BASF (brand value steady at USD8.4 billion) is the global Chemicals industry leader for the ninth consecutive year, with the most valuable brand in the industry again.
Every year, leading brand valuation consultancy Brand Finance puts 5,000 of the biggest brands to the test, and publishes over 100 reports, ranking brands across all sectors and countries. The world’s top 25 most valuable and strongest Chemicals brands are included in the annual Brand Finance Chemicals 25 2023 ranking.
David Haigh, Chairman of Brand Finance commented:
“Brand value growth within the Chemicals industry has been steady but it has slowed this past year. Historically, the industry has relied heavily on Russian gas. Chemicals brands are facing further macro-economic and supply chain challenges. Brands need to have greater creativity and flexibility to manage these obstacles, both in the short-term and long-term. This includes brands maintaining strong relationships with their suppliers to gain that competitive advantage.”
Syngenta (brand value up 37% to USD1.4 billion) is the world’s fastest-growing Chemicals brand, climbing six places. Syngenta’s continued promotion of regenerative agriculture practices and an increased demand for sustainable farming products has driven the brand’s 19% year-on-year increase in sales. Alongside increased productivity, Syngenta has been able to raise prices of its products and services, offsetting raw materials costs.
In addition to calculating brand value, Brand Finance also determines the relative strength of brands through a balanced scorecard of metrics evaluating marketing investment, stakeholder equity, and business performance. Compliant with ISO 20671, Brand Finance’s assessment of stakeholder equity incorporates original market research data from over 100,000 respondents in 38 countries and across 31 sectors.
US-based brand DuPont (brand value down 2% to USD1.8 billion) remains the world’s strongest Chemicals brand, with a Brand Strength Index (BSI) score of 83.7 out of 100 and corresponding AAA- brand rating. DuPont has benefited from continued demand across its industrial-end markets. Its contributions towards healthcare and aerospace have helped maintain brand strength. However, across DuPont’s areas related to electronics and semiconductors, the brand has been adversely affected by lower volumes.
As part of its analysis, Brand Finance assesses the role that specific brand attributes play in driving overall brand value. One such attribute, growing rapidly in its significance, is sustainability. Brand Finance assesses how sustainable specific brands are perceived to be, represented by a ‘Sustainability Perceptions Score’. The value that is linked to sustainability perceptions, the ‘Sustainability Perceptions Value’, is then calculated for each brand.
Sumitomo Chemicals (brand value up 8% to USD1.7 billion) was founded with two goals, one being the elimination of pollution. It is unsurprising that the brand finds itself with the highest Sustainability Perceptions Score, at 5.14, of any brand included in the ranking. Perceived by stakeholders to uphold its founding principles, Sumitomo Chemicals supports a variety of areas of life, including resources, food and energy. Sumitomo Chemicals’ commitment to the environment has created strong brand recognition and trust amongst the brand and its stakeholders, resulting in positive perceptions of sustainability.