In the wake of Mexico’s historic approval of structural reforms allowing for private investment in the hydrocarbons sector at the end of 2013, the Mexican market has been frenzied with optimism and growth projections. President Enrique Peña Nieto’s success in pushing through this reform package is certainly one worth celebrating, and now that the reforms have been approved, the business community is more clearly evaluating its opportunities across sectors. For Mexico’s chemical industry, the opening up of the country’s oil and gas sector could be the game changer.

In decline since the 1990s, the Mexican chemical sector has struggled under the weight of Pemex and international competition. As Mexico’s economy is the most closely linked to that of the United States, it has also been the most affected by the U.S. recession. Yet, today Mexico has taken the lead in regional growth as its fellow Latin American powerhouse Brazil enters a recession. Upstream private investment spurred by the reforms could create downstream benefits to place the Mexican chemical market more firmly on the map.