BASF has reported sales of €87.3 billion in 2022, an increase of 11.1% compared to the previous year.

This was mainly due to higher prices across almost all segments due to an increase in raw materials and energy prices, the company said.

The company predicts sales of between €84 billion and €87 billion for 2023.

“The high level of uncertainty that arose over the course of 2022 due to the war in Ukraine, high raw materials and energy costs in Europe, rising prices and interest rates, inflation and the development of the coronavirus pandemic will continue in 2023,” said a press release. “All of these factors will negatively impact global demand. BASF thus only expects moderate growth of 1.6% for the global economy in 2023 […] For global chemical production, BASF expects growth of 2%.”

“Europe’s competitiveness is increasingly suffering from overregulation, slow and bureaucratic permitting processes, and in particular, high costs for most production input factors,” said CEO Martin Brudermüller. “All this has already hampered market growth in Europe in comparison with other regions. High energy prices are now putting an additional burden on profitability and competitiveness in Europe.”

“We want to develop Ludwigshafen into the leading low-emission chemical production site in Europe,” said Brudermüller. BASF aims to secure greater supplies of renewable energy for the Ludwigshafen site. The company plans to make use of heat pumps and cleaner ways of generating steam. In addition, new CO2-free technologies, such as water electrolysis to produce hydrogen are to be implemented."