Saudi Basic Industries Corporation (SABIC) moved up one notch to become the world’s second most valuable brand in the chemicals industry in 2021, compared to the third most valuable brand last year, according to the 2021 Chemicals 25 and Global 500 reports published by Brand Finance.
“We are proud of our improved ranking. It is a significant step in our mission to become the preferred world leader in chemicals and reflects the ever-growing positive perception of SABIC among our customers and other stakeholders. It is a clear confirmation of the strategy we have defined to position SABIC as a leading global chemical brand,” Yousef Al-Benyan, SABIC Vice Chairman and CEO, said.
“Building a strong global brand is integral to our core objectives and aligns with our growth ambitions. It enables our business strategy and enhances our resilience,” Al-Benyan added.
According to Brand Finance, SABIC became the world’s second most valuable brand in the chemicals industry despite a decrease in its brand value to $4.02 billion, from $4.33 billion in 2020.
SABIC overtook Dow, seizing US brand’s spot as 2nd most valuable chemicals brand. SABIC is committed to its vision of becoming the world’s largest petrochemical company by 2030, undertaking several strategic partnerships over the last year and aligning with the chemical arm of oil and gas leader Saudi Aramco.
Germany’s BASF claimed title of world’s most valuable chemicals brand. Its brand value was down 8 percent to $7.29 billion in 2021, from $7.89 billion a year earlier.