Latin America Construction Market Report and Forecast 2024-2032

Latin America Construction Market Outlook

The Latin America construction market size reached USD 9.11 billion in 2023. The market is projected to grow at a CAGR of 4.2% between 2024 and 2032, reaching almost USD 13.19 billion by 2032.

Key Takeaways

• Inadequate housing is a major challenge in Latin America, which houses nearly 624 million people.

• Brazil received $1.7 billion worth of loans from NDB for the construction of green infrastructure projects across the country.

• The government of Paraguay announced an investment of $5.5 billion to improve regional connectivity and social infrastructure in the region.

The escalating rate of urbanisation and the shift towards sustainability have prompted the construction of sky-high buildings in Latin America using eco-friendly materials like wood. This is because wood has excellent hygroscopic and thermal properties, which creates a pleasant experience for inhabitation. This is expected to drive the Latin America construction market expansion over the forecast period.

Increasing collaboration among different stakeholders aimed at developing smart cities is also expected to facilitate the market growth. For instance, in 2023, the government of Guyana entered into an agreement with the University of Miami to develop Silica Smart City near the Guyana International Airport on an 11,000-acre land. It is expected to accommodate nearly 60,000 people and have a city centre as well as a research region known as the Innovation Village inside it. The city aims to integrate biophilic designs and intelligent technologies, including AI into building construction, which will enable people to live smartly.

With the construction of 319 GW of renewable energy power plants over the next 7 years, the Latin America construction market growth is expected to receive a significant boost. Moreover, to enhance resilience towards climate change and natural disasters, Latin American governments are expected to invest $2.2 trillion in the construction and maintenance of important infrastructure projects in key sectors like energy, sanitation, logistics, and housing, among others.

Market Segmentation

Latin America Construction Market Report and Forecast 2024-2032 offers a detailed analysis of the market based on the following segments

Market Breakup by Construction Type

• New Constructions

• Renovation

Market Breakup by End Use

• Commercial

• Residential

• Industrial

• Education and Research

• Medical and Healthcare

• Others

Market Breakup by Region

• Brazil

• Mexico

• Argentina

• Others

The key market players are Sigdo Koppers S.A., MRV&CO, Grupo Carso, S.A.B. de C.V., Techint E&C S.A., Aenza, Salfacorp S.A., Mota-Engil Group, Echeverría Izquierdo S.A., Amarilo S.A.S., Marval S.A., CONSTRUCTORA CAPITAL BOGOTÁ S.A.S, and Arquitectura Y Concreto S.A.S, among others.

Key Highlights of the Report