In response to the dynamic development of the industry and growing customer demands, the experts in our laboratories are constantly developing new solutions for various industries and market sectors. New products are often introduced to our offer in cooperation with our customers, based both on the analysis of needs and application tests carried out in their production plants.
No single company is best for everyone, but how do you determine the best company for your individual needs? We looked at companies and how well they support their employees with metrics including quality of pay and benefits, work-life balance, professional development, and physical and psychological comfort.
One of the most important industries in the world, the chemical companies is also directly integral to many other major sectors, which is why its incredible recovery after the Covid-19 pandemic seemingly subsided was great news for everyone, and especially manufacturing concerns. In fact, according to a report by BASF, one of the biggest chemical companies in the world, real change in 2021 vs the prior year was 6.1%, after a decline of 0.1% in 2020, mainly led by the European Union, where chemical production grew by 6%, and Asia, where production grew by a very healthy 7.6%. Of course, part of the contribution towards higher growth in 2021 is that the base year of 2020 was mostly stagnant while declining in some regions, especially in Japan, where the decline was 12.7% versus the prior year. Overall, the decline in 2020 was just 0.1% which makes the substantial growth rate of 2021 an even bigger achievement. While we have covered some of this information in our previous take on the chemical companies in the world in 2022, what wasn't available at the time was BASF's 2023 outlook, which shows that Europe will not be able to sustain its growth, which will fall by 5.2% in 2023, following a 5.8% decline in 2022, as the Russia-Ukraine war has had a disproportionate impact as rising energy costs have led to energy-intensive chemical production plummeting in the continent, and demand will continue to be driven by the automotive industry. The biggest decline in Europe is led by the United Kingdom, a country which has struggled massively and is not expected to recover in the near-term.
Sales for the chemical companies top companies grew strongly for the second straight year in 2022, but persistent inflation meant that results were more mixed than top-line figures suggest. The top of the industry’s leaderboard was relatively stable.
Overall, the bumpy path trod by chemical makers in 2022 has continued in 2023, and it does not appear to be getting much smoother. The most recent set of quarterly earnings reports were mixed to negative, with most companies seeing continued soft, albeit not deteriorating, demand.
The chemical companies should balance short- and long-term goals to weather the uncertainty in the current landscape and position itself for the future.