenditure data reported a total capital expenditure increase of 22.2%, reaching $20.1 billion. About 26 companies reported R&D expenditures, with a total R&D expenditure of $3.2 billion, a decrease of 1.0%. Some companies withdrew from this year’s top 50 chemical companies, mainly due to mergers and acquisitions. If Kraton is acquired by Korean DL Chemical for $2.5 billion, CMC Materials is acquired by Entegris.
The Chemical and Engineering News said that the ranking is only for companies that publicly report their chemical sales performance. Therefore, some enterprises that have businesses in the chemical industry but have not separately disclosed their relevant performance, such as Invista and Procter&Gamble, are not on the list.

 

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