For the eighth straight year, BASF, the German-based chemical producer, led the IHS ChemicalWeek 'Billion-Dollar Club' annual sales ranking of global chemical companies by registering $81.5 in total sales for 2013. Behind BASF was the rapid ascension of both Sinopec (China) and Sabic (Saudi Arabia) to the second and third positions. IHS says that this indicates a major leadership change in the global chemical industry once dominated by U.S., European and Japanese firms.
Sinopec had $72.3 billion in sales in 2013, followed by Sabic at $60.7 billion, ExxonMobil with $59.3 billion, and Dow Chemical at $57.1 billion in sales to round out the top five positions on the IHSChemicalWeek list.
"The presence of both Sinopec and Sabic in the top three companies on our sales ranking, which puts them ahead of powerhouse U.S. companies ExxonMobil Chemical and Dow Chemical, respectively, is profound when you realize that just 10 years ago, neither of these companies were in the top-10," said Rob Westervelt, editor of IHS ChemicalWeek, which has published its Billion-Dollar Club report for nearly 20 years. "In 2000, both Sinopec and Sabic each had roughly $7 billion in chemical revenue and have scaled that by approximately 10-fold in less than 15 years. Their rapid ascension to the top of the list is a sign that these are no longer emerging companies, but industry leaders who will continue to reshape industry as they further expand on their competitive advantages enabled by scale, feedstock or market positions."