Market Size of Latin America Facade Industry
| Study Period | 2020 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| Historical Data Period | 2020 - 2022 |
| CAGR | 7.00 % |
| Market Concentration | Low |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Latin America Facade Market Analysis
The size of Latin America Facade market is USD 24.2 billion in the current year and is anticipated to register a CAGR of over 7% during the forecast period.
- Due to rapid urbanization, Latin American countries have been scaling-up green buildings, in some cases achieving significant reductions in energy consumption, water use, carbon dioxide emissions, and solid waste.
- In addition, facade provides various benefits in making energy-efficient buildings with low solar penetration, passive cooling, reduced overheating, and lower air conditioning costs, which is further expected to support the demand for facades over the forecast period.
- Factors such as the growing construction industry supported by favorable government assistance and inclination toward constructing green buildings are impacting the infrastructural projects, thereby positively driving the growth of the facade market. Also, the penetration of advanced insulation material, UPVC, and double skin facades are higher than other materials, as it improves the energy efficiency of the building. Moreover, the advent of sophisticated technologies, such as precast facade panels, is projected to generate ample growth in the facade market. However, the high cost of raw material and installation and repair costs are expected to hamper the growth of the facade market.
- The COVID-19 outbreak halted the market's expansion. According to the Brazilian Institute of Geography and Statistics, the construction sector in Brazil experienced a 1% year-over-year decline in the first quarter of 2020 and a 6.7% quarter-over-quarter decline.
- The outbreak of COVID-19 is likely to bring several short-term and long-term consequences in various industries, including a major impact on the construction industry, which has affected the facade market. Work interruptions due to lockdown measures imposed by governmental authorities negatively affected the commercial, residential, infrastructural, and institutional sectors, decreasing the demand for facade installations. Such lower demand from the commercial and residential construction sectors is expected to hinder the demand for facade materials during the short term.
