From 2013 to 2023, the chemicals manufacturing output in Mexico showed notable fluctuations. While there were increases in certain years such as 2018 and 2022, which saw growth rates of 6.81% and 12.74% respectively, there were also declines, particularly in 2015, 2019, and 2020. By 2023, the output stood at 1001.6 billion Mexican Pesos, marking a slight decrease of 2.49% from the previous year. The Compound Annual Growth Rate (CAGR) over the last 5 years up to 2023 was 1.59%, indicating moderate growth.
Looking ahead, the forecast indicates continued growth in the chemicals manufacturing sector in Mexico with a forecasted CAGR of 1.89% until 2028. By 2028, the output is expected to reach 1128.2 billion Mexican Pesos, representing a forecasted 5-year growth rate of 9.81% from 2023 levels.
Future trends to watch for:
- Impact of global supply chain developments on the Mexican chemicals industry.
- Adoption of sustainable and green manufacturing practices.
- Technological advancements and automation in the production process.
- Changes in international trade policies and their effect on exports/imports.
