The value added of iron and steel in Mexico has exhibited significant fluctuations over the past decade. In 2023, it stood at 186.14 billion Mexican Pesos. Notably, between 2013 and 2023, there were significant year-on-year variations, including a peak increase of 24.95% in 2021 and a notable decline of 13.73% in 2020. Over the last five years leading to 2023, the compounded annual growth rate (CAGR) averaged at 2.72%, reflecting moderate growth.
Future trends indicate a forecast 5-year CAGR of 2.44%, suggesting steady, albeit modest, growth. By 2028, the value is projected to reach 217.38 billion Mexican Pesos, representing an overall 12.8% increase from 2023.
Looking ahead, several future trends to watch for include:
• Impact of global economic conditions on demand and prices.
• Technological advancements in production processes.
• Environmental regulations affecting production costs and practices.
• Trade policies and international market dynamics.
