The Latin America Permanent Magnet Market size is expected to reach US$ 1,353.41 million by 2031 from US$ 886.90 million in 2024. The market is estimated to record a CAGR of 8.0% from 2025 to 2031.
Executive Summary: Latin America Permanent Magnet Market Analysis
The Latin America (LATAM) permanent magnet market is witnessing steady growth, fueled by increasing industrialization, the transition to renewable energy, and the expanding electric vehicle (EV) sector. Key economies such as Brazil, Mexico, and Argentina are leading this demand as they modernize infrastructure and adopt advanced technologies.
The renewable energy sector, particularly wind power, is a major driver of permanent magnet consumption. Brazil, in particular, is investing heavily in wind energy, boosting the need for high-performance magnets in wind turbines. Additionally, the region’s growing emphasis on solar power and energy storage solutions further supports demand for permanent magnets in clean energy applications.
The automotive industry is another significant contributor, with rising interest in electric vehicles accelerating the need for magnets like neodymium-iron-boron (NdFeB) in EV motors. Beyond energy and transportation, advancements in electronics, robotics, and industrial automation are further propelling market growth. As LATAM nations continue to invest in sustainable technologies and industrial innovation, the permanent magnet market is poised for sustained expansion.
Latin America Permanent Magnet Market Segments Covered
Latin America Permanent Magnet Market By Type
- Neodymium-Iron-Boron
- Ferrite
- Samarium Cobalt
- Alnico
Latin America Permanent Magnet Market By Application
- Consumer Electronics
- Automotive
- Aerospace and Defense
- Medical
- Industrial Machinery
- Energy
Latin America Permanent Magnet Market Regions and Countries Covered
Latin America
- Brazil
- Argentina
- Peru
- Chile
- Colombia
The key players in the Latin America Permanent Magnet Market include:
- Hitachi Ltd
- Shin-Etsu Chemical Co Ltd
- TDK Corp
- Arnold Magnetic Technologies
- Galaxymagnets
- Goudsmit Magnetics
- Electron Energy Corporation
- Dexter Magnetic Technologies
- Adams Magnetic Products, LLC
- NINGBO YUNSHENG Co., Ltd
These companies employ strategies such as expansion, product innovation, and mergers and acquisitions to maintain competitiveness and deliver innovative products to consumers.
Latin America Permanent Magnet Market Outlook
The LATAM permanent magnet market is segmented into key countries, including Brazil, Mexico, Argentina, Peru, Chile, and Colombia. Among these, Brazil dominates the market, holding the largest share in 2024.
Key Drivers in Brazil:
- Aerospace Industry: Brazil boasts the largest aerospace sector in South America, led by Embraer, the world’s third-largest aircraft manufacturer. The production of commercial, military, and executive aircraft significantly contributes to permanent magnet demand.
- Automotive Sector: According to the International Organization of Motor Vehicle Manufacturers (OICA), Brazil is the leading vehicle producer in South and Central America, manufacturing 2.3 million vehicles in 2023—a 15% increase since 2020. The shift toward EVs further amplifies magnet demand.
- Electronics Industry: The Brazilian Electrical and Electronics Industry Association reports that the sector generated 39.2 billion in revenue in 2021, with projection sreaching 41.7 billion by 2024, driving growth in magnet applications.
With strong industrial activity across aerospace, automotive, and electronics, Brazil remains the primary growth engine for the LATAM permanent magnet market, supported by ongoing technological advancements and sustainability initiatives.
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Author’s Bio:
Suryakant Gadekar
Senior Market Research Expert at Business Market Insights
