Latin America Permanent Magnet Market Opportunity Size, Share, Comprehensive Analysis 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: Latin America Permanent Magnet Market Analysis

The Latin America Permanent Magnet Market is experiencing consistent growth, fueled by rising industrialization, an accelerating transition to renewable energy, and the expansion of the electric vehicle (EV) sector. Countries such as Brazil, Mexico, and Argentina are leading this transformation as they modernize their industrial bases and adopt emerging technologies.

In the renewable energy space, wind power has emerged as a significant driver of demand for permanent magnets, particularly in wind turbines. Brazil, in particular, is making substantial investments in expanding its renewable energy capacity, further boosting the use of high-performance magnets. The region’s growing emphasis on solar energy and energy efficiency is also contributing to increased demand for magnets used in energy storage systems and other clean technologies.

Latin America Permanent Magnet Market Outlook

The automotive industry plays a crucial role in propelling the demand for permanent magnets, especially with the growing interest in electric mobility. As Latin American countries seek sustainable transportation solutions, the demand for magnets—such as neodymium-iron-boron (NdFeB)—used in EV motors is on the rise. Additionally, technological advancements in electronics, robotics, and automation are creating further opportunities for magnet applications across various sectors.

With ongoing infrastructure development and investments in high-tech industries, Latin America is expected to see continued growth in the permanent magnet market. This trend aligns with broader global goals around sustainability, energy transition, and industrial innovation.

Country-Level Insights

The Latin America permanent magnet market is segmented into Brazil, Mexico, Argentina, Peru, Chile, and Colombia. Among these, Brazil held the largest market share in 2024.

Brazil stands out as a regional industrial leader, supported by its robust aerospace, automotive, and electronics sectors. According to the Aerospace Industries Association of Brazil (AIAB), the country boasts the largest aerospace industry in South America, led by Embraer—one of the world’s top three aircraft manufacturers.

The International Organization of Motor Vehicle Manufacturers (OICA) reports that Brazil was the largest producer and exporter of light and commercial vehicles in South and Central America in 2023, with a production volume of 2.3 million vehicles—marking a 15% increase from 2020.

In the electronics sector, the Brazilian Electrical and Electronics Industry Association reported industry revenues of USD 39.2 billion in 2021, projected to reach USD 41.7 billion by 2024. This industrial expansion is a key driver of permanent magnet demand in the country.

Overall, Brazil’s growing aerospace, automotive, and electronics industries continue to position it as the dominant force in Latin America Permanent Magnet Market.

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

Latin America Permanent Magnet Market leaders and key company profiles

  • Shin-Etsu Chemical
  • Hitachi Metals
  • Toyota Tsusho Corporation
  • General Electric
  • TDK Corp
  • Armold Magnetic technologies
  • Galaxy Magnets
  • Goudsmit Magnetics
  • Electron Energy Corporation
  • Dexter Magnetic Technolgies

Other Report: 

Nordic Graphite Market: https://business-news-insights.blogspot.com/2025/05/nordic-graphite-market-analysis-size.html 

Middle East Graphite Market: https://sites.google.com/view/middle-east-graphite-market/home 

GCC Graphite Market: https://penzu.com/p/23c7ae9b8f8ac86b  

Benelux Graphite Market: https://github.com/SuryakantGadekar/Business-Market-Insights/issues/13 

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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