Latin America Permanent Magnet Market Share and Key Segments Analysis, Size 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 permanent magnets in the Latin America (LATAM) region is experiencing steady growth, propelled by increasing industrialization, the transition to renewable energy sources, and the expanding electric vehicle (EV) market. Countries such as Brazil, Mexico, and Argentina are at the forefront of this demand, as they modernize their industries and adopt new technologies.

In the renewable energy sector, wind power is a significant contributor to the rising demand for permanent magnets. As LATAM nations, particularly Brazil, aim to expand their renewable energy capacities, the use of these magnets in wind turbines is becoming more prominent. The region's growing focus on solar power and energy efficiency further supports the demand for high-performance magnets in energy storage systems and other clean technologies.

Latin America Permanent Magnet Market Outlook

The automotive sector is also a key driver, particularly with the increasing interest in electric vehicles. As LATAM countries explore green transportation solutions, the need for permanent magnets in EV motors, which require magnets such as neodymium-iron-boron (NdFeB), is on the rise. Additionally, advancements in electronics, robotics, and automation are increasing demand for permanent magnets in various applications. As Latin American economies continue to invest in infrastructure and technology, the demand for permanent magnets is expected to grow, aligning with global sustainability trends and industrial innovation in the region.

Latin America Permanent Magnet Market Country Insights

Based on region, the Latin America permanent magnet market is further segmented into Mexico, Brazil, Argentina, Peru, Chile, and Colombia. Brazil held the largest share in 2024.

According to the Aerospace Industries Association of Brazil (AIAB), Brazil has the largest aerospace industry in South America, with Embraer being the largest representative company. The firm produces commercial, military, and executive aircraft and is currently the third major aerospace manufacturer in the world. According to the International Organization of Motor Vehicle Manufacturers (OICA) report, Brazil was the largest manufacturer and exporter of light and commercial vehicles in 2023 in South and Central America. The country reported a production of 2.3 million vehicles in 2023, with an increase of 15% compared to 2020. According to the Brazilian Electrical and Electronics Industry Association, the electrical and electronics industry in the country generated a revenue of US$ 39.2 billion in 2021, which is further estimated to reach US$ 41.7 billion by 2024. Thus, the growth of the aerospace, automotive, and electronics industries in Brazil drives the permanent magnet market growth in the country.

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

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Author’s Bio:

Suryakant Gadekar

Senior Market Research Expert at Business Market Insights