South & Central America Petrochemicals Market Forecast to 2031 - Regional Analysis - by Type, Application, and End-use Industry

The South & Central America petrochemicals market was valued at US$ 13.09 billion in 2023 and is expected to reach US$ 16.34 billion by 2031; it is estimated to record a CAGR of 2.8% from 2023 to 2031.

Growing Investments in Aerospace & Defense Industry Bolsters South & Central America Petrochemicals Market

Governments of various countries have increased investments in aerospace-related research, including defense and ballistic protection, owing to a rise in security risks and the need to enhance national border security. In May 2023, the Brazilian government announced an investment program aimed at advancing innovation and technology in the aerospace sector. This initiative focuses on developing a new satellite designed to enhance the monitoring of environmental crimes in the Amazon rainforest. Luciana Santos, Brazil’s Minister of Science, Technology, and Innovation, stated that the government plans to invest US$ 72 million in this project to bolster the aerospace sector as well as innovation and technology. Also, in April 2024, Embraer and ENAER (National Aeronautical Company of Chile) announced two agreements for industrial and service cooperation, focusing on the A-29 Super Tucano and C-390 Millennium defense aircraft, as well as commercial aircraft. This collaboration will enhance Embraer's network of suppliers and services in Chile and foster the integration of the aerospace industries in both Brazil and Chile. The cooperation is the result of an agreement between Embraer, ENAER, and the Chilean Air Force. ENAER will begin manufacturing components and will serve as a designated maintenance center for the Chilean Air Force's fleet of 22 A-29 Super Tucano aircraft. This agreement is connected to the planned expansion of the A-29 Super Tucano fleet in the country. Additionally, the collaboration aims to enhance ENAER's role as a supplier and to increase Embraer's presence in Chile.

Petrochemicals and petrochemical-derived products are used in lubricants, greases, aviation fuels, and aerospace components. Thus, the rising investments in the aerospace & defense industry are expected to create lucrative opportunities for the petrochemicals market growth during the forecast period.

South & Central America Petrochemicals Market Overview

Governments of various countries have increased investments in aerospace-related research, including defense and ballistic protection, owing to a rise in security risks and the need to enhance national border security. In May 2023, the Brazilian government announced an investment program aimed at advancing innovation and technology in the aerospace sector. This initiative focuses on developing a new satellite designed to enhance the monitoring of environmental crimes in the Amazon rainforest. Luciana Santos, Brazil’s Minister of Science, Technology, and Innovation, stated that the government plans to invest US$ 72 million in this project to bolster the aerospace sector as well as innovation and technology. Also, in April 2024, Embraer and ENAER (National Aeronautical Company of Chile) announced two agreements for industrial and service cooperation, focusing on the A-29 Super Tucano and C-390 Millennium defense aircraft, as well as commercial aircraft. This collaboration will enhance Embraer's network of suppliers and services in Chile and foster the integration of the aerospace industries in both Brazil and Chile. The cooperation is the result of an agreement between Embraer, ENAER, and the Chilean Air Force. ENAER will begin manufacturing components and will serve as a designated maintenance center for the Chilean Air Force's fleet of 22 A-29 Super Tucano aircraft. This agreement is connected to the planned expansion of the A-29 Super Tucano fleet in the country. Additionally, the collaboration aims to enhance ENAER's role as a supplier and to increase Embraer's presence in Chile. Thus, the rising investments in the aerospace & defense industry are expected to create lucrative opportunities for the petrochemicals market growth during the forecast period.

South & Central America Petrochemicals Market Segmentation

The South & Central America petrochemicals market is segmented based on type, application, end-use industry, and country. Based on type, the South & Central America petrochemicals market is segmented into ethylene, benzene, propylene, xylene, and others. The ethylene segment held the largest market share in 2023.

In terms of application, the South & Central America petrochemicals market is segmented into polymers, paints and coatings, solvent, rubber, adhesives, surfactants, and others. The polymers segment held the largest market share in 2023.

By end-use industry, the South & Central America petrochemicals market is categorized into packaging, automotive, construction, electrical & electronics, healthcare, agriculture, aerospace & defense, and others. The packaging segment held the largest market share in 2023.

Based on country, the South & Central America petrochemicals market is segmented into South Africa, Saudi Arabia, the UAE, and the Rest of South & Central America. China dominated the South & Central America petrochemicals market share in 2023.

Shell Plc, LyondellBasell Industries NV, INEOS Group Holdings SA, Saudi Basic Industries Corp, BASF SE, Dow Inc, Chevron Phillips Chemical Company LLC, China Petroleum & Chemical Corp, Mitsubishi Chemical Group Corp, and Exxon Mobil Corp are some of the leading players operating in the South & Central America petrochemicals market.

Reasons to Buy

• Save and reduce time carrying out entry-level research by identifying the growth, size, leading players, and segments in the South & Central America petrochemicals market.
• Highlights key business priorities in order to assist companies to realign their business strategies.
• The key findings and recommendations highlight crucial progressive industry trends in the South & Central America petrochemicals market, thereby allowing players across the value chain to develop effective long-term strategies.
• Develop/modify business expansion plans by using substantial growth offering developed and emerging markets.
• Scrutinize in-depth South & Central America market trends and outlook coupled with the factors driving the South & Central America petrochemicals market, as well as those hindering it.
• Enhance the decision-making process by understanding the strategies that underpin commercial interest with respect to client products, segmentation, pricing, and distribution.