LG Chem is the only firm among the world’s top seven chemical companies that saw its brand value grow amid the pandemic.
According to the Brand Finance Chemicals 25 2021 report, the South Korean chemical giant’s brand value stands at $3.62 billion this year, a 2.9 percent growth on-year, maintaining the fourth position. Compared to $2.42 billion in 2018, LG Chem’s value has grown more than 50 percent just in three years.
Meanwhile, the other six companies in the top seven list all saw a drop in their brand values.
Germany’s BASF maintained its No.1 spot, in spite of its brand value diving 7.5 percent to $7.28 billion on-year. Dow of the US dropped to the third place as its brand value nose-dived 23 percent to $3.72 billion. Saudi Arabia’s SABIC rose to the second position, despite its brand value dipping 7.3 percent to $4.01 billion. LG Chem secured fourth, followed by Germany’s Linde, Netherlands’ LyondellBasell and Japan’s Asahi Kasei, whose brand values dipped 6.4 percent, 13.5 percent and 10.2 percent to $2.67 billion, $2.28 billion and $2.12 billion, respectively.
Savio D‘Souza, valuation director of Brand Finance, called for chemical companies to advance their investments, marketing and technologies as they face “yet another year of economic headwinds, with the difficulties surrounding COVID-19 only compounding previous troubles around Brexit and the US-China Trade War.”
By Kim Byung-wook (firstname.lastname@example.org)