Sinopec follows in second place with $66.3 billion, while ExxonMobil, PetroChina, and Dow round out the top five. The 2025 fiscal year proved difficult for the sector; net profits for the group cratered by 81.9%, driven by a combination of weak demand in the automotive and housing markets and a persistent overcapacity issue in China.

Joseph Chang, global editor of ICIS Chemical Business, identifies 2025 as the likely bottom of the earnings cycle. He points to supply shortages resulting from Middle East instability as a potential catalyst for meaningful margin recovery in 2026. Despite the current downturn, Chinese expansion remains aggressive, with China-based firms now accounting for four of the top ten global spots, compared to three from the United States and two from Europe.