The Latin America petrochemicals market reached around USD 50.67 Billion in 2025. The market is projected to grow at a CAGR of 5.60% between 2026 and 2035 to reach nearly USD 87.38 Billion by 2035.
Base Year
Historical Period
Forecast Period
Latin America offers significant opportunities for the plastic manufacturing sector, contributing about 4% to global production.
The electricity demand in Latin America and the Caribbean is anticipated to increase by over 91% by 2040, ultimately exceeding 2,970 TWh.
Latin America has the second-largest oil reserves in the world, after the Middle East.
Compound Annual Growth Rate
5.6%
Value in USD Billion
2026-2035
*this image is indicative*
| Latin America Petrochemicals Market Report Summary | Description | Value |
| Base Year | USD Billion | 2025 |
| Historical Period | USD Billion | 2019-2025 |
| Forecast Period | USD Billion | 2026-2035 |
| Market Size 2025 | USD Billion | 50.67 |
| Market Size 2035 | USD Billion | 87.38 |
| CAGR 2019-2025 | Percentage | XX% |
| CAGR 2026-2035 | Percentage | 5.60% |
| CAGR 2026-2035 - Market by Country | Brazil | 6.2% |
| CAGR 2026-2035 - Market by Country | Mexico | 5.9% |
| CAGR 2026-2035 - Market by Product | Ethylene | 6.5% |
| 2025 Market Share by Country | Argentina | 9.4% |
Brazil is one of the world's largest producers and exporters of ethanol, primarily derived from sugarcane. Brazil has witnessed a remarkable 45-fold increase in ethanol production, largely attributed to the comprehensive research conducted by the Brazilian Agricultural Research Corporation (EMBRAPA) over the past five decades. Additionally, Brazil has implemented the world's largest decarbonisation programme for transportation, known as RenovaBio, which has been operational since 2019. This initiative is anticipated to boost ethanol supply by 45% by 2030, ultimately achieving an output of 50 billion litres.
Mexico stands as a significant automotive hub within Latin America. It ranks as the seventh-largest global manufacturer of passenger vehicles, with an annual production of 3.5 million units. The automotive sector heavily relies on petrochemicals, which are vital for the production of various components and materials. Synthetic rubber, derived from petrochemicals, is crucial for the fabrication of tyres, seals, hoses, and belts, offering essential properties such as durability, flexibility, and resistance to diverse environmental conditions. Furthermore, petrochemicals serve as fundamental components in automotive paints and coatings, which safeguard vehicles against corrosion, improve their aesthetic appeal, and provide protection against environmental elements such as UV radiation and chemicals.
Rapid industrialisation, the expansion of downstream sectors, the availability of natural resources, the growing adoption of advanced technologies, and the rising demand for sustainable products are aiding the Latin America petrochemicals market growth.
The increasing expansion of downstream sectors, including plastics, fertilisers, and packaging, is also driving the demand for petrochemicals within the region.
Latin America possesses significant reserves of crude oil and natural gas, which are crucial raw materials for the production of petrochemicals. This abundance of resources offers a competitive edge to the petrochemical sector within the region.
The integration of cutting-edge technologies in petrochemical manufacturing is enhancing operational efficiency and lowering expenses, which, in turn, is fostering the market expansion.
As the emphasis on environmental sustainability intensifies, there is a rising demand for bio-based and recyclable petrochemical products, which is fostering innovation and facilitating the market growth in the region.
The ongoing economic growth in Latin America, especially in Brazil and Mexico, is driving the demand for petrochemical products across multiple industrial sectors, such as automotive, construction, and manufacturing.
Latin America is endowed with substantial reserves of crude oil and natural gas, which serve as essential raw materials for petrochemical production. This wealth of resources provides a competitive advantage to the petrochemicals sector in the region. The abundance of these hydrocarbons not only ensures a steady supply of feedstock for the production of various petrochemical products, such as plastics, fertilisers, and synthetic fibres but also positions Latin America as a key player in the global petrochemical market.
Latin America Petrochemicals Market Report and Forecast 2026-2035 offers a detailed analysis of the market based on the following segments:
Market Breakup by Product
Market Breakup by Country
| CAGR 2026-2035 - Market by | Country |
| Brazil | 6.2% |
| Mexico | 5.9% |
| Argentina | XX% |
| Others | XX% |
Based on product, the market segmentation includes methanol, ethylene, propylene, and benzene, among others. Ethylene is projected to grow at a CAGR of 6.5% during the forecast period of 2026-2035. Ethylene serves as a crucial petrochemical, utilised extensively in the manufacturing of diverse chemicals and materials. Its significance within the petrochemical sector is evident through its function as a primary feedstock for the production of polyethene, ethylene oxide, and several other essential products.
Major players are focusing on the production of bio-based and recyclable petrochemical products to gain a competitive edge in the market.
The comprehensive report looks into the macro and micro aspects of the market. The EMR report gives an in-depth insight into the market by providing a SWOT analysis as well as an analysis of Porter’s Five Forces model.
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*While we strive to always give you current and accurate information, the numbers depicted on the website are indicative and may differ from the actual numbers in the main report. At Expert Market Research, we aim to bring you the latest insights and trends in the market. Using our analyses and forecasts, stakeholders can understand the market dynamics, navigate challenges, and capitalize on opportunities to make data-driven strategic decisions.*
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In 2025, the market attained a value of nearly USD 50.67 Billion.
The market is assessed to grow at a CAGR of 5.60% between 2026 and 2035.
The market is estimated to reach around USD 87.38 Billion by 2035.
The market is being driven by the expansion of downstream sectors and the availability of natural resources in the region.
The key trends aiding the market expansion include the rising demand for sustainable products and the use of cutting-edge technologies in petrochemical manufacturing.
The different products in the market include methanol, ethylene, propylene, and benzene, among others.
The major countries considered in the market are Brazil, Mexico, and Argentina, among others.
The major players in the market are BASF SE, Chevron Corporation, China National Petroleum Corporation, ExxonMobil Corporation, INEOS Group, Mitsubishi Corp., Braskem S.A, LG Chem Ltd., Shell plc, and LyondellBasell Industries Holdings B.V., among others.
Explore our key highlights of the report and gain a concise overview of key findings, trends, and actionable insights that will empower your strategic decisions.
| REPORT FEATURES | DETAILS |
| Base Year | 2025 |
| Historical Period | 2019-2025 |
| Forecast Period | 2026-2035 |
| Scope of the Report |
Historical and Forecast Trends, Industry Drivers and Constraints, Historical and Forecast Market Analysis by Segment
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| Breakup by Product |
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| Breakup by Region |
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| Market Dynamics |
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| Competitive Landscape |
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| Companies Covered |
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