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Global chemical company "琅琊榜"
Release time:
24 Nov,2015
According to a report in Chemical Week (US) on October 12, 2015, the 2014 ranking of the Billion Dollar Club of global chemical companies shows Sinopec rising to the top spot for the first time, while BASF, which held the top spot for eight consecutive years, dropped to second place, followed by Dow Chemical in third. Sinopec's rise reflects the rapid development of chemical producers in Asia and the Middle East; other top ten companies include SABIC, Formosa Plastics (Taiwan), and Mitsubishi Chemical (Japan). However, most of the top ten companies are still headquartered in developed countries.
In 2014, the Billion Dollar Club saw a slowdown in sales revenue growth. The median year-on-year increase in sales revenue for the 109 companies was 1.0%, significantly lower than 6.0% in 2013 and 4.5% in 2012. Profitability showed slightly better performance, with a median year-on-year increase in operating profit of 3% and an average operating profit margin of 9.2%. This is also reflected in stock prices, with the Chemical Week 75 stock index reaching a new high in 2014.
Geographically, a larger number of large companies are located in Europe and the Middle East. The average sales revenue of the top ten companies in this region was US\$31.3 billion, compared to US\$25.7 billion in Asia and US\$25.4 billion in the Americas. However, due to the weakening of the euro against the US dollar last year, the sales revenue of large European companies also declined. BASF believes that continued growth in the European market will be difficult to achieve. The US economy performed better than Europe, and the industry situation was slightly clearer.
Industry capital expenditure increased in 2014, averaging US\$851 million, a year-on-year increase of 4.5%. For companies that disclosed capital expenditure, the average capital expenditure accounted for 7.1% of sales revenue. R\&D expenditure also increased, averaging US\$367 million, a year-on-year increase of 4.9%. Companies' R\&D expenditure accounted for 3.2% of sales revenue. Top-ranking R\&D companies mainly came from developed countries.
Overall, the industry in 2014 largely continued the turbulent conditions of the previous year. Low shale gas and crude oil prices led to cheaper raw materials, but global demand remained unbalanced, with North America generally performing well, Europe fluctuating, and China's economy entering a period of slower growth. Although Sinopec has become the industry leader, the slowdown in China's economic growth and currency devaluation cast a shadow over the company's future.
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