BASF
COVE R STORY
FACTS & FIGURES OF THE CHEMICAL INDUSTRY For the chemical industry, 2008 started strong, but RECESSION dragged it down
IT WILL BE a long time before the world’s
evident in Europe, where many chemical chemical company employees forget the firms reported stalled growth in their firstroller-coaster ride that was 2008. The quarter earnings. In the U.S., lower earnindustry had a promising start, but it ings began to appear in the second quarter, couldn’t avoid the economic devastation as companies continued the race to raise that spread to almost every prices to reflect their costs. corner of the globe. Indeed, For U.S. chemical makers, CONTENTS many of the total figures the story changed dramatifor 2008 recorded in Facts cally in September, when FINANCES 30 & Figures do not yet reflect Hurricanes Gustav and Ike EMPLOYMENT 47 the full force of the current blew in to the Gulf Coast, PRODUCTION 51 recession. shutting down production TRADE 60 The year started on a high for months. It wasn’t long note. Strong demand for the before the natural disaster of industry’s products, especially in emerging the third quarter was outdone by the manmarkets, made up for rising energy costs. made economic collapse. By the end of the first quarter, however, In the fall and winter of 2008, the ecoflat sales volumes and concerns about the nomic downturn made companies allergic effects of the emerging financial crisis sugto inventory, and chemical production gested tough times ahead. dropped significantly. But the forces of The economic slowdown was first globalization did not slow, and internaWWW.CEN-ONLINE.ORG
29
JULY 6, 2009
tional trade for the year actually increased. Even so, the chemical industry continued to plan for a brighter future last year, increasing both capital and R&D spending compared with 2007. But many of the effects of the recession on company spending and employment will likely appear in 2009; firms released a flurry of cost-cutting announcements in December and January. C&EN STAFF MEMBERS who collected in-
dustry data from the major chemical-producing countries and regions are Assistant Managing Editor Michael McCoy, Senior Correspondent Marc S. Reisch, Senior Editor Alexander H. Tullo (all three in C&EN’s Northeast News Bureau), and Senior Correspondent Jean-François Tremblay (Hong Kong). Senior Editor Melody Voith (Washington, D.C.) also collected data and coordinated the work. ■
FACTS & FIGURES
RECESSION TAKES BITE OUT OF EARNINGS Good full-year data for shipments belie the messy picture of FINANCES at companies worldwide FROM THE VANTAGE POINT of 2009,
it’s incredible that, in both the U.S. and Canada, chemical prices and shipments increased in 2008. Corporate data paint a more accurate picture of the year. High prices and healthy shipments were not strong enough to protect profits for most of the world’s chemical firms. By the fourth quarter, massive inventory destocking pummeled demand, and it was not clear when—or whether—it would return to prior levels. In the first half of 2008, the global chemical industry battled high energy and feedstock prices and flat or shrinking demand in the U.S. and Europe. Industry leaders looked to the buying power of emerging markets in Asia and South America to supply revenues. As the year wore on, the economic slowdown hit the chemical industry in waves.
The market for construction materials was the first to fail, because of the bursting of the real estate bubble. Then demand for products aimed at the automotive and electronics markets declined toward the end of the year as consumer spending eroded. Even high-growth economies such as China cut back on industrial production. Companies supplying the agriculture sector bucked the trend of falling demand. High prices for food commodities drove farmers to invest in their land to increase output. Strong demand for fertilizers and agricultural chemicals boosted profits for firms such as Terra Industries, whose 2008 earnings tripled compared with 2007. Although conditions worsened as 2008 went on, broad economic data suggest that the business of chemistry was reasonably strong for the year as a whole. In the U.S., overall chemical shipments jumped by
DEMAND AND PRICES
U.S. chemical shipments jumped by 9.6%, and Canada’s increased by 4.1% …
$ Billions 800
U.S.
600
$ Billions 60
Canada
40
400 20
200 0 1998 99 00 01 02 03 04 05 06 07 08
0 1998 99 00 01 02 03 04 05 06 07 08
… while U.S. and Canadian prices surged by 14.4% and 10.2%, respectively
Price index, 2004 = 100 160
U.S.
140
Price index, 2004 = 100 140
Canada
120
120 100 80 1998 99 00 01 02 03 04 05 06 07 08
100 80 1998 99 00 01 02 03 04 05 06 07 08
SOURCES: U.S. Departments of Labor and of Commerce, Statistics Canada
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9.6%, compared with 9.0% in 2007. Agricultural chemicals led the pack with a 29.8% increase. On the other hand, shipments of coatings and adhesives, which were hurt by the construction slowdown, declined by 8.8% compared with an increase of 8.2% in 2007. Prices rose for all chemicals, especially agricultural products, whose prices soared by 54.0%. In Canada, chemical shipments rose 4.1% compared with 2007. Again, the strongest gain was in agriculture, with shipments up 31.7%. Canadian chemical prices jumped by 10.2%. In Europe, growth of chemical shipments slowed but stayed positive in Belgium, Germany, the Netherlands, and Spain. Still, the earnings picture was a mess. The sharp drop in demand resulted in lousy third- and fourth-quarter earnings that wiped out previous gains for a large portion of the chemical enterprise. In the U.S., 16 of 29 companies surveyed by C&EN saw full-year earnings decline from 2007. Similarly, two of the four Canadian companies surveyed had worse results than in the previous year. Not surprisingly, Canadian fertilizer companies Agrium and PotashCorp saw huge earnings increases. THE PICTURE WAS WORSE in Europe,
with 2008 profits shrinking at 11 of 19 firms that C&EN surveyed. Fiscal-year reports from Japan showed a total wipeout, with all 12 firms tracked by C&EN suffering significant earnings declines and with half of the group reporting losses. Companies with large exposure to the petrochemical business, such as Mitsubishi Chemical, Mitsui Chemicals, and Sumitomo Chemical, fared exceptionally poorly. Even the pharmaceutical industry’s financial results were weak. The drug business is generally well insulated from economic cycles, because its products are a necessity for many consumers. But other factors contributed to lower 2008 earnings at three of eight firms in the U.S. and four of five in Europe. The industry continued to struggle as blockbuster drugs came off patent and generics ate into market share. Manufacturing problems and safety concerns for other drugs added to the headaches. Meanwhile, three of four U.S. biopharmaceutical firms booked solid earnings results for the year, powered by drugs like Amgen’s cancer treatment Avastin and Biogen Idec’s two multiple sclerosis drugs Avonex and Tysabri. Most chemical firms felt confident that
U.S. SHIPMENTS
Drop in spending on durable goods slowed shipments of coatings and adhesives $ BILLIONS
1998
All chemicals Chemicals, excluding pharmaceuticals Agricultural chemicals Coatings & adhesives All other chemicals Pharmaceuticals
$416.6 313.2 24.2 26.8 262.1 103.4
1999
2000
$419.5 $442.2 311.7 320.4 21.6 27.5 262.5 107.8
2001
2002
2003
2004
2005
2006
2007
2008
$427.4 307.7
$420.5 315.1
$459.1 341.4
$506.1 389.2
$549.1 411.2
$577.0 423.0
$629.3 464.2
$689.9 515.6
20.7 30.0 256.9 119.7
19.7 28.4 267.0 105.4
18.7 28.5 294.2 114.3
20.7 30.5 338.0 116.9
24.8 30.4 356.0 137.9
27.0 32.9 363.1 154.0
32.4 35.6 396.2 165.1
42.1 32.5 441.1 174.3
20.3 29.7 270.3 121.8
ANNUAL CHANGE 2007-08 1998-08
9.6% 11.1 29.8 -8.8 11.3 5.6
5.2% 5.1 5.7 1.9 5.3 5.4
SOURCE: C&EN calculations using Department of Commerce data
CANADA SHIPMENTS
Pharmaceutical and agricultural chemical shipments were strong in 2008; other categories slipped $ BILLIONS
1998
All manufacturing $413.9 Chemical manufacturing 29.5 Basic chemicals 8.0 Petrochemicals 2.3 Resins & synthetic rubber 5.3 Pesticide, fertilizer & other 2.5 agricultural chemicals Pharmaceuticals & medicine 4.5 Paints, coatings & adhesives 2.3 Soaps, cleaners & toilet 2.8 preparations
1999
2000
2001
2002
2003
2004
2005
2006
2007
2008
$478.9 32.1 8.6 2.8 5.7 2.3
$526.5 34.9 10.3 4.2 6.6 2.3
$509.7 36.0 10.8 4.1 6.1 2.3
$525.2 38.0 11.0 3.8 6.7 2.4
$528.7 40.4 11.8 4.5 7.0 3.1
$547.0 44.2 12.5 5.6 9.3 3.5
$563.1 46.5 13.5 6.8 9.8 3.8
$569.8 47.0 14.5 7.5 8.8 3.5
$569.7 46.1 13.6 6.8 8.4 3.8
$567.3 47.9 13.6 6.8 7.9 5.1
4.8 2.4 3.6
5.2 2.3 3.2
6.4 2.4 2.9
7.1 2.4 2.9
7.4 2.6 3.3
8.3 2.6 2.9
8.7 2.7 2.8
9.6 2.8 3.2
9.5 2.8 3.2
11.1 2.8 2.9
ANNUAL CHANGE 2007-08 1998-08
-0.4% 4.1 0.0 0.0 -6.7 31.7
3.2% 5.0 5.5 11.2 4.1 7.2
16.8 0.0 -8.8
9.4 2.3 0.3
NOTE: Monetary statistics for all years were converted at the 2008 average exchange rate of $1.00 U.S. = $1.066 Canadian. SOURCE: Statistics Canada
EUROPE SHIPMENTS
Growth slowed but remained positive in 2008 $ BILLIONS
1998
1999
2000
2001
2002
2003
2004
2005
2006
2007
2008
Belgium Germany Netherlands Spain
$42.7 172.0 35.5 43.8
$43.4 178.8 37.2 45.6
$52.0 198.9 47.7 52.7
$62.4 197.2 47.3 55.2
$63.0 195.1 47.6 55.8
$65.1 200.9 50.0 57.9
$69.7 209.3 53.6 61.3
$70.7 223.9 58.2 64.9
$75.4 237.3 66.9 70.5
$79.5 255.8 72.2 74.5
$80.4 258.5 73.6 75.5
ANNUAL CHANGE 2007-08 1998-08
1.1% 1.0 2.0 1.4
6.5% 4.2 7.6 5.6
NOTE: Monetary statistics for all years were converted at the 2008 average exchange rate of $1.00 U.S. = 0.679 euros. SOURCES: European Chemical Industry Council, national agencies
their strong balance sheets, built up during the years since the 2000–01 recession, would help them weather the storm. But by the end of the year, falling earnings and higher costs for credit led to reorganizations and cost-cutting programs at many firms. On a positive note, the cutbacks did not affect 2008 spending on long-term assets or R&D, likely because much of the money was earmarked in 2007, when the economic outlook was sunnier. In the U.S., capital spending at surveyed companies shot up 18.6%, and R&D spending continued to
grow, expanding by 6.0%. Pharmaceutical company spending on R&D was up, but at a slower rate, increasing only 3.4%. In Canada, capital spending increased at all surveyed firms. The agriculture boom spurred investment by PotashCorp, which contributed greatly to the more than 60% increase in spending for the group. Capital spending in Europe continued to rebound from its low point in 2004. Led by Air Liquide, Linde, and Solvay, European chemical companies tracked by C&EN hiked investments by 17.6%. Chemical
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R&D spending in Europe rose by 5.4%. Japanese chemical firms were ahead of their North American and European counterparts when it came to cutting back on capital spending. After four years of growth, the companies shrank outlays by 13.4%. Chemical companies outside of Japan have pledged to sharply curtail capital spending in 2009, although they say they will not cut spending on R&D, calling it the lifeblood of their businesses. Likewise, in Japan, spending on R&D increased by a healthy 8.7% for the year.
FINANCES
U.S. PRICE INDEX
Chemical prices were up sharply, especially for agricultural chemicals, which rose with higher commodity food prices PRODUCER PRICE INDEX, 2004 = 100
1998
1999
2000
2001
2002
2003
2004
2005
2006
2007
2008
All commodities Industrial commodities Finished goods Chemicals & allied products Industrial chemicals Prepared paint Paint materials Drugs & pharmaceuticals Fats & oils, inedible Agricultural chemicals Plastic resin & materials Other chemicals & products
84.8 84.5 88.0 82.5 74.5 88.1 80.0 85.3 76.0 89.3 76.9 93.7
85.6 85.7 89.5 82.7 73.1 89.6 80.2 88.4 57.5 85.9 77.1 94.1
90.4 91.3 92.9 86.7 79.3 91.5 82.6 90.5 45.7 86.5 86.8 95.4
91.5 92.0 94.8 87.1 78.9 93.6 83.4 92.1 50.6 91.0 82.2 97.0
89.3 89.7 93.5 87.1 78.2 95.0 92.3 93.5 58.8 86.1 80.1 97.1
94.1 94.2 96.5 92.8 87.0 97.2 96.2 96.6 80.4 94.0 89.6 98.1
100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0
107.3 108.6 104.8 110.1 115.8 106.9 106.0 104.9 95.6 106.4 118.4 104.9
112.3 114.4 108.0 118.0 130.4 114.5 110.6 109.7 96.3 110.1 121.6 109.9
117.7 118.6 112.2 123.2 139.1 118.9 117.6 113.6 123.3 126.0 120.1 112.4
129.2 130.3 119.3 140.9 168.6 126.9 125.2 120.6 187.7 194.0 131.8 119.8
ANNUAL CHANGE 2007-08 1998-08
9.8% 9.9 6.3 14.4 21.2 6.7 6.5 6.2 52.2 54.0 9.7 6.6
4.3% 4.4 3.1 5.5 8.5 3.7 4.6 3.5 9.5 8.1 5.5 2.5
SOURCE: Department of Labor
CANADA PRICE INDEX
Prices for most major categories jumped in 2008 PRODUCER PRICE INDEX, 2004 = 100
All commodities Chemicals & chemical products Inorganic Industrial chemicals Sulfuric acid Caustic soda Ammonia
1998
1999
2000
2001
2002
2003
2004
2005
2006
2007
2008
ANNUAL CHANGE 2007-08 1998-08
91.7 85.1
93.3 86.6
97.3 92.1
98.3 94.4
98.3 94.3
97.0 97.0
100.0 100.0
101.6 106.3
103.9 108.0
105.7 110.9
110.1 122.2
4.2% 10.2
91.4
89.6
90.4
95.7
96.2
97.8
100.0
108.3
116.6
142.1
148.6
4.6
5.0
99.0 110.6 87.9
95.5 99.3 83.5
92.9 100.6 86.0
103.1 130.6 90.9
102.8 111.7 88.9
98.9 109.5 97.2
100.0 100.0 100.0
103.2 112.3 114.7
111.4 109.5 100.9
116.9 106.8 141.0
147.4 135.4 236.7
26.1 26.7 67.9
4.1 2.0 10.4
Organic industrial chemicals Benzene-toluene-xylene Olefins
63.6 38.6 52.2
68.3 43.5 62.9
82.7 69.4 77.6
89.0 57.6 86.3
85.9 51.6 79.1
92.6 59.0 92.6
100.0 100.0 100.0
113.6 109.1 123.8
115.1 112.2 124.4
116.0 118.2 125.0
134.1 121.5 152.7
15.7 2.8 22.2
7.8 12.2 11.3
Synthetic resins Polyethylene (a) Polystyrene Thermosets
87.1 91.4 86.0 91.3
89.2 95.0 85.7 87.1
99.2 101.4 90.3 95.7
96.8 98.6 89.8 104.9
95.2 94.8 89.4 100.6
97.4 100.2 92.7 100.6
100.0 100.0 100.0 100.0
106.7 106.9 104.2 100.0
105.4 112.1 104.3 101.6
97.3 109.4 105.5 102.4
105.3 119.7 106.7 103.7
8.2 9.4 1.1 1.3
1.9 2.7 2.2 1.3
100.1 92.2 86.7 99.4 92.7 101.9
99.0 92.9 87.9 99.9 94.7 103.6
98.9 93.4 90.6 99.9 97.0 105.4
98.9 94.0 93.8 100.0 98.4 103.6
98.9 97.8 95.6 100.0 99.7 101.8
99.2 99.2 97.3 100.0 100.7 99.8
100.0 100.0 100.0 100.0 100.0 100.0
100.1 100.8 104.9 100.0 98.9 105.2
100.1 103.0 110.2 100.2 97.4 107.1
100.4 103.7 111.5 100.1 97.0 105.0
100.7 104.9 115.4 99.9 98.6 103.9
0.3 1.2 3.4 -0.2 1.7 -1.0
0.1 1.3 2.9 0.0 0.6 0.2
Agricultural chemicals Pharmaceuticals Paints & varnishes Soaps & cleaners Toilet preparations Pigments, lakes & toners
a Includes high- and low-density polyethylene. SOURCE: Statistics Canada
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JULY 6, 2009
1.9% 3.7
E XPLA N AT ION
Column Headings In Tables Of Company Results Year. Data are for the calendar year unless otherwise indicated. Data for earlier years are not restated to reflect subsequent acquisitions or divestitures.
Profit margin. Earnings divided by net sales, expressed as a percentage.
Net sales. Gross sales less discounts, allowances, and returns; generally excludes excise taxes and other operating income or revenue.
Total assets. Sum at year’s end of current assets, investments, prepaid expenses, net plant and equipment, and other tangible assets. Excludes insofar as possible intangible assets, including goodwill, value of patents, and the like.
Earnings. Net sales and other income less operating costs, nonoperating charges, depreciation, depletion, interest expense, deferred charges, minority interest in income, and taxes. Nonrecurring or extraordinary credits and charges may be included.
Stockholders’ equity. Equity at year’s end of preferred and common stockholders, including value of capital stock, capital and earned surplus, and surplus reserves, as well as contingency and miscellaneous reserves for which no definite purpose is stated. Intangible
assets are deducted insofar as possible. Return on equity. The amount of net income returned as a percentage of shareholders’ equity. Capital spending, % of sales. The percentage of sales revenues spent on long-term assets such as property, plant, and equipment. R&D spending, % of sales. The percentage of sales revenues spent on research. Earnings per share. Earnings less preferred dividends, divided by the number of shares of common stock outstanding.
Dividend, $ per share. Cash dividends paid (or declared) on each share of common stock; excludes the value of stock dividends and adjusted for stock splits. Dividend yield, % of price. Dividend per share divided by the average of the high and low prices of the common stock during the year. Stock price range. High and low market prices of common stock during the year, adjusted for stock splits but not stock dividends. Price/earnings ratio. Average of the high and low prices of the common stock during the year divided by earnings per share.
U.S. COMPANY RESULTS
The economic downturn late in the year brought mixed earnings results for chemical and pharmaceutical firms STOCKHOLDNET PROFIT TOTAL ERS’ YEAR SALES EARNINGS MARGIN ASSETS EQUITY (Monetary figures, except per share amounts, are in millions of dollars)
CAPITAL SPENDR&D STOCK PRICE PRICE/ RETURN ING, SPENDEARN- DIVIDEND, DIVIDEND RANGE, PER SHARE EARNINGS ON % OF ING, % INGS PER $ PER YIELD, % HIGH LOW RATIO EQUITY SALES OF SALES SHARE SHARE OF PRICE
CHEMICALS AIR PRODUCTS & CHEMICALS (a) 2008 $10,415 $1,091 2007 10,038 1,043 2006 8,850 795 2005 8,144 712
10.5% 10.4 9.0 8.7
$11,354 11,154 10,079 9,390
$3,813 3,990 3,822 3,557
28.6% 26.1 20.8 20.0
10.4% 10.5 14.3 11.4
1.3% 1.4 1.7 1.6
$4.97 4.67 3.38 3.15
$1.70 1.48 1.34 1.25
2.0% $106.06 $65.05 1.8 98.51 66.19 2.2 69.54 53.00 2.1 65.81 51.85
17.2 17.6 18.1 18.7
ALBEMARLE 2008 2007 2006 2005
$2,467 2,336 2,369 2,108
$194 233 201 115
7.9% 10.0 8.5 5.5
$2,427 2,388 2,127 2,153
$620 837 625 536
31.3% 27.8 32.2 21.4
4.0% 4.2 4.2 3.3
2.7% 2.7 2.0 2.0
$2.10 2.41 1.51 2.41
$0.48 0.42 0.35 0.62
1.5% 1.0 1.2 1.7
$45.90 48.84 37.35 39.50
$16.16 32.92 19.29 32.04
14.8 17.0 18.8 14.8
ARCH CHEMICALS 2008 $1,492 2007 1,488 2006 1,435 2005 1,305
$37 49 14 40
2.5% 3.3 1.0 3.0
$850 838 793 665
-$21 118 10 13
def 41.8% 146.4 310.9
3.6% 2.8 1.9 1.4
1.5% 1.4 1.3 1.6
$1.49 1.43 0.61 1.67
$0.80 0.80 0.80 0.80
2.6% 2.1 2.3 3.0
$40.19 $20.76 48.02 29.29 31.00 37.21 31.14 21.96
20.5 27.0 55.9 15.9
CABOT (a) 2008 2007 2006 2005
$86 127 90 106
2.7% 4.9 3.5 5.0
$2,821 2,598 2,498 2,349
$1,212 1,156 1,160 1,074
7.1% 11.0 7.8 9.9
6.2% 5.4 7.4 8.8
2.3% 2.6 2.3 2.8
$1.34 1.87 1.32 1.77
$0.72 0.72 0.64 0.64
2.3% 1.7 1.8 1.9
$40.49 $21.98 49.87 34.48 39.50 30.42 39.27 27.66
23.3 22.6 26.5 18.9
$3,191 2,616 2,543 2,125
a Fiscal year ends Sept. 30. def = deficit.
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JULY 6, 2009
FINANCES
STOCKHOLDERS’ EQUITY
TOTAL NET PROFIT ASSETS YEAR SALES EARNINGS MARGIN (Monetary figures, except per share amounts, are in millions of dollars)
CALGON CARBON 2008 $400 2007 351 2006 316 2005 291
$36 15 -9 -8
9.0% 4.3 def def
$355 312 286 348
$220 136 112 151
$6,823 6,444 6,656 6,070
$372 336 319 305
5.5% 5.2 4.8 5.0
$6,023 6,767 6,557 6,015
-$961 -229 -551 -1,195
CHEMTURA (a) 2008 $3,546 2007 3,747 2006 3,723 2005 2,987
-$973 -27 -253 144
def def def 4.8%
$2,282 3,831 3,849 4,365
-$307 -41 1,128 1,154
CYTEC INDUSTRIES (b) 2008 $3,640 2007 3,504 2006 3,330 2005 2,926
$284 207 168 143
7.8% 5.9 5.0 4.9
$2,501 2,957 2,789 2,307
DOW CHEMICAL 2008 $57,514 2007 53,513 2006 49,124 2005 46,307
$579 2,887 4,141 4,546
1.0% 5.4 8.4 9.8
$30,529 29,378 27,421 26,639
$2,007 2,988 3,148 2,053
EASTMAN CHEMICAL 2008 $6,726 2007 6,830 2006 7,450 2005 7,059 FMC CORP. 2008 2007 2006 2005
RETURN ON EQUITY
CAPITAL SPENDR&D STOCK PRICE ING, SPENDEARN- DIVIDEND, DIVIDEND PRICE/ RANGE, PER SHARE % OF ING, % INGS PER $ PER YIELD, % EARNINGS SALES OF SALES SHARE SHARE OF PRICE HIGH LOW RATIO
8.3% 3.4 4.1 5.5
1.0% 1.1 1.3 1.6
$0.67 0.31 def def
ne ne ne $0.90
ne ne ne 11.8%
$23.03 16.96 8.69 10.25
$9.11 5.43 4.15 4.94
24.0 def def def
4.0% 4.5 3.8 3.5
1.2% 1.1 1.1 1.5
$2.44 2.11 1.95 1.67
$0.16 0.16 ne ne
0.6% 0.5 ne ne
$50.99 44.77 26.33 20.06
$5.71 24.50 16.80 13.54
11.6 16.4 11.1 10.1
def def def 12.4%
3.4% 3.1 3.4 3.5
1.4% 1.7 1.8 1.7
def def def $0.60
$0.15 0.20 0.20 0.20
3.1% 2.1 1.9 1.4
$8.81 12.33 13.53 17.95
$1.02 6.95 7.75 9.89
def def def 23.2
$350 825 528 -266
81.1% 25.0 31.8 def
5.4% 3.3 3.1 3.6
2.3% 2.2 2.2 2.3
$3.46 4.20 3.45 3.07
$0.50 0.40 0.40 0.40
1.2% 0.6 0.7 0.9
$63.77 $16.28 71.78 53.83 62.30 45.80 53.90 39.34
11.6 15.0 15.7 15.2
$41,255 44,448 41,882 42,351
$9,292 15,036 13,366 11,741
6.2% 19.2 31.0 38.7
4.0% 3.9 3.6 3.4
2.3% 2.4 2.4 2.3
$0.62 2.99 4.30 4.62
$1.68 1.64 1.46 1.34
5.8% 3.8 3.7 2.8
$43.43 $14.93 47.96 38.89 45.15 33.00 56.75 40.18
47.1 14.5 9.1 10.5
6.6% 10.2 11.5 7.7
$31,364 29,201 27,190 28,479
$2,289 6,206 4,835 4,136
87.7% 48.1 65.1 49.6
6.5% 5.4 5.6 5.0
4.6% 4.6 4.7 5.0
$2.20 3.25 3.38 2.08
$1.64 1.52 1.48 1.46
4.4% 3.2 3.4 3.2
$52.49 $21.32 53.90 42.25 49.68 38.52 54.90 37.60
16.8 14.8 13.0 22.2
$328 321 409 557
4.9% 4.7 5.5 7.9
$4,956 5,693 5,859 5,461
$1,228 1,766 1,715 1,300
26.7% 18.2 23.8 42.8
9.4% 7.6 5.2 4.9
2.3% 2.3 2.2 2.3
$4.31 3.84 4.98 6.81
$1.76 1.76 1.76 1.76
3.4% 2.7 3.2 3.3
$78.29 $25.87 72.44 57.54 61.29 47.30 61.80 44.10
12.1 16.9 10.9 7.8
$3,115 2,633 2,347 2,150
$330 157 145 111
10.6% 6.0 6.2 5.2
$2,797 2,553 2,571 2,591
$706 884 856 811
46.7% 17.8 16.9 13.7
5.6% 4.4 4.9 4.3
3.0% 3.6 4.1 4.4
$4.35 2.08 1.84 1.42
$0.50 0.41 0.27 ne
0.9% 0.9 0.8 ne
$80.23 $28.53 59.00 35.63 38.99 25.87 31.94 21.63
12.5 22.7 17.6 18.9
$392 1,400 1,472 1,512
$19 101 81 57
4.8% 7.2 5.5 3.8
$845 1,021 1,111 1,010
$299 455 410 486
6.4% 22.2 19.7 11.7
5.1% 1.5 1.4 1.6
4.2% 1.2 1.1 1.1
$0.37 1.68 1.38 0.99
$0.26 0.26 0.25 0.48
1.3% 1.0 1.1 3.1
$27.84 $12.23 31.53 20.66 15.60 28.25 18.06 12.63
54.1 15.5 15.9 15.5
GEORGIA GULF (d) 2008 $2,916 2007 3,157 2006 2,428 2005 2,274
-$258 -255 52 96
def def 2.1% 4.2
$1,405 1,844 1,993 923
-$345 -161 -72 285
def def def 33.5%
2.1% 2.7 3.7 1.4
ne ne ne ne
def def $1.51 2.79
$0.24 0.32 0.32 0.32
4.8% 2.3 1.2 0.8
CELANESE 2008 2007 2006 2005
DUPONT 2008 2007 2006 2005
H.B. FULLER (c) 2008 2007 2006 2005
16.4% 11.0 def def
def def def def
$9.00 21.54 34.65 55.90
$1.01 6.36 18.36 21.40
a Crompton and Great Lakes Chemical merged in 2005 to become Chemtura. b Acquired Surface Specialties in 2005. c Fiscal year ends Dec. 2. d Acquired Royal Group Technologies in October 2006. def = deficit. ne = nonexistent.
WWW.CEN-ONLINE.ORG
34
JULY 6, 2009
def def 17.6 13.9
STOCKHOLDERS’ EQUITY
TOTAL NET PROFIT ASSETS YEAR SALES EARNINGS MARGIN (Monetary figures, except per share amounts, are in millions of dollars)
W.R. GRACE 2008 2007 2006 2005
$3,317 3,115 2,827 2,570
$122 80 18 67
CAPITAL SPENDR&D STOCK PRICE RETURN ING, SPENDEARN- DIVIDEND, DIVIDEND PRICE/ RANGE, PER SHARE ON % OF ING, % INGS PER $ PER YIELD, % EARNINGS EQUITY SALES OF SALES SHARE SHARE OF PRICE HIGH LOW RATIO
3.7% 2.6 0.6 2.6
$3,758 3,747 3,521 3,413
-$544 -472 -666 -699
def def def def
4.0% 4.4 4.2 3.1
2.5% 2.6 2.3 2.3
$1.68 1.12 0.27 1.00
ne ne ne ne
ne ne ne ne
$27.79 30.65 20.35 13.79
$3.01 18.86 8.12 6.75
9.2 22.1 52.7 10.3
INTERNATIONAL FLAVORS & FRAGRANCES 2008 $2,839 $230 8.1% 2007 2,277 247 10.9 2006 2,095 228 10.9 2005 1,993 209 10.5
$2,023 1,994 1,733 1,866
-$154 -116 159 143
def def 143.3% 146.5
3.0% 2.9 2.8 4.7
7.5% 8.7 8.9 9.0
$2.87 2.82 2.50 2.02
$0.96 0.88 0.77 0.73
2.7% 1.8 1.9 2.0
$47.20 $24.90 54.20 46.00 49.88 32.53 42.90 31.19
12.6 17.8 16.5 18.3
LUBRIZOL 2008 2007 2006 2005
$5,028 4,499 4,041 4,043
-$66 283 182 204
def 6.3% 4.5 5.0
$3,007 3,092 2,987 2,823
$381 399 309 24
def 71.0% 58.9 855.0
4.0% 4.1 3.2 3.4
4.4% 4.9 5.1 5.1
def $4.05 3.09 2.89
$1.23 1.16 1.04 1.04
2.8% 2.0 2.3 2.6
$61.38 $26.72 69.95 48.76 50.75 38.02 44.51 35.25
def 14.7 14.4 13.8
MONSANTO (a) 2008 $11,365 2007 8,563 2006 7,344 2005 6,924
$2,007 922 698 157
17.7% 10.8 9.5 2.3
$13,328 8,943 8,977 7,990
$4,711 3,463 3,774 3,212
42.6% 26.6 18.5 4.9
8.1% 5.9 5.0 3.0
8.6% 9.1 9.9 8.5
$3.59 1.66 1.27 0.29
$0.83 0.55 0.40 0.34
0.8% 1.0 1.1 1.3
$141.50 $66.26 70.88 42.75 47.58 27.80 34.62 17.08
28.9 34.2 29.7 89.1
NALCO HOLDING 2008 $4,212 2007 3,913 2006 3,603 2005 3,312
-$343 129 99 48
def 3.3% 2.7 1.4
$2,266 2,398 2,187 2,128
-$2,383 -2,104 -2,579 -2,719
def def def def
3.2% 2.9 2.6 2.3
1.8% 1.7 1.7 1.8
def $0.88 0.67 0.33
$0.14 0.14 ne ne
0.8% 0.5 ne ne
$26.28 30.98 21.51 22.03
$7.80 19.94 15.83 14.25
def 28.9 27.9 55.0
NEWMARKET CORP. (b) 2008 $1,617 2007 1,375 2006 1,263 2005 1,076
$73 79 54 35
4.5% 5.7 4.3 3.3
$757 725 693 652
$237 271 250 216
30.8% 29.0 21.5 16.2
2.0% 2.3 2.1 1.7
5.1% 5.6 5.6 6.1
$4.75 4.63 3.08 2.02
$0.80 0.58 0.50 ne
1.4% 1.2 1.1 ne
$93.57 $23.37 60.36 38.81 70.00 23.55 25.26 12.95
12.3 10.7 15.2 9.5
$2,739 2,643 2,662 2,451
-$273 11 126 63
def 0.4% 4.7 2.6
$1,045 1,288 1,477 1,390
-$57 354 278 90
def 3.2% 45.3 69.7
1.6% 1.6 1.5 1.3
1.0% 0.8 0.8 0.7
def $0.12 1.36 0.68
ne ne ne ne
PPG INDUSTRIES (d) 2008 $15,849 2007 11,206 2006 11,037 2005 10,201
$538 815 711 776
3.4% 7.3 6.4 7.6
$10,585 10,541 8,039 7,027
-$780 2,063 1,252 1,399
def 39.5% 56.8 55.5
2.4% 3.2 3.4 2.8
2.8% 3.2 2.9 3.0
$3.25 4.91 4.27 4.54
$2.09 2.04 1.91 1.86
$10,796 9,402 8,324 7,656
$1,211 1,177 696 824
11.2% 12.5 8.4 10.8
$11,024 11,281 9,418 8,865
$1,979 3,041 2,870 2,276
61.2% 38.7 24.3 36.2
14.9% 14.6 13.2 11.5
0.9% 1.0 1.0 1.0
$3.80 3.62 3.00 2.22
QUAKER CHEMICAL 2008 $582 2007 546 2006 460 2005 424
$11 15 12 2
1.9% 2.7 2.5 0.4
$338 347 311 288
$79 79 65 62
13.9% 19.0 18.0 2.7
2.1% 1.6 2.7 1.6
2.9% 2.7 2.8 3.3
$1.05 1.55 1.19 0.17
POLYONE (c) 2008 2007 2006 2005
PRAXAIR 2008 2007 2006 2005
ne ne ne ne
$6.39 9.29 9.89 10.25
$2.33 5.93 6.31 5.31
def 63.4 6.0 11.4
3.9% 2.8 3.0 2.9
$71.00 $35.94 82.42 64.01 69.80 56.53 74.73 55.64
16.5 14.9 14.8 14.4
$1.50 1.20 1.00 0.72
2.0% 1.6 1.7 1.5
$99.73 $47.40 91.99 58.32 63.70 50.65 54.31 41.06
19.4 20.8 19.1 21.5
$0.92 0.86 0.86 0.86
4.2% 3.9 4.5 4.2
$33.82 25.00 21.94 25.07
$10.19 19.25 16.70 15.80
21.0 14.3 16.2 120.2
a Fiscal year ends Dec. 2. b Formerly Ethyl Corp. c Acquired GLS, a provider of specialty thermoplastic polyester elastomers, in 2008 for $148.9 million. d Acquired coatings firm SigmaKalon Group in 2008. def = deficit. ne = nonexistent.
WWW.CEN-ONLINE.ORG
35
JULY 6, 2009
FINANCES
STOCKHOLDERS’ EQUITY
TOTAL NET PROFIT ASSETS YEAR SALES EARNINGS MARGIN (Monetary figures, except per share amounts, are in millions of dollars)
CAPITAL SPENDR&D STOCK PRICE RETURN ING, SPENDEARN- DIVIDEND, DIVIDEND PRICE/ RANGE, PER SHARE ON % OF ING, % INGS PER $ PER YIELD, % EARNINGS EQUITY SALES OF SALES SHARE SHARE OF PRICE HIGH LOW RATIO
ROHM AND HAAS 2008 $9,575 2007 8,897 2006 8,230 2005 7,994
$480 660 755 638
5.0% 7.4 9.2 8.0
$6,825 7,048 6,525 6,508
-$108 0 1,003 698
def def 75.3% 91.4
5.4% 4.7 4.9 4.2
3.4% 3.3 3.5 3.4
$2.44 3.12 3.41 2.86
$1.60 1.44 1.28 1.12
2.7% 2.6 2.6 2.5
$75.68 $44.83 62.68 47.05 53.86 42.77 50.00 39.47
24.7 17.6 14.2 15.6
SIGMA-ALDRICH 2008 $2,201 2007 2,039 2006 1,798 2005 1,667
$342 311 277 258
15.5% 15.3 15.4 15.5
$2,048 2,072 1,847 1,665
$870 1,059 924 767
39.3% 29.4 30.0 33.7
4.1% 3.9 4.1 5.5
3.0% 2.9 2.9 3.0
$2.65 2.34 2.05 3.76
$0.52 0.46 0.42 0.76
1.1% 1.0 1.2 1.2
$63.04 $34.33 55.87 37.70 39.68 31.27 67.10 55.34
18.4 20.0 17.3 16.3
SOLUTIA 2008 2007 2006 2005
$2,110 3,535 2,905 2,825
$786 -203 -47 11
37.3% def def 0.4
$2,400 2,433 1,935 1,873
-$823 -1,801 -1,537 -1,565
def def def def
4.0% 4.2 3.6 2.9
0.6% 1.3 1.5 1.6
$4.97 def def 0.11
ne ne ne ne
STEPAN 2008 2007 2006 2005
$1,600 1,330 1,173 1,078
$37 15 7 14
2.3% 1.1 0.6 1.3
$601 562 531 500
$197 185 166 151
18.8% 8.1 4.0 9.0
3.1% 3.0 3.9 3.8
2.1% 2.3 2.5 2.7
$3.52 1.50 0.63 1.39
$0.85 0.83 0.81 0.79
TERRA INDUSTRIES 2008 $2,891 2007 2,348 2006 1,837 2005 1,931
$633 202 -1 17
21.9% 8.6 def 0.9
$2,113 1,884 1,567 1,516
$1,059 616 477 485
59.8% 32.8 def 3.5
3.1% 1.4 2.8 1.6
ne ne ne ne
$6.12 1.90 def 0.18
ABBOTT LABORATORIES 2008 $29,528 $4,734 2007 25,914 3,606 2006 22,476 1,717 2005 22,338 3,372
16.0% 13.9 7.6 15.1
$27,281 23,864 26,217 19,190
$2,341 17,779 14,054 14,415
202.2% 20.3 12.2 23.4
4.4% 6.4 6.0 5.4
9.1% 9.7 10.0 8.2
BRISTOL-MYERS SQUIBB 2008 $20,597 $3,155 2007 19,348 1,968 2006 17,914 1,585 2005 19,207 2,992
15.3% 10.2 8.8 15.6
$23,574 19,844 18,898 21,394
$6,263 10,562 9,991 11,208
50.4% 18.6 15.9 26.7
4.6% 4.4 4.4 3.8
ELI LILLY & CO. 2008 $20,378 -$2,072 2007 18,634 2,953 2006 15,691 2,663 2005 14,645 3,122
def 15.8% 17.0 21.3
$25,158 24,333 21,955 24,581
$2,681 13,664 10,981 10,896
def 21.6% 24.3 28.7
JOHNSON & JOHNSON 2008 $63,747 $12,949 2007 61,095 10,576 2006 53,324 11,053 2005 50,414 10,411
20.3% 17.3 20.7 20.7
$57,217 52,191 41,868 45,850
$14,816 14,556 39,318 37,871
87.4% 72.7 28.1 27.5
ne ne ne ne
$17.29 0.79 0.75 1.69
$3.64 0.18 0.28 0.33
2.1 def def 9.2
1.9% 2.8 2.8 3.3
$60.82 34.90 33.00 27.48
$27.75 25.40 25.05 20.80
12.6 20.1 46.1 17.4
$0.30 ne ne ne
0.9% ne ne ne
$57.64 51.15 12.40 9.27
$11.21 11.08 5.45 4.87
5.6 16.4 def 39.3
$3.12 2.34 1.12 2.17
$1.40 1.30 1.18 1.10
2.5% 2.4 2.7 2.5
$60.50 $49.45 59.50 48.75 49.87 39.18 50.00 37.50
17.6 23.1 39.8 20.2
17.4% 16.7 16.5 14.3
$1.59 0.99 0.81 1.52
$1.24 1.12 1.12 1.12
5.6% 3.9 4.8 4.7
$27.08 32.35 26.32 26.48
$17.54 25.73 20.24 21.03
14.0 29.3 28.7 15.6
4.6% 5.8 6.9 8.9
18.8% 18.7 19.9 20.7
def $2.71 2.45 2.87
$1.88 1.70 1.60 1.52
4.3% 3.1 2.9 2.8
$57.18 $29.91 60.56 49.09 58.86 50.41 60.44 49.76
def 20.2 22.3 19.2
4.8% 4.8 5.0 5.2
11.9% 12.6 13.4 12.8
$4.57 3.65 3.73 3.46
$1.80 1.62 1.46 1.28
2.9% 2.6 2.3 2.0
$72.76 $52.06 65.45 59.72 69.41 56.70 69.99 59.76
13.7 17.1 16.9 18.8
PHARMACEUTICALS
def = deficit. ne = nonexistent.
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36
JULY 6, 2009
STOCKHOLDERS’ EQUITY
TOTAL NET PROFIT ASSETS YEAR SALES EARNINGS MARGIN (Monetary figures, except per share amounts, are in millions of dollars)
CAPITAL SPENDR&D STOCK PRICE RETURN ING, SPENDEARN- DIVIDEND, DIVIDEND PRICE/ RANGE, PER SHARE ON % OF ING, % INGS PER $ PER YIELD, % EARNINGS EQUITY SALES OF SALES SHARE SHARE OF PRICE HIGH LOW RATIO
MERCK & CO. 2008 $24,850 2007 24,197 2006 22,636 2005 22,012
$7,808 3,275 4,334 4,631
31.4% 13.5 19.1 21.0
$45,232 46,183 42,194 43,242
$16,794 18,185 17,560 17,917
46.5% 18.0 24.7 25.8
5.2% 4.2 4.3 6.4
19.3% 20.2 21.1 17.5
$3.64 1.51 1.03 2.10
$1.52 1.52 1.52 1.52
3.6% 2.9 3.9 5.0
$61.18 $22.82 61.62 42.35 46.37 31.81 35.20 25.50
11.5 34.4 38.0 14.5
PFIZER 2008 2007 2006 2005
$48,296 48,418 48,371 51,298
$8,026 8,213 11,024 8,094
16.6% 17.0 22.8 15.8
$71,963 73,388 69,611 66,005
$18,371 65,010 71,358 65,627
43.7% 12.6 15.4 12.3
3.5% 3.9 4.2 4.1
16.5% 16.7 15.7 14.1
$1.19 1.19 1.52 1.10
$1.28 0.96 0.96 0.76
6.6% 3.8 3.8 3.1
$24.08 $14.45 28.60 22.16 28.60 22.16 29.21 20.27
16.2 21.3 16.7 22.5
SCHERING-PLOUGH 2008 $18,502 2007 12,690 2006 10,594 2005 9,508
$1,903 -1,473 1,121 269
10.3% def 10.6 2.8
$19,185 19,215 15,579 14,900
$1,597 10,385 7,908 7,387
119.2% def 14.2 3.6
4.0% 4.9 4.3 5.0
19.1% 23.1 20.7 19.6
$1.07 def 0.71 0.12
$0.26 0.25 0.22 0.22
1.3% 0.9 1.1 1.1
$27.73 $12.76 33.34 22.75 23.90 18.00 22.45 17.68
18.9 def 29.5 167.2
WYETH 2008 2007 2006 2005
$4,418 4,616 4,197 3,656
10.0% 20.6 20.6 19.5
$49,725 38,198 32,197 31,725
$14,490 18,211 14,653 11,994
30.5% 25.3 28.6 30.5
3.3% 6.2 6.3 5.8
7.5% 14.5 15.3 14.7
$3.29 3.38 3.08 2.70
$1.06 1.06 1.01 0.94
2.7% 2.0 2.1 2.2
$49.50 $28.06 62.20 43.65 54.13 41.91 47.88 38.48
11.8 15.7 15.6 16.0
$44,834 22,400 20,351 18,756
BIOPHARMACEUTICALS AMGEN 2008 2007 2006 2005
$14,687 15,858 12,022 9,977
$4,196 2,950 3,674 2,363
28.6% 18.6 30.6 23.7
$22,116 3,366 2,314 2,028
$6,059 5,921 5,038 4,712
69.3% 49.8 72.9 50.1
4.6% 8.0 10.1 8.7
20.6% $2.82 20.6 2.48 28.0 2.93 23.2 1.10
ne ne ne ne
ne ne ne ne
$75.85 $46.44 80.36 63.92 86.17 57.20 64.76 52.70
21.7 29.1 24.5 53.4
BIOGEN IDEC 2008 2007 2006 2005
$2,840 2,137 1,781 1,617
$783 638 214 161
27.6% 29.9 12.0 10.0
$5,180 4,999 4,652 4,261
$2,506 5,534 7,150 6,906
31.2% 12.8 4.6 3.8
9.7% 13.3 11.1 19.7
37.7% $2.65 43.3 2.82 40.3 0.63 46.3 0.47
ne ne ne ne
ne ne ne ne
$73.59 $55.68 84.75 42.86 52.72 40.24 70.00 33.18
24.4 22.6 73.8 109.8
GENENTECH 2008 2007 2006 2005
$10,531 9,443 7,640 5,488
$3,427 2,769 2,113 1,279
32.5% 29.3 27.7 23.3
$19,189 16,195 13,051 10,258
$13,073 11,905 14,842 7,470
17.9% 17.1 16.2 12.5
7.1% 10.3 15.9 25.5
26.6% 25.9 23.2 23.0
$3.21 2.59 1.97 1.18
ne ne ne ne
ne ne ne ne
$99.14 $65.60 89.73 65.35 95.16 75.58 100.20 43.90
25.7 29.9 43.3 61.1
$4,197 3,458 2,887 2,453
$421 480 -17 442
10.0% 13.9 def 18.0
$5,615 5,343 4,400 3,800
$4,250 6,613 5,611 5,150
7.5% 9.0 def 11.6
14.2% 11.9 11.6 7.8
31.2% $1.50 21.3 1.82 22.5 def 20.5 1.73
ne ne ne ne
ne ne ne ne
$83.97 $52.16 76.90 58.71 75.34 54.64 77.53 55.90
45.4 37.3 def 38.6
GENZYME 2008 2007 2006 2005
def = deficit. ne = nonexistent.
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37
JULY 6, 2009
FINANCES
CANADA COMPANY RESULTS
Earnings at the fertilizer firms skyrocketed in 2008 CAPITAL R&D STOCKSPEND- SPEND- EARNINGS DIVIDEND, DIVIDEND STOCK PRICE RANGE, PRICE/ PER SHARE NET PROFIT TOTAL HOLDERS’ RETURN ING, % OF ING, % OF PER $ PER YIELD, % EARNINGS YEAR SALES EARNINGS MARGIN ASSETS EQUITY ON EQUITY SALES SALES SHARE SHARE OF PRICE HIGH LOW RATIO (Monetary figures, except per share amounts, are in millions of dollars)
AGRIUM 2008 $10,268 2007 5,491 2006 4,373 2005 3,491
$1,322 441 33 283
METHANEX 2008 $2,314 2007 2,267 2006 2,108 2005 1,658
$172 376 457 224
NOVA CHEMICALS 2008 $7,366 2007 6,732 2006 6,519 2005 5,616 POTASHCORP (a) 2008 $9,447 2007 5,234 2006 3,767 2005 3,847
12.9% $7,382 8.0 5,588 0.8 3,016 8.1 2,777
$1,674 2,841 984 1,172
79.0% 15.5 3.4 24.1
4.9% 8.3 4.8 5.0
na na na na
$8.34 3.25 0.25 2.12
$0.11 0.11 0.11 0.11
0.2% C$ 116.15 C$ 28.70 0.2 71.67 25.38 0.4 36.88 22.32 0.5 32.66 17.75
8.1 14.0 111.1 11.2
7.4% 16.6 21.7 13.5
$2,791 2,835 2,401 2,056
$1,255 1,301 1,167 900
13.7% 28.9 39.2 24.9
22.8% 12.3 3.0 7.1
na na na na
$1.82 3.68 4.18 1.89
$0.61 0.55 0.49 0.41
2.9% 2.1 2.0 2.1
C$ 33.85 C$ 10.78 33.94 20.95 32.79 20.37 24.58 16.46
11.5 7.0 6.0 10.2
$46 324 125 26
0.6% $4,034 4.8 4,856 1.9 4,077 0.5 5,217
$914 1,101 546 1,215
5.0% 29.4 22.9 2.1
2.3% 2.3 3.0 7.5
$0.55 3.88 1.52 0.31
$0.38 0.38 0.38 0.38
2.2% 1.1 1.1 0.8
C$ 32.18 43.70 41.25 64.25
C$ 5.05 30.13 29.50 36.65
31.7 8.9 21.8 152.7
$3,495 1,104 632 543
37.0% $10,130 21.1 9,595 16.8 6,091 14.1 5,226
$4,470 5,897 2,654 2,001
78.2% 18.7 23.8 27.1
12.7% 11.6 13.5 10.0
$11.01 3.40 1.98 1.63
$0.40 0.35 0.20 0.20
0.3% C$ 246.29 C$ 61.81 0.4 148.89 51.92 0.5 56.96 28.93 0.6 46.00 28.25
13.1 27.7 20.3 21.4
0.7% 0.7 0.8 0.9
na na na na
NOTE: Stock price ratios were calculated at the 2008 average exchange rate of $1.00 U.S. = $1.066 Canadian (C$). a Stock split three-for-one in 2007. na = not available.
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38
JULY 6, 2009
EUROPE COMPANY RESULTS
Earnings, for the most part, decreased, reflecting the poor economy
YEAR
NET SALES
EARNINGS
PROFIT MARGIN
CAPITAL R&D STOCKSPEND- SPEND- EARNINGS DIVIDEND, DIVIDEND HOLDERS’ RETURN ING, % OF ING, % PER $ PER YIELD, % EQUITY ON EQUITY SALES OF SALES SHARE SHARE OF PRICE
TOTAL ASSETS
STOCK PRICE RANGE, PER SHARE HIGH
LOW
PRICE/ EARNINGS RATIO
(Monetary figures, except per share amounts, are in millions of dollars)
CHEMICALS BELGIUM Solvay 2008 $13,976 2007 14,090 2006 13,836 2005 12,603
$596 1,150 1,165 1,162
4.3% 8.2 8.4 9.2
$18,062 16,458 16,342 16,546
$6,988 6,564 6,562 5,771
8.5% 17.5 17.8 20.1
13.9% 8.1 6.2 5.9
5.9% 5.8 6.0 5.5
$13.84 13.93 14.02 13.93
$3.24 3.24 4.12 2.15
2.9% 2.0 2.8 1.6
€ 97.90 123.20 116.20 104.10
€ 51.45 92.00 83.10 79.95
7.9 11.4 10.5 9.7
FINLAND Kemira 2008 $4,172 2007 4,137 2006 3,714 2005 2,935
-$3 94 172 130
def 2.3% 4.6 4.4
$4,212 4,310 4,077 3,431
$1,437 1,601 1,605 1,500
def 5.9% 10.7 8.7
5.3% 8.7 6.5 5.7
2.5% 2.3 2.0 2.2
def $0.78 1.41 1.08
$0.37 0.74 0.71 0.38
2.5% 3.1 3.4 2.2
€ 14.77 19.20 17.17 14.02
€ 5.42 13.11 11.07 9.86
def 30.5 14.7 16.4
FRANCE Air Liquide (a) 2008 $19,298 2007 17,519 2006 16,117 2005 15,361
$1,797 1,653 1,475 1,373
9.3% 9.4 9.2 8.9
$21,951 19,813 23,987 23,888
$10,318 9,533 9,667 9,140
17.4% 17.3 15.3 15.0
14.6% 11.4 10.3 9.3
1.2% 1.1 1.1 1.0
$6.88 6.22 12.19 11.52
$3.31 3.00 5.88 4.14
3.0% 2.4 5.4 4.6
€ 95.65 93.14 83.00 68.93
€ 55.78 75.08 63.76 53.55
16.2 19.9 8.9 7.8
Arkema (b) 2008 $8,296 2007 8,354 2006 8,635 2005 8,406
$147 179 67 -574
1.8% 2.1 0.8 def
$6,588 6,530 6,684 6,881
$2,972 2,848 2,853 2,154
5.0% 6.3 2.3 def
5.9% 5.7 5.7 5.8
2.7% 2.8 2.9 3.1
$2.43 2.96 1.10 def
$0.88 1.10 ne ne
2.1% 1.7 ne ne
€ 45.75 50.88 41.48 ne
€ 10.93 36.35 24.94 ne
17.2 21.7 44.3 ne
Rhodia (c) 2008 $7,015 2007 7,041 2006 7,132 2005 7,485
$155 190 91 -905
2.2% 2.7 1.3 def
$6,368 6,592 7,161 8,311
-$552 -572 961 -980
def def 9.5% def
5.1% 5.3 5.4 5.0
1.5% 1.9 2.1 2.0
$1.53 1.87 0.07 def
$0.37 0.37 ne ne
1.6% 10.1 ne ne
€ 27.35 2.99 2.71 1.94
€ 3.93 1.96 1.35 1.18
15.0 1.9 40.6 def
GERMANY Altana (d) 2008 $1,976 2007 2,031 2006 1,905
$152 189 84
7.7% 9.3 4.4
$2,577 2,536 9,333
$1,735 1,674 8,474
8.7% 11.3 1.0
8.0% 6.6 5.8
5.4% 4.9 5.2
$1.12 1.40 0.60
$0.15 0.75 1.91
0.8% 1.4 2.8
€ 16.90 55.89 51.65
€ 7.53 14.57 42.46
16.1 37.1 114.8
BASF (e) 2008 $91,758 2007 85,308 2006 77,446 2005 62,937
$4,289 5,984 5,105 4,665
4.7% 7.0 6.6 7.4
$74,904 68,895 66,671 52,508
$27,573 29,585 27,348 25,795
15.6% 20.2 18.7 18.1
4.0% 4.4 4.6 4.6
2.2% 2.4 2.4 2.5
$4.61 6.13 4.70 4.23
$2.87 2.87 2.21 1.47
5.4% 4.5 4.5 3.5
€ 52.41 50.81 37.12 32.67
€ 19.95 35.98 29.49 25.06
11.6 10.4 10.4 10.1
Bayer 2008 $48,480 2007 47,673 2006 42,626 2005 40,310
$2,532 6,935 2,478 2,351
5.2% 14.5 5.8 5.8
$77,336 75,631 82,275 54,058
$24,065 24,761 18,917 16,423
10.5% 28.0 13.1 14.3
5.3% 5.7 6.0 5.1
8.1% 8.0 7.9 6.3
$3.27 8.60 3.27 3.23
$2.06 1.99 1.47 1.02
2.7% 2.6 2.8 2.4
€ 65.68 62.53 40.92 35.92
€ 36.83 40.20 30.56 22.11
23.1 8.8 16.1 13.2
NOTE: Monetary statistics, except stock prices, for all years were converted at the 2008 average exchange rate of $1.00 U.S. = 0.679 euros, 1.0816 Swiss francs, and 0.539 pounds sterling. a Stock split two-for-one in June 2007. b Spun off from Total in 2006; prior figures are pro forma. c One-for-12 reverse stock split in June 2007. d Divested pharmaceuticals in 2006. e Stock split two-for-one in 2008. def = deficit. ne = nonexistent.
WWW.CEN-ONLINE.ORG
39
JULY 6, 2009
FINANCES
YEAR
NET SALES
EARNINGS
PROFIT MARGIN
CAPITAL R&D STOCKSPEND- SPEND- EARNINGS DIVIDEND, DIVIDEND HOLDERS’ RETURN ING, % OF ING, % PER $ PER YIELD, % EQUITY ON EQUITY SALES OF SALES SHARE SHARE OF PRICE
TOTAL ASSETS
STOCK PRICE RANGE, PER SHARE HIGH
LOW
PRICE/ EARNINGS RATIO
(Monetary figures, except per share amounts, are in millions of dollars)
Lanxess 2008 $9,685 2007 9,727 2006 10,222 2005 10,525
$252 165 290 -92
2.6% 1.7 2.8 def
$6,850 5,961 6,190 6,390
$2,072 2,245 2,102 1,849
12.2% 7.4 13.8 def
5.4% 4.3 3.8 3.5
1.5% 1.3 1.3 1.4
$3.02 1.94 3.43 def
$0.74 1.47 0.37 ne
2.2% 2.8 0.7 ne
€ 34.37 43.75 43.55 27.65
€ 10.28 26.72 24.46 13.63
10.9 26.7 14.6 def
Linde (a) 2008 $18,649 2007 18,115 2006 18,311 2005 14,001
$1,056 1,401 2,706 757
5.7% 7.7 14.8 5.4
$35,087 36,736 41,212 18,575
$12,149 13,558 12,107 6,585
8.7% 10.3 22.3 11.5
11.6% 8.4 7.8 9.1
0.8% 0.8 1.6 1.8
$6.24 8.39 18.39 5.98
$2.65 2.50 2.21 2.06
2.5% 2.0 2.2 2.6
€ 97.90 91.75 79.56 63.36
€ 46.51 75.26 56.32 45.55
17.0 14.7 5.4 13.4
Merck KGaA 2008 $11,131 2007 10,389 2006 9,213 2005 8,641
$541 5,152 1,447 971
4.9% 49.6 15.7 11.2
$23,041 21,967 11,927 10,718
$14,084 12,789 5,604 4,900
3.8% 40.3 25.8 19.8
5.2% 4.0 4.0 4.6
16.3% 14.6 12.0 12.2
$2.49 23.87 7.47 5.01
$2.21 1.77 1.33 1.25
2.0% 1.3 1.2 1.4
€ 93.79 106.55 89.10 74.90
€ 57.67 79.96 63.96 48.45
44.8 5.8 15.1 18.1
Wacker (b) 2008 $6,330 2007 5,566 2006 4,912 2005 4,056
$647 622 458 212
10.2% 11.2 9.3 5.2
$6,812 5,768 4,796 4,303
$3,067 2,746 2,334 1,375
21.1% 22.6 19.6 15.4
17.4% 14.9 14.5 11.0
3.8% 4.0 4.6 5.3
$13.02 12.50 9.51 4.27
$2.65 3.31 2.95 ne
1.4% 1.5 2.0 ne
€ 197.70 197.70 127.35 ne
€ 62.23 98.05 74.31 ne
14.7 17.4 15.6 ne
NETHERLANDS AkzoNobel (c) 2008 $22,703 2007 15,041 2006 20,222 2005 19,137
-$1,504 854 1,697 1,415
def 5.7% 8.4 7.4
$27,591 28,327 18,821 18,290
$11,654 16,383 6,275 5,264
def 5.2% 27.0 26.9
3.5% 3.5 3.9 3.9
2.3% 2.8 6.4 6.2
$6.45 2.16 5.89 4.93
$2.65 2.65 1.77 1.77
4.5% 3.3 2.7 3.4
€ 57.11 65.56 49.41 40.18
€ 22.85 44.41 38.30 30.82
9.1 37.4 11.0 10.6
DSM (d) 2008 $13,901 2007 13,133 2006 12,294 2005 12,063
$850 631 811 776
6.1% 4.8 6.6 6.4
$14,216 14,467 14,888 14,757
$6,915 7,925 8,196 8,058
12.3% 8.0 9.9 9.6
6.2% 5.3 6.0 4.9
4.2% 4.2 3.9 3.5
$5.05 3.43 4.15 3.92
$1.77 1.77 1.47 1.47
4.2% 3.4 2.9 3.4
€ 41.27 39.87 39.70 35.22
€ 15.76 31.63 28.58 23.07
8.3 15.3 12.1 11.0
SWITZERLAND Ciba 2008 $5,470 2007 6,024 2006 5,866 2005 6,852
$521 219 -38 -236
9.5% 3.6 def def
$6,388 8,116 8,386 9,800
$1,523 3,052 2,969 3,605
34.2% 7.2 def def
4.2% 4.1 3.7 3.7
3.9% 4.0 4.3 3.7
$7.78 3.26 def def
ne $2.30 2.77 2.77
ne 3.8% 4.0 3.8
24.00 45.30 63.30 72.51
5.0 18.6 def def
Clariant 2008 $7,459 2007 7,880 2006 7,481 2005 7,555
-$42 4 -72 177
def 0.1% def 2.3
$5,495 6,727 6,638 6,764
$1,836 2,191 2,247 2,392
def 0.2% def 7.4
3.3% 3.6 4.4 4.3
2.3% 2.5 2.6 2.4
def def def $0.75
ne $0.23 0.23 0.23
ne 1.6% 1.4 1.3
6.10 9.44 14.10 16.70
def 33.1 def 23.5
Givaudan 2008 $3,777 2007 3,816 2006 2,686 2005 2,575
$103 88 381 376
2.7% 2.3 14.2 14.6
$6,467 7,294 4,341 4,171
$1,934 2,478 2,582 2,251
5.3% 3.5 14.8 16.7
4.7% 4.7 5.8 5.8
8.4% 9.0 8.5 7.9
$14.33 12.07 53.81 51.91
$9.24 18.00 17.37 16.26
1.1% 1.7 1.8 2.2
710.00 996.00 888.50 729.50
57.5 86.5 17.6 14.4
CHF
CHF
60.40 85.80 84.95 85.00
12.95 22.30 20.54 21.30
CHF
CHF
CHF 1,071.00 CHF
1,264.00 1,160.00 890.50
NOTE: Monetary statistics, except stock prices, for all years were converted at the 2008 average exchange rate of $1.00 U.S. = 0.679 euros, 1.0816 Swiss francs, and 0.539 pounds sterling. a Acquired BOC in September 2006. b Became a publicly traded company in 2005. c Divested pharmaceuticals in 2007; acquired ICI in 2008. d Stock split two-for-one in September 2005. def = deficit. ne = nonexistent.
WWW.CEN-ONLINE.ORG
40
JULY 6, 2009
YEAR
NET SALES
EARNINGS
PROFIT MARGIN
CAPITAL R&D STOCKSPEND- SPEND- EARNINGS DIVIDEND, DIVIDEND HOLDERS’ RETURN ING, % OF ING, % PER $ PER YIELD, % EQUITY ON EQUITY SALES OF SALES SHARE SHARE OF PRICE
TOTAL ASSETS
STOCK PRICE RANGE, PER SHARE HIGH
LOW
PRICE/ EARNINGS RATIO
(Monetary figures, except per share amounts, are in millions of dollars)
Lonza 2008 2007 2006 2005
$2,714 2,651 2,692 2,328
$388 278 205 174
14.3% 10.5 7.6 7.5
$5,200 4,572 3,613 3,999
$1,787 1,670 1,484 1,376
21.7% 16.7 13.8 12.6
21.2% 20.8 12.7 10.8
3.7% 3.1 2.6 2.5
$7.53 5.43 3.97 3.58
$1.62 1.62 1.39 1.19
1.4% 1.4 1.6 1.8
CHF
158.30 138.00 108.74 80.65
Syngenta 2008 $11,624 2007 9,240 2006 8,046 2005 8,104
$1,385 1,109 634 622
11.9% 12.0 7.9 7.7
$14,584 13,280 11,852 11,404
$5,901 6,041 5,694 5,431
23.5% 18.4 11.1 11.5
3.8% 3.4 2.7 2.1
8.3% 9.0 9.9 10.1
$14.63 11.42 6.46 6.22
$6.00 4.80 3.80 3.30
2.6% 2.1 2.2 2.6
CHF
349.25 295.70 234.40 163.50
83.95 103.50 78.30 63.35
14.9 20.5 21.7 18.6
158.00 207.80 146.90 115.40
16.0 20.4 27.3 20.7
€ 36.06 56.20 64.85 56.40
17.5 16.5 24.4 39.6
46.14 58.05 64.20 55.35
14.4 12.0 21.4 22.4
155.20 210.20 198.00 139.00
18.8 21.4 24.9 26.9
CHF
CHF
PHARMACEUTICALS FRANCE Sanofi-Aventis 2008 $40,601 2007 41,294 2006 41,767 2005 40,203
$5,672 7,747 5,897 3,817
14.0% 18.8 14.1 9.5
$106,019 105,862 114,472 127,566
$66,378 65,829 67,450 68,931
8.5% 11.8 8.7 5.5
5.8% 5.7 5.1 4.2
16.6% 16.2 15.6 14.8
$4.33 5.73 4.34 2.47
$3.24 3.05 2.58 2.24
4.3% 3.2 2.4 2.3
SWITZERLAND Novartis 2008 $41,459 2007 38,072 2006 36,031 2005 31,005
$8,233 11,968 7,175 6,130
19.9% 31.4 19.9 19.8
$78,299 75,452 68,008 57,732
$50,437 49,396 41,294 33,164
16.3% 24.2 17.4 18.5
5.1% 6.7 5.0 3.7
17.4% 16.9 14.8 15.6
$3.59 5.13 3.04 2.62
$1.85 1.48 1.25 1.06
3.6% 2.4 1.9 1.8
Roche 2008 $42,160 2007 42,604 2006 38,807 2005 32,795
$10,022 10,563 7,283 5,474
23.8% 24.8 18.8 16.7
$70,323 72,204 68,723 64,060
$49,743 49,230 43,234 38,551
20.1% 21.5 16.8 14.2
6.9% 7.6 8.5 9.4
19.4% 18.2 15.7 16.0
$9.45 10.31 8.36 6.35
$4.62 4.24 3.13 2.77
2.6% 1.9 1.5 1.6
$6,101 5,595 6,043 4,706
19.3% 18.9 22.8 19.6
$46,784 47,957 29,932 24,840
$16,060 14,915 15,416 13,691
38.0% 37.5 39.2 34.4
3.5% 3.8 3.0 3.4
16.4% 17.5 14.7 14.1
$4.20 3.74 3.85 2.91
$2.05 1.87 1.72 1.30
4.8% 3.9 4.8 3.0
£28.88 29.84 23.60 28.37
£17.48 21.44 14.68 18.61
10.2 12.7 9.2 15.0
GlaxoSmithKline 2008 $45,180 $10,095 2007 42,186 10,346 2006 43,132 10,008 2005 40,225 8,944
22.3% 24.5 23.2 22.2
$73,085 57,577 47,455 50,510
$15,432 18,404 17,917 13,578
65.4% 56.2 55.9 65.9
5.9% 6.7 5.9 4.2
14.4% 14.2 14.9 14.5
$1.63 1.74 1.76 1.52
$1.06 0.98 0.89 0.82
4.8% 4.0 3.3 3.2
£13.85 14.77 15.77 15.44
£9.95 11.69 13.26 11.75
13.5 14.1 15.3 16.6
UNITED KINGDOM AstraZeneca 2008 $31,601 2007 29,559 2006 26,475 2005 23,950
€ 66.90 71.95 79.25 76.70
CHF
CHF
65.45 74.60 76.80 71.50
229.50 266.70 252.50 230.00
CHF
CHF
NOTE: Monetary statistics, except stock prices, for all years were converted at the 2008 average exchange rate of $1.00 U.S. = 0.679 euros, 1.0816 Swiss francs, and 0.539 pounds sterling.
WWW.CEN-ONLINE.ORG
41
JULY 6, 2009
FINANCES
JAPAN COMPANY RESULTS
Several firms posted hundreds of millions of dollars in net losses R&D STOCKCAPITAL SPENDNET PROFIT TOTAL HOLDERS’ RETURN ON SPENDING, ING, % OF YEAR SALES EARNINGS MARGIN ASSETS EQUITY EQUITY % OF SALES SALES (Monetary figures, except per share amounts, are in millions of dollars)
EARNINGS PER SHARE
DIVIDEND, DIVIDEND $ PER YIELD, % SHARE OF PRICE
STOCK PRICE RANGE, PER PRICE/ SHARE EARNINGS HIGH LOW RATIO
ASAHI KASEI 2008 $15,022 2007 16,412 2006 15,705 2005 14,495
$46 677 663 577
0.3% 4.1 4.2 4.0
$13,341 13,786 14,121 13,309
$5,795 5,929 6,321 5,747
0.8% 11.4 10.5 10.0
8.2% 4.9 5.2 4.4
3.9% 3.3 2.3 2.4
$0.03 0.48 0.47 0.41
$0.10 0.13 0.12 0.10
2.1% 1.8 1.5 1.5
¥636 902 906 857
¥295 505 661 499
137.3 14.1 16.0 16.0
DIC (a) 2008 2007 2006 2005
$9,018 10,426 9,824 9,719
$26 300 217 51
0.3% 2.9 2.2 0.5
$7,142 9,462 9,593 9,377
$1,053 2,471 2,246 1,820
2.4% 12.1 9.7 2.8
4.7% 3.6 4.9 4.2
1.6% 1.4 1.5 1.5
$0.03 0.38 0.27 0.06
$0.06 0.08 0.05 0.04
2.4% 1.8 1.1 1.0
¥367 576 510 528
¥124 312 370 274
73.3 11.3 15.5 62.2
JSR CORP. 2008 $3,409 2007 3,934 2006 3,538 2005 3,271
$135 358 326 296
4.0% 9.1 9.2 9.0
$3,284 4,033 3,955 3,686
$2,368 2,492 2,162 2,058
5.7% 14.4 15.1 14.4
5.4% 7.1 6.0 6.9
6.1% 4.8 4.7 4.7
$0.55 1.42 1.29 1.16
$0.31 0.31 0.23 0.19
2.0% 1.3 0.8 0.7
¥2,455 ¥801 3,010 2,045 3,590 2,300 2,025 3,780
28.9 17.2 22.1 24.3
KANEKA 2008 $4,348 2007 4,865 2006 4,577 2005 4,491
-$18 182 178 272
def 3.7% 3.9 6.1
$4,048 4,378 4,518 4,383
$2,386 2,453 2,339 2,522
def 7.4% 7.6 10.8
7.6% 6.3 7.5 7.5
3.8% 3.3 3.6 3.6
def $0.53 0.52 0.78
$0.15 0.15 0.15 0.15
2.5% 1.8 1.3 1.2
¥798 1,207 1,448 1,596
¥471 605 970 1,079
def 16.4 22.6 16.6
MITSUBISHI CHEMICAL 2008 $20,215 -$650 2007 28,337 1,587 2006 25,368 970 2005 23,300 828
def 5.6% 3.8 3.6
$26,510 26,751 22,428 20,569
$6,470 8,007 6,888 6,345
def 19.8% 14.1 13.0
6.7% 5.8 5.0 4.1
6.1% 3.8 3.5 3.7
def $1.16 0.71 0.67
$0.12 0.15 0.14 0.08
2.3% 1.8 1.6 1.1
¥758 1,155 1,003 815
¥299 634 741 672
def 7.5 11.9 10.7
MITSUI CHEMICALS 2008 $14,388 -$921 2007 17,281 240 2006 16,327 506 2005 14,242 427
def 1.4% 3.1 3.0
$11,500 14,211 14,491 12,853
$3,524 4,638 4,506 4,488
def 5.2% 11.2 9.5
5.4% 4.7 4.3 5.5
2.8% 2.4 2.2 2.5
def $0.31 0.64 0.54
$0.09 0.12 0.10 0.08
2.0% 1.3 1.1 1.0
¥685 1,179 1,084 954
¥206 648 660 570
def 28.4 13.1 13.6
SHIN-ETSU CHEMICAL 2008 $11,614 $1,497 2007 13,312 1,776 2006 12,619 1,490 2005 10,909 1,113
12.9% 13.3 11.8 10.2
$16,297 18,556 17,990 16,165
$13,213 13,916 12,770 11,352
11.3% 12.8 11.7 9.8
13.3% 19.5 16.1 10.6
3.1% 3.5 3.2 2.8
$3.51 4.13 3.46 2.58
$0.97 0.87 0.68 0.34
1.9% 1.2 1.0 0.6
¥6,920 ¥3,400 9,500 4,970 8,150 5,460 7,010 3,800
14.2 17.0 19.0 20.3
$24 320 279 151
0.2% 3.2 3.2 1.9
$9,305 9,959 10,038 9,539
$2,568 2,889 2,568 2,000
0.9% 11.1 10.9 7.5
5.5% 6.8 9.9 5.1
2.0% 1.7 2.1 2.1
$0.02 0.27 0.24 0.13
$0.05 0.05 0.04 0.03
2.0% 1.3 0.8 0.8
¥386 472 540 247
¥114 313 414 470
127.6 14.3 19.1 26.2
SUMITOMO CHEMICAL 2008 $17,296 -$572 2007 18,344 610 2006 17,313 908 2005 15,056 877
def 3.3% 5.2 5.8
$19,562 22,816 22,487 21,070
$7,502 9,731 9,967 6,942
def 6.3% 9.1 12.6
7.5% 7.5 8.9 8.0
7.3% 5.6 5.5 5.9
def $0.37 0.55 0.53
$0.09 0.12 0.12 0.10
1.7% 1.4 1.3 1.4
¥785 1,035 1,073 964
¥264 637 751 493
def 21.9 16.1 13.3
SHOWA DENKO 2008 $9,710 2007 9,897 2006 8,845 2005 7,853
NOTE: Monetary statistics, except stock prices, for all years were converted at the 2008 exchange rate of $1.00 = 103.39 yen. Statistics were prepared on the basis of consolidated results. The fiscal year ends March 31 of the following calendar year, except for Showa Denko’s, which ends Dec. 31. a Formerly Dainippon Ink & Chemical. def = deficit.
WWW.CEN-ONLINE.ORG
42
JULY 6, 2009
R&D STOCKCAPITAL SPENDNET PROFIT TOTAL HOLDERS’ RETURN ON SPENDING, ING, % OF YEAR SALES EARNINGS MARGIN ASSETS EQUITY EQUITY % OF SALES SALES (Monetary figures, except per share amounts, are in millions of dollars)
EARNINGS PER SHARE
DIVIDEND, DIVIDEND $ PER YIELD, % SHARE OF PRICE
STOCK PRICE RANGE, PER PRICE/ SHARE EARNINGS HIGH LOW RATIO
TAIYO NIPPON SANSO 2008 $4,795 $160 2007 4,911 212 2006 4,436 194 2005 3,843 140
3.3% 4.3 4.4 3.6
$5,168 5,293 5,298 4,561
$1,879 2,107 2,090 1,722
8.5% 10.1 9.3 8.1
13.3% 7.1 7.8 5.6
0.8% 0.6 0.6 0.6
$0.40 0.53 0.48 0.34
$0.12 0.12 0.12 0.10
1.6% 1.2 1.2 1.4
¥989 1,137 1,131 890
¥521 802 849 535
18.3 17.8 19.8 20.1
TEIJIN 2008 2007 2006 2005
def 1.2% 3.4 2.6
$8,455 9,827 9,671 9,130
$3,192 3,978 3,944 3,275
def 3.1% 8.4 7.3
8.0% 8.2 7.5 7.1
4.0% 3.5 3.5 3.3
def $0.13 0.36 0.26
$0.05 0.08 0.10 0.07
1.6% 1.5 1.3 1.2
¥441 682 895 845
¥168 374 596 447
def 40.1 20.3 24.3
def $14,736 2.9% 16,425 3.8 16,195 3.3 14,870
$4,958 6,211 6,284 5,194
def 7.5% 9.0 8.8
6.3% 8.9 8.2 7.3
3.4% 2.8 2.7 2.8
def $0.33 0.40 0.33
$0.07 0.10 0.10 0.08
1.4% 1.3 1.0 1.1
¥691 967 1,109 1,010
¥352 567 807 460
def 22.3 22.9 21.8
$9,125 10,026 9,765 9,073
-$416 122 330 240
TORAY INDUSTRIES 2008 $14,233 -$158 2007 15,956 465 2006 14,958 567 2005 13,807 459
NOTE: Monetary statistics, except share prices, for all years were converted at the 2008 exchange rate of $1.00 = 103.39 yen. Statistics were prepared on the basis of consolidated results. The fiscal year ends March 31 of the following calendar year, except for Showa Denko’s, which ends Dec. 31. def = deficit.
U.S. CAPITAL SPENDING
Most firms boosted spending for a combined increase of 18.6% $ MILLIONS
2006
2007
2008
$771 77 84 187 67
$889 78 59 166 132
$768 52 62 137 155
$708 50 45 122 137
$628 38 35 146 100
$613 41 20 129 88
$706 58 18 119 65
$930 70 18 186 104
$1,261 100 27 188 128
$1,055 99 42 141 117
$1,085 100 53 199 121
104 1,546 2,240 500 266
77 1,412 2,055 292 236
77 1,349 1,925 226 240
64 1,587 1,634 234 146
62 1,623 1,280 427 84
94 1,100 1,713 230 87
89 1,333 1,232 248 85
105 1,597 1,340 343 94
103 1,775 1,532 289 116
115 2,075 1,585 518 115
196 2,276 1,978 634 175
H.B. Fuller (f) W.R. Grace Lubrizol (g) Monsanto (h) NewMarket Corp. (i)
62 101 93 979 23
56 83 65 976 14
49 65 86 582 14
31 63 66 382 10
36 91 65 224 13
39 86 88 206 12
31 63 133 210 15
25 81 137 281 18
21 119 131 370 26
21 137 183 509 31
20 132 203 918 32
PPG Industries Praxair Quaker Chemical Rohm and Haas Solutia Stepan
487 781 8 229 158 44
490 653 6 323 257 33
561 704 6 391 221 28
291 595 8 401 94 34
238 498 11 407 59 36
217 983 13 339 78 33
244 668 9 322 61 34
288 877 7 92 81 42
372 1,100 12 404 106 46
353 1,376 9 417 150 40
383 1,611 12 520 84 50
$8,807
$8,352
$7,698
$6,702
$6,101
$6,209
$5,743
$6,716
$8,226
$9,088
$10,782
Air Products & Chemicals (a) Albemarle Arch Chemicals Cabot (a) Chemtura (b) Cytec Industries Dow Chemical (c) DuPont (d) Eastman Chemical FMC Corp. (e)
TOTAL (j)
1998
1999
2000
2001
2002
2003
2004
2005
NOTE: Figures are for worldwide spending on construction, equipment, and land in consolidated businesses. Prior years are not restated to reflect company revisions. a Fiscal year ends Sept. 30. b Crompton and Great Lakes Chemical merged in 2005 to become Chemtura. c Acquired Union Carbide in 2001. d Acquired all of DuPont Merck Pharmaceutical in 1998 and all of Pioneer Hi-Bred in 1999; sold drug operations in 2001. e Machinery business split off in December 2001. f Fiscal year ends Nov. 30. g Acquired Noveon in 2004. h Merged with Pharmacia in 1999; spun off from Pharmacia in August 2002. i Formerly Ethyl Corp. j For companies reporting.
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JULY 6, 2009
FINANCES
EUROPE CAPITAL SPENDING
Capital spending among European chemical firms jumped again in 2008 $ MILLIONS
1998
2000
2001
2002
2003
2004
2005
2006
2007
2008
Air Liquide (France) AkzoNobel (Netherlands) (a) Altana (Germany) (b) Arkema (France) (c) BASF (Germany)
$2,112 1,206 ne ne 4,268
$1,663 1,174 ne ne 4,071
$1,341 1,068 ne ne 5,348
$1,134 1,211 ne ne 4,473
$1,341 1,015 ne ne 3,943
$1,078 856 ne 436 3,377
$1,289 811 ne 442 2,842
$1,436 754 ne 490 2,869
$1,662 779 110 495 3,551
$2,001 529 134 479 3,775
$2,810 786 159 493 3,713
3,979 366 428 861 ne
3,876 247 393 953 153
3,898 230 495 906 120
3,854 239 467 960 105
3,510 231 313 741 85
2,102 215 278 638 146
1,467 272 267 492 138
2,044 254 322 591 149
2,561 218 331 738 156
2,739 247 283 700 179
2,591 230 250 865 179
Kemira (Finland) Lanxess (Germany) (e) Linde (Germany) Lonza (Switzerland) (f) Merck (Germany)
376 ne 860 377 469
247 ne 1,303 257 529
321 ne 1,442 137 629
439 ne 1,071 244 692
358 ne 1,277 322 555
345 459 1,261 392 414
235 411 1,057 230 345
166 370 1,272 251 395
241 393 1,430 343 373
362 418 1,523 551 417
222 524 2,165 575 582
Rhodia (France) (g) Solvay (Belgium) Syngenta (Switzerland) (h) Wacker (Germany) (i)
495 943 ne ne
548 1,353 ne ne
741 1,196 185 ne
711 1,062 253 ne
551 920 165 ne
343 817 211 ne
293 831 166 ne
374 744 174 448
393 856 217 713
376 1,144 317 829
355 1,944 444 1,100
$16,738
$16,767
$18,055
$16,915
$15,326
$13,368
$11,588
$13,103
$15,560
$17,003
$19,988
Bayer (Germany) Ciba (Switzerland) Clariant (Switzerland) DSM (Netherlands) Givaudan (Switzerland) (d)
TOTAL (j)
1999
NOTE: Monetary statistics for all years were converted at the 2008 average exchange rate of $1.00 U.S. = 0.679 euros and 1.0816 Swiss francs. a Divested pharmaceuticals in 2007; acquired ICI in 2008. b Divested pharmaceuticals in 2006. c Spun off from Total in 2006; prior figures are pro forma. d Spun off from Roche in 2001; prior figures are pro forma. e Spun off from Bayer in 2005; prior figures are pro forma. f Became a publicly traded company in 1999; prior figures are pro forma. g Spun off from Rhône-Poulenc in 1998. h Formed from agrochemicals businesses of Zeneca and Novartis; became a publicly traded company in 2000; prior figures are pro forma. i Became a publicly traded company in 2005. j For companies listed. ne = nonexistent.
JAPAN CAPITAL SPENDING
With Shin-Etsu leading the retrenchment, most companies spent less on new plants and equipment $ MILLIONS
1998
Asahi Kasei DIC (a) JSR Corp. Kaneka Mitsubishi Chemical Mitsui Chemicals
$682 755 222 237 1,014 504
$611 897 119 237 819 527
$669 528 106 237 835 595
$724 488 128 234 965 1,137
$909 417 155 172 825 665
$836 442 166 222 671 442
$662 442 175 224 649 456
$641 407 226 336 947 787
$816 477 214 344 1,266 703
$802 377 281 305 1,645 819
$1,226 425 185 329 1,345 784
Shin-Etsu Chemical Showa Denko Sumitomo Chemical Taiyo Nippon Sanso (b) Teijin Toray Industries
712 474 654 221 306 1,170
774 360 789 137 418 1,059
936 387 601 116 477 581
789 312 706 167 541 632
634 275 1,470 171 679 554
985 395 1,066 72 513 472
1,027 289 1,217 368 524 707
1,159 399 1,208 214 646 1,007
2,037 879 1,546 347 732 1,223
2,597 671 1,378 351 819 1,420
1,542 530 1,297 638 733 893
$6,949
$6,747
$6,066
$6,824
$6,928
$6,281
$6,741
$7,978
$10,584
$11,464
$9,926
TOTAL (c)
1999
2000
2001
2002
2003
2004
2005
2006
2007
2008
NOTE: Monetary statistics for all years were converted at the 2008 average exchange rate of $1.00 U.S. = 103.39 yen. Fiscal year ends March 31 of the following calendar year, except Showa Denko’s, which ends Dec. 31. a Formerly Dainippon Ink & Chemicals. b Nippon Sanso became Taiyo Nippon Sanso when it acquired Taiyo Toyo Sanso in October 2004; for 2003 and earlier, figures are for Nippon Sanso. c For companies reporting.
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JULY 6, 2009
CANADA CAPITAL SPENDING
Investment spiked in 2008, largely because of Potash’s projects $ MILLIONS
1998
1999
2000
2001
2006
2007
Agrium Methanex Nova Chemicals (a) PotashCorp
$174 178 367 190
$253 139 620 119
$179 19 440 186
$164 91 168 514
$52 160 71 212
$99 243 130 151
$82 157 242 221
$175 118 419 383
$209 63 198 509
$454 278 156 607
$506 527 166 1198
$909
$1,131
$824
$937
$495
$623
$702
$1,095
$979
$1,495
$2,397
TOTAL (b)
2002
2003
2004
2005
2008
NOTE: Monetary statistics for all years were converted at the 2008 average exchange rate of $1.00 U.S. = $1.066 Canadian. a Spun off from Nova Corp. in 1998. b For companies reporting.
U.S. R&D SPENDING
Most chemical firms continued to increase R&D spending, and pharma spending was up on average CHEMICAL $ MILLIONS
Air Products & Chemicals (a) Albemarle Arch Chemicals Cabot (a) Chemtura (b)
1998
1999
2000
2001
2002
2003
2004
2005
2006
2007
2008
$112 30 16 83 53
$123 34 18 73 68
$124 26 17 43 85
$123 22 25 48 82
$121 17 23 48 82
$121 18 24 64 52
$127 31 15 53 50
$133 42 21 59 52
$151 46 18 58 66
$140 63 20 69 62
$131 67 22 74 51
Cytec Industries Dow Chemical (c) DuPont (d) Eastman Chemical FMC Corp. (e)
43 807 1,308 185 158
44 845 1,617 187 152
39 892 1,776 149 155
32 1,072 1,588 160 100
34 1,066 1,264 159 82
35 981 1,349 173 87
40 1,022 1,333 154 93
69 1,073 1,336 162 94
74 1,164 1,302 167 97
76 1,305 1,338 156 95
82 1,310 1,393 158 94
H.B. Fuller (f) W.R. Grace Lubrizol Monsanto (g) NewMarket Corp. (h)
22 47 78 1,263 40
21 42 78 695 41
18 46 86 588 40
19 50 88 560 33
18 52 94 527 30
18 52 94 510 28
16 51 190 511 33
16 59 205 588 65
17 64 206 725 70
17 80 219 780 77
17 83 221 980 82
271 72 10 207 62 12
284 67 9 236 58 13
282 65 9 259 67 13
266 66 9 230 58 14
289 69 9 260 39 15
306 75 10 238 53 15
303 77 14 265 44 15
309 80 14 273 45 30
318 87 13 292 45 30
354 98 15 296 45 31
451 97 17 327 12 34
$4,879
$4,705
$4,779
$4,645
$4,298
$4,303
$4,437
$4,725
$5,010
$5,380
$5,703
PPG Industries Praxair Quaker Chemical Rohm and Haas Solutia Stepan TOTAL (i)
PHARMACEUTICAL $ MILLIONS
1998
1999
2000
2001
2002
2003
2004
2005
2006
2007
2008
Abbott Laboratories Bristol-Myers Squibb (j) Eli Lilly & Co. Johnson & Johnson
$1,339 1,577 1,382 2,506
$1,194 1,843 1,739 2,768
$1,351 1,939 1,784 3,105
$1,578 2,259 2,019 3,591
$1,562 2,218 2,235 2,957
$1,734 2,279 2,350 4,684
$1,697 2,500 2,149 5,203
$1,821 2,746 3,025 6,312
$2,255 3,067 3,129 7,125
$2,506 3,282 3,487 7,680
$2,689 3,585 3,841 7,577
1,821 3,305 1,007 1,655
2,068 4,036 1,191 1,740
2,344 4,435 1,333 1,688
2,456 4,847 1,312 1,870
2,677 5,176 1,425 2,080
3,178 7,131 1,469 2,094
4,010 7,684 1,607 2,461
3,848 7,442 1,865 2,749
4,783 7,599 2,188 3,109
4,883 8,089 2,926 3,257
4,805 7,945 3,529 3,373
$14,592
$16,579
$17,979
$19,932
$20,330
$24,919
$27,311
$29,808
$33,255
$36,110
$37,344
Merck & Co. Pfizer (k) Schering-Plough Wyeth TOTAL (i)
NOTE: Prior years are not restated to reflect company revisions except where noted. a Fiscal year ends Sept. 30. b Crompton & Knowles and Great Lakes Chemical merged in 2005 to become Chemtura; earlier figures are for Crompton & Knowles. c Acquired Union Carbide in 2001. d Acquired all of DuPont Merck Pharmaceutical in 1998 and all of Pioneer Hi-Bred in 1999; sold drug operations in 2001. e Machinery business split off in December 2001; data for 2002 and 2003 are for remaining chemical operations. f Fiscal year ends Nov. 30. g Merged with Pharmacia in 1999; spun off from Pharmacia in August 2002. h Formerly Ethyl Corp. i For companies reporting. j Acquired DuPont Pharmaceuticals in 2001. k Merged with Warner-Lambert in 2000 and with Pharmacia in 2003; prior years are restated for Warner-Lambert but not Pharmacia.
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45
JULY 6, 2009
EUROPE R&D SPENDING
R&D spending increased for the third consecutive year $ MILLIONS
1998
Air Liquide (France) AkzoNobel (Netherlands) (a) Altana (Germany) (b) Arkema (France) (c) BASF (Germany)
$128 957 ne ne 1,809
$134 1,069 ne ne 1,963
$140 1,163 ne ne 2,247
$133 1,247 ne ne 1,837
$136 1,327 ne ne 1,672
$139 1,306 ne 281 1,627
$152 1,212 ne 270 1,452
$158 1,193 ne 259 1,567
$171 1,303 100 247 1,881
$197 415 99 233 2,032
$236 520 106 221 1,996
Bayer (Germany) Ciba (Switzerland) Clariant (Switzerland) DSM (Netherlands) Givaudan (Switzerland) (d)
3,010 280 308 371 ne
3,317 237 335 381 144
3,524 271 383 389 172
3,769 255 378 439 184
3,795 272 325 399 190
3,293 260 285 395 201
2,918 266 253 421 192
2,546 278 202 427 203
3,383 250 191 197 227
3,797 242 195 548 343
3,907 213 170 580 318
Kemira (Finland) Lanxess (Germany) (e) Linde (Germany) Lonza (Switzerland) (f) Merck (Germany)
72 ne ne 98 596
71 ne 211 91 733
71 ne 268 89 804
57 ne 247 96 850
68 ne 252 94 895
71 247 253 64 891
57 186 244 66 882
63 149 253 58 1,050
76 128 296 70 1,108
97 130 143 82 1,514
105 143 153 102 1,817
Rhodia (France) (g) Solvay (Belgium) Syngenta (Switzerland) (h) Wacker (Germany) (i)
269 429 ne ne
261 508 769 ne
286 530 745 ne
290 502 723 ne
296 585 697 ne
275 595 727 ne
336 608 809 ne
152 695 822 216
153 829 796 224
137 819 830 225
108 831 969 240
$8,328
$10,223
$11,083
$11,008
$11,003
$10,911
$10,324
$10,292
$11,631
$12,077
$12,734
TOTAL (j)
1999
2000
2001
2002
2003
2004
2005
2006
2007
2008
NOTE: Monetary statistics for all years were converted at the 2008 average exchange rate of $1.00 U.S. = 0.679 euros and 1.0816 Swiss francs. a Divested pharmaceuticals in 2007; acquired ICI in 2008. b Divested pharmaceuticals in 2006. c Spun off from Total in 2006; prior figures are pro forma. d Spun off from Roche in 2001; prior figures are pro forma. e Spun off from Bayer in 2005; prior figures are pro forma. f Became a publicly traded company in 1999; prior figures are pro forma. g Spun off from Rhône-Poulenc in 1998. h Formed from agrochemicals businesses of Zeneca and Novartis; became a publicly traded company in 2000; prior figures are pro forma. i Became a publicly traded company in 2005. j For companies listed. ne = nonexistent.
JAPAN R&D SPENDING
R&D expenditures have kept growing, with Sumitomo Chemical and Mitsubishi Chemical far outspending others $ MILLIONS
1998
1999
Asahi Kasei DIC (a) JSR Corp. Kaneka Mitsubishi Chemical Mitsui Chemicals
$550 122 54 97 650 380
$484 103 58 118 644 369
$481 116 50 127 658 353
$479 124 128 127 818 377
$477 125 136 135 881 359
$351 145 146 140 856 318
$353 154 160 152 863 338
$347 143 153 163 867 359
$361 150 168 163 882 357
$544 150 190 161 1,084 407
$588 142 207 166 1,236 397
na 230 575 na 267 367
261 218 574 39 275 375
251 160 572 33 293 375
273 149 645 33 308 360
264 149 704 24 289 345
255 151 727 22 318 346
270 170 756 20 290 371
310 168 889 22 302 384
404 189 945 26 339 409
464 168 1,019 28 351 443
359 194 1,268 38 364 484
$3,292
$3,517
$3,470
$3,822
$3,888
$3,775
$3,898
$4,105
$4,393
$5,009
$5,443
Shin-Etsu Chemical Showa Denko Sumitomo Chemical Taiyo Nippon Sanso (b) Teijin Toray Industries TOTAL (c)
2000
2001
2002
2003
2004
2005
2006
2007
2008
NOTE: Monetary statistics for all years converted at the 2008 average exchange rate of $1.00 U.S. = 103.39 yen. Fiscal year ends March 31 of the following calendar year, except Showa Denko’s, which ends Dec. 31. a Formerly Dainippon Ink & Chemicals. b Nippon Sanso became Taiyo Nippon Sanso when it acquired Taiyo Toyo Sanso in October 2004; for 2003 and earlier, figures are for Nippon Sanso. c For companies reporting. na = not available.
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JULY 6, 2009
FACTS & FIGURES
A MIXED PICTURE FOR CHEMICAL JOBS
dellBasell, among others. Pharmaceutical firms, including AstraZeneca, Pfizer, and Bristol-Myers Squibb, also cut jobs starting in November. Many end-of-year layoffs were of production workers, as companies around the world idled or shut plants. But for 2008 as a whole, the number of U.S. production workers actually increased by 2% after nine years of consistent declines. The biggest increases were in basic chemicals and agricultural chemicals. The only segment that employed fewer production workers in 2008 was
EMPLOYMENT AT Canadian, European,
is one of a slow but inexorable decrease. Some chemical companies reported employment increases because of acquisitions. In the U.S., PPG Industries gained 10,000 employees when it acquired SigmaKalon. Canadian fertilizer producer Agrium added 4,400 people to its workforce when it bought fertilizer retailer UAP. And in Europe, AkzoNobel’s purchase of ICI brought 17,400 workers to its payroll. Because the new workers were already employed in the chemical industry, the acquisitions do not actually increase the size of the chemical workforce. In Japan, employment at major companies rose overall, but the per-company picture was mixed. At Sumitomo Chemical, headcount rose by more than 1,300, aided by the start-up of its Rabigh petrochemical venture in Saudi Arabia during the year. Mitsubishi Chemical took on about 2,500 employees from absorbing a pharmaceutical subsidiary into its operations. By contrast, DIC and Shin-Etsu Chemical reduced their headcounts. As the year drew to a close, many chemical firms announced layoffs that didn’t show up in 2008 data. BASF kicked off the trend on Nov. 19 with temporary facility closures and output reductions that affected 20,000 employees. Layoff announcements soon followed from DuPont, Dow Chemical, Eastman Chemical, Chemtura, Arkema, DSM, Air Products, and Lyon-
and Japanese chemical firms tracked by C&EN increased in 2008. In the U.S., employment at surveyed companies decreased only slightly. The data seem counterintuitive, considering that 2008 saw the worst recession that hit the global economy since the Great Depression. But during the year, economists reminded us many times that employment is a trailing indicator of the overall economy. That means there is significant lag time between a downturn in production and a corresponding decrease in workers. Indeed, the graph of U.S. labor costs shows that the chemical workforce became rather expensive in 2008, given the decrease in production. Employers are slow to lay off workers when demand drops, in case the decline is temporary. To hold on to skilled labor, firms try to cut costs in other ways, like shrinking their pool of working capital, selling unused assets, cutting benefits, and even forgoing raises and executive bonuses. And yet, a huge number of people in the U.S. lost their jobs in 2008. According to the U.S. Department of Labor’s Bureau of Labor Statistics, the country lost more than 3 million nonfarm jobs. Manufacturing employment shrank by 3.2%, whereas chemical employment decreased by only 1.3%. The chemical job losses in 2008 were steeper than in 2007, and the overall trend
DOW C HEM ICA L
EMPLOYMENT grew in Europe and Japan, but not in the U.S.
paints, coatings, and adhesives, where jobs fell 2.6%. Production of many chemicals used in building materials slowed as the long slide in real estate values led to a decline in new construction. Weekly pay for U.S. production workers decreased by almost $11, as companies cut back slightly on hours. But as chemical producers reduced output, productivity fell, a sharp reversal after many years of productivity improvements.
JOB CUTS The
recession slammed U.S. construction jobs, as well as companies that sell chemicals and materials to the building industry, like Dow.
U.S. PRODUCTIVITY
Output per hour dropped for chemical sector, and unit labor costs increased significantly % annual change 15
10
% annual change 10
Productivity
Unit labor costs
5
5
0
0
–5
–5
–10
–10 1998 99
00
01
02
03
04
05
06
07
08
1998 99
■ All manufacturing ■ Chemicals
00
01
02
03
04
05
06
07
08
SOURCE: Federal Reserve Board, Bureau of Labor Statistics, C&EN estimates
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JULY 6, 2009
EMPLOYMENT
OVERALL U.S. EMPLOYMENT
Downturn in auto production and home building hurt almost all chemical sectors ANNUAL CHANGE THOUSANDS
Manufacturing Chemicals Basic chemicals Resins, synthetic rubber & fibers Agricultural chemicals Pharmaceuticals Paints, coatings & adhesives Soaps & toiletries Other chemicals
1998
1999
2000
2001
2002
2003
2004
2005
2006
2007
2008
17,560 993 213 140
17,322 983 195 137
17,263 980 188 136
16,441 959 181 126
15,259 928 170 115
14,510 906 162 112
14,315 887 156 110
14,226 872 150 108
14,155 866 147 105
13,879 861 149 106
13,431 850 152 105
50 247 78 131 135
51 261 78 131 128
48 274 80 13 127
46 283 75 127 120
45 291 72 121 114
42 292 69 119 111
42 290 68 115 107
40 288 68 114 104
38 292 67 111 105
36 295 65 110 101
36 290 63 108 95
2007-08
1998-08
-3.2% -1.3 2.0 -0.9
-2.6% -1.5 -3.3 -2.8
0.0 -1.7 -3.1 -1.8 -5.9
-3.2 1.6 -2.1 -1.9 -3.5
NOTE: Average annual domestic employment. SOURCE: Department of Labor
U.S. COMPANY EMPLOYMENT
Despite economic woes, total employment at chemical firms dropped only slightly THOUSANDS
Air Products & Chemicals Albemarle Cabot Chemtura (a) Cytec Industries (b) Dow Chemical (c) DuPont Eastman Chemical H.B. Fuller Georgia Gulf (d) W.R. Grace Lubrizol (e)
1998
2000
2001
2002
2003
2004
2005
2006
2007
2008
17.4 2.6 4.5 8.6 4.9 39.2
17.5 2.5 4.5 8.3 4.8 41.9
17.8 3.0 4.3 7.3 4.5 52.7
17.2 3.0 4.5 6.8 4.3 50.0
18.5 3.0 4.4 5.5 4.5 46.4
19.9 3.7 4.3 4.8 4.5 43.2
20.2 3.7 4.4 6.6 7.3 42.4
20.7 3.6 4.3 6.2 6.7 42.6
22.1 4.1 4.3 5.1 6.8 45.9
21.1 4.1 4.3 4.7 6.7 46.1
101.0 15.9 6.0 1.1 6.6 4.3
94.0 14.7 5.4 1.4 6.3 4.1
93.0 14.6 5.2 1.3 6.3 4.4
79.0 15.8 4.9 1.2 6.4 4.5
79.0 15.7 4.6 1.2 6.4 5.2
81.0 15.0 4.5 1.2 6.3 5.0
60.0 12.0 4.5 1.2 6.4 7.8
60.0 12.0 4.0 1.1 6.4 7.5
59.0 11.0 3.7 6.7 6.4 6.7
60.0 10.8 3.2 5.2 6.5 6.9
60.0 10.5 3.1 4.5 6.3 7.0
1.5 32.5 24.8 11.3 8.7 1.4
1.5 33.8 24.1 21.5 10.6 1.4
1.5 35.6 23.4 18.5 10.2 1.4
1.1 34.9 24.3 18.2 9.2 1.5
1.1 34.1 25.0 17.6 7.3 1.5
1.1 32.9 25.4 17.3 6.3 1.4
1.1 31.8 27.0 16.7 5.7 1.4
1.1 30.8 27.3 16.5 5.4 1.5
1.1 32.2 27.0 15.8 5.1 1.5
1.2 34.9 28.0 15.7 6.0 1.5
1.3 44.9 26.9 15.5 3.7 1.6
301.2
307.4
304.7
300.3
289.6
285.0
261.0
262.9
264.7
272.9
272.3
NewMarket Corp. (f) PPG Industries (g) Praxair Rohm and Haas Solutia Stepan TOTAL EMPLOYEES (h)
1999
16.7 2.7 4.8 5.4 5.1 39.0
NOTE: Data are not restated for acquisitions, divestitures, or similar developments. a Crompton and Great Lakes Chemical merged in 2005 to form Chemtura; earlier figures are for Crompton. b Acquired Surface Specialties in 2005. c Merged with Union Carbide in 2001. d Acquired Royal Group in 2006. e Acquired Noveon in 2004. f Formerly Ethyl Corp. g Acquired Sigma Kalon Group in 2008. h For companies reporting. SOURCE: Company data
CANADA COMPANY EMPLOYMENT
Agrium’s acquisition of a fertilizer distribution firm in 2008 boosted its payroll THOUSANDS
Agrium (a) Methanex Nova Chemicals (b) PotashCorp. TOTAL EMPLOYEES (c)
1998
1999
2000
2001
2002
2003
2004
2005
2006
2007
2008
4.5 0.9 3.3 5.7
4.5 0.8 4.7 5.5
4.0 0.8 4.7 5.3
4.0 0.8 4.6 5.0
4.8 0.8 4.3 5.2
4.7 0.7 4.3 4.9
4.6 0.9 4.1 4.9
4.7 0.8 3.6 4.9
6.6 0.8 3.3 4.9
6.6 0.8 2.8 5.0
11.0 0.9 2.9 5.3
14.4
15.5
14.8
14.4
15.1
14.6
14.5
14.0
15.6
15.2
20.1
a Purchased Royster-Clark in 2006 and United Agri Products in 2008. b Formed a styrenics joint venture with Ineos in 2007. c For companies reporting. SOURCE: Company data
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48
JULY 6, 2009
EUROPE COMPANY EMPLOYMENT
AkzoNobel’s acquisition of ICI helped build employment for the group THOUSANDS
1998
1999
2000
2002
2003
2004
2005
2006
Air Liquide (France) AkzoNobel (Netherlands) (a) Altana (Germany) (b) Arkema (France) (c) BASF (Germany)
28.6 68.9 ne ne 105.9
29.0 70.7 ne ne 104.6
30.3 69.8 ne ne 103.3
30.8 70.4 ne ne 92.5
30.8 60.7 ne ne 89.4
31.9 64.6 ne ne 87.2
35.9 61.5 ne 18.6 82.0
35.9 61.3 ne 17.7 80.9
36.9 61.9 4.5 17.0 95.2
40.3 42.6 4.6 15.2 95.2
43.0 60.0 4.8 14.8 96.9
Bayer (Germany) Ciba (Switzerland) Clariant (Switzerland) DSM (Netherlands) Givaudan (Switzerland) (d)
145.1 24.5 29.3 23.0 ne
120.4 20.1 29.0 21.8 4.9
122.1 20.3 31.5 21.8 5.1
116.9 19.7 28.9 21.5 5.3
122.6 19.0 27.8 18.5 5.8
94.9 18.7 27.0 26.1 6.0
93.3 19.3 24.8 24.5 5.9
93.7 19.1 23.4 22.8 5.9
106.0 14.1 21.7 22.2 6.1
106.2 13.3 20.3 23.3 8.8
108.6 12.5 20.1 23.6 8.8
Kemira (Finland) Lanxess (Germany) (e) Linde (Germany) Lonza (Switzerland) (f) Merck (Germany)
10.8 ne 33.4 5.7 28.9
10.7 ne 35.6 5.7 32.7
9.6 ne 47.1 4.6 33.5
10.2 ne 46.4 6.2 34.3
10.4 ne 46.0 6.2 34.5
10.5 20.5 46.2 5.7 34.2
9.7 19.7 41.4 5.7 28.9
7.7 18.3 42.2 6.0 29.1
9.3 16.5 55.5 6.1 30.0
10 14.6 50.5 7.7 31.0
9.4 14.8 51.9 8.5 32.8
Rhodia (France) (g) Solvay (Belgium) Syngenta (Switzerland) (h) Wacker (Germany) (i)
24.5 33.1 ne ne
24.8 32.8 23.5 ne
29.4 32.3 21.0 ne
26.9 29.4 20.5 ne
24.5 30.3 20.0 ne
23.0 30.1 19.1 ne
20.6 29.3 19.5 14.7
19.4 28.7 19.0 14.4
17.1 29.3 19.5 14.7
15.5 28.3 21.2 15.0
14.4 29.4 24.1 15.9
561.7
566.3
581.7
559.9
546.5
545.7
555.3
545.5
583.6
563.6
594.3
TOTAL EMPLOYEES (j)
2001
2007
2008
a Divested pharmaceuticals in 2007 and purchased ICI in 2008. b Divested pharmaceuticals in 2006. c Spun off from Total in 2006; prior figures are pro forma. d Spun off from Roche in 2000; prior figures are pro forma. e Spun off from Bayer in January 2005; prior figures are pro forma. f Became a publicly traded company in 1999; prior figures are pro forma. g Spun off from Rhône-Poulenc in 1998; prior figures are pro forma. h Became a publicly traded company in 2000; prior figures are pro forma. i Became a publicly traded company in 2005. j For companies reporting. ne = nonexistent. SOURCE: Company data
JAPAN COMPANY EMPLOYMENT
Overall headcount went up in 2008, led by increases at Mitsubishi and Sumitomo THOUSANDS
2002
2003
2004
2005
2006
Asahi Kasei DIC (a) JSR Corp. (b) Kaneka Mitsubishi Chemical (c) Mitsui Chemicals
29.3 25.7 na 7.2 na 12.6
26.6 31.0 4.4 6.6 33.5 11.7
26.7 30.3 4.4 7.0 33.0 12.8
26.2 28.4 4.4 6.7 38.6 13.2
25.7 27.0 4.3 6.7 37.6 12.7
25.0 26.5 4.3 6.6 33.5 12.3
23.8 26.8 4.4 6.6 33.3 12.2
23.0 25.6 4.6 7.3 33.0 12.5
23.7 25.4 4.7 7.4 33.4 12.5
23.9 25.2 5.1 7.5 39.3 12.8
24.2 23.6 5.3 7.3 41.8 12.0
Shin-Etsu Chemical Showa Denko Sumitomo Chemical Taiyo Nippon Sanso (d) Teijin Toray
18.4 13.5 15.8 na 17.2 34.3
18.8 12.5 17.5 7.0 22.0 35.5
19.4 13.2 17.4 6.3 22.3 35.7
16.5 12.0 17.0 5.5 24.0 34.9
16.6 10.9 17.9 4.8 23.3 33.8
17.4 10.6 19.0 4.6 20.6 32.9
18.2 11.2 20.2 7.1 19.0 33.7
18.9 11.1 24.2 7.3 18.8 34.7
19.2 11.2 24.7 8.3 19.1 36.6
20.2 11.3 25.6 8.7 19.1 38.6
19.2 11.8 26.9 9.0 19.4 37.9
173.9
218.9
227.2
225.7
219.7
211.7
216.4
220.9
226.1
237.3
238.4
TOTAL (e)
1998
1999
2000
2001
2007
2008
NOTE: Fiscal year ends March 31 of the following year at all companies, except Showa Denko, where it ends Dec. 31. a Formerly Dainippon Ink & Chemicals. b Initiated a consolidated headcount in 1999. c Absorbed subsidiary firm Mitsubishi Tanabe Pharma in 2008. d Became Taiyo Nippon Sanso in 2004 when it acquired Taiyo Toyo Sanso. e For companies reporting. na = not available. SOURCE: Company data
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49
JULY 6, 2009
COVE R STORY
U.S. PRODUCTION WORKERS
The number of workers increased slightly, while overall manufacturing employment continued to shrink THOUSANDS
1998
Manufacturing 12,729 Chemicals 601 Basic chemicals 136 Resin, synthetic rubber 98 & fibers Agricultural chemicals 34 Pharmaceuticals 123 Paints, coatings & adhesives 40 Soaps & toiletries 84
1999
2000
2001
2002
2003
2004
2005
2006
2007
2008
12,524 595 126 96
12,428 588 122 96
11,677 562 115 89
10,768 532 104 81
10,190 525 100 78
10,072 520 95 75
10,060 510 86 71
10,137 508 83 70
9,975 504 88 70
9,649 514 96 70
34 129 41 85
32 132 42 82
30 132 39 80
30 128 38 76
29 133 37 77
29 139 40 74
29 144 41 73
29 149 39 72
25 153 38 69
26 159 37 70
ANNUAL CHANGE 2007-08 1998-08
-3.3% 2.0 9.1 0.0
2.7% -1.6 -3.4 -3.3
4.0 3.9 -2.6 1.4
-2.6 2.6 -0.8 -1.8
NOTE: Average annual domestic employment. SOURCE: Department of Labor
U.S. PAY
No chemical sectors gave workers a significant pay raise in 2008 HOURLY EARNINGS 2006 2007
2005
Manufacturing Chemicals Basic chemicals Resin, synthetic rubber & fibers Agricultural chemicals Pharmaceuticals Paints, coatings & adhesives Soaps & toiletries Other chemicals
$16.56 19.67 23.80 19.03 20.87 21.31 16.31 15.37 17.15
$16.80 19.60 23.20 19.87 21.04 21.34 16.06 15.03 16.72
$17.26 19.55 23.23 21.04 21.62 20.35 15.97 15.21 16.23
2008
2005
$17.74 19.49 23.30 20.54 20.36 20.10 16.49 15.21 16.08
$691.02 833.67 1,033.35 868.94 978.64 890.75 676.51 604.75 695.51
WEEKLY EARNINGS 2006 2007
$691.02 833.51 1,033.18 868.94 978.64 890.75 676.51 604.75 695.51
2008
$711.56 819.54 1,010.21 911.97 960.05 840.75 668.18 601.55 668.97
$724.23 808.80 1,030.54 881.42 831.35 821.17 689.10 587.88 652.30
NOTE: For production workers in domestic employment. SOURCE: Department of Labor
U.S. PRODUCTIVITY
After years of increasing chemical productivity, lower production reversed the trend in 2008 … PRODUCTIVITY (a), 2004 = 100
1998
Manufacturing Chemicals Basic chemicals Resin, synthetic rubber & fibers Agricultural chemicals Pharmaceuticals Paints, coatings & adhesives Soaps & toiletries
1999
2000
2001
2002
2003
2004
2005
2006
2007
2008
70.1 74.6 59.5 81.5
75.9 77.6 70.0 84.0
80.1 80.8 71.0 84.2
83.8 83.5 68.1 84.3
90.3 93.7 80.5 95.0
96.9 96.0 87.0 96.3
100.0 100.0 100.0 100.0
104.3 106.8 115.1 110.9
105.1 110.1 117.6 111.9
108.1 113.8 117.6 113.5
109.2 107.4 99.6 102.4
89.3 94.1 97.5 70.3
80.5 91.6 95.3 66.8
84.5 92.4 95.0 73.4
85.1 97.2 102.4 75.9
91.5 103.7 102.8 90.9
96.4 102.6 107.3 86.9
100.0 100.0 100.0 100.0
104.4 101.6 99.4 110.3
111.2 105.0 97.6 115.4
125.2 105.5 102.0 118.9
120.6 101.0 101.1 122.5
ANNUAL CHANGE, 2007-08
1.0% -5.6 -15.3 -9.8 -3.7 -4.3 -0.9 3.0
… and labor costs grew in most sectors, with basic chemicals seeing the largest jump UNIT LABOR COSTS (b), 2004 = 100
Manufacturing Chemicals Basic chemicals Resin, synthetic rubber & fibers Agricultural chemicals Pharmaceuticals Paints, coatings & adhesives Soaps & toiletries
2005
2006
2007
2008
ANNUAL CHANGE, 2007-08
1998
1999
2000
2001
2002
2003
2004
118.7 113.6 149.6 108.4
113.0 110.2 125.5 107.8
110.7 110.4 128.2 111.3
109.1 109.7 135.9 113.4
104.8 100.1 117.2 102.6
100.5 100.6 109.8 101.7
100.0 100.0 100.0 100.0
98.3 96.1 89.3 94.0
99.0 92.9 85.2 97.3
98.9 89.6 85.3 101.7
100.6 94.7 101.1 110.0
1.7% 5.7 18.5 8.2
87.6 82.9 84.2 116.7
100.8 86.4 88.3 130.2
101.1 89.5 91.3 127.5
108.0 87.5 88.7 126.3
109.5 83.6 93.5 106.5
100.9 92.2 91.8 110.6
100.0 100.0 100.0 100.0
105.6 100.3 100.9 94.6
100.0 97.2 101.2 88.4
91.2 92.3 96.2 86.8
89.2 95.2 100.3 84.3
-2.2 3.1 4.3 -2.9
a Productivity is output per hour, calculated by dividing indexes for production by indexes for workhours of production employees. b Unit labor costs are calculated by dividing indexes for hourly wages by indexes for output per workhour. SOURCES: Federal Reserve Board, Department of Labor
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50
JULY 6, 2009
FACTS & FIGURES
CHEMICAL OUTPUT SLIPPED IN MOST REGIONS Drops of 10% or more in PRODUCTION were common as buyers whittled down inventories CHEMICAL PRODUCTION saw large de-
accelerated. Nylon output was down 22.3%, and output for both olefin and polyester fibers fell more than 14%. To take advantage of the agriculture boom, U.S. fertilizer makers increased production of ammonium sulfate by 8.2%. But 2008 output volumes of ammonium nitrate, urea, diammonium phosphate, and phosphoric acid were lower than in 2007. Canada also made strong gains in some fertilizer production for the year. For example, ammonium nitrate production gained 7.5%, moving up to 1.3 million metric tons. But the country’s basic chemicals output shrank 3.8%, bringing production
Chemical plant use as a percentage of capacity—also known as capacity utilization—dipped well below the low point of the last recession in 2001, mirroring the trend in U.S. PLANT USE manufacturing overall. Total Chemical manufacturing capacity use dropped in 2008 manufacturing capacity utilization slipped to 68.9% at the Production, % of capacity 85 end of 2008 compared with All manufacturing 80 78.7% at the end of 2007. Meanwhile, chemical capac75 Chemical ity utilization fell to 67.4% at 70 manufacturing the end of 2008 versus 78.7% 65 at the end of 2007. 1998 99 00 01 02 03 04 05 06 07 08 Almost all categories of NOTE: As of December. SOURCE: Federal Reserve Board U.S. chemical production saw large decreases, reversing a multiyear trend of modest gains. levels to what they were 10 years ago. In orProduction volumes of many chemicals ganics, Canada produced significantly less were off by 10% or more. Organic chemibenzene, formaldehyde, and propylene in cals for which output was down more than 2008 than in 2007. 10% were acrylonitrile, benzene, 1,3-butaOther data about Canada’s production diene, ethylbenzene, ethylene, ethylene have become harder to come by. Statistics oxide, and styrene. In inorganics, those Canada discloses production figures only with big declines included ammonia, amwhen a minimum number of companies monium sulfate, chlorine, phosphoric report data. With the closure of an ethylene acid, and sulfuric acid. plant in Quebec, authorities can no longer In addition, all U.S. plastics report ethylene data, even though it is one categories were down more of the country’s most important chemical U.S. PRODUCTION than 10% because the economic commodities. The vast majority of ethOutput plummeted in all chemical sectors downturn hit the automotive ylene produced in Canada goes to make and housing sectors particupolyethylene, and output of polyethylene Production index, 1998 = 100 larly hard. This year, the U.S. declined 12.2% in 2008. 150 ■ All manufacturing ■ Organic chemicals plastics table (see page 57) no ■ Chemicals ■ Basic inorganic chemicals ■ Basic chemicals ■ Synthetic materials longer includes epoxy, urea, IN EUROPE, barriers to obtaining producmelamine, and phenolic thertion data are even higher. In past years, 120 moset resins. Also missing are C&EN has calculated an estimated output two thermoplastic categories: for all of Europe based on those of several acrylonitrile-butadiene-styrene large producing countries. But as the counand other styrene polymers, tries that report data in a timely fashion 90 and polyamine. The American have dwindled down to one, Germany, Plastics Council says a number C&EN has decided to provide the most of producers declined to proup-to-date figures possible, which are for 60 vide data for the now-missing 2007. These numbers, of course, do not 2004 2005 2006 2007 2008 categories. reflect the economic downturn. For the U.S. fiber industry, a Even so, C&EN found reliable 2008 NOTE: Seasonally adjusted. SOURCE: Federal Reserve Board multiyear production decline data for a few European chemicals. Ac-
creases in 2008 as companies responded to lower demand from battered customers throughout the economy. Output declined in North America, Europe, and many parts of Asia. Compared with recent steady increases in output—especially the strong growth of 2006 and the slightly smaller gain in 2007—the 2008 numbers show a significant change. In the U.S., chemical production began a slow slide in January that continued through the summer. Plant shutdowns precipitated by two giant hurricanes caused a particularly large dip in output in September. In 2005, Hurricanes Katrina and Rita caused a similar zigzag in the chart. This time, though, when the facilities came back on-line, the economic collapse was in full swing. Production blipped up and then continued its decline until December. For the year, although production of all manufacturing goods dropped 3.1%, production of chemicals fell by 4.6%. Customers did not reorder chemicals but instead chose to conserve cash by depleting inventories.
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51
JULY 6, 2009
PRODUCTION
cording to the trade association EuroChlor, European chlorine production fell by 4.7% in 2008 to 10.1 million metric tons. And according to the Association of Petrochemical Producers in Europe, ethylene production decreased 8.4% to 20.0 million metric tons. In Asia, as in previous years, C&EN was unable to obtain output numbers for India and got only a handful of statistics from China. But data from Japan, Taiwan, and South Korea show that the region’s chemical industry declined last year. In Japan, total production of chemicals
sank nearly 7% in 2008. Large-volume chemicals were particularly affected, with production of petrochemicals shrinking by a sizable 9.9%. Output of many major chemicals in Japan was lower in 2008 than it was 10 years ago. South Korea, which exports much of its output to China, saw overall production increase, but by a lot less than in previous years. Production of ethylene, propylene, and their corresponding polymers was up. Output of the engineering plastic acrylonitrile-butadiene-styrene, however, fell significantly.
In Taiwan, plastics production plunged; output of most major plastics was down by more than 10%. Taiwan’s petrochemical industry declined more than 5% overall. Even in China, output of some major chemicals reversed the regional trend by going down. Production of ethylene, which had grown by more than 10% per year over the previous decade, dipped 2.1% in 2008. Benzene’s story was similar: Production was down slightly in 2008, a big change from 10 years of growth at an annual rate of more than 11%.
U.S. PRODUCTION INDEX
Total chemical output declined almost 5% after six years of increases ANNUAL CHANGE 2007-08 1998-08
PRODUCTION INDEX, 2004 = 100
1998
1999
2000
2001
2002
2003
2004
2005
2006
2007
2008
Total index All manufacturing Nondurable manufacturing Chemicals Basic chemicals
91.8 90.2 99.0 86.9 90.5
95.8 94.8 99.7 88.6 95.0
99.9 99.2 100.3 90.0 91.7
96.4 95.3 97.0 88.4 82.5
96.3 95.5 98.1 94.7 88.8
97.5 97.0 98.2 95.9 91.4
100.0 100.0 100.0 100.0 100.0
103.3 104.2 102.8 103.5 101.5
105.6 107.0 103.6 106.7 102.7
107.2 108.7 104.7 108.0 106.2
104.8 105.3 101.6 103.0 97.8
-2.2% -3.1 -3.0 -4.6 -7.9
1.3% 1.6 0.3 1.7 0.8
Basic inorganic chemicals Alkalis & chlorine Synthetic dyes & pigments Other basic inorganic chemicals
100.9 56.9 99.2 103.9
102.6 74.3 95.8 109.7
95.3 68.7 98.8 99.6
91.3 57.8 91.6 95.4
100.2 92.0 104.4 101.3
100.1 86.5 105.0 98.6
100.0 100.0 100.0 100.0
103.7 112.8 104.3 102.5
100.1 94.8 106.2 95.8
103.0 99.7 94.4 102.3
104.8 89.8 81.5 103.4
1.7 -9.9 -13.7 1.1
0.4 4.7 -1.9 0.0
85.1
91.5
90.4
78.0
82.7
86.9
100.0
100.6
103.8
107.6
95.0
-11.7
1.1
105.8 98.5 143.3
106.8 102.3 129.3
104.8 101.6 120.6
94.6 92.1 112.4
97.3 97.0 99.5
95.4 93.0 104.1
100.0 100.0 100.0
106.1 109.3 89.9
104.8 108.3 88.8
105.6 109.3 85.2
94.1 96.2 71.2
-10.9 -12.0 -16.4
-1.2 -0.2 -6.8
Chemical products Pharmaceuticals & medicines Soap, cleaning compounds & toiletries Paint & coatings
88.8 76.6 80.9
88.9 79.7 77.7
93.2 82.9 80.2
89.4 89.2 81.6
96.3 96.2 92.9
94.1 99.5 89.3
100.0 100.0 100.0
103.3 104.0 107.5
104.3 110.6 112.9
103.3 112.9 108.8
101.9 110.8 111.0
-1.4 -1.9 2.0
1.4 3.8 3.2
99.8
97.8
97.5
95.4
95.6
94.3
100.0
97.6
91.7
90.4
83.4
-7.7
-1.8
Pesticides, fertilizers & other agricultural chemicals
112.4
101.3
95.6
88.0
91.0
95.3
100.0
104.1
110.8
103.7
94.4
-9.0
-1.7
Organic chemicals Synthetic materials (a) Plastic materials & resins Artificial & synthetic fibers
a Includes synthetic rubber. SOURCE: Federal Reserve Board
CANADA PRODUCTION INDEX
In 2008, basic chemicals manufacturing fell back to where it was a decade before PRODUCTION INDEX, 2004 = 100
1998
1999
2000
2001
2002
2003
2004
2005
2006
2007
2008
All manufacturing Chemicals Basic chemicals Pharmaceuticals & medicines
85.8 78.6 96.6 50.4
92.8 81.9 96.1 58.8
103.2 91.1 110.5 70.7
98.1 93.2 110.5 92.2
98.9 97.2 109.2 105.4
98.1 99.9 107.5 110.5
100.0 100.0 100.0 100.0
101.6 101.3 101.4 98.4
101.1 102.0 105.7 106.1
100.1 101.7 100.4 104.0
94.0 99.7 96.6 109.1
SOURCE: Statistics Canada
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JULY 6, 2009
ANNUAL CHANGE 2007-08 1998-08
-6.0% -1.9 -3.8 4.9
0.9% 2.4 0.0 8.0
ASIA PRODUCTION INDEX
Chemical output held up in South Korea but dropped sharply in Taiwan and Japan PRODUCTION INDEX, 2004 = 100
JAPAN Mining & manufacturing All chemicals (a) Petrochemicals Aromatics Industrial sodium chemicals Inorganic chemicals & dyes Organic chemicals Cyclic intermediates & dyes Plastics Synthetic rubber Fertilizers SOUTH KOREA All manufacturing Chemicals & chemical products Rubber & plastic products TAIWAN All manufacturing Chemicals Basic chemicals Petrochemicals Fertilizers Man-made fibers Plastics & resins Synthetic rubber
1998
1999
2000
2001
2002
2003
2004
2005
2006
2007
2008
ANNUAL CHANGE 2007-08 1998-08
94.7 96.2 93.6 85.5 102.1 89.8 95.9 96.1 97.8 93.5 130.2
95.4 99.6 98.2 91.8 103.6 95.0 101.2 99.2 100.6 97.0 126.2
100.9 100.2 98.1 91.1 104.7 98.1 99.9 98.7 102.2 97.9 124.7
95.9 97.1 93.6 88.9 97.0 93.5 93.6 94.9 96.5 90.1 115.5
91.8 97.1 94.5 91.7 98.7 95.5 93.9 96.6 96.5 94.1 107.4
94.8 98.6 97.4 96.9 100.0 97.6 99.3 97.6 96.9 97.6 99.5
100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0
101.1 100.6 101.0 104.6 100.8 101.2 101.4 97.0 100.0 100.6 98.2
105.6 100.3 99.0 104.4 98.3 99.5 98.8 95.4 99.6 99.4 96.5
108.6 102.3 102.2 107.7 98.4 100.6 102.7 96.4 100.1 102.3 95.7
104.9 95.5 92.1 97.8 95.5 98.1 90.0 83.1 91.7 102.1 90.6
-3.4% 1.0% -6.6 -0.4 -9.9 -0.6 -9.1 0.6 -2.9 -0.8 -2.4 0.3 -12.3 -1.2 -13.9 -1.8 -8.4 -0.9 -0.2 0.5 -5.3 -3.3
54.1 71.8
67.7 79.2
79.2 84.0
79.4 86.3
85.9 91.8
90.5 95.3
100.0 100.0
106.2 103.1
115.4 105.7
123.6 113.0
127.3 113.8
3.0% 0.7
8.3% 4.4
68.9
81.0
86.4
88.6
94.4
96.8
100.0
102.0
108.9
115.3
111.4
-3.4
4.7
72.1 49.7 64.0 46.1 130.8 90.7 74.2 80.0
77.7 54.0 69.6 54.0 120.4 92.5 81.2 84.5
83.8 57.3 77.6 59.7 115.7 96.1 84.7 79.4
76.2 65.4 78.9 72.1 108.0 93.0 84.9 81.8
83.0 73.8 80.5 80.9 103.4 100.3 91.2 89.8
90.9 85.3 88.4 92.1 103.2 98.8 95.8 93.8
100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0
103.7 104.0 101.5 102.6 107.1 87.5 98.1 99.0
108.3 98.1 118.9 104.4 108.5 84.4 98.6 103.1
117.4 99.4 122.2 123.8 110.0 81.2 107.2 113.0
115.5 90.4 117.6 117.2 105.1 65.2 95.7 105.1
-1.6% -9.1 -3.7 -5.3 -4.4 -19.7 -10.7 -7.0
4.8% 6.2 6.3 9.8 -2.2 -3.2 2.6 2.8
a Excludes pharmaceuticals. SOURCES: Japan’s Ministry of Economy, Trade & Industry; Korea National Statistical Office, Republic of Korea; Taiwan’s Ministry of Economic Affairs
U.S. ORGANICS
Only aniline showed a modest rise in 2008; all others declined THOUSANDS OF METRIC TONS UNLESS OTHERWISE INDICATED
ANNUAL CHANGE 2007-08 1998-08
1998
1999
2000
2001
2002
2003
2004
2005
2006
2007
2008
1,415 701 8,467
1,415 719 9,088
1,551 846 9,156
1,343 865 7,271
1,239 921 8,130
1,501 969 7,926
1,598 1,034 8,781
1,323 964 7,574
1,371 930 7,642
1,270 978 7,979
1,018 1,009 6,359
-19.8% 3.1 -20.3
-3.2% 3.7 -2.8
1,844 3,045
1,942 3,162
2,009 3,741
1,721 3,186
1,869 3,503
1,901 3,397
2,204 3,736
2,046 3,509
1,987 3,559
2,047 3,702
1,633 3,386
-20.2 -8.5
-1.2 1.1
Ethylbenzene Ethylene Ethylene dichloride Ethylene oxide
5,743 23,614 11,140 3,692
5,945 25,300 10,358 4,030
5,967 25,113 9,911 3,867
4,642 22,513 9,336 3,343
5,412 23,644 9,328 3,447
5,578 22,976 9,994 3,660
5,779 25,682 12,163 3,772
5,251 23,974 11,308 3,166
5,286 25,020 9,732 3,445
5,538 25,412 9,562 3,415
4,104 22,554 8,973 2,903
-25.9 -11.2 -6.2 -15.0
-3.3 -0.5 -2.1 -2.4
Propylene (d) Styrene Urea Vinyl acetate
13,014 5,166 8,042 1,333
13,202 5,397 8,080 1,378
14,457 5,405 6,969 1,497
13,176 4,214 6,080 1,188
14,425 4,899 7,038 1,349
13,939 5,167 5,783 1,306
15,345 5,394 5,756 1,431
15,490 5,042 5,268 1,327
15,650 4,827 5,383 1,315
16,187 5,100 5,585 1,391
14,791 4,100 5,288 1,267
-8.6 -19.6 -5.3 -8.9
1.3 -2.3 -4.1 -0.5
Acrylonitrile Aniline Benzene (thousands of liters) (a,b) 1,3-Butadiene (c) Cumene
a Production by tar distillers and coke-oven operators is not included. b Specification grades. c Rubber grade. d All grades. SOURCES: National Petrochemical & Refiners Association, Bureau of the Census
WWW.CEN-ONLINE.ORG
53
JULY 6, 2009
PRODUCTION
CANADA ORGANICS
Output of many products dropped significantly in 2008 THOUSANDS OF METRIC TONS
1998
1999
2000
2001
2002
2003
2004
Benzene Butadiene Ethylene Formaldehyde
718 236 3,557 228
805 230 3,881 211
859 252 4,069 194
751 245 4,261 179
849 276 4,734 212
843 276 4,729 245
915 289 5,095 269
798 246 na na
Propylene Toluene Urea Xylenes
1,038 222 3,714 308
1,000 260 3,783 253
934 218 3,887 312
882 222 3,363 271
956 256 3,436 294
938 289 3,311 336
939 na 3,654 351
737 na 3,549 na
2005
2006
2007
2008
743 262 na 236
794 234 5,055 195
704 na na 165
833 253 na na
917 211 3,574 na
771 na 3,837 na
ANNUAL CHANGE 2007-08 1998-08
-11.3% na na -15.4
-0.2% na na -3.2
-15.9 na 7.4 na
-2.9 na 0.3 na
NOTE: Some data are now not being released because of confidentiality requirements. na = not available. SOURCE: Statistics Canada
EUROPE ORGANICS
Major products such as ethylene and propylene showed steady gains in 2007 ANNUAL CHANGE, 2006-07
THOUSANDS OF METRIC TONS
1997
1998
1999
2000
2001
2002
2003
2004
2005
2006
2007
Acetic acid Acetone Benzene Butadiene 1-Butanol
781 1,173 3,561 1,939 164
584 1,254 3,345 1,971 188
593 1,307 3,705 2,027 44
754 1,325 4,565 2,097 67
495 404 6,670 1,992 531
716 1,011 6,817 2,024 575
676 1,235 6,535 2,131 542
1,451 1,567 7,931 2,222 788
1,500 1,336 7,089 2,233 816
866 1,536 6,052 2,182 417
869 1,628 6,072 2,188 419
Ethylbenzene Ethylene Ethylene dichloride Ethylene glycol Ethylene oxide
679 18,537 902 506 634
684 18,980 860 1,171 644
937 19,362 1,056 1,177 592
149 19,444 1,122 1,195 637
1,180 19,674 2,759 268 934
769 20,159 3,358 239 717
911 20,686 3,374 857 792
4,262 21,408 6,044 1,404 2,311
4,276 21,600 6,646 1,637 2,397
1,146 21,192 1,407 1,470 640
1,131 21,818 1,452 1,501 772
-1.3 3.0 3.2 2.1 20.6
Formaldehyde Methanol Phenol Phthalic anhydride Propylene
808 2,365 na 414 12,624
824 2,242 1,391 446 12,885
947 869 na 446 13,153
954 1,148 na 488 13,330
2,463 2,030 689 371 13,352
3,299 1,844 797 442 14,107
3,295 2,009 724 430 14,708
4,017 2,878 2,059 848 15,123
4,057 3,248 2,005 852 15,406
1,076 2,395 2,189 475 15,291
1,231 2,100 2,182 459 15,670
14.4 -12.3 -0.3 -3.4 2.5
361 819 3,025 209 391 1,368
351 727 3,152 1,130 469 2,514
429 845 2,989 1,172 718 2,497
443 908 3,215 1,155 644 2,602
316 735 958 886 457 579
305 777 3,078 919 667 1,122
329 861 3,215 848 502 626
1,987 666 6,220 1,913 881 4,382
2,179 950 4,963 2,014 800 4,282
723 2,012 4,380 1,699 910 4,257
586 2,091 4,598 1,744 946 3,867
-18.9 3.9 5.0 2.6 4.0 -9.2
Propylene glycol Propylene oxide Styrene Toluene Vinyl acetate Xylenes
0.3% 6.0 0.3 0.3 0.5
NOTE: Data for 2008 are not available. Data from 2005 forward are for 27 countries in the European Union; between 2002 and 2005, for 25 countries; and prior to 2002, for 15 countries. Thus, 10-year comparisons are not meaningful. na = not available. SOURCES: European Union, national government statistics offices, Association of Petrochemical Producers in Europe
CHINA ORGANICS
Production uncharacteristically leveled off in 2008 THOUSANDS OF METRIC TONS
1998
1999
2000
2001
2002
2003
2004
2005
2006
2007
2008
Benzene (pure) Caprolactam Ethylene Methanol (refined)
1,341 120 3,772 1,581
1,535 109 4,348 1,794
1,850 164 4,743 1,967
1,988 152 4,807 2,065
2,131 170 5,414 2,110
2,408 201 6,118 2,989
2,556 228 6,266 4,406
3,061 214 7,555 5,356
3,441 291 8,765 7,623
4,069 299 10,477 10,764
4,034 290 10,256 11,263
SOURCE: China National Chemical Information Center
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54
JULY 6, 2009
ANNUAL CHANGE 2007-08 1998-08
-0.9% -3.0 -2.1 4.6
11.6% 9.2 10.5 21.7
ASIA ORGANICS
Overall output held steady in South Korea but fell precipitously in Taiwan and Japan THOUSANDS OF METRIC TONS
ANNUAL CHANGE 2007-08 1998-08
1998
1999
2000
2001
2002
2003
2004
2005
2006
2007
2008
JAPAN Acetic acid Acetone Acrylonitrile Benzene (a) Butadiene Butanol
654 459 667 4,203 977 424
644 507 738 4,459 1,035 495
675 508 732 4,425 1,044 461
594 476 738 4,261 976 472
569 472 708 4,313 993 476
592 492 780 4,551 1,062 519
589 539 711 4,758 1,041 506
599 546 742 4,980 1,040 513
597 531 667 4,874 1,002 537
587 593 743 5,245 1,024 537
500 491 600 4,581 953 482
-14.8% -17.2 -19.2 -12.7 -6.9 -10.2
-2.6% 0.7 -1.1 0.9 -0.2 1.3
Caprolactam Cyclohexane Ethylene Ethylene dichloride Ethylene glycol Ethylene oxide
519 652 7,076 3,491 920 953
581 688 7,687 3,503 922 976
599 673 7,614 3,431 930 990
531 598 7,361 3,275 787 891
508 607 7,152 3,352 733 868
530 685 7,367 3,463 814 939
503 676 7,570 3,594 786 941
458 722 7,618 3,687 841 1,005
467 731 7,522 3,514 763 974
467 703 7,739 3,603 754 966
432 557 6,882 3,212 629 865
-7.5 -20.8 -11.1 -10.9 -16.6 -10.5
-1.8 -1.6 -0.3 -0.8 -3.7 -1.0
Octanol Phenol Phthalate plasticizers Phthalic anhydride Polypropylene glycol Propylene
285 851 398 301 274 5,101
315 888 417 301 302 5,520
278 916 396 290 304 5,453
262 884 369 259 294 5,342
302 891 377 262 299 5,309
306 926 382 262 314 5,610
307 966 357 257 346 5,767
279 938 315 239 339 6,030
280 860 279 175 344 6,090
270 961 281 179 343 6,286
259 772 246 176 308 5,674
-4.1 -19.7 -12.5 -1.7 -10.2 -9.7
-1.0 -1.0 -4.7 -5.2 1.2 1.1
Purified terephthalic acid Styrene Toluene (a) Toluene diisocyanate Xylene (a) p-Xylene
1,616 2,770 1,349 192 4,340 2,754
1,547 3,055 1,488 192 4,641 2,969
1,527 2,968 1,489 214 4,681 2,920
1,496 3,004 1,423 214 4,798 2,814
1,624 3,016 1,548 223 4,900 2,920
1,443 3,201 1,584 230 5,213 3,097
1,531 3,345 1,634 245 5,395 3,164
1,472 3,392 1,676 216 5,570 3,358
1,432 3,295 1,633 232 5,727 3,357
1,254 3,533 1,637 229 6,006 3,301
1,015 2,851 1,435 224 5,698 3,039
-19.1 -19.3 -12.3 -2.2 -5.1 -7.9
-4.5 0.3 0.6 1.6 2.8 1.0
SOUTH KOREA Benzene Butadiene Ethylene Propylene Vinyl chloride
2,412 731 5,110 3,247 984
2,572 764 5,216 3,282 1,017
2,834 808 5,439 3,409 1,133
2,650 777 5,398 3,273 1,392
2,852 816 5,636 3,557 1,416
3,246 860 5,872 3,753 1,441
3,462 917 5,945 3,892 1,498
3,594 939 6,058 3,945 1,501
3,719 948 6,055 4,172 1,521
4,065 1,078 6,788 4,669 1,512
4,006 1,072 6,989 4,772 1,473
-1.5 -0.6 3.0 2.2 -2.6
5.2 3.9 3.2 3.9 4.1
167 415 122 123 270 935
175 605 190 119 269 1,296
186 690 220 171 198 1,592
292 1,070 349 184 280 2,584
339 931 346 186 257 2,393
352 998 390 216 243 2,679
379 1,088 412 216 239 2,864
386 1,204 387 247 204 2,890
418 1,180 394 257 211 2,888
451 1,606 521 257 244 3,666
360 1,550 513 216 189 3,623
-20.2 -3.5 -1.5 -16.0 -22.5 -1.2
8.0 14.1 15.4 5.8 -3.5 14.5
206 545 2,433 386 23 1,018
301 765 2,769 806 18 1,288
612 930 3,140 956 26 1,410
1,036 1,410 3,217 1,146 54 1,452
939 1,462 3,705 1,249 42 1,557
1,169 1,752 4,079 1,274 64 1,718
1,459 1,995 4,620 1,247 140 1,763
1,413 2,012 4,597 1,248 86 1,783
1,343 2,105 4,400 1,222 30 1,609
1,795 2,835 4,437 1,824 36 1,810
2,014 2,663 4,096 1,679 16 1,633
12.2 -6.1 -7.7 -7.9 -55.6 -9.8
25.6 17.2 5.3 15.8 -3.6 4.8
TAIWAN Acrylonitrile Benzene Butadiene Caprolactam Dioctyl phthalate Ethylene Ethylene glycol Propylene Purified terephthalic acid Styrene Toluene Vinyl chloride
a Petroleum and nonpetroleum sources. SOURCES: Japan’s Ministry of Economy, Trade & Industry; Korea National Statistical Office, Republic of Korea; Petrochemical Industry Association of Taiwan; Taiwan’s Ministry of Economic Affairs
WWW.CEN-ONLINE.ORG
55
JULY 6, 2009
PRODUCTION
U.S. INORGANICS
Production of all inorganics decreased, except for nitric acid and sodium sulfate THOUSANDS OF METRIC TONS
ANNUAL CHANGE 2007-08 1998-08
1998
1999
2000
2001
2002
2003
2004
2005
2006
2007
2008
Aluminum sulfate (a) Ammonia (b) Ammonium nitrate (c) Ammonium sulfate
1,058 16,757 8,235 2,528
1,085 15,725 6,920 2,357
976 14,339 7,237 2,547
1,019 11,090 5,833 2,347
1,053 12,574 6,436 2,671
961 10,466 5,733 2,604
971 10,937 6,558 2,726
967 10,141 6,541 2,636
912 9,960 6,411 2,603
877 10,744 7,311 2,835
865 9,547 7,279 2,507
-1.4% -11.1 -0.4 -11.6
-2.0% -5.5 -1.2 -0.1
Chlorine Hydrochloric acid Nitric acid, 100% Phosphoric acid, P2O5
11,647 4,226 8,421 12,599
12,111 4,081 8,113 12,433
12,698 4,278 7,898 11,330
11,487 3,969 6,416 10,472
11,681 4,037 6,939 11,146
10,359 4,179 6,747 11,324
12,326 5,301 6,466 11,511
10,275 4,618 6,710 11,447
10,331 4,232 6,607 10,700
10,791 4,224 7,381 11,000
9,629 3,808 7,503 9,211
-10.8 -9.8 1.7 -16.3
-1.9 -1.0 -1.1 -3.1
707 11,893 571 44,000
742 11,971 599 40,594
853 10,451 462 39,584
792 9,811 512 36,338
721 9,459 500 36,062
668 8,793 466 37,373
556 9,618 469 38,021
523 8,519 467 37,183
558 8,061 290 35,909
600 8,046 312 36,636
547 7,263 322 32,443
-8.8 -9.7 3.2 -11.4
-2.5 -4.8 -5.6 -3.0
Sodium chlorate Sodium hydroxide Sodium sulfate (d) Sulfuric acid (e)
a Commercial, 17% Al2O3; includes production by municipalities. b Synthetic anhydrous; excludes by-product ammonia liquor and ammonium sulfate. c Original solution. d High purity. e Gross (new and fortified). SOURCES: Department of Commerce, Bureau of the Census
CANADA INORGANICS
Unlike in the U.S., Canadian inorganic chemicals mostly turned in strong gains in 2008 THOUSANDS OF METRIC TONS
1998
1999
2000
2001
2002
2003
2004
2005
2006
2007
2008
Aluminum sulfate Ammonia Ammonium nitrate Carbon black Chlorine
191 4,737 1,000 217 989
205 4,889 1,052 218 1,065
167 4,888 1,110 229 1,079
170 4,297 1,174 215 1,054
176 4,501 1,152 215 1,095
171 4,455 1,031 205 994
167 4,996 1,096 223 1,057
175 4,607 1,206 235 1,008
164 4,623 1,181 225 929
199 4,411 1,188 na 601
224 4,730 1,277 na 570
Hydrochloric acid Hydrogen peroxide Nitric acid Sodium chlorate Sodium hydroxide Sulfuric acid
149 199 935 1,012 1,015 4,333
157 228 1,007 1,049 1,082 4,194
155 237 1,074 1,107 1,094 3,804
143 203 1,054 1,082 1,074 3,846
151 222 1,143 1,055 1,111 3,887
153 226 1,105 1,129 1,059 3,465
149 244 1,219 1,183 1,146 3,933
142 244 1,147 1,169 1,119 3,743
155 na 1,180 1,111 1,012 3,823
138 236 1,132 1,073 676 3,833
154 247 821 1,072 684 4,098
ANNUAL CHANGE 2007-08 1998-08
12.6% 7.2 7.5 na -5.2 11.6 4.7 -27.5 -0.1 1.2 6.9
1.6% -0.0 2.5 na -5.4 0.3 2.2 -1.3 0.6 -3.9 -0.6
NOTE: Some data are now not being released because of confidentiality requirements. na = not available. SOURCE: Statistics Canada
JAPAN INORGANICS
Amid the economic downturn, production of hydrochloric acid, nitrogen, and sulfuric acid rose slightly THOUSANDS OF METRIC TONS UNLESS OTHERWISE INDICATED
1998
1999
Ammonia Ammonium sulfate (a) Carbon black Chlorine, liquid Hydrochloric acid Hydrogen peroxide
1,689 1,618 723 881 2,408 140
Nitrogen (mcm) Oxygen (mcm) Sodium hydroxide Sodium silicate Sulfuric acid Titanium dioxide
9,716 9,188 4,252 765 6,739 251
ANNUAL CHANGE 2007-08 1998-08
2000
2001
2002
2003
2004
2005
2006
2007
2008
1,685 1,716 761 875 2,448 145
1,715 1,749 788 847 2,494 151
1,604 1,585 742 777 2,342 159
1,450 1,564 755 754 2,317 167
1,291 1,570 788 723 2,363 176
1,340 1,526 804 619 2,324 196
1,318 1,458 805 601 2,308 197
1,328 1,439 827 571 2,326 221
1,355 1,463 835 550 2,343 218
1,244 1,412 821 520 2,386 214
-8.2% -3.5 -1.7 -5.5 1.8 -1.8
-3.0% -1.4 1.3 -5.1 -0.1 4.3
9,855 9,534 4,345 769 6,943 269
10,290 10,655 4,471 720 7,059 270
10,296 10,373 4,291 679 6,727 257
10,455 10,720 4,271 622 6,763 240
10,835 11,250 4,369 596 6,534 253
11,281 11,278 4,493 577 6,444 253
11,435 11,371 4,552 546 6,546 259
11,998 11,766 4,453 541 6,843 240
12,696 12,407 4,482 524 7,098 246
13,211 11,941 4,368 471 7,227 225
4.1 -3.8 -2.5 -10.1 1.8 -8.5
3.1 2.7 0.3 -4.7 0.7 -1.1
a For agricultural and nonagricultural use. mcm = millions of cubic meters. SOURCE: Ministry of Economy, Trade & Industry
WWW.CEN-ONLINE.ORG
56
JULY 6, 2009
EUROPE INORGANICS
Most inorganic chemicals posted an increase in 2007 THOUSANDS OF METRIC TONS UNLESS OTHERWISE INDICATED
1997
1998
1999
2000
2001
2002
2003
2004
2005
2006
2007
Carbon black Chlorine Hydrochloric acid Hydrogen (mcm)
1,243 9,386 1,907 1,883
1,386 9,190 1,830 2,124
1,322 9,219 2,098 2,252
1,342 9,697 2,050 2,196
1,059 9,265 2,608 5,553
1,025 9,222 4,142 7,519
1,009 9,525 3,784 8,962
1,468 10,396 5,165 10,690
1,388 10,382 6,002 11,251
1,662 10,315 3,071 6,526
1,871 10,624 3,458 8,000
12.6% 3.0 12.6 22.6
133 11,950 10,610 599 1,589
248 10,490 4,674 526 4,998
438 7,422 5,592 995 4,567
847 8,091 5,965 692 4,401
372 12,829 12,678 2,463 1,451
655 13,942 19,026 3,921 1,493
736 17,807 22,554 3,574 3,874
1,085 22,326 27,112 4,304 6,609
1,123 22,457 27,824 4,257 6,956
911 23,123 27,754 703 6,828
973 22,695 28,013 671 6,610
6.8 -1.9 0.9 -4.6 -3.2
6,197 2,718 6,586 na
6,090 2,748 6,832 415
5,418 2,237 7,109 433
5,780 2,314 6,598 538
6,756 1,806 8,157 na
9,114 2,951 13,835 440
7,937 3,082 12,746 419
9,994 3,406 16,584 588
9,829 3,565 16,609 602
8,773 3,221 9,739 623
8,967 3,086 9,744 626
2.2 -4.2 0.1 0.5
Hydrogen peroxide Nitrogen (mcm) Oxygen (mcm) Phosphoric acid (a) Sodium carbonate Sodium hydroxide Sodium sulfate Sulfuric acid (b) Titanium oxides
ANNUAL CHANGE, 2006-07
NOTE: Data for 2008 are not available. Data from 2005 forward are for 27 countries in the European Union; between 2002 and 2005, for 25 countries; and prior to 2002, for 15 countries. Thus, 10-year comparisons are not meaningful. a As P2O5. b As SO3. mcm = millions of cubic meters. na = not available. SOURCES: European Union, national government statistics offices, EuroChlor
CHINA INORGANICS
Output of sulfuric acid fell, and that of other chemicals grew less than in past years THOUSANDS OF METRIC TONS
Hydrochloric acid (31%) Sodium carbonate Sodium hydroxide Sulfuric acid
1998
1999
2000
2001
2003
2003
2004
2005
2006
2007
2008
3,801 7,368 5,184 20,519
3,960 7,486 5,495 21,589
4,454 9,199 7,123 23,888
4,705 9,144 7,880 26,963
4,926 10,189 8,227 29,674
5,276 11,075 9,399 33,191
6,007 12,668 10,603 38,249
6,582 14,211 12,400 44,621
7,306 15,972 15,118 48,603
7,476 17,718 17,593 53,907
7,571 18,813 18,522 51,101
ANNUAL CHANGE 2007-08 1998-08
1.3% 6.2 5.3 -5.2
7.1% 9.8 13.6 9.6
SOURCE: China National Chemical Information Center
U.S. PLASTICS
Every category declined, with polypropylene down the most THOUSANDS OF METRIC TONS
Polyethylene Low-density (a,b) Linear low-density (a,b) High-density (b,c) Polypropylene (d) Polystyrene (e) Polyvinyl chloride & copolymers (d)
1998
1999
2000
2001
2002
2003
2004
2005
2006
2007
2008
3,437 3,278 5,862 6,271 2,829 6,578
3,493 3,677 6,289 7,028 2,935 6,764
3,436 3,607 6,336 7,139 3,104 6,551
3,491 4,659 6,933 7,228 2,773 6,467
3,647 5,139 7,243 7,691 3,025 6,939
3,540 5,052 7,125 8,013 2,900 6,669
3,763 5,640 7,960 8,415 3,062 7,251
3,558 5,395 7,328 8,149 2,854 6,921
3,586 5,919 7,966 8,442 2,807 6,758
3,596 6,162 8,265 8,820 2,728 6,625
3,177 5,469 7,370 7,606 2,368 5,801
ANNUAL CHANGE 2007-08 1998-08
-11.7% -11.2 -10.8 -13.8 -13.2 -12.4
-0.8% 5.3 2.3 1.9 -1.8 -1.2
a Density 0.940 and below. b Data include Canadian production from 2001. c Density above 0.940. d Data include Canadian and Mexican production. e Data include Canadian production from 2000. SOURCE: American Plastics Council
CANADA PLASTICS
Plastics production saw a sharp decrease in 2008 THOUSANDS OF METRIC TONS
Polyesters, unsaturated Polyethylene (a) Polystyrene (b)
1998
1999
2000
2001
2002
2003
2004
2005
2006
2007
2008
82 2,283 180
108 2,485 200
120 2,751 203
115 3,035 186
113 3,330 195
139 3,083 183
100 3,587 207
90 3,366 198
81 3,594 195
62 3,736 83
53 3,282 na
NOTE: Some data are now not being released because of confidentiality requirements. a Includes high-, low-, and linear low-density polyethylene. b Includes acrylonitrile-butadiene-styrene. na = not available. SOURCE: Statistics Canada
WWW.CEN-ONLINE.ORG
57
JULY 6, 2009
ANNUAL CHANGE 2007-08 1998-08
-14.5% -12.2 na
-4.3% 3.7 na
PRODUCTION
EUROPE PLASTICS
Polyethylene saw a modest increase in 2007 THOUSANDS OF METRIC TONS
ANNUAL CHANGE, 2006-07
1997
1998
1999
2000
2001
2002
2003
2004
2005
2006
2007
Polyethylene Polystyrene Acrylonitrilebutadiene-styrene Polyvinyl chloride
8,508 1,117 762
9,731 1,090 859
10,223 675 971
10,579 331 1,038
11,487 2,410 466
11,599 2,550 793
11,942 2,540 495
13,859 1,790 811
14,529 1,859 891
13,550 na 690
13,957 na 743
4,792
2,651
3,209
4,893
5,681
6,531
6,694
6,485
6,594
7,008
6,888
-1.7
Epoxy resins Polypropylene Polyamides Synthetic rubber
373 na 1,652 2,419
334 4,158 1,494 2,245
393 6,524 766 2,239
419 6,984 1,412 2,342
215 7,526 1,209 2,691
464 8,113 1,833 3,250
356 8,638 1,769 3,713
633 8,950 2,052 4,415
693 9,050 2,119 4,170
801 na 1,940 4,391
798 na 1,959 4,075
-0.4 na 1.0 -7.2
3.0% na 7.7
NOTE: Data for 2008 are not available. Data from 2005 forward are for 27 countries in the European Union; between 2002 and 2005, for 25 countries; and prior to 2002, for 15 countries. Thus, 10-year comparisons are not meaningful. na = not available. SOURCES: European Union, European Chemical Industry Council, national agencies and associations, Association of Plastics Manufacturers in Europe
ASIA PLASTICS
Output shrank across the board, most sharply in Taiwan THOUSANDS OF METRIC TONS
JAPAN Polyethylene Polyethylene terephthalate Polypropylene Polystyrene Polyvinyl chloride Epoxy resins Phenolic resins Polycarbonate Synthetic rubber SOUTH KOREA Acrylonitrilebutadiene-styrene Polyethylene, high-density Polyethylene, low-density Polypropylene Polystyrene Polyvinyl chloride TAIWAN Acrylonitrilebutadiene-styrene Polyester resin Polyethylene, high-density Polyethylene, low-density Polypropylene Polystyrene Polyurethane resin Styrene-butadiene rubber Polybutadiene rubber
ANNUAL CHANGE 2007-08 1998-08
1998
1999
2000
2001
2002
2003
2004
2005
2006
2007
2008
3,143 1,300 2,520 1,975 2,457 204 259 317 1,520
3,369 1,281 2,626 2,037 2,460 225 250 351 1,577
3,342 1,308 2,721 2,024 2,410 243 262 354 1,590
3,294 1,243 2,696 1,810 2,195 192 232 370 1,466
3,176 1,211 2,641 1,837 2,225 201 242 386 1,522
3,165 1,076 2,751 1,801 2,164 195 261 409 1,577
3,238 1,195 2,908 1,824 2,153 215 287 411 1,616
3,240 1,126 3,063 1,734 2,151 211 280 431 1,627
3,166 1,110 3,049 1,745 2,146 229 284 413 1,607
3,232 1,104 3,087 1,749 2,162 239 295 418 1,655
3,089 1,052 2,871 1,596 1,797 214 287 347 1,651
-4.4% -4.7 -7.0 -8.7 -16.9 -10.5 -2.7 -17.0 -0.2
-0.2% -2.1 1.3 -2.1 -3.1 0.5 1.0 0.9 0.8
636
784
777
932
1,120
1,143
1,105
980
1,077
1,145
1,056
-7.8%
5.2%
1,615 1,518 2,355 1,038 1,013
1,756 1,642 2,440 1,105 1,170
1,706 1,576 2,413 1,212 1,191
1,839 1,614 2,485 1,354 1,238
1,871 1,624 2,622 1,361 1,244
1,925 1,627 2,811 1,427 1,278
1,882 1,706 2,930 1,176 1,306
1,949 1,744 3,013 1,093 1,184
1,936 1,728 3,040 1,009 1,203
1,984 1,790 3,240 1,072 1,161
2,031 1,783 3,391 1,014 1,164
2.4 -0.4 4.7 -5.4 0.3
899
1,016
1,067
985
1,078
1,105
1,166
1,215
1,274
1,324
1,130
-14.7%
175 273 224 418 764 145 107 56
204 395 236 517 765 157 104 54
198 306 273 564 711 185 83 50
204 510 477 773 866 170 81 52
219 507 492 830 848 189 78 52
212 547 536 937 858 193 69 54
185 537 609 1,020 817 214 108 56
168 515 663 1,098 830 195 96 53
162 521 597 1,174 713 191 102 50
168 577 700 1,262 761 185 112 54
143 512 623 1,179 638 169 102 50
-14.9 -11.3 -11.0 -6.6 -16.2 -8.6 -8.9 -7.4
2.3 1.6 3.7 -0.2 1.4
2.3% -2.0 6.5 10.8 10.9 -1.8 1.5 -0.5 -1.1
SOURCES: Japan’s Ministry of Economy, Trade & Industry; Korea National Statistical Office, Republic of Korea; Petrochemical Industry Association of Taiwan; Taiwan’s Ministry of Economic Affairs
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JULY 6, 2009
U.S. SYNTHETIC FIBERS
Output of noncellulosic fibers continued to fall, and cellulosics held steady THOUSANDS OF METRIC TONS
1998
1999
2000
2001
2002
2003
2004
2005
2006
2007
2008
ANNUAL CHANGE 2007-08 1998-08
NONCELLULOSIC FIBERS Nylon Olefin Polyester (a)
1,218 1,326 1,768
1,217 1,395 1,763
1,215 1,461 1,795
1,019 1,316 1,488
1,112 1,397 1,516
1,115 1,374 1,427
1,142 1,388 1,534
1,082 1,403 1,471
1,023 1,290 1,411
937 1,295 1,240
728 1,109 1,060
-22.3% -14.3 -14.5
-5.0% -1.8 -5.0
166
135
158
103
81
75
67
49
27
27
27
0.0%
-16.5%
CELLULOSIC FIBERS Acetate (b) & rayon
a Includes polyester carpet yarn from 2000. b Includes diacetate and triacetate; excludes production for cigarette filters. SOURCE: Fiber Economics Bureau
JAPAN SYNTHETIC FIBERS
Pace of industry’s decline accelerated in 2008 THOUSANDS OF METRIC TONS
1998
1999
2000
2001
2002
2003
2004
2005
2006
2007
2008
ANNUAL CHANGE 2007-08 1998-08
Man-made (a) Polyester (a) Acrylic (b) Polypropylene (a) Nylon (c)
1,724 684 418 109 180
1,634 665 372 109 174
1,643 665 377 111 176
1,564 628 365 117 162
1,416 564 358 114 126
1,316 528 298 116 121
1,279 520 267 120 121
1,249 496 261 125 118
1,209 483 243 127 118
1,193 465 236 127 117
1,071 435 145 125 112
-10.2% -6.5 -38.6 -1.6 -4.3
-4.6% -4.4 -10.0 1.4 -4.6
a Sum of staple and filament. b Staple only. c Filament only. SOURCE: Ministry of Economy, Trade & Industry
U.S. FERTILIZERS
Production of five types of fertilizers fell despite strong demand from agriculture THOUSANDS OF METRIC TONS
ANNUAL CHANGE 2007-08 1998-08
1998
1999
2000
2001
2002
2003
2004
2005
2006
2007
2008
NITROGEN PRODUCTS Ammonia Ammonium nitrate Ammonium sulfate Urea Nitrogen solutions
15,032 3,183 2,453 4,850 8,980
14,484 3,165 2,517 5,066 10,136
13,438 2,873 2,595 4,742 9,038
10,455 2,192 2,353 3,678 9,143
11,306 2,246 2,405 4,477 7,985
10,475 2,142 2,595 4,443 8,863
9,164 2,165 2,669 3,095 7,781
8,945 2,473 2,676 3,086 8,062
7,209 2,045 2,706 2,284 7,022
7,888 2,180 2,597 2,603 8,549
8,226 2,105 2,809 2,436 8,545
4.3% -3.4 8.2 -6.4 -0.1
-5.9% -4.0 1.4 -6.7 -0.5
PHOSPHATE PRODUCTS Diammonium phosphate Monoammonium phosphate Phosphate rock Phosphoric acid (P2O5)
14,088 3,624 37,814 11,264
14,528 3,511 38,352 11,470
12,670 4,106 36,088 10,751
10,049 4,087 34,219 9,406
10,825 4,175 29,183 10,125
9,991 4,734 32,327 10,253
10,404 5,328 35,338 10,530
9,988 5,213 35,183 10,533
9,474 4,170 33,127 9,802
8,202 4,838 29,370 9,379
8,018 5,004 29,673 8,912
-2.2% 3.4 1.0 -5.0
-5.5% 3.3 -2.4 -2.3
NOTE: Years ending June 30. Figures are based on Fertilizer Institute surveys and may not represent the entire industry. SOURCE: Fertilizer Institute
EUROPE FERTILIZERS
Ammonium sulfate and nitric acid saw strong gains in 2007 THOUSANDS OF METRIC TONS
1997
1998
1999
2000
2001
2002
2003
2004
2005
2006
2007
Ammonium nitrate Ammonium sulfate Anhydrous ammonia Nitric acid Urea
1,171 478 2,291 266 368
631 585 2,295 290 na
897 566 2,213 264 600
721 675 2,078 153 725
687 1,442 2,362 600 214
1,505 769 9,394 612 947
1,168 832 4,752 2,378 767
6,656 1,735 12,364 6,581 2,407
6,138 1,703 13,187 6,326 2,822
2,394 1,382 3,907 849 2,560
2,373 1,639 4,033 952 2,351
ANNUAL CHANGE, 2006-07
-0.9% 18.6 3.2 12.1 -8.2
NOTE: Data for 2008 are not available. Data from 2005 forward are for 27 countries in the European Union; between 2002 and 2005, for 25 countries; and prior to 2002, for 15 countries. Thus, 10-year comparisons are not meaningful. na = not available. SOURCES: European Union, national government statistics offices
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JULY 6, 2009
COVE R STORY
EMERGING MARKETS BOOST COMMERCE Global TRADE in chemicals grew despite economic downturn WORLDWIDE TRADE in chemicals in-
creased in 2008, part of a larger trend of increasing globalization of the industry. Full-year figures suggest that although chemical production closely follows economic cycles, longer term economic forces—namely the pace of development in emerging markets—governs the volume of international trade. In the U.S., the chemical industry kept its status as the number-two exporting sector, after machinery and transport equipment. The total value of chemicals exported by U.S. chemical makers in 2008 exceeded $179 billion, or more than 17% of the $1 trillion in total U.S. exports. The U.S. enjoyed a second year of positive chemical trade balance. A major reason for the short streak was the low value of the dollar compared with other currencies, especially the euro. The low dollar made U.S. exports especially price-competitive in 2008 compared with 2002–06, when the chemical trade balance was negative. The dollar strengthened toward the end of 2008, however, and the trade surplus for the year narrowed. The biggest U.S. trading partner by far was Europe, and despite the cheap dollar, the U.S. imports significantly more chemi-
cals from Europe than it exports. But the rate of growth of trade between the U.S. and many emerging markets rose faster than that with Europe. Imports from China and Vietnam soared 48.0% for the year, and imports from the Middle East jumped 40.7%. Trade with Latin America was also strong. Although the U.S. exports far more than it imports from the region, imports grew at a faster pace in 2008 than in 2007. The biggest product category of U.S. trade in 2008 was medicinals and pharmaceuticals, edging out organic chemicals. Pharmaceuticals are also the biggest source of negative trade for the U.S., and the deficit has grown significantly over the past 10 years. On the other hand, plastics had the strongest trade balance last year: The U.S. exported 8.6% more plastics in 2008 than in 2007. Trade in fertilizers and other agricultural chemicals, although a relatively small portion of overall trade, skyrocketed in the U.S., as well as in Canada and Japan. Soaring prices for food commodities, driven in large part by growing populations in Asia, sent demand for agricultural products through the roof. Canada, home of the fertilizer makers Agrium and Potash Corp., exported 43.1%
more agricultural products in 2008 than in the previous year. But overall, the country’s trade deficit widened, mostly due to an 11.8% drop in exports of basic chemicals. Canada’s biggest trading partner is its neighbor to the south. Yet in 2008, the share of its chemical imports coming from the U.S. fell to less than 60%, continuing a three-year slide. In Europe, as in the U.S., trade with developing countries showed dramatic increases. At the same time, European trade with developed countries either stayed flat or declined. European imports to and exports from Russia, China, and Brazil all posted double-digit growth in 2008. In contrast, trade with the U.S., Canada, and Japan saw declines. The biggest drop in imports was from Canada, decreasing more than 30% for the year. Only exports to Japan increased, and the growth was less than 1%. In Asia, the biggest news was the speed with which China’s chemical trade deficit continued to narrow: Exports rose 34.7%, and imports grew by only 12.2%. China’s deficit in organic chemicals came down from $14.2 billion in 2007 to $10.2 billion in 2008. Meanwhile, Japan’s trade surplus shrank slightly as imports rose faster than exports. In particular, exports of organic chemicals dropped slightly while imports rose 19.8%. It was a similar story for synthetic resins: A bump in exports of 8.0% was overwhelmed by a surge in imports of 18.8%. The trend was different in South Korea, where the chemical trade surplus continued to expand. The biggest jump was in exports of petrochemicals, which rose 11.4% while imports advanced by a mere 6.0%.
U.S. TOTAL TRADE
Chemical industry retained number-two spot among exporting sectors $ BILLIONS
Machinery & transport equipment Miscellaneous manufactures Chemicals Manufactured goods classified by material Food & live animals Crude materials, inedible (except fuels) Mineral fuels & lubricants Beverages & tobacco Animal & vegetable oils, fats & waxes Other TOTAL
2005
EXPORTS 2006 2007
IMPORTS 2008
2005
2006
2007
2008
$433.7 103.8 123.1 89.2 48.3
$494.5 116.0 138.6 103.5 54.3
$536.4 127.1 158.2 112.5 62.3
$556.6 134.1 179.1 125.0 85.8
$649.9 259.8 128.3 190.8 51.4
$709.8 276.4 142.8 223.0 56.1
$738.7 293.8 155.4 227.2 60.9
$721.2 290.0 176.8 231.7 66.2
41.2 26.4 4.5 1.8 32.5
50.1 34.9 5.1 2.1 38.2
62.4 42.0 5.4 2.9 53.5
76.5 76.5 5.5 4.4 56.5
28.6 286.4 13.9 2.4 59.5
30.4 333.5 15.8 2.9 64.4
30.5 360.9 17.3 3.3 65.7
32.9 487.9 17.2 5.1 71.1
$904.5
$1,037.3
$1,162.7
$1,300.1
$1,671.0
$1,855.1
$1,953.7
$2,100.1
NOTE: Totals may not sum because of rounding. SOURCE: Department of Commerce
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JULY 6, 2009
U.S. CHEMICAL TRADE, BY REGION
Exports to all major regions except Canada increased at double-digit rates $ MILLIONS
2005 EXPORTS IMPORTS
Europe Canada Latin America Japan China-Vietnam
$39,853 22,413 25,459 8,166 5,549
$73,136 19,727 8,616 8,500 5,216
$45,398 24,583 30,064 8,653 6,402
$79,653 22,172 10,385 8,029 6,286
$52,546 25,498 34,345 9,373 8,648
$85,976 24,335 10,358 8,599 7,315
$59,352 27,118 40,123 10,636 9,588
$94,902 27,099 12,893 8,731 10,823
15,904 2,435 1,848 983 508
8,023 620 3,602 747 100
17,095 2,400 2,057 1,206 722
10,589 755 4,052 686 168
19,593 2843 2,931 1,502 911
12,290 843 4,509 963 171
23,075 3,299 3,419 1,690 835
13,612 893 6,346 1,298 227
$123,118
$128,287
$138,580
$142,775
$158,190
$155,359
$179,137
$176,825
Rest of Asia Australia Middle East Africa Other TOTAL
2006 EXPORTS IMPORTS
2007 EXPORTS IMPORTS
2008 EXPORTS IMPORTS
CHANGE, 2007-08 EXPORTS IMPORTS
13.0% 6.4 16.8 13.5 10.9
10.4% 11.4 24.5 1.5 48.0
17.8 16.0 16.6 12.5 -8.3
10.8 5.9 40.7 34.8 32.7
13.2%
13.8%
NOTE: Totals may not sum because of rounding. SOURCE: Department of Commerce
EUROPE CHEMICAL TRADE, BY COUNTRY
Trade with developing nations soared while exchanges with developed countries slowed 2005 EXPORTS IMPORTS
$ MILLIONS
Brazil Canada China Japan Russia U.S.
$4,751 6,343 7,629 13,196 12,109 71,571
2006 EXPORTS IMPORTS
$1,545 2,371 7,626 8,887 5,452 45,996
$5,399 7,315 8,981 13,498 16,097 80,929
2007 EXPORTS IMPORTS
$1,950 3,302 9,231 9,066 5,929 51,015
$6,359 7,616 10,854 12,931 18,237 82,109
2008 EXPORTS IMPORTS
$2,561 5,003 11,093 9,604 6,624 52,828
$7,664 7,490 12,527 13,012 20,614 79,823
$3,130 3,430 13,680 9,082 7,826 52,386
NOTE: Figures are totals for 27 countries in the European Union. All figures were converted at the 2008 average exchange rate of $1.00 U.S. = 0.679 euros. SOURCE: European Union
NORTH AMERICAN CHEMICALS
The U.S. trade surplus narrowed slightly in 2008 while Canada’s deficit grew for the first time since 2003 $ Billions
200
$ Billions 40
U.S.
150
Trade balance
Exports
00
01
02
03
04
05
06
07
Exports
20
Trade balance 99
Imports
30
Imports
100 50 1998
Canada
08
10 1998 99
00
01
02
03
04
NOTE: Canadian trade for all years was converted at the 2008 average exchange rate of $1.00 U.S. = $1.066 Canadian. SOURCES: Department of Commerce, Industry Canada, Statistics Canada
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JULY 6, 2009
05
06
07
08
CHANGE, 2007-08 EXPORTS IMPORTS
20.5% -1.6 15.4 0.6 13.0 -2.8
22.2% -31.4 23.3 -5.4 18.1 -0.8
TRA DE
U.S. CHEMICAL TRADE, BY PRODUCT
Overall exports and imports jumped in almost equal measure 2005 EXPORTS IMPORTS
$ MILLIONS
Organic chemicals Plastics in primary form Medicinals & pharmaceuticals Inorganic chemicals Plastics in nonprimary form Perfume, toilet & cleaning materials Dyeing, tanning & coloring materials Fertilizers Other TOTAL
2006 EXPORTS IMPORTS
2007 EXPORTS IMPORTS
2008 EXPORTS IMPORTS
$26,836 21,458 25,952 7,854 7,992
$38,140 11,078 39,039 10,169 6,314
$30,401 24,444 29,109 9,219 8,744
$42,301 11,969 45,957 11,391 6,845
$34,407 28,458 33,464 10,958 9,278
$42,238 11,440 53,688 13,375 6,811
$34,815 30,918 38,225 13,094 10,059
$47,773 12,088 59,565 16,832 6,830
8,409 5,018 3,203 16,398
7,926 2,970 3,699 8,952
9,495 5,461 3,170 18,537
8,332 3,055 3,441 9,484
10,645 5,906 3,742 21,332
8,870 3,116 4,969 10,852
12,149 6,367 7,468 26,041
9,564 3,074 8,393 12,706
$123,120
$128,287
$138,580
$142,775
$158,190
$155,359
$179,137
$176,825
CHANGE, 2007-08 EXPORTS IMPORTS
1.2% 8.6 14.2 19.5 8.4
13.1% 5.7 10.9 25.8 0.3
14.1 7.8 99.6 22.1
7.8 -1.3 68.9 17.1
13.2%
13.8%
NOTE: Totals may not sum because of rounding. SOURCE: Department of Commerce
CANADA CHEMICAL TRADE, BY PRODUCT Exports of basic chemicals sank in 2008
$ MILLIONS
Basic chemicals Resins, synthetic rubber & fibers Pesticides, fertilizers & other agricultural chemicals Pharmaceuticals & medicine Other chemical products TOTAL TOTAL WITH U.S. U.S. SHARE
2005 EXPORTS IMPORTS
2006 EXPORTS IMPORTS
2007 EXPORTS IMPORTS
2008 EXPORTS IMPORTS
CHANGE, 2007-08 EXPORTS IMPORTS
$8,793 6,994
$8,783 6,893
$9,512 7,247
$9,326 6,810
$11,576 6,939
$9,656 6,380
$10,207 7,044
$9,874 6,555
-11.8% 1.5
2.3% 2.7
1,566
1,425
1,467
1,448
1,574
1,637
2,253
2,255
43.1
37.8
4,068 3,777
9,409 8,581
5,105 3,811
10,493 8,640
6,381 3,866
11,326 8,671
6,348 4,159
11,419 8,917
-0.5 7.6
0.8 2.8
$25,198 $20,054 79.6%
$35,091 $22,923 65.3%
$27,144 $21,318 78.5%
$36,718 $23,052 62.8%
$30,336 $21,962 72.4%
$37,669 $22,647 60.1%
$30,013 $22,925 76.4%
$39,023 $23,216 59.5%
-1.1% 4.4%
3.6% 2.5%
NOTE: Monetary statistics for all years were converted at the 2008 average exchange rate of $1.00 U.S. = $1.066 Canadian. Totals may not sum because of rounding. SOURCES: Statistics Canada, Industry Canada
ASIA CHEMICAL TRADE, BY PRODUCT
Japan exported fewer organics, but growth in trade was otherwise strong $ MILLIONS
2005 EXPORTS IMPORTS
2006 EXPORTS IMPORTS
2007 EXPORTS IMPORTS
2008 EXPORTS IMPORTS
CHANGE, 2007-08 EXPORTS IMPORTS
JAPAN Organic chemicals Inorganic chemicals Synthetic resins Photographic materials Fertilizers Dyes & pigments Cosmetics Rubber Other (a) TOTAL
$17,883 2,954 17,428 4,681 110 3,135 977 8,584 12,405 $68,157
$11,489 4,754 8,566 319 711 1,084 2,129 3,219 12,964 $45,235
$18,589 3,444 19,637 4,703 105 3,384 1,025 9,243 14,101 $74,231
$12,260 5,522 9,433 365 728 1,163 2,002 4,099 13,785 $49,357
$20,751 4,101 22,047 4,684 130 3,621 1,114 10,450 15,902 $82,800
$13,024 6,967 10,183 406 787 1,264 2,160 4,268 15,395 $54,454
$20,228 5,116 23,814 4,641 225 3,997 1,341 11,749 17,112 $88,223
$15,606 8,542 12,101 383 1,627 1,501 2,357 5,455 17,984 $65,556
-2.5% 24.8 8.0 -0.9 73.1 10.4 20.4 12.4 7.6 6.5%
19.8% 22.6 18.8 -5.7 106.7 18.8 9.1 27.8 16.8 20.4%
SOUTH KOREA Chemicals & chemical products Petrochemicals (b)
$27,745 20,811
$24,502 9,507
$31,806 24,099
$27,573 10,388
$37,545 28,824
$32,433 11,624
$42,710 32,124
$36,658 12,319
13.8% 11.4
13.0% 6.0
a Calculated by C&EN. b Defined as synthetic resins, synthetic fiber raw materials, and synthetic rubber. SOURCES: Japan Chemical Importers & Exporters Association; Korea National Statistical Office, Republic of Korea; Korea Petrochemical Industry Association
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JULY 6, 2009
CHINA CHEMICAL TRADE, BY PRODUCT Exports continued to surge, but growth in imports slowed
2005 EXPORTS IMPORTS
$ MILLIONS
Inorganic chemicals Organic chemicals Pharmaceutical products Fertilizers Dyes & pigments Other (a) TOTAL
2006 EXPORTS IMPORTS
2007 EXPORTS IMPORTS
2008 EXPORTS IMPORTS
CHANGE, 2007-08 EXPORTS IMPORTS
$6,944 12,133 1,364 1,011 2,487 7,914
$4,812 28,019 1,959 3,051 3,081 9,661
$7,626 15,542 1,531 1,169 3,000 8,884
$6,287 29,859 2,394 2,484 3,507 11,653
$9,661 20,597 2,053 3,737 3,577 11,490
$6,417 34,826 3,451 2,906 3,806 17,163
$13,332 29,097 2,901 4,368 3,711 15,444
$9,196 39,270 4,889 3,481 4,023 16,062
38.0% 41.3 41.3 16.9 3.7 34.4
43.3% 12.8 41.7 19.8 5.7 -6.4
$31,853
$50,583
$37,752
$56,184
$51,115
$68,569
$68,853
$76,921
34.7%
12.2%
a Calculated by C&EN. SOURCE: Customs General Administration of the People’s Republic of China
U.S CHEMICAL TRADE BALANCE, BY PRODUCT
Trade balance stayed positive, thanks to export boost in plastics, perfume, dyes, other categories $ MILLIONS
1998
Organic chemicals Plastics in primary form Medicinals & pharmaceuticals Inorganic chemicals Plastics in nonprimary form Perfume, toilet & cleaning materials Dyeing, tanning & coloring materials Fertilizers Other TOTAL
1999
2000
2003
2004
2005
2006
2007
2008
-$13,373 7,471 -8,570
-$12,425 7,761 -12,307
-$8,835 9,858 -11,123
-$11,304 10,380 -13,087
-$11,900 12,475 -16,848
-$7,831 17,018 -20,224
-$12,958 18,830 -21,340
-463 1,715
-406 1,656
-1,663 1,710
-1,833 1,682
-2,315 1,678
-2,172 1,899
-2,417 2,467
-3,738 3,229
2,005
2,278
1,940
1,246
794
483
1,163
1,775
2,585
1,055 1,618 6,261
1,529 796 6,944
1,399 357 6,857
1,619 643 6,556
1,801 422 6,558
2,021 316 7,038
2,048 -496 7,446
2,406 -271 9,053
2,790 -1,227 10,480
3,293 -925 13,335
$9,783
$8,910
$3,449
-$2,464
-$6,897
-$82
-$5,167
-$4,195
$2,831
$2,312
-$3,119 6,476 -1,224
-$6,106 6,330 -2,295
-276 1,834
-472 1,529
-582 1,983
1,995
1,863
1,058 1,714 6,132 $14,590
2001
-$9,632 -$12,680 7,439 7,189 -1,572 -3,203
2002
NOTE: Totals may not sum because of rounding. SOURCE: Department of Commerce
CANADA CHEMICAL TRADE BALANCE, BY PRODUCT Canada’s trade deficit jumped in 2008
$ MILLIONS
Basic chemicals Resins, synthetic rubber & fibers Pesticides, fertilizers & other agricultural chemicals Pharmaceuticals & medicine Other chemical products TOTAL
1998
1999
2000
2001
2002
-$1,416 -545
-$1,756 -657
-$946 -349
-$1,183 -54
-$1,113 -392
-$1,322 -220
2003
2004
-$719 147
2005
$9 101
2006
$186 436
$1,919 559
2007
$332 490
-387
-126
-169
-326
-236
-356
-72
142
20
-63
-2
-2,471 -3,976
-3,194 -4,398
-3,855 -4,589
-4,444 -4,537
-5,177 -5,011
-5,294 -4,894
-5,207 -4,732
-5,341 -4,804
-5,387 -4,828
-4,945 -4,805
-5,071 -4,757
-$8,795
-$10,130
-$9,907
-$10,544
-$11,930
-$12,084
-$10,584
-$9,893
-$9,574
-$7,334
-$9,009
NOTE: Monetary statistics for all years were converted at the 2008 average exchange rate of $1.00 U.S. = $1.066 Canadian. Totals may not sum because of rounding. SOURCES: Industry Canada, Statistics Canada
WWW.CEN-ONLINE.ORG
63
JULY 6, 2009
2008
