Dublin, July 16, 2024 (GLOBE NEWSWIRE) -- The "Mexico Plastic Industry Research Report 2024-2033" report has been added to ResearchAndMarkets.com's offering.
The demand for cleaning products, pharmaceuticals, food, and beverages has been a key driver of the plastic industry's sustained growth in Mexico, with the market size reaching approximately USD 28.7 billion in 2023.
Since 2018, Mexico's plastic industry has shown continuous growth, driven primarily by the packaging sector, especially food and electrical appliance packaging. According to the publisher, the plastic packaging industry constitutes over 50% of Mexico's plastic industry market size, contributing more than 1% to the national GDP. This sector has demonstrated significant resilience against market disruptions.
The increasing use of plastics in automobiles is another significant growth driver for Mexico's plastic industry. Efforts to reduce vehicle weight for better fuel efficiency heavily rely on plastic components. High-performance thermoset plastics help absorb impact, making cars safer and more durable. Additionally, electric vehicle manufacturers are exploring the use of plastic battery housings to offset battery weight and reduce fire risks. Consequently, the demand for plastic parts in automotive applications is growing.
Mexico has a long history as a significant player in the automotive manufacturing industry. The United States-Mexico-Canada Agreement (USMCA), which took effect on July 1, 2020, stipulates that vehicles produced with at least 75% of components from the US, Mexico, or Canada can be sold tariff-free, up from the 62.5% required by the North American Free Trade Agreement (NAFTA). This agreement aims to further stimulate automotive production in North America.
The analysis shows that in 2023, Mexico produced 3.78 million vehicles, making it the sixth-largest automobile manufacturing nation and the fourth-largest parts producer globally. Nearly all major automotive OEMs have factories in Mexico. Injection molding companies, carbon fiber producers, and other plastic suppliers operating in Mexico can benefit from this manufacturing hub by reducing time to market and transportation costs while strengthening partnerships, all of which support the growth of Mexico's plastic industry.
The global medical device industry's anticipated substantial growth also boosts the demand for plastic medical devices. According to the publisher, Mexico has long been a low-cost center for manufacturing and assembling medical devices. The need for shorter delivery times has led many medical device companies to relocate production to Mexico.
With the acceleration of global industry relocation, Mexico, supported by the North American Free Trade Agreement, access to cheap labor, a well-established industrial chain, and manufacturing centers, is set to attract increasing foreign direct investment. In 2023, Mexico's FDI hit a record high of USD 36.058 billion, up 27% from the previous year, with 50% of the investment concentrated in manufacturing sectors, including transportation equipment, beverages, and metals.
Mexico's packaging industry is striving to develop compostable materials and improve the infrastructure needed for higher recycling rates, receiving strong support from the government and related associations. According to the Mexico New Plastic Economy National Agreement, organizations commit to collecting, recycling, or manufacturing 80% of PET and 45% of packaging plastics by 2030.
The publisher predicts that the ongoing population growth and the development of Mexico's manufacturing sector will continue to drive the growth of the plastic industry market. By 2033, the market size of Mexico's plastic industry is expected to reach USD 49.1 billion, with a CAGR of 5.5% from 2024 to 2033.
Topics covered:
- Overview of Mexico's Plastics Industry
- Economic Conditions and Policies for Mexico's Plastics Industry
- Impacts of COVID-19 on the Plastics Industry in Mexico
- Market Size of Mexico's Plastics Industry (2024-2033)
- Analysis of Major Plastics Manufacturers in Mexico
- Key Drivers and Market Opportunities in Mexico's Plastics Industry
- What are the Main Drivers, Challenges, and Opportunities for Mexico's Plastics Industry during the Forecast Period of 2024-2033?
- Key Players in the Plastics Industry in Mexico and their Competitive Advantages
- What is the Expected Revenue for Mexico's Plastics Market during the Forecast Period of 2024-2033?
- What Strategies are Major Market Players Adopting to Increase Their Market Share in the Industry?
- Which Segment of the Mexico Plastics Market is Expected to Dominate by 2033?
- What are the Main Adverse Factors Facing Mexico's Plastics Industry?
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 80 |
| Forecast Period | 2024 - 2033 |
| Estimated Market Value (USD) in 2024 | $30.31 Billion |
| Forecasted Market Value (USD) by 2033 | $49.07 Billion |
| Compound Annual Growth Rate | 5.5% |
| Regions Covered | China |
Key Topics Covered:
1. Overview of Mexico
1.1 Geography
1.2 Demographics of Mexico
1.3 Economic of Mexico
1.4. Minimum Wage in Mexico, 2015-2024
1.5. Impact of COVID-19 on Mexico' Plastics Industry
2. Development Environment of the Plastics Industry in Mexico
2.1. History of the Plastics Industry in Mexico
2.2. Categories of Plastics in Mexico
2.3. Policies for the Plastics Industry in Mexico
3. Supply and Demand of the Plastics Industry in Mexico
3.1. Supply of the Plastics Industry in Mexico
3.1.1. Production Capacity
3.1.2. Production Volume
3.2. Demand of the Plastics Industry in Mexico
3.2.1. Demand Volume
3.2.2. Market Size
4. Import and Export of the Plastics Industry in Mexico
4.1. Import of the Plastics Industry in Mexico
4.1.1. Import Volume and Value of Plastics in Mexico
4.1.2. Main Suppliers of Plastics Imports in Mexico
4.2. Export of the Plastics Industry in Mexico
4.2.1. Export Volume and Value of Plastics in Mexico
4.2.2. Main Destinations of Plastics Exports in Mexico
5. Market Competition of Mexico's Plastics Industry
5.1. Barriers to Entry in Mexico's Plastics Industry
5.1.1. Brand Barriers
5.1.2. Quality Barriers
5.1.3. Capital Barriers
5.2. Competitive Structure of Mexico's Plastics Industry
5.2.1. Bargaining Power of Plastics Suppliers
5.2.2. Bargaining Power of Consumers
5.2.3. Competitive Landscape of Mexico's Plastics Industry
5.2.4. Potential Entrants in the Plastics Industry
5.2.5. Substitutes for Plastics Products
6. Analysis of Major Plastics Brands in Mexico
6.1. Alpek
6.1.1. History of Alpek
6.1.2. Main Products of Alpek
6.1.3. Operating Model of Alpek
6.2. Braskem Idesa
6.3. Amcor plc
6.4. Mondi Group
6.5. Winpak Ltd.
6.6. AptarGroup Inc.
7. Outlook for Mexico's Plastics Industry (2024-2033)
7.1. Development Factors of Mexico's Plastics Industry
7.1.1. Drivers and Opportunities of the Plastics Industry in Mexico
7.1.2. Threats and Challenges facing the Plastics Industry in Mexico
7.2. Market Supply Forecast for the Plastics Industry in Mexico
7.3. Market Demand Forecast for the Plastics Industry in Mexico
7.4. Import and Export Forecast for the Plastics Industry in Mexico
For more information about this report visit https://www.researchandmarkets.com/r/9puiga
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