Latin America’s economy grew by over 6% in 2021, with the chemical and petrochemical industries being key components of this rebound. Demand for hygiene-related products, chemicals for agriculture and non-durable goods such as packaging remained robust, while markets which experienced lower demand in 2020, such as polystyrene and PVC, rebounded strongly.
The year was without its challenges, as a constrained global supply chain highlighted the importance of establishing greater regional production in Latin America, a situation exacerbated by unprecedented logistics disruptions and a lack of domestic raw material feedstock.
As we move into 2022, perhaps the biggest topic is the acceleration of a global environmental agenda. Sustainability has become the overarching theme touching all facets of the chemical and petrochemical industries, influencing new forms of energy such as green hydrogen, and creating a new wave of business opportunities on the path towards a circular economy. Latin America, with its abundance of natural resources, is set to play a key role in this transition.