Covestro - statistics & facts
Covestro is a leading global producer of advanced and high-performance materials such as polycarbonates, polyurethanes, and coatings. Covestro is a company that’s not just leading the polymer industry, but revolutionizing it, with commitments to becoming fully circular and carbon neutral by 2050. Covestro stands as a testament to the sustainable possibilities of the future of the manufacturing industry.
Covestro’s products are ubiquitous, finding their way into everyday items such as mattresses, footwear, laptops, and automotive components. The company’s reach extends to various industries, including automotive, electrical and electronics, construction, home products, sports, and leisure.
As Covestro continues to innovate and expand its sustainable practices, it sets a precedent for the chemical industry at large. The company’s dedication to becoming fully circular not only enhances its competitive edge but also contributes to Increased environmental stewardship within the manufacturing industry as a whole. Covestro’s journey from a division of Bayer AG to a standalone powerhouse is a narrative of success, innovation, and commitment to a sustainable future.
Covestro’s rise to global significance
Born from the material science division of Bayer AG, Covestro emerged in 2015 through an 11.9 billion euro sale, quickly establishing itself as a global leader in the production of aliphatic isocyanate derivatives, polyurethane dispersions, polycarbonates, and toluene diisocyanate. In 2023, Covestro recorded a total sales revenue of approximately 14.4 billion euros and as of the end of that year the number of employees at the German chemical company reached 17,619.Segments and product reach
The name Covestro itself is a blend of words that encapsulate the company’s ethos: collaboration, investment, and strength. Covestro is comprised of two main segments: Performance materials and Solutions & Specialties. The former includes standard polycarbonates, urethanes, and base chemical businesses, while the latter encompasses Engineering Plastics, Coatings and Adhesives, Tailored Urethanes, Thermoplastic Polyurethanes, Specialty Films, and Elastomers. Covestro's Performance Materials segment revenue in 2023 amounted to around 6.9 billion euros, a decrease when compared to the previous year. That amount also corresponded to a 47.8 percent share of the company's total annual revenue that year.Covestro’s products are ubiquitous, finding their way into everyday items such as mattresses, footwear, laptops, and automotive components. The company’s reach extends to various industries, including automotive, electrical and electronics, construction, home products, sports, and leisure.
Sustainability and the circular economy at Covestro
Covestro is committed to leading the plastics industry towards a sustainable future by embracing the principles of the circular economy. The company aims to transition from the traditional linear model to a more sustainable approach that minimizes resource use and maximizes recycling. Their strategy includes using alternative raw materials and renewable energy to reduce the environmental footprint of plastics, to achieve net-zero emissions across their entire value chain by 2050, and to develop innovative recycling technologies. A landmark achievement in this endeavor was securing the world’s largest corporate supply contract for offshore wind energy with Danish wind energy company Ørsted in 2019.As Covestro continues to innovate and expand its sustainable practices, it sets a precedent for the chemical industry at large. The company’s dedication to becoming fully circular not only enhances its competitive edge but also contributes to Increased environmental stewardship within the manufacturing industry as a whole. Covestro’s journey from a division of Bayer AG to a standalone powerhouse is a narrative of success, innovation, and commitment to a sustainable future.
