Latin America Specialty Chemicals Market Size & Outlook
Latin America specialty chemicals market, 2018-2030 (US$B)
Related Markets
Latin America specialty chemicals market highlights
- The Latin America specialty chemicals market generated a revenue of USD 25.4 billion in 2023.
- The market is expected to grow at a CAGR of 4.5% from 2024 to 2030.
- Country-wise, Brazil is expected to register the highest CAGR from 2024 to 2030.
Latin America data book summary
| Market revenue in 2023 | USD 25.4 billion |
| Market revenue in 2030 | USD 34.5 billion |
| Growth rate | 4.5% (CAGR from 2023 to 2030) |
| Historical data covered | 2018 - 2022 |
| Base year for estimation | 2023 |
| Forecast period covered | 2024 - 2030 |
| Quantitative units | Revenue in USD billion |
| Market segmentation | |
| Key market players worldwide | Solvay SA, Evonik Industries AG, Clariant AG, Akzo Nobel NV, DuPont de Nemours Inc, Kemira Oyj, Lanxess AG, Croda International PLC, Huntsman Corp, The Lubrizol Corp, Albemarle Corp |
Other key industry trends
- In terms of revenue, Latin America region accounted for 4.0% of the global specialty chemicals market in 2023.
- Globally, Asia Pacific is projected to lead the regional market in terms of revenue in 2030.
- Asia Pacific is the fastest growing regional market and is projected to reach USD 510.6 billion by 2030.
The economies in the Central & South American region are expected to experience growing consumption of food & beverage offerings produced by the usage of additives. The favorable regulatory scenario as well as changing consumer eating habits in the region have had a positive effect on the region’s specialty chemicals market. The steady economic growth along with a growing middle class in countries like Brazil, Argentina, Peru, Chile, and others is changing the lifestyle patterns in the region towards a more consumption driven market.
These factors have led to a robust growth in the consumption of high-end food & beverage products such as desserts, carbonated drinks, and bakery products. Moreover, the presence of major producers in the Central & South America region, such as General Mills, Cargill, Incorporated, and Kraft Foods, is expected to surge the demand for specialty chemicals in the region over the forecast period.
Automotive, transportation, chemical processing, and construction are expected to be the other key consumers of specialty polymers, coatings, adhesives, sealants, plastic additives, and lubricants in the region. Major manufacturers of synthetic lubricants in Central & South America are Exxon Mobil Corporation, Royal Dutch Shell plc and Petrobras.
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Specialty Chemicals Market Scope
Specialty Chemicals Market Companies
| Name | Profile | # Employees | HQ | Website |
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Latin America specialty chemicals market size, by country, 2018-2030 (US$B)
Latin America Specialty Chemicals Market Outlook Share, 2023 & 2030 (US$B)
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