MARKET INSIGHT | LATIN AMERICA Peru – Industrial construction output by project type (Real, $M), 2021–30
6,000 5,000 4,000 3,000 2,000 1,000 0
2021 2022 2023 2024 2025 2026 2027 2028 2029
Waste processing plants Metal and material production and processing plants Manufacturing plants Chemical and pharmaceutical plants
Peru
Peru’s industrial construction sector is forecast to expand by 5.6% in real terms in 2026, followed by average annual growth of 3.6% between 2027 and 2030. This outlook is underpinned by sustained growth in mining activity, increasing private investment in manufacturing facilities, and a continued rise in exports. According to INEI, value added from the extraction of oil, gas, minerals, and related services increased by 1.4% in 2025, following growth of 3.4% in 2024. Export performance has also been strong, with Peru’s total export value in US dollar terms rising by 21.8% in 2025, as reported by BCRP. Looking ahead, expansion in the industrial construction
sector will be supported by increased investment in mining, aligned with broader efforts to revitalize the country’s mining industry. In January 2026, Peru’s Ministry of Energy and Mines (MINEM) announced that eight major mining projects are expected to begin construction in 2026, with a combined estimated cost of approximately PEN28.1bn ($7.6bn). As of January 2026, these projects were in advanced feasibility and detailed engineering stages. The projects include Colquijirca Replacement and
Huaron Expansion in the Pasco region; San Rafael Replacement and Corani in Puno; Zafranal, Cerro Verde Optimization, and Pampa de Pongo in Arequipa; and the Huancapeti Expansion in Áncash. Earlier, in October 2025, the government outlined
plans to initiate construction on 12 additional mining projects across multiple provinces in 2026, representing total investment of approximately PEN41.7bn ($11.3bn). Furthermore, in January 2026, MINEM announced plans to invest PEN28.1bn ($7.6bn) to expand and enhance mining operations extracting zinc, lead, tin, silver, copper, and gold. Recent project activity also highlights ongoing momentum in the sector. In October 2025, Peruvian miner Minsur began construction of its Mina Justa copper mine in the Ica region, with an investment of PEN1.8bn ($500m). Construction is expected to be completed by the end of 2027. According to GlobalData, Peru’s industrial construction project pipeline – covering all projects valued
38 | April 2026 |
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above $25m from pre-planning through execution – totals $32.8bn. The pipeline is heavily concentrated in early-stage development, with 87.1% of total value in pre-planning and planning as of March 2026. Among the largest projects is the $11.2bn Horizonte
de Verano Green Hydrogen Plant, which involves the construction of a green hydrogen production facility, a green ammonia plant, and a desalination plant. Another key project is the $5bn La Granja Copper Mine: Infrastructure Development project, currently in the pre-planning stage. This development involves a copper field spanning 11,500 hectares, with an expected annual production capacity of between 300,000tpa and 500,000tpa.
Argentina Argentina’s industrial construction sector is projected to grow by 5.3% in real terms in 2026, driven by increased activity in manufacturing and mining. Over the remainder of the forecast period, the sector is expected to expand at an average annual rate of 3.5% between 2027 and 2030, supported by continued investment in mining and production projects, alongside government initiatives aimed at strengthening the automotive industry. The 2026 budget allocates ARS4.8trn ($2bn) to support SMEs (small and medium-sized enterprises), biotechnology and nanotechnology, as well as the automotive sector. Growth prospects are further reinforced by the government’s strategy to expand lithium production. According to the National Directorate for Mining
Promotion and Economics, Argentina’s mining exports reached ARS14.2trn ($6bn) in 2025, marking a 29.2% increase compared to 2024. This represents the highest level ever recorded for the sector, surpassing the previous peak set in 2012. Lithium exports totalled ARS2.1trn ($905m) in 2025, reflecting year-on-year growth of 40.3%.
Momentum in the mining sector has also been
supported by new project approvals. In December 2025, Mendoza’s legislature approved the San Jorge PSJ Cobre Mendocino copper project, unlocking an estimated
2030
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