Dear Reader,

“When will the downcycle end?” This is the million-dollar question that more than 65 interviewees who contributed to this report would love to answer, and the truth is that there are different perspectives on how and when the sector will begin to show signs of recovery. However, one common thread among C-level executives throughout Latin America’s petrochemical and chemical value chain is that the market has changed, and traditional strategies are no longer enough to tackle today’s challenges. Clearly, this is neither the first nor the last downcycle, but what stands out is that both industries in Latin America embody resilience, showing their ability to adapt to diverse and adverse circumstances. Another key point echoed by our interviewees is their belief that each challenge presents a new opportunity, and for Latin America, the real rewards lie in the long term. The opportunities for the region and the sector are immense: from nearshoring, which currently benefits Mexico and is expected to expand further south, to the development of clean energy sources and circular economies, supported by Brazil’s green potential and the promise of Vaca Muerta in Argentina. In this context, companies, regardless of their size, are adopting dynamic and innovative strategies, forging alliances, and redesigning their business models to achieve both environmental and economic sustainability. There is a growing consensus that Latin America is becoming a critical region for further investment by the chemical and petrochemical industries despite the challenges that this report will investigate. With that, we welcome you to GBR’s Latin America Petrochemicals and Chemicals 2024 special report, the latest edition of this annual publication produced in strategic alliance with APLA. We extend our sincere thanks to all the interviewees and the companies they represent—from producers to distributors, as well as players across the whole logistics supply chain—for participating in this report and helping GBR and APLA provide an objective analysis of the region’s trends. We hope you enjoy the 2024 APLA annual meeting in Cartagena, as well as the reading.