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Braskem was formed in 2002, already Latin America's leading petrochemical company, with industrial units and offices in Brazil, as well as commercial bases in the United States and Argentina. The company was formed by the consolidation of six companies: Copene, OPP, Trikem, Nitrocarbono, Proppet and Polialden. In 2006, Braskem acquired Politeno, the third largest polyethylene producer in Brazil. The company joined Petrobras and Ultrapar the following year in the biggest merger in Brazilian history, when those three companies acquired Grupo Ipiranga for US$4 billion. While Petrobras and Ultrapar shared the fuel distribution operations, Braskem took over Ipiranga Petroquímica, Ipiranga's former petrochemical operation.
In 2016, Braskem was fined $957 million over a bribery scandal.
Braskem is responsible for the sinking process of parts of the city of Maceió, in the state of Alagoas. This event has gained national notoriety since its beginning in 2018 and has since caused the displacement of around 60,000 people in the city.
In August 2026, Braskem's Mexican unit filed for Chapter 11 bankruptcy protection amid facing worsening financial strains and a liquidity cash crunch.