LG Chem climbed to number 11 in the global top 50 chemical company rankings, taking one step closer to entering the top 10.
According to chemical industry sources on August 15, Chemical & Engineering News (C&EN), a weekly chemistry and chemical engineering magazine published by the American Chemical Society (ACS), named LG Chem as the 11th largest chemical producer in the world in the 2015 ranking of the global top 50 chemical companies. Accordingly, LG Chem moved up two notches in a year from the 13th last year.
C&EN ranks world’s chemical firms based on revenue, operating profit and growth every year.
C&EN said, “LG Chem has developed a new market of agricultural chemistry, which is led by global leading chemical companies, such as Dow Chemical and DuPont, through the takeover of Dongbu Farm Hannong, the largest pesticide and fertilizer producer in Korea. The company is also expected to expand its business further through the lithium-ion batteries with the global competitiveness.”
The German chemical giant BASF once again tops C&EN’s Top 50 ranking, followed by Dow Chemical, Sinopec, Saudi Basic Industries Corp. (SABIC), Formosa Plastics, INEOS Group Holdings, Exxon Mobil, LyondellBasell Industries, Mitsubishi Chemical and DuPont. C&EN said that BASF has ranked the top of the list for more than a decade but it will not be able to remain the first place from next year due to the merger between Dow Chemical and DuPont.
In addition to LG Chem, Lotte Chemical ranked 28th in the 2015 global top 50 chemical company rankings, while SK Innovation and Hanwha Chemical took 41st and 43rd place in the list, respectively.