Brazil Construction Market Size, Trend Analysis by Sector, Competitive Landscape and Forecast to 2028

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Published: March 29, 2024 Report Code: GDCN1348MR-ST

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The Brazilian construction industry is expected to decline by 2.8% in real terms in 2024, owing to the economic challenges of weak investor sentiment, elevated cost of production and rising energy prices, on top of a prolonged high interest rate. According to the Brazilian Institute of Economics (IBRE) and its unit – the Getúlio Vargas Foundation (FGV) (FGV/IBRE), the average National Construction Cost Index – M (INCC-M) rose by 3.2% year-on-year (YoY) in the first two months of 2024. Which was slightly lower growth than that experienced in the first two months of 2023, when the increase was 5.2%. Continued weakness in the residential sector will also weigh on the overall industry’s output this year as the market still experiences subdued demand for housing units. According to the Brazilian Chamber of Construction Industry (CBIC) and the National Service for Industrial Training (SENAI), the total number of residential units sold in the country fell by 1.4% in 2023.

The Brazilian construction industry is expected to rebound at an average annual growth rate of 3.2% from 2025 to 2028, supported by investment in industrial, transport, renewable energy, housing, and oil sectors. In December 2023, the government of Brazil launched the National Green Mobility and Innovation Programme (Mover), under which it plans to invest BRL19.3 billion ($3.9 billion). The programme will support the growth of the automotive industry between the period of 2024 to 2028. Growth will also be supported by the “New Growth Acceleration Program”, that was announced in August 2023, under which BRL1.7 trillion ($340.6 billion) will be invested to support the construction of social infrastructure, transportation, energy infrastructure and housing units.

GlobalData’s Construction in Brazil – Key Trends and Opportunities to 2028 (Q1 2024) report provides detailed market analysis, information, and insights into the Brazilian construction industry, including –
– The Brazilian construction industry's growth prospects by market, project type and construction activity
– Critical insight into the impact of industry trends and issues, as well as an analysis of key risks and opportunities in the Brazilian construction industry
– Analysis of the mega-project pipeline, focusing on development stages and participants, in addition to listings of major projects in the pipeline.

Brazil Construction Market Segmentation by Sectors

Residential construction was the leading sector in the Brazil construction market in 2022

The key sectors in the Brazil construction market are commercial construction, industrial construction, infrastructure construction, energy and utilities construction, institutional construction, and residential construction.
Commercial construction: The project types in this sector include leisure and hospitality buildings, office buildings, outdoor leisure facilities, retail buildings, and other commercial construction. The factors driving the commercial sector’s growth over the forecast period include investments in football stadiums, office, and data center projects.

Industrial construction: The project types in this sector include chemical and pharmaceutical plants, manufacturing plants, metal and material production and processing plants, and waste processing plants. Brazil’s target of manufacturing a total of 1 million hybrid (HEV) and battery (BEV) electric vehicles by 2030 will support the sector’s growth over the forecast period.

Infrastructure construction: The project types in this sector include rail infrastructure, road infrastructure, and other infrastructure projects. Public and private sector investments in infrastructure projects will improve regional connectivity and contribute to the sector’s output in the forecast period.

Energy and utilities construction: The project types in this sector include electricity and power, oil and gas, telecommunications, sewage infrastructure, and water infrastructure. The sector growth is attributed to the government’s focus on the development of energy infrastructure, with special attention to the renewable energy infrastructure.

Institutional construction: The project types in this sector include educational buildings, healthcare buildings, institutional buildings, research facilities, and religious buildings. Investments in the health and education sectors will boost the institutional construction sector’s growth during the forecast period.

Residential construction: The project types in this sector include single-family housing and multi-family housing. The government’s initiatives to reduce the country’s housing deficit and guarantee the right to affordable housing to its citizens will support the residential construction sector’s growth in the coming years. Furthermore, in February 2023, the Brazilian government resumed the “Minha Casa Minha Vida” program, which is one of the largest housing programs in the world. As a part of this program, in  November 2023, a Brazilian real estate company, MRV Engenharia e Participacoes S.A., announced that it will construct Cidade Sete Sois Pirituba residential complex by 2026.

Brazil Construction Market Analysis by Sectors, 2022 (%)

Brazil Construction Market Analysis by Sectors, 2022 (%)

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Brazil Construction Market - Competitive Landscape

MODEC Inc. emerged as the leading contractor and Sofec Inc as the leading consultant in the Brazil construction market in 2022

A few of the leading contractors in the Brazil construction market are:

  • MODEC Inc.
  • Marubeni Corp
  • Dalian Shipbuilding Industry Corporation
  • Siemens AG
  • Mitsubishi Corp

Foreign contractors account for most of the project pipeline in the Brazil construction market.

Brazil Construction Market Analysis by Contractors, 2022 (%)

Brazil Construction Market Analysis by Contractors, 2022 (%)

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A few of the leading consultants in the Brazil construction market are:

  • Sofec Inc
  • Aker Solutions ASA
  • Rapid Offshore & Marine Pte, Ltd.
  • The Techint Group
  • Electricite de France SA

Consultants with headquarters outside Brazil are involved in most of the project pipeline by value.

Brazil Construction Market Analysis by Consultants, 2022 (%)

Brazil Construction Market Analysis by Consultants, 2022 (%)

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Brazil Construction Market - Latest Developments

  • The largest commercial project currently in the pipeline is the Rio de Janeiro Mixed-Use Development project, which is in the planning stage. It involves the construction of a resort, a casino, a shopping mall, a hotel, and a convention center.
  • The largest industrial projects currently in the pipeline is the Pecem Green Hydrogen Production Plant. The project involves the construction of a green hydrogen production plant, hydrogen vehicle fueling stations, and storage facilities.

Segments Covered in the Report

Brazil Construction Sectors Outlook (Value, $ Billion, 2018-2027)

  • Commercial Construction
  • Industrial Construction
  • Infrastructure Construction
  • Energy and Utilities Construction
  • Institutional Construction
  • Residential Construction

Scope

This report provides a comprehensive analysis of the construction industry in Brazil. It provides –

• Historical (2019-2023) and forecast (2024-2028) valuations of the construction industry in Brazil, featuring details of key growth drivers.

• Segmentation by sector (commercial, industrial, infrastructure, energy and utilities, institutional and residential) and by sub-sector

• Analysis of the mega-project pipeline, including breakdowns by development stage across all sectors, and projected spending on projects in the existing pipeline.

• Listings of major projects, in addition to details of leading contractors and consultants

Reasons to Buy

• Identify and evaluate market opportunities using GlobalData's standardized valuation and forecasting methodologies.

• Assess market growth potential at a micro-level with over 600 time-series data forecasts.

• Understand the latest industry and market trends.

• Formulate and validate strategy using GlobalData's critical and actionable insight.

• Assess business risks, including cost, regulatory and competitive pressures.

• Evaluate competitive risk and success factors.

Table of Contents

1 Executive Summary

2 Construction Industry: At-a-Glance

3 Context

3.1 Economic Performance

3.2 Political Environment and Policy

3.3 Demographics

3.4 Risk Profile

4 Construction Outlook

4.1 All Construction

– Outlook

– Latest news and developments

– Construction Projects Momentum Index

4.2 Commercial Construction

– Outlook

– Project analytics

– Latest news and developments

4.3 Industrial Construction

– Outlook

– Project analytics

– Latest news and developments

4.4 Infrastructure Construction

– Outlook

– Project analytics

– Latest news and developments

4.5 Energy and Utilities Construction

– Outlook

– Project analytics

– Latest news and developments

4.6 Institutional Construction

– Outlook

– Project analytics

– Latest news and developments

4.7 Residential Construction

– Outlook

– Project analytics

– Latest news and developments

5 Key Industry Participants

5.1 Contractors

5.2 Consultants

6 Construction Market Data

7 Appendix

7.1 What is this Report About?

7.2 Definitions

7.3 CRI Methodology

7.4 GlobalData Construction

Contact Us

Table

Table 1: Construction Industry Key Data

Table 2: Brazil, Key Economic Indicators

Table 3: Brazil, Commercial Construction Output by Project Type (Real % Change), 2019–28

Table 4: Brazil, Top Commercial Construction Projects by Value

Table 5: Brazil, Industrial Construction Output by Project Type (Real % Change), 2019–28

Table 6: Brazil, Top Industrial Construction Projects by Value

Table 7: Brazil, Infrastructure Construction Output by Project Type (Real % Change), 2019–28

Table 8: Brazil, Top Infrastructure Construction Projects by Value

Table 9: Brazil, Energy and Utilities Construction Output by Project Type (Real % Change), 2019–28

Table 10: Brazil, Top Energy and Utilities Construction Projects by Value

Table 11: Brazil, Institutional Construction Output by Project Type (Real % Change), 2019–28

Table 12: Brazil, Top Institutional Construction Projects by Value

Table 13: Brazil, Residential Construction Output by Project Type (Real % Change), 2019–28

Table 14: Brazil, Top Residential Construction Projects by Value

Table 15: Brazil, Key Contractors

Table 16: Brazil, Key Consultants

Table 17: Brazil, Construction Output Value (Real, $ Million)

Table 18: Brazil, Construction Output Value (Nominal, BRL Million)

Table 19: GlobalData Construction Market Definitions

Table 20: Risk Dimensions

Table 21: Ratings, Scores and Definitions

Figures

Figure 1: Latin America, Construction Output (Real % Change), 2022–28

Figure 2: Brazil, Construction Output by Sector (Real % Change), 2022–24 and 2025–28

Figure 3: Brazil, Risk Summary

Figure 4: Brazil, Risk Regional Comparison

Figure 5: Brazil, Construction Output Value (Real, $ Million, 2022 Prices and Exchange Rate), 2019–28

Figure 6: Brazil, Construction Output Value, by Sector (Real, $ Million), 2019–28

Figure 7: Brazil, Construction Projects Momentum Index

Figure 8: Latin America, Construction Projects Momentum Index

Figure 9: Brazil, Commercial Construction Output by Project Type (Real, $ Million), 2019–28

Figure 10: Brazil, Commercial Construction Projects Pipeline, Value by Stage ($ Million)

Figure 11: Brazil, Services Sector Value Add (BRL Billion, Chained at 1995 Prices)

Figure 12: Brazil, Services Volume and Revenue Indices, 2022=100, % Change YoY

Figure 13: Brazil, Number of People Employed in The Accommodation and Food Services Sector, In Thousands

Figure 14: Brazil, Number of People Employed in The Accommodation and Food Services Sector, In Thousands

Figure 15: Brazil, Industrial Construction Output by Project Type (Real, $ Million), 2019–28

Figure 16: Brazil, Industrial Construction Projects Pipeline, Value by Stage ($ Million)

Figure 17: Brazil, Infrastructure Construction Output by Project Type (Real, $ Million), 2019–28

Figure 18: Brazil, Infrastructure Construction Projects Pipeline, Value by Stage ($ Million)

Figure 19: Brazil, Energy and Utilities Construction Output by Project Type (Real, $ Million), 2019–28

Figure 20: Brazil, Energy and Utilities Construction Projects Pipeline, Value by Stage ($ Million)

Figure 21: Brazil, Institutional Construction Output by Project Type (Real, $ Million), 2019–28

Figure 22: Brazil, Institutional Construction Projects Pipeline, Value by Stage ($ Million)

Figure 23: Brazil, Residential Construction Output by Project Type (Real, $ Million), 2019–28

Figure 24: Brazil, Residential Construction Projects Pipeline, Value by Stage ($ Million)

Figure 25: Brazil, Headquarters of Key Contractors (% of Total Project Pipeline)

Figure 26: Brazil, Headquarters of Key Consultants (% of Total Project Pipeline)

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