Forecast: Production of Iron and Steel in Mexico

The production of iron and steel in Mexico has seen significant fluctuations over the past decade. Starting from 293.02 billion Mexican Pesos in 2013, it reached a peak of 542.03 billion Mexican Pesos in 2023. The annual year-on-year variations ranged from a decline of 13.66% in 2020 to a growth of 25.04% in 2021. The Compound Annual Growth Rate (CAGR) from 2018 to 2023 stands at 2.93%, indicating moderate growth over the past five years.

Looking ahead, the forecast suggests continued growth, with the production value expected to reach 634.7 billion Mexican Pesos by 2028. The forecasted 5-year CAGR is 2.48%, reflecting a steady but slower growth rate compared to previous years.

Future trends to watch for include:

• Technological advancements and their impact on production efficiency.
• Global market demand shifts, particularly from major importers of Mexican iron and steel.
• Potential regulatory changes and their effects on the industry.
• Economic developments within Mexico that could drive local demand.
• Sustainability initiatives and their influence on production methods and costs.