Braskem is the largest petrochemical company in the Americas, producing and selling thermoplastic resins — primarily polyethylene (PE), polypropylene (PP), and PVC — along with basic chemicals including olefins and aromatics. Braskem operates at two levels of the petrochemical chain: it cracks raw feedstocks (naphtha, ethane, propane) to produce ethylene and propylene, then polymerizes those olefins into resins sold to converters and manufacturers who produce packaging, bottles, automotive parts, construction materials, and industrial goods. Braskem sells to roughly 2,800 customers across 70+ countries through a mix of long-term contracts and spot transactions. The company organizes into three segments: Brazil (~72% of revenue), where Braskem is the sole integrated PE and PP producer; the U.S. and Europe (~23%), focused on PP and where Braskem is the largest PP producer in the U.S.; and Mexico (~6%), where subsidiary Braskem Idesa produces PE from ethane. Braskem earns margin on the spread between resin prices and feedstock costs. Brazil is roughly 80% naphtha-based, which is more expensive than ethane used by U.S. and Middle Eastern competitors, creating a structural cost disadvantage. Braskem is also the world's largest producer of bio-based PE, made from sugarcane ethanol. The company is navigating a prolonged global oversupply downcycle driven by Chinese capacity additions, with management expecting below-average spreads through at least 2029–2030. Braskem is pursuing a feedstock shift from ~80% naphtha toward ~60% naphtha and 40% gas/ethanol by 2030 to improve cost competitiveness, while managing a stressed balance sheet and an ongoing remediation liability tied to geological damage from historical salt mining in Maceió.