Latin America Permanent Magnet Market Research, Trends and Forecasts by 2031


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 and Latin America Permanent Magnet Market Analysis

The demand for Latin America Permanent Magnet Market (LATAM) is steadily growing, fueled by increasing industrialization, the transition to renewable energy, and the expanding electric vehicle (EV) market. Countries such as Brazil, Mexico, and Argentina are leading this demand surge as they modernize industries and adopt advanced technologies.

In the renewable energy sector, wind power plays a significant role in boosting the demand for permanent magnets. As Latin American nations, particularly Brazil, expand their renewable energy capacity, the use of magnets in wind turbines is becoming more prevalent. Additionally, the growing emphasis on solar energy and energy efficiency further supports the need for high-performance magnets in energy storage systems and other clean technologies.

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:

  1. Hitachi Ltd
  2. Shin-Etsu Chemical Co Ltd
  3. TDK Corp
  4. Arnold Magnetic Technologies
  5. Galaxymagnets
  6. Goudsmit Magnetics
  7. Electron Energy Corporation
  8. Dexter Magnetic Technologies
  9. Adams Magnetic Products, LLC
  10. 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 automotive sector is another key driver, with a rising interest in electric vehicles (EVs) across LATAM. As countries in the region shift towards green transportation solutions, the demand for neodymium-iron-boron (NdFeB) magnets in EV motors is increasing. Furthermore, advancements in electronics, robotics, and automation are further amplifying the need for permanent magnets in diverse applications.

As Latin American economies continue investing in infrastructure and technology, the demand for permanent magnets is expected to grow, aligning with global sustainability trends and industrial innovation.

Latin America Permanent Magnet Market – Country Insights

The Latin America permanent magnet market is segmented into key countries, including:

  1. Brazil (largest market share in 2024)
  2. Mexico
  3. Argentina
  4. Peru
  5. Chile
  6. Colombia

Brazil – Market Leader in 2024

  • Aerospace Industry: Brazil leads South America’s aerospace sector, with Embraer being the third-largest aerospace manufacturer globally.
  • Automotive Industry: According to the International Organization of Motor Vehicle Manufacturers (OICA), Brazil was the largest manufacturer and exporter of light and commercial vehicles in South and Central America in 2023, producing 2.3 million vehicles—a 15% increase from 2020.
  • Electronics Industry: The Brazilian Electrical and Electronics Industry Association reported US$ 39.2 billion in revenue in 2021, with an estimated growth to US$ 41.7 billion by 2024.

The strong growth in aerospace, automotive, and electronics industries is driving the demand for permanent magnets in Brazil.

Other Report:

Permanent Magnet Market: https://www.quora.com/profile/Business-Market-Insights-1/Permanent-Magnet-Market

Graphite Market: https://penzu.com/p/43ab0823e35e64a6 

Africa Graphite Market: https://postyourarticle.com/africa-graphite-market-significant-players-trends-in-future-revenue-2031/ 

Benelux Graphite Market: https://businessnews46.wordpress.com/2025/03/25/benelux-graphite-market-opportunity-assessment-future-scope-2031/ 

Middle East Graphite Market: https://business-news-insights.blogspot.com/2025/03/middle-east-graphite-market-regional.html 

Nordic Graphite Market: https://sites.google.com/view/nordicgraphitemarket/home 

About Us:

Business Market Insights is a market research platform that provides subscription service for industry and company reports. Our research team has extensive professional expertise in domains such as Electronics & Semiconductor; Aerospace & Defense; Automotive & Transportation; Energy & Power; Healthcare; Manufacturing & Construction; Food & Beverages; Chemicals & Materials; and Technology, Media, & Telecommunications.

Author’s Bio:

Suryakant Gadekar

Senior Market Research Expert at Business Market Insights

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