Latin America Permanent Magnet Market Report (2021-2031) by Scope, Segmentation, Dynamics, and Competitive Analysis
No. of Pages: 150 | Report Code: BMIRE00031269 | Category: Chemicals and Materials
No. of Pages: 150 | Report Code: BMIRE00031269 | Category: Chemicals and Materials
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.
The demand for permanent magnets in the Latin America (LATAM) region is experiencing steady growth, driven by increasing industrialization, the shift towards renewable energy, and the expanding electric vehicle (EV) market. Countries like Brazil, Mexico, and Argentina are at the forefront of this demand, as they modernize their industries and embrace new technologies. In the renewable energy sector, wind power is a significant contributor to the rise in permanent magnet demand. As Latin American nations, particularly Brazil, look to expand their renewable energy capacities, the use of 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.
Key segments that contributed to the derivation of the permanent magnet market analysis are type and application.
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.
Based on region, the Latin America permanent magnet market is further segmented into the Mexico, Brazil, Argentina, Peru, Chile, Colombia. The 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.
| Report Attribute | Details |
|---|---|
| Market size in 2024 | US$ 886.90 Million |
| Market Size by 2031 | US$ 1,353.41 Million |
| Global CAGR (2025 - 2031) | 8.0% |
| Historical Data | 2022-2023 |
| Forecast period | 2025-2031 |
| Segments Covered |
By Type
|
| Regions and Countries Covered | Latin America
|
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; and NINGBO YUNSHENG co., Ltd are among the key players operating in the market. These players adopt strategies such as expansion, product innovation, and mergers and acquisitions to stay competitive in the market and offer innovative products to their consumers.
The following methodology has been followed for the collection and analysis of data presented in this report:
The research process begins with comprehensive secondary research, utilizing both internal and external sources to gather qualitative and quantitative data for each market. Commonly referenced secondary research sources include, but are not limited to:
Note:
All financial data included in the Company Profiles section has been standardized to US$. For companies reporting in other currencies, figures have been converted to US$ using the relevant exchange rates for the corresponding year.
The Insight Partners conducts a significant number of primary interviews each year with industry stakeholders and experts to validate and analyze the data and gain valuable insights. These research interviews are designed to:
Primary research is conducted via email interactions and telephone interviews with industry experts across various markets, categories, segments, and sub-segments in different regions. Participants typically include:
The Latin America Permanent Magnet Market is valued at US$ 886.90 Million in 2024, it is projected to reach US$ 1,353.41 Million by 2031.
As per our report Latin America Permanent Magnet Market, the market size is valued at US$ 886.90 Million in 2024, projecting it to reach US$ 1,353.41 Million by 2031. This translates to a CAGR of approximately 8.0% during the forecast period.
The Latin America Permanent Magnet Market report typically cover these key segments-
The historic period, base year, and forecast period can vary slightly depending on the specific market research report. However, for the Latin America Permanent Magnet Market report:
The Latin America Permanent Magnet Market is populated by several key players, each contributing to its growth and innovation. Some of the major players include:
The Latin America Permanent Magnet Market report is valuable for diverse stakeholders, including:
Essentially, anyone involved in or considering involvement in the Latin America Permanent Magnet Market value chain can benefit from the information contained in a comprehensive market report.
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