Latin America and the Caribbean: Non-Metal Permanent Magnet Market 2024

Non-Metal Permanent Magnet Market Size in Latin America and the Caribbean

The Latin American non-metal permanent magnet market declined modestly to $X in 2023, approximately mirroring the previous year. The market value increased at an average annual rate of X% from 2012 to 2023; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. As a result, consumption attained the peak level of $X. From 2022 to 2023, the growth of the market failed to regain momentum.

Non-Metal Permanent Magnet Production in Latin America and the Caribbean

In value terms, non-metal permanent magnet production rose significantly to $X in 2023 estimated in export price. Overall, production showed a remarkable increase. The growth pace was the most rapid in 2021 when the production volume increased by X% against the previous year. As a result, production attained the peak level of $X. From 2022 to 2023, production growth remained at a somewhat lower figure.

Non-Metal Permanent Magnet Exports

Exports in Latin America and the Caribbean

In 2023, overseas shipments of non-metal permanent magnets increased by X% to X tons, rising for the fifth year in a row after six years of decline. Over the period under review, exports recorded a noticeable increase. The most prominent rate of growth was recorded in 2021 with an increase of X% against the previous year. Over the period under review, the exports hit record highs in 2023 and are likely to see steady growth in years to come.

In value terms, non-metal permanent magnet exports surged to $X in 2023. In general, exports showed resilient growth. As a result, the exports attained the peak and are likely to continue growth in the immediate term.

Exports by Country

Mexico was the key exporting country with an export of about X tons, which amounted to X% of total exports. It was distantly followed by Brazil (X tons), generating a X% share of total exports. Colombia (X tons) followed a long way behind the leaders.

From 2012 to 2023, average annual rates of growth with regard to non-metal permanent magnet exports from Mexico stood at X%. At the same time, Brazil (X%) displayed positive paces of growth. Moreover, Brazil emerged as the fastest-growing exporter exported in Latin America and the Caribbean, with a CAGR of X% from 2012-2023. By contrast, Colombia (X%) illustrated a downward trend over the same period. Brazil (X p.p.) significantly strengthened its position in terms of the total exports, while Mexico and Colombia saw its share reduced by X% and X% from 2012 to 2023, respectively.

In value terms, Mexico ($X) remains the largest non-metal permanent magnet supplier in Latin America and the Caribbean, comprising X% of total exports. The second position in the ranking was taken by Brazil ($X), with a X% share of total exports.

From 2012 to 2023, the average annual rate of growth in terms of value in Mexico amounted to X%. The remaining exporting countries recorded the following average annual rates of exports growth: Brazil (X% per year) and Colombia (X% per year).

Export Prices by Country

In 2023, the export price in Latin America and the Caribbean amounted to $X per ton, standing approx. at the previous year. In general, the export price enjoyed temperate growth. The most prominent rate of growth was recorded in 2018 an increase of X% against the previous year. As a result, the export price reached the peak level of $X per ton. From 2019 to 2023, the export prices remained at a somewhat lower figure.

Prices varied noticeably by country of origin: amid the top suppliers, the country with the highest price was Mexico ($X per ton), while Brazil ($X per ton) was amongst the lowest.

From 2012 to 2023, the most notable rate of growth in terms of prices was attained by Mexico (X%), while the other leaders experienced mixed trends in the export price figures.

Non-Metal Permanent Magnet Imports

Imports in Latin America and the Caribbean

In 2023, imports of non-metal permanent magnets in Latin America and the Caribbean shrank slightly to X tons, remaining constant against 2022 figures. Over the period under review, imports, however, recorded a relatively flat trend pattern. The growth pace was the most rapid in 2021 when imports increased by X%. The volume of import peaked at X tons in 2018; however, from 2019 to 2023, imports remained at a lower figure.

In value terms, non-metal permanent magnet imports contracted slightly to $X in 2023. The total import value increased at an average annual rate of X% from 2012 to 2023; the trend pattern indicated some noticeable fluctuations being recorded in certain years. The pace of growth appeared the most rapid in 2021 when imports increased by X% against the previous year. The level of import peaked at $X in 2022, and then shrank in the following year.

Imports by Country

Mexico was the main importing country with an import of about X tons, which finished at X% of total imports. Brazil (X tons) took the second position in the ranking, distantly followed by Colombia (X tons). All these countries together took near X% share of total imports. Guyana (X tons) followed a long way behind the leaders.

Mexico experienced a relatively flat trend pattern with regard to volume of imports of non-metal permanent magnets. At the same time, Guyana (X%) and Colombia (X%) displayed positive paces of growth. Moreover, Guyana emerged as the fastest-growing importer imported in Latin America and the Caribbean, with a CAGR of X% from 2012-2023. Brazil experienced a relatively flat trend pattern. While the share of Guyana (X p.p.) and Colombia (X p.p.) increased significantly in terms of the total imports from 2012-2023, the share of Mexico (X p.p.) displayed negative dynamics. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Mexico ($X) constitutes the largest market for imported non-metal permanent magnets in Latin America and the Caribbean, comprising X% of total imports. The second position in the ranking was taken by Brazil ($X), with a X% share of total imports. It was followed by Colombia, with a X% share.

In Mexico, non-metal permanent magnet imports expanded at an average annual rate of X% over the period from 2012-2023. In the other countries, the average annual rates were as follows: Brazil (X% per year) and Colombia (X% per year).

Import Prices by Country

In 2023, the import price in Latin America and the Caribbean amounted to $X per ton, shrinking by X% against the previous year. Import price indicated a slight expansion from 2012 to 2023: its price increased at an average annual rate of X% over the last eleven years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2023 figures, non-metal permanent magnet import price increased by X% against 2018 indices. The most prominent rate of growth was recorded in 2022 when the import price increased by X%. As a result, import price reached the peak level of $X per ton, and then fell slightly in the following year.

Prices varied noticeably by country of destination: amid the top importers, the country with the highest price was Mexico ($X per ton), while Guyana ($X per ton) was amongst the lowest.

From 2012 to 2023, the most notable rate of growth in terms of prices was attained by Mexico (X%), while the other leaders experienced a decline in the import price figures.

Source: IndexBox Platform