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C&EN News Magazine Declares Global Top 50 List of Chemical Companies 2019

July 30, 2020 / EurekAlert!

After being dethroned last year, German chemical giant BASF is once again number one in C&EN's annual Global Top 50 list of chemical companies for 2019. Chemical & Engineering News, the weekly newsmagazine of the American Chemical Society, reports that a shakeup in the international chemical markets was brewing even before the upheaval caused by the COVID-19 pandemic.

At the end of the 2019 fiscal year, the group of 50 chemical companies earned a collective $855.6 billion in revenue, a 5% decrease from the previous year. In addition, overall earnings dropped by over 28% compared to 2018. This was a sign that the global economy was slowing even before the novel coronavirus emerged, writes Senior Editor Alex Tullo. Executives pinned this decline on trade tensions between the U.S. and China, along with poor performance in the automotive industry and other key markets.