Brazil Petrochemicals Market Report and Forecast 2024-2032

Brazil Petrochemicals Market Size

The Brazil petrochemicals market is projected to grow at a CAGR of 6.5% between 2024 and 2032. The market is being driven by the growing production of rubber materials and plastics in the country.

Brazil Petrochemicals Market Outlook

• In 2022, petroleum production in Brazil reached 3mbpd, recording a surge of 4%.

• By 2030, Brazil aims to become the fifth largest crude oil-producing country.

• State-owned company Petrobras is expected to become the world's third-largest oil producer by 2030.

Brazil Petrochemicals Market Growth

The state of Rio Grande do Sul in Brazil is a leader in the production of plastic and rubber materials. It accounts for 2.3% and 3.1% of the overall value addition to the Brazilian and local transformation industry, respectively. It is also home to one of Brazil's largest petrochemical production plants, called the Triunfo Petrochemical Complex, which has an annual production capacity of 1.4 million tons. It has high production capabilities for thermoplastic resins, which makes Brazil among its top ten producers globally. Over the forecast period, Rio Grande do Sul is expected to emerge as an important hub of petrochemical production in Brazil.

The Brazilian government is expected to secure a long-term supply of essential petrochemicals from state-owned and private-sector companies exploring pre-salt hydrocarbon reserves in the country. The Libra field is expected to fetch 300,000 bpd and 9 million cubic meters of natural gas daily for the government by 2025. This is expected to generate more revenue from exports and boost economic development by creating downstream industries that manufacture surfactants, polyurethanes, aromatic derivatives, isoprene derivatives, and butadiene, among other products. This is expected to drive the market for petrochemical production in Brazil, with state-owned companies diversifying their product offerings to cater to a wider consumer base.

Brazil Petrochemicals Industry Segmentation

Brazil Petrochemicals Market Report and Forecast 2024-2032 offers a detailed analysis of the market based on the following segments:

Market Breakup by Product

• Methanol

• Ethylene

• Propylene

• Benzene

• Others

Market Breakup by Region

• São Paulo

• Minas Gerais

• Rio de Janeiro

• Bahia

• Rio Grande do Sul

Brazil Petrochemicals Market Share

Based on product, the market is divided into methanol, ethylene, propylene, and benzene, among others. Over the forecast period of 2024-2032, ethylene is estimated to grow at a CAGR of 7.3% as it is extensively used in the production of common plastic, polyester, ethylene glycol, and ethylene oxide.

Leading Companies in the Brazil Petrochemicals Market

Major petrochemical companies in Brazil are expected to benefit from the discovery of pre-salt reserves of hydrocarbon in the Santos Basin and ramp up the production of special polyamides and aromatic derivatives.

• BASF SE

• Chevron Corporation

• China National Petroleum Corporation

• ExxonMobil Corporation

• INEOS Group

• Mitsubishi Corp.

• Braskem S.A

• LG Chem Ltd.

• Shell plc

• LyondellBasell Industries Holdings B.V.

• Others

Key Highlights of the Report