The South and Central America Permanent Magnet Market is projected to reach USD 1,273.5 million by 2031, up from USD 775.1 million in 2024. The market is anticipated to grow at a CAGR of 7.9% from 2025 to 2031.
South and Central America Permanent Magnet Market Outlook
Brazil, Argentina, and Chile are increasingly adopting clean energy solutions, particularly in wind and solar power, which rely on permanent magnets for efficient energy generation and storage systems. Brazil, with its significant wind energy projects, and Chile, with its focus on solar energy, are key players driving demand for magnets in the renewable energy sector. Additionally, the adoption of electric vehicles (EVs) is rising in these regions, especially in Brazil. Government initiatives promoting green technologies, along with growing consumer interest in EVs, are further accelerating this trend. The industrial sector in the region is also evolving, with increased automation in manufacturing processes that require permanent magnets for motors, actuators, and sensors. However, challenges such as the dependency on rare earth elements from Asia and limited local production capabilities may hinder market growth. Despite these challenges, strategic investments in infrastructure and green technologies are positioning the South and Central American permanent magnet market for steady growth in the coming years.
South and Central America Permanent Magnet Market Segmentation
The key segments contributing to the analysis of the permanent magnet market include type and application.
By Type: The market is segmented into neodymium-iron-boron, ferrite, samarium cobalt, alnico, and others. The neodymium-iron-boron segment dominated the market in 2024.
By Application: The market is segmented into consumer electronics, automotive, aerospace and defense, medical, industrial machinery, energy, and others. The consumer electronics segment held the largest market share in 2024.
South and Central America Permanent Magnet Market Analysis
The region is experiencing significant growth in the permanent magnet market due to increasing demand in key sectors such as automotive, renewable energy, and industrial applications. The strong emphasis on renewable energy, mining, and industrial development enhances the demand for permanent magnets in wind and solar power generation. Additionally, the region's robust mining industry increasingly relies on permanent magnets for various operations, including magnetic separation, pumps, and motors used in extraction. As advanced machinery in the mining sector evolves, the reliance on permanent magnets will continue to grow.
Country Insights
The South and Central America permanent magnet market is further segmented by country, including Brazil, Argentina, Chile, Peru, Colombia, and the rest of South and Central America, with Brazil holding the largest market share in 2024. According to the Aerospace Industries Association of Brazil (AIAB), Brazil boasts the largest aerospace industry in South America, with Embraer as the leading company. This firm produces commercial, military, and executive aircraft and ranks as the third-largest aerospace manufacturer worldwide. According to the International Organization of Motor Vehicle Manufacturers (OICA), Brazil was the largest manufacturer and exporter of light and commercial vehicles in 2023, producing 2.3 million vehicles, marking a 15% increase compared to 2020. Additionally, the Brazilian Electrical and Electronics Industry Association reported that the electrical and electronics industry in Brazil generated USD 39.2 billion in revenue in 2021, with expectations to reach USD 41.7 billion by 2024. Therefore, the growth of aerospace, automotive, and electronics industries in Brazil is driving the expansion of the permanent magnet market in the country.
Company Profiles:
Key players in the 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; and NINGBO YUNSHENG Co., Ltd. These companies employ strategies such as expansion, product innovation, and mergers and acquisitions to remain competitive and provide innovative products to their consumers.
- 1. Introduction
- 1.1 Business Market Insights Research Report Guidance
- 1.2 Market Segmentation
- 2. Executive Summary
- 2.1 Key Market Insights
- 2.2 Market Attractiveness
- 3. Research Methodology
- 3.1 Secondary Research
- 3.2 Primary Research
- 3.2.1 Hypothesis formulation:
- 3.2.2 Macro-economic factor analysis:
- 3.2.3 Developing base number:
- 3.2.4 Data Triangulation:
- 3.2.5 Country level data:
- 4. South and Central America Permanent Magnet Market Landscape
- 4.1 Market Overview
- 4.2 Porter's Five Forces Analysis
- 4.2.1 Bargaining Power of Suppliers
- 4.2.2 Bargaining Power of Buyers
- 4.2.3 Threat of New Entrants
- 4.2.4 Competitive Rivalry
- 4.2.5 Threat of Substitutes
- 4.3 Ecosystem Analysis
- 4.3.1 Raw Material Suppliers
- 4.3.2 Manufacturers
- 4.3.3 Distributors/Suppliers
- 4.3.4 End Users
- 5. South and Central America Permanent Magnet Market – Key Market Dynamics
- 5.1 Growth Drivers
- 5.1.1 Rising Demand for Consumer Electronics
- 5.1.2 Advancement in Technology
- 5.1.3 Growing demand for electric vehicle
- 5.2 Market Opportunities
- 5.2.1 Expansion in Electric Mobility
- 5.2.2 Investment in Magnet Recycling
- 5.2.3 Emerging Markets for Industrial and Consumer Applications
- 5.3 Future Trends
- 5.3.1 Shift towards rare earth elements
- 5.3.2 Miniaturization of Devices
- 5.3.3 Circular Economy and Recycling
- 5.4 Impact of Drivers and Restraints
- 6. South and Central America Permanent Magnet Market Regional Analysis
- 6.1 South and Central America Permanent Magnet Market Overview
- 6.2 South and Central America Permanent Magnet Market Revenue 2021-2031 (US$ Million)
- 6.3 South and Central America Permanent Magnet Market Forecast Analysis
- 7. South and Central America Permanent Magnet Market Analysis – by Type
- 7.1 Neodymium-Iron-Boron
- 7.1.1 Overview
- 7.1.2 Neodymium-Iron-Boron: South and Central America Permanent Magnet Market – Revenue and Forecast to 2031 (US$ Million)
- 7.2 Ferrite
- 7.2.1 Overview
- 7.2.2 Ferrite: South and Central America Permanent Magnet Market – Revenue and Forecast to 2031 (US$ Million)
- 7.3 Samarium Cobalt
- 7.3.1 Overview
- 7.3.2 Samarium Cobalt: South and Central America Permanent Magnet Market – Revenue and Forecast to 2031 (US$ Million)
- 7.4 Alnico
- 7.4.1 Overview
- 7.4.2 Alnico: South and Central America Permanent Magnet Market – Revenue and Forecast to 2031 (US$ Million)
- 8. South and Central America Permanent Magnet Market Analysis – by Application
- 8.1 Consumer Electronics
- 8.1.1 Overview
- 8.1.2 Consumer Electronics: South and Central America Permanent Magnet Market – Revenue and Forecast to 2031 (US$ Million)
- 8.2 Automotive
- 8.2.1 Overview
- 8.2.2 Automotive: South and Central America Permanent Magnet Market – Revenue and Forecast to 2031 (US$ Million)
- 8.3 Aerospace and Defense
- 8.3.1 Overview
- 8.3.2 Aerospace and Defense: South and Central America Permanent Magnet Market – Revenue and Forecast to 2031 (US$ Million)
- 8.4 Medical
- 8.4.1 Overview
- 8.4.2 Medical: South and Central America Permanent Magnet Market – Revenue and Forecast to 2031 (US$ Million)
- 8.5 Industrial Machinery
- 8.5.1 Overview
- 8.5.2 Industrial Machinery: South and Central America Permanent Magnet Market – Revenue and Forecast to 2031 (US$ Million)
- 8.6 Energy
- 8.6.1 Overview
- 8.6.2 Energy: South and Central America Permanent Magnet Market – Revenue and Forecast to 2031 (US$ Million)
- 9. South and Central America Permanent Magnet Market – South and Central America Analysis
- 9.1 South and Central America
- 9.1.1 South and Central America Permanent Magnet Market Breakdown, by Key Country, 2025 and 2031 (%)
- 9.1.1.1 South and Central America Permanent Magnet Market – Revenue and Forecast Analysis – by Country
- 9.1.1.1 Brazil: South and Central America Permanent Magnet Market – Revenue and Forecast to 2031 (US$ Million)
- 9.1.1.1.1 Brazil: South and Central America Permanent Magnet Market Breakdown, by Type
- 9.1.1.1.2 Brazil: South and Central America Permanent Magnet Market Breakdown, by Application
- 9.1.1.2 Argentina: South and Central America Permanent Magnet Market – Revenue and Forecast to 2031 (US$ Million)
- 9.1.1.2.1 Argentina: South and Central America Permanent Magnet Market Breakdown, by Type
- 9.1.1.2.2 Argentina: South and Central America Permanent Magnet Market Breakdown, by Application
- 9.1.1.3 Chile: South and Central America Permanent Magnet Market – Revenue and Forecast to 2031 (US$ Million)
- 9.1.1.3.1 Chile: South and Central America Permanent Magnet Market Breakdown, by Type
- 9.1.1.3.2 Chile: South and Central America Permanent Magnet Market Breakdown, by Application
- 9.1.1.4 Colombia: South and Central America Permanent Magnet Market – Revenue and Forecast to 2031 (US$ Million)
- 9.1.1.4.1 Colombia: South and Central America Permanent Magnet Market Breakdown, by Type
- 9.1.1.4.2 Colombia: South and Central America Permanent Magnet Market Breakdown, by Application
- 9.1.1.5 and Rest of SAM: South and Central America Permanent Magnet Market – Revenue and Forecast to 2031 (US$ Million)
- 9.1.1.5.1 and Rest of SAM: South and Central America Permanent Magnet Market Breakdown, by Type
- 9.1.1.5.2 and Rest of SAM: South and Central America Permanent Magnet Market Breakdown, by Application
- 10. Competitive Landscape
- 10.1 Heat Map Analysis
- 10.2 Company Positioning and Concentration
- 11. South and Central America Permanent Magnet Market Industry Landscape
- 11.1 Overview
- 11.2 Mergers and Acquisitions
- 11.3 Agreements, Collaborations, and Joint Ventures
- 11.4 New Product Launches
- 11.5 Expansions and Other Strategic Developments
- 12. Company Profiles
- 12.1 Shin-Etsu Chemical
- 12.1.1 Key Facts
- 12.1.2 Business Description
- 12.1.3 Products and Services
- 12.1.4 Financial Overview
- 12.1.5 SWOT Analysis
- 12.1.6 Key Developments
- 12.2 Hitachi Metals
- 12.2.1 Key Facts
- 12.2.2 Business Description
- 12.2.3 Products and Services
- 12.2.4 Financial Overview
- 12.2.5 SWOT Analysis
- 12.2.6 Key Developments
- 12.3 Toyota Tsusho Corporation
- 12.3.1 Key Facts
- 12.3.2 Business Description
- 12.3.3 Products and Services
- 12.3.4 Financial Overview
- 12.3.5 SWOT Analysis
- 12.3.6 Key Developments
- 12.4 General Electric
- 12.4.1 Key Facts
- 12.4.2 Business Description
- 12.4.3 Products and Services
- 12.4.4 Financial Overview
- 12.4.5 SWOT Analysis
- 12.4.6 Key Developments
- 12.5 TDK Corp
- 12.5.1 Key Facts
- 12.5.2 Business Description
- 12.5.3 Products and Services
- 12.5.4 Financial Overview
- 12.5.5 SWOT Analysis
- 12.5.6 Key Developments
- 12.6 Armold Magnetic technologies
- 12.6.1 Key Facts
- 12.6.2 Business Description
- 12.6.3 Products and Services
- 12.6.4 Financial Overview
- 12.6.5 SWOT Analysis
- 12.6.6 Key Developments
- 12.7 Galaxy Magnets
- 12.7.1 Key Facts
- 12.7.2 Business Description
- 12.7.3 Products and Services
- 12.7.4 Financial Overview
- 12.7.5 SWOT Analysis
- 12.7.6 Key Developments
- 12.8 Goudsmit Magnetics
- 12.8.1 Key Facts
- 12.8.2 Business Description
- 12.8.3 Products and Services
- 12.8.4 Financial Overview
- 12.8.5 SWOT Analysis
- 12.8.6 Key Developments
- 12.9 Electron Energy Corporation
- 12.9.1 Key Facts
- 12.9.2 Business Description
- 12.9.3 Products and Services
- 12.9.4 Financial Overview
- 12.9.5 SWOT Analysis
- 12.9.6 Key Developments
- 12.10 Dexter Magnetic Technolgies
- 12.10.1 Key Facts
- 12.10.2 Business Description
- 12.10.3 Products and Services
- 12.10.4 Financial Overview
- 12.10.5 SWOT Analysis
- 12.10.6 Key Developments
- 12.11 Adams Magnetic Products
- 12.11.1 Key Facts
- 12.11.2 Business Description
- 12.11.3 Products and Services
- 12.11.4 Financial Overview
- 12.11.5 SWOT Analysis
- 12.11.6 Key Developments
- 13. Appendix
- 13.1 About Business Market Insights
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