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Yahoo
25-06-2025
- Business
- Yahoo
Magnetic Refrigeration Market Size to Surpass USD 9.40 Billion by 2032, Driven by rising demand for eco-friendly and energy-efficient cooling technologies
Magnetic Refrigeration Market growth is driven by ecofriendly cooling demand, energy efficiency gains, tech advances in magnetocaloric materials, and green regulations. Austin, June 25, 2025 (GLOBE NEWSWIRE) -- Magnetic Refrigeration Market Size & Growth Insights: According to the SNS Insider,'The Magnetic Refrigeration Market was valued at USD 0.51 billion in 2024 and is projected to reach USD 9.40 billion by 2032, growing at a CAGR of 43.69% from 2024 to 2032.' Magnetic Refrigeration: Pioneering the Future of Sustainable Cooling Technologies Magnetic Refrigeration Market is experiencing a huge demand from the energy efficient cooling solutions, stringent regulations to reduce greenhouse gas emissions as well as the international ban on the use of fluorocarbons under the agreements such as Kigali Amendment. This new technology can be 20–30% more efficient than conventional systems, and could cut energy use and greenhouse gas emissions by 60%. Its uptake is increasing in commercial refrigeration, air conditioning and heat pumps, which will be commercially viable by 2030. In the U.S., the market was valued at USD 0.09 billion in 2024 and is projected to surge to USD 1.87 billion by 2032, riding on the back of favorable government incentives and increasing need for sustainable cooling in industrial and commercial applications. Get a Sample Report of Magnetic Refrigeration Market Forecast @ Europe Leads, North America Accelerates in Magnetic Refrigeration Adoption In 2023, Europe dominated the magnetic refrigeration market with a 40% revenue share, on account of the imposition of regulations such as the F-Gas Regulation by the governments to limit damaging refrigerants, and the development of sustainable technology. Soaring electricity costs and ambitious climate targets are spurring take-up across commercial, industrial and transport sectors. Special area innovations The region also includes research establishments and pioneers in the domain of magnetocaloric materials. North America is the fastest-growing region from 2024 to 2032, on account of higher requirement of environment friendly cooling in food design, retail and logistics. Refrigeration manufacturers look for alternatives to high GWP chemistries U.S. EPA limits on HFCs, high energy costs, and a growing green technologies mindset are driving growth, coupled with the expanding cold chain industry and the global desire for low-emission refrigeration. Magnetic Refrigeration Market Report Scope: Report Attributes Details Market Size in 2023 USD 0.36 Billion Market Size by 2032 USD 9.40 Billion CAGR CAGR of 43.69% From 2024 to 2032 Report Scope & Coverage Market Size, Segments Analysis, Competitive Landscape, Regional Analysis, DROC & SWOT Analysis, Forecast Outlook Key Segmentation • By Product (Refrigeration Systems, Air Conditioning Systems, Heat Pumps)• By Application (Domestic, Commercial, Transportation, Industrial, Others) Purchase Single User PDF of Magnetic Refrigeration Market Report (20% Discount) @ Product and Application Trends Shaping the Magnetic Refrigeration Market Landscape By Product In 2023, the Refrigeration Systems segment dominated the magnetic refrigeration market with a 45% revenue share, as demand increased for advanced, energy efficient, and green magnetic refrigeration systems across commercial, industrial, and medical sectors. This growth is being driven by theerging food, beverage and pharmaceutical sectors. The Air Conditioning Systems segment is the fastest-growing, driven by the enforcement of tougher environmental legislations and the move towards sustainable cooling. Developments in magnetocaloric materials, smart technologies, and IoT integration will provide operating system efficiencies and speed system adoption. By Application The Commercial segment led in 2023 with 39% revenue share, due to high penetration in retail, hospitality, and food service applications. 24/7 Companies prefer magnetic systems due to their constant availability, low maintenance and increased performance supported by developments in magnetocaloric materials and growing sustainability issues. The Transportation segment is projected to be the fastest-growing in the magnetic refrigeration market from 2024 to 2032, due to the increasing demand for environmentally safe, energy-efficient cooling solutions in logistics applications, cold chains, and electric vehicle temperature control. With more stringent emission requirements and fuel economy standards, magnetic refrigeration is increasingly being used in trucks, trailers and containers since it consumes lower energy and causes less environmental pollution. Leading Market Players with their Product Listed in this Report are: Haier Smart Home Co. Ltd Camfridge Ltd Astronautics Corporation of America VACUUMSCHMELZE GmbH & Co. KG BASF SE ERAMET Samsung Electronics Co. Ltd Toshiba Corporation Whirlpool Corporation Sigma-Aldrich Corporation General Electric Magnotherm Solutions ALTO Refrigeration Manufacturing Co. Ltd kiutra Do you have any specific queries or need any customized research on Magnetic Refrigeration Market? Submit your inquiry here @ Recent News: In Dec 2024, U.S. scientists invent a magnetocaloric (MC) heat pump that is the same in cost, weight, size, and performance as conventional heat pumps – minus the pollutants – making MC technology a green, energy-efficient option. In Dec 2024, Ames National Laboratory researchers invent a magnetocaloric heat pump that matches conventional heat pumps for a cost, weight, and performance and doesn't rely on environmentally damaging refrigerants, Dec 2024 Table of Contents - Major Points 1. Introduction 2. Executive Summary 3. Research Methodology 4. Market Dynamics Impact Analysis 5. Statistical Insights and Trends Reporting 6. Competitive Landscape 7. Magnetic Refrigeration Market Segmentation, by Product 8. Magnetic Refrigeration Market Segmentation, by Application 9. Regional Analysis 10. Company Profiles 11. Use Cases and Best Practices 12. Conclusion About Us: SNS Insider is one of the leading market research and consulting agencies that dominates the market research industry globally. Our company's aim is to give clients the knowledge they require in order to function in changing circumstances. In order to give you current, accurate market data, consumer insights, and opinions so that you can make decisions with confidence, we employ a variety of techniques, including surveys, video talks, and focus groups around the world. CONTACT: Contact Us: Jagney Dave - Vice President of Client Engagement Phone: +1-315 636 4242 (US) | +44- 20 3290 5010 (UK)
Yahoo
16-05-2025
- Business
- Yahoo
$9.8 Bn Hydrofluoroolefin (HFOs) Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecasts to 2032
Global hydrofluoroolefin (HFO) market thrives with a 10.14% CAGR from 2025-2032, rising from $4.98B to $9.8B, driven by eco-friendly demand and regulatory shifts. HFOs, key in sustainable cooling and insulation, gain traction in automotive, construction, and electronics sectors. North America & Asia Pacific lead growth. Dublin, May 16, 2025 (GLOBE NEWSWIRE) -- The "Hydrofluoroolefin (HFOs) Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2032 - By Product, Technology, Grade, Application, End-user, Region: (North America, Europe, Asia Pacific, Latin America and Middle East and Africa)" has been added to offering. The global hydrofluoroolefin (HFO) market is undergoing a significant transformation driven by regulatory pressures and consumer demand for eco-friendly alternatives to hydrofluorocarbons (HFCs). With a projected CAGR of 10.14% from 2025 to 2032, the market is set to grow from US$ 4.98 billion in 2025 to US$ 9.8 billion by 2032. Hydrofluoroolefins, as fourth-generation refrigerants, feature zero ozone depletion potential (ODP) and substantially lower global warming potential (GWP) compared to HFCs. These qualities make HFOs an attractive option in sustainable cooling and insulation technologies across automotive, construction, and electronics sectors. The competitive environment includes leaders like Honeywell International Inc., known for HFO-1234yf production; The Chemours Company, focusing on low-GWP refrigerants; and Arkema Inc. Projects include Honeywell's HFO division spin-off, Chemours' Opteon 2P50 launch, and advancements by Zhejiang University and Great Dane. Market Insights The HFO market has gained traction due to technological advancements, favorable regulations, and a shift towards low-GWP refrigerants globally. HFOs are increasingly utilized in applications such as foam-blowing agents, refrigerants, aerosols, and solvents. Refrigeration and HVAC sectors lead this rise as they transition away from HFCs, propelled by stringent global regulations. HFOs are preferred for their environmental attributes and superior thermodynamic performance. Key Market Drivers A primary driver is the heightened concern over global warming. Regulations in North America, Europe, and Asia Pacific, such as the U.S. EPA's SNAP and the EU's F-Gas Regulation, are limiting HFC use. Advances in sustainable foam technologies further bolster market expansion, with HFOs enhancing performance in automotive and construction foams. Investment in R&D is facilitating next-gen materials with reduced environmental impact. The emphasis on green building and energy-efficient systems supports HFO adoption, with market leaders launching HFO-based products aligned with global sustainability standards. Business Opportunities The shift towards electric and hybrid vehicles creates opportunities for HFOs in automotive AC systems, particularly HFO-1234yf, which is highly efficient and environmentally friendly. OEMs are integrating HFOs to meet regulations. In construction, HFOs are vital for advanced insulation. Rapid urbanization in Asia Pacific and Latin America is driving demand for energy-efficient infrastructure, leveraging HFO-based materials. The electronics sector sees promise in HFOs for precision cleaning and heat transfer systems, responding to increased device complexity. Regional Analysis North America remains dominant in the HFO market, underscored by the U.S.'s regulatory framework and innovations incentivizing green refrigerants. The region is quickly adopting HFOs in various industrial applications. Asia Pacific is expected to grow rapidly, driven by India and China's investments in R&D and sustainable practices, with China's burgeoning EV market augmenting demand. Europe, guided by regulations like REACH, embraces HFOs to meet climate goals, as automakers and construction companies transition to low-GWP alternatives. Market Segmentation: By Product Type: HFO-1234ze, HFO-1233zd, HFO-1234yf, HFO-1336mzz, Others By Application: Refrigerant, Foam Blowing Agent, Aerosol Propellant, Solvent and Cleaning Agents, Others By End Use: HVAC and Refrigeration, Automotive Air Conditioners, Building and Construction, Personal Care and Consumer Products, Electronics and Precision Cleaning, Others By Region: North America, Europe, Asia Pacific, Latin America, The Middle East and Africa Key Topics Covered: 1. Executive Summary 2. Market Overview 2.1. Market Definitions and Segmentations 2.2. Market Dynamics 2.3. Value Chain Analysis 2.4. Porter's Five Forces Analysis 2.5. COVID-19 Impact Analysis 2.6. Impact of Ukraine-Russia Conflict 2.7. Economic Overview 2.8. PESTLE Analysis 3. Global Hydrofluoroolefin (HFOs) Market Outlook, 2019-2032 3.1. Global Market Outlook, by Product Type 3.2. Global Market Outlook, by Application 3.3. Global Market Outlook, by End Use 3.4. Global Market Outlook, by Region 4. North America Hydrofluoroolefin (HFOs) Market Outlook, 2019-2032 4.1. North America Market Outlook, by Product Type 4.2. North America Market Outlook, by Application 4.3. North America Market Outlook, by End Use 4.4. North America Market Outlook, by Country 5. Europe Hydrofluoroolefin (HFOs) Market Outlook, 2019-2032 5.1. Europe Market Outlook, by Product Type 5.2. Europe Market Outlook, by Application 5.3. Europe Market Outlook, by End Use 5.4. Europe Market Outlook, by Country 6. Asia Pacific Hydrofluoroolefin (HFOs) Market Outlook, 2019-2032 6.1. Asia Pacific Market Outlook, by Product Type 6.2. Asia Pacific Market Outlook, by Application 6.3. Asia Pacific Market Outlook, by End Use 6.4. Asia Pacific Market Outlook, by Country 7. Latin America Hydrofluoroolefin (HFOs) Market Outlook, 2019-2032 7.1. Latin America Market Outlook, by Product Type 7.2. Latin America Market Outlook, by Application 7.3. Latin America Market Outlook, by End Use 8. Middle East & Africa Hydrofluoroolefin (HFOs) Market Outlook, 2019-2032 8.1. Middle East & Africa Market Outlook, by Product Type 8.2. Middle East & Africa Market Outlook, by Application 8.3. Middle East & Africa Market Outlook, by End Use 9. Competitive Landscape 9.1. By Product Type vs by Application Heat map 9.2. Manufacturer vs by Application Heat map 9.3. Company Market Share Analysis 9.4. Competitive Dashboard 9.5. Company Profiles Honeywell International Inc Arkema, Inc. The Chemours Company Central Glass Co. Danfoss Linde PLC Climalife (Dehon Group) AGC Chemicals Americas Inc. Beijing Yuji International Co., Ltd. For more information about this report visit About is the world's leading source for international market research reports and market data. 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