Gosh, this is a very big question to answer. First of all, manufacturing in Latin America goes back quite a ways. Latin America, for quite some time, "kept pace" - to use the vernacular language of modernity - with the US and Western Europe - in the 19th century. So, it is a bit dishonest to talk about any process of expansion of manufacturing as only really being a phenomenon of the 20th century. Not that I am suggesting that was your intention.

In order to understand this, using a historical perspective, it is best to ground ourselves by looking at individual nation-sates.

Looking to Argentina, Jose C. Moya offers details (Cousins and Strangers: Spanish Immigration in Buenos Aires, 1850-1930) on the expansion of the Argentine cattle, sheep, and grain industries from the 19th into the 20th century. He argues from the position of dependency theory, essentially that Argentina was a periphery/semi-periphery that was exploited by the core (mainly England/Europe). According to this viewpoint, the close association that Argentina had with the world economy depressed or distorted economic growth - which in turn affected manufacturing. But again, that isn't to say that Argentina lacked a significant manufacturing industry. In fact, manufacturing was essential to the early cattle economy in particular.

Ann Farnsworth-Alvear's Dulcinea in the Factory: Myths, Morals, Men, and Women in Colombia's Industrial Experiment, 1905-1960 might fit better with your periodization. The author discusses the expansion of Colombian industry and the gendered aspects related to it.

There are many countless other important works in this area of study, perhaps pick up The Oxford Handbook of Latin American History edited by Jose C. Moya for more general coverage. The text has a section on "Latin American Labor History" as well as one entitled "The New Economic History of Latin America: Evolution and Recent Contributions"

All of this to say, this is a complex question that can't really be succinctly answered. It largely depends on what ideological perspectives you are approaching it from and, really, what we mean by development.