Top 50 Americanized Companies in 2023

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Recently, Chemical & Engineering News in the United States released its list of the top 50 American chemical companies for 2023, based on their financial performance in 2022. Among them, Dow, ExxonMobil, and LyondellBasell rank in the top three. The report shows that in 2022, the total sales of the top 50 chemical manufacturers in the United States amounted to $376.7 billion, an increase of 11.4% compared to the previous year, setting a new record for that year’s survey. It is reported that among the 43 companies that released their profit figures, the total profit from the chemicals business declined by 4.8% year-on-year, to $55.2 billion. 16 companies saw a decline in profits, with only Shengxi Ao recording a loss. In 2022, large petrochemical producers such as Dow, ExxonMobil, LyondellBasell, and West Lake also experienced a decline in profits. In recent years, the petrochemical industry has seen a significant increase in production capacity, putting it in a cyclical downturn. Furthermore, due to the Russia-Ukraine conflict, energy prices rose sharply in 2022; oil prices surged by 33% in the first half of the year compared to the same period in 2021, squeezing corporate profits. In contrast, fertilizer manufacturers had an excellent performance in 2022. Phosphate fertilizer manufacturer Mosaic saw its sales increase by 54.8%, ranking fourth among the top 50 chemical companies in the United States. Nitrogen fertilizer producer CF Industries saw its sales surge by 71.1%, ranking eighth among the top 50 chemical companies in the United States. Yabao, the main supplier of lithium for electric vehicle batteries, saw even greater growth, with its sales doubling and its ranking rising from 24th last year to 15th this year. American chemical companies have mixed feelings about future spending. The 42 companies that released capital expenditure data reported that total capital expenditures increased by 22.2%, reaching $20.1 billion. About 26 companies reported R&D expenditures, with total R&D spending amounting to $3.2 billion, a decrease of 1.0%. Some companies have dropped out of this year’s list of the top 50 American chemical companies, mainly due to mergers and acquisitions. For example, Corning was acquired by South Korean DL Chemical for $2.5 billion, and CMC Materials was acquired by Entegris.