Overview of Companies Producing Fluorinated Liquids for Liquid Cooling

Solvay Group is a multinational chemical group headquartered in Brussels, Belgium, founded in 1863 by Belgian chemist Ernest Solvay. Solvay’s products are widely used across numerous industries, and 90% of its sales products rank among the top three globally. Solvay holds prominent positions in rare earths, silica, engineering plastics, polyamides and intermediates, flavors and functional chemicals, basic chemicals, specialty chemicals, specialty polymers, and emerging biochemistry. Its primary fluorinated liquid offering is Fomblin YLVAC 25/6—a perfluoropolyether (PFPE) that is non-flammable, thermally stable at high temperatures, lubricious, flash-point-free, highly dielectric, and exhibits low surface tension—making it especially suitable for data center liquid cooling. 03 AGC Inc. AGC Inc., formerly Asahi Glass Co., Ltd., is a Japanese glass manufacturing company and the world’s second-largest glass producer, established in 1907—over a century ago—with Mitsubishi Group as its parent company. AGC Group strives to become a globally outstanding enterprise delivering high profitability and growth, leveraging core technologies in glass and fluorine chemistry to serve as a global materials supplier. AGC’s main fluorinated liquids include the ASAHIKLIN AC and AE series: ASAHIKLIN AC-6000 is an HFC (hydrofluorocarbon), while the ASAHIKLIN AE-3000 series comprises hydrofluoroethers (HFEs), primarily used for immersion liquid cooling, cleaning agents, and electronic equipment cooling. 04 The Chemours Company Chemours is a multinational chemical company holding market leadership positions in titanium technologies, thermal management and specialty solutions, and high-performance materials. Responding to global demand for fluorinated liquids with lower environmental impact, Chemours developed Opteon™ (Opteon™) SF10—a specialized fluorinated liquid. It is a transparent, colorless, non-flammable, thermally stable hydrofluoroolefin (HFO). Additionally, the company recently announced significant progress in the development and production of Opteon™ 2P50—a new heat-transfer fluid designed specifically for two-phase immersion cooling (2-PIC). This proprietary fluid is currently undergoing final manufacturing tests and is expected to enter initial commercialization in 2025, pending regulatory approvals. 05 Zhejiang Juhua Co., Ltd. Juhua Group’s Technology Center has officially launched mass production of its high-performance ‘JuXin’ dedicated cooling liquid, filling a critical domestic gap in high-performance cooling liquids for big-data centers. This cooling liquid was successfully developed by Juhua Group’s Technology Center R&D team, drawing upon over a decade of accumulated expertise in cooling liquid research and development. In August 2021, Zhejiang Chuangfu High-Tech—a subsidiary of Juhua—broke ground on its ‘5,000-ton-per-year JuXin Cooling Liquid Project’, with a total investment of RMB 510 million. The industrialization project employs industry-leading preparation process technologies, delivering significant energy-saving, emission-reduction, and carbon-reduction benefits. Upon completion, this facility will become the world’s leading single-line immersion cooling liquid production unit in both technological sophistication and production capacity, effectively meeting domestic enterprises’ demand for immersion cooling liquids.

20 Chemical Giants’ 2024 Performance Summaries!

Lanxess On January 20, Lanxess issued a performance preview, forecasting EBITDA (Earnings Before Interest, Taxes, Depreciation, and Amortization) for Q4 2024 at approximately €159 million—22% above the current market consensus of €130 million (VARA consensus). Accordingly, full-year 2024 EBITDA before extraordinary items is projected at approximately €614 million—about 20% higher than the prior year—and at the upper end of the previously guided 10–20% growth range. Q4 results were driven primarily by stronger-than-expected December sales, particularly due to customer pre-purchasing. This early-sales effect occurred mainly in the U.S., targeting products from the Specialty Additives and Consumer Protection divisions. Huntsman On February 17, Huntsman Corporation released its 2024 financial results: full-year revenue totaled approximately $6.0 billion, with a net loss of $189 million. Specifically, Q4 2024 revenue amounted to $1.452 billion; net loss attributable to Huntsman was $141 million, adjusted net loss attributable to Huntsman was $43 million, and adjusted EBITDA stood at $71 million. Huntsman’s quarterly results for the first three quarters of 2024 were as follows: Q3 revenue was $1.54 billion with a net loss of $33 million; Q2 revenue was $1.574 billion with net income of $22 million; Q1 revenue was $1.47 billion with a net loss of $37 million. Syensqo On February 27, Syensqo published its 2024 financial results: net sales reached €6.6 billion, reflecting an organic decline of 3% year-on-year—primarily attributable to price reductions (−4%). EBITDA totaled €1.4 billion, in line with expectations. Specifically, Q4 2024 net sales amounted to €1.6 billion, representing an organic increase of 2% year-on-year—driven mainly by volume growth (+3%). EBITDA for Q4 was €298 million, up 5% organically year-on-year, with contributions from both Materials & Consumer Products and Resources businesses. Additionally, in 2025, Syensqo will continue evaluating various initiatives to accelerate value creation—including asset divestitures—to evolve into a more focused specialty chemicals company. Building upon the already decided divestiture of its oil & gas business, the company plans to pursue similar measures for its flavors and functional chemicals business. Meanwhile, the Board has approved exploring the possibility of dual listing in the U.S., outside Brussels. SABIC On February 26, Saudi Basic Industries Corporation (SABIC) announced its 2024 fiscal-year results: net profit reached SAR 1.5 billion (approximately RMB 2.905 billion), compared to a net loss of SAR 2.8 billion in 2023—marking a substantial turnaround to profitability. SABIC’s portfolio of investment projects includes the China-based SABIC GuLei Ethylene Project (SABIC Fujian Petrochemical Complex), with a total investment of approximately RMB 44.8 billion (SAR 24 billion); the MTBE project in Saudi Arabia; the 40% capacity expansion of SK Nexlene’s plant in South Korea; and the newly built ULTEM™ resin production facility in Singapore, launched last year. INEOS On January 20, INEOS Group Holdings Limited announced its Q4 2024 financial results.

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