Opportunities to Supply Major Manufacturing Clusters in Mexico
Outside of the main manufacturing industries in Mexico (automotive, aerospace, electronics, IT, and medical devices), there are many other companies that are either in the supply chains for those industries or part of other manufacturing clusters, including home and industrial appliances, sporting goods, recreational products, apparel, furniture, transportation equipment, plastics, packaging, refurbishing, and others.
A key area of opportunity is in the consumer goods production market. General manufacturing for home-office furniture, indoor workout equipment, and health and beauty products are increasing in popularity post-pandemic as economic shifts address remote work environments, and new generations support socially conscious and economic brands.
Meanwhile, plastics production has also risen steadily, averaging an increase of 3.7% yearly since 2017. Products in this category include plastic materials, molds, and resins. The packaging sector of the plastic market in Mexico accounts for 47% of the market, and advancement in other sectors, including automotive and aerospace, will continue to create opportunities.
Furthermore, the favorable trade relations among the U.S., Mexico, and Canada will amplify the possibility of developing a North American trade bloc, where all areas of manufacturing will expand. This general manufacturing category is only expected to grow as more companies are considering nearshoring to Mexico as an alternative (or extension) to outsourcing to China.