Clariant AG

Clariant AG delivered strong second-quarter results and secured a major legal victory as the Amsterdam District Court dismissed Shell's ethylene damage claim in its entirety, removing a significant overhang on the company's share price. The company reported an 80 basis point year-on-year increase in EBITDA margin to 18.2%, driven by robust pricing and volume growth in care chemicals, and a 15 percentage point improvement in free cash flow conversion to 52% on a last 12-month basis. Clariant also increased its performance improvement program savings target by CHF20 million to CHF100 million by 2027, with CHF90 million expected by the end of 2026. However, the catalyst business was severely impacted by the Middle East conflict, with volumes declining 14.2% year-on-year and EBITDA dropping 32.5%, while group EBITDA before exceptional items decreased 7.7% in the first half of 2026. CEO Konrad Kaiser noted that the legal win positions the company strongly for remaining cases, as almost half of them will be served in the Netherlands using a similar methodology that the court found failed to demonstrate causality.

Clariant has been dismissed in its entirety from a damage claim brought by Shell related to a 2020 competition law infringement. The Amsterdam District Court ruled on 29 July 2026 that Shell suffered no harm attributable to Clariant’s conduct, confirming Clariant’s position that the relevant conduct produced no effect on the market. The court also dismissed a declaratory judgment claim brought by Stichting Ethylene Claims against the same defendants. Clariant stated it will continue to defend itself vigorously in remaining proceedings in the Netherlands and Germany.

The global zeolites market is forecast to grow from USD 16.42 billion in 2025 to USD 28.21 billion by 2035, at a compound annual growth rate of 6.19 percent, according to a report by SNS Insider. Synthetic zeolites held a 75 percent market share in 2025 due to their high purity and controllable pore size, while natural zeolites are the fastest-growing product type. Catalysts accounted for about 38 percent of the market in 2025, driven by fluid catalytic cracking and hydrocracking applications, and detergent builders represent the fastest-growing application segment. North America led the market in 2025, with the United States contributing approximately 87.4 percent of regional revenue, while Asia Pacific was both a dominant share holder and the fastest-growing region, with China holding about 44.8 percent of Asia Pacific revenue. Key players include BASF SE, Albemarle Corporation, Honeywell UOP, and Clariant AG.

The global masterbatch market is projected to grow from USD 13.74 billion in 2025 to USD 24.16 billion by 2035, at a compound annual growth rate of 5.82 percent, according to a report by SNS Insider. Black masterbatch held the largest type share at 31.8 percent in 2025, driven by automotive and packaging applications, while polypropylene led carrier polymers with a 35.2 percent share. Packaging was the dominant end-use segment at 39.5 percent, and the Asia Pacific region accounted for 38.6 percent of global revenue, with China representing 44.8 percent of that regional total. Key players include Avient Corporation, Clariant AG, and Cabot Corporation, which have recently introduced sustainable products such as recycled-content and PFAS-free additive masterbatches.

Clariant has firmly rejected a damages claim of around EUR 1.1 billion filed by Dow Europe against four companies, including Clariant, in a German court. The claim, received on 16 July 2026, alleges harm from an infringement of competition law on the ethylene purchasing market that was sanctioned by the European Commission in July 2020. Clariant stated it has substantiated economic evidence that the parties' conduct did not produce any effect on the market and will adamantly defend its position in the proceedings.

The global nucleating and clarifying agents market is projected to grow from USD 426.33 million in 2025 to USD 868.84 million by 2035, at a compound annual growth rate of 6.80 percent. Clarifying agents accounted for 57.3 percent of revenue in 2025, driven by demand for glass-like transparency in polypropylene food packaging, while nucleating agents are expected to post the highest growth rate through 2035. Polypropylene represented about 48 percent of revenue, and packaging was the largest end-user segment at 38 percent. Asia Pacific led with a 44.8 percent share, while North America is forecast to grow fastest at a 7.38 percent CAGR, with the U.S. market alone valued at USD 104.31 million in 2025. Key players include Milliken and Company, BASF SE, and Clariant AG, with recent expansions by Milliken and Songwon Industrial to meet rising demand.