Mantari Research | Refrigerant Industry Research and Development Trend Analysis, 2024–2035

The Asia-Pacific region held the largest share of the global refrigerant market in 2023, with growth primarily driven by China. In terms of volume, China is the world’s largest refrigerant market, accounting for 65% of global refrigerant production capacity and 38% of global refrigerant demand. Substantial consumer demand in India and China—combined with low production costs—is propelling refrigerant market growth across the region. Moreover, rapid urbanization, rising demand for household electrical appliances, and rapidly expanding infrastructure sectors in Thailand and Indonesia are expected to support refrigerant market growth in Southeast Asia throughout the forecast period. North America holds the second-largest share of the global refrigerant market, driven by residential energy supply and heat pump sales. Europe also commands a significant share of the global refrigerant market during the forecast period—not only due to heat pump demand but also because refrigerants play a critical role in storing pharmaceuticals and vaccines. Domestic Market According to statistical data, China’s total refrigerant output reached approximately 1.4222 million tons in 2022. Second-Generation Refrigerants Market: According to the HCFC production and usage quotas issued by China’s Ministry of Ecology and Environment, R22—the representative second-generation refrigerant—accounts for over 80% of total second-generation refrigerant quotas. China’s R22 production quota declined from 312,900 tons in 2014 to 181,800 tons in 2023. It is projected that China’s production and usage of second-generation HCFCs in 2024 will not exceed 65% of the baseline value. The R22 market exhibits high concentration: leading enterprises—including Shandong Dongyue, Zhejiang Juhua, and Jiangsu Meilan—hold the majority of production quotas; in 2023, the CR3 (combined market share of the top three firms) reached 76.2%. Domestic R22 demand is concentrated mainly in export markets, maintenance applications, and emerging fluorinated new materials. Third-Generation Refrigerants Market: Currently, third-generation HFC refrigerants hold the largest market share domestically. Representative products include R32, R125, R134a, and R143a. As of now, Juhua Co., Ltd. (including its 51% stake in Feiyuan), Sanmei Co., Ltd., Haohua Technology (calculated on an equity basis for Zhonghua Blue Sky), Dongyue Group, and Yonghe Co., Ltd. hold respective third-generation refrigerant market shares of 34.4%, 16.0%, 10.9%, 10.5%, and 7.6%. Based on production quotas, the CR5 (combined market share of the top five firms) for mainstream products—R32, R134a, R125, and R143a—stands at 87.4%, 92.0%, 85.2%, and 100%, respectively. Fourth-Generation Refrigerants Market: Fourth-generation refrigerants feature high technological and equipment barriers. Patents for 2,3,3,3-tetrafluoropropene (HFO-1234yf) production are currently concentrated among international leaders including France’s Arkema, U.S.-based Honeywell and Chemours, and Japan’s Daikin. These companies entered the field early and have become industry frontrunners. Meanwhile, leading global firms have established extensive global patent portfolios covering both HFO synthesis and applications; high patent barriers restrict market entry by other players, resulting in slow domestic industrialization. High prices further hinder commercialization. Although the long-term outlook remains promising, numerous challenges persist. Domestic Distribution of HFO-1234yf Production Facilities (Partial List) II. Key Global Refrigerant Market Players Leading global refrigerant market participants include Honeywell International (U.S.), Daikin Industries Limited (Japan), Dongyue Group (China), Arkema S.A. (France), Linde Group (Germany), Mexichem S.A.B. de C.V. (Mexico), Sinochem Group (China), Air Liquide (France), and The Chemours Company (U.S.).

Refrigerant Industry Deep Dive: Policy Environment, Supply-Demand Landscape, Competitive Structure, Industrial Chain, and In-depth Analysis of Relevant Companies (Huibo Research)

As industry prosperity spreads across the entire refrigerant value chain, high-end materials—including fluoropolymers, electronic-grade hydrofluoric acid, and fluorinated liquids—are accelerating the formation of fluorine chemistry’s second growth pole. Driven by trends such as AI computing power expansion and semiconductor localization, their long-term growth potential is substantial. On July 26, 2026, the East China price for polytetrafluoroethylene (PTFE) dispersion resin stood at RMB 47,000 per ton—a 16.05% increase since January 1; the East China price for polyvinylidene fluoride (PVDF) powder (for coatings) was RMB 58,000 per ton, up 13.71% since January 1. VII. Domestic Relevant Companies 1. Juhua Co., Ltd. The company offers first- through fourth-generation fluorinated refrigerants and enjoys clear production quota advantages. It is a global leader in refrigerants and the only domestic enterprise producing the full spectrum of first- to fourth-generation fluorinated refrigerants. It also manufactures novel fluorinated refrigerants—including hydrogen-fluoro-ethers (D-series) and perfluoropolyethers (JHT-series)—hydrocarbon refrigerants (35,000 tons/year), and various blended refrigerants. Beyond its leading domestic fluorinated refrigerant production quotas, in the first half of 2026, its wholly owned subsidiary Quhua Fluorination Co., Ltd. successfully commenced trial operation of its 10,000-ton-per-year R1234yf capacity expansion project. The company currently operates two mainstream HFO production facilities with a combined annual capacity of 15,500 tons. Its Gansu Juhua subsidiary has a 20,000-ton-per-year H-R1234yf facility under construction and plans a 15,000-ton-per-year T-R1234yf facility. Regarding production quotas, according to the 2026 HCFC and HFC production and import quota allocation list issued by the state, Juhua (including its subsidiaries) was allocated an HCFC-22 production quota of 38,400 tons—26.30% of China’s national total—with its domestic-use quota representing 31.55% of the national total, ranking first domestically. Its HFC production quota stands at 299,900 tons—37.58% of China’s national HFC total. Sustained improvement in core business profitability, coupled with ongoing structural optimization, has supported steady performance growth in the first half of the year. Refrigerant operations remain the company’s core profit driver. Under the production quota system, supply-demand fundamentals continue improving, and product pricing continues its rational upward adjustment—driving stable earnings growth. Per company announcements, in H1 2026, average refrigerant selling price and external sales volume were RMB 45,500 per ton and 156,000 tons, respectively—an increase of +15.6% and +0.9% year-on-year. For fluoropolymer materials, both sales volume and average selling price achieved double-digit year-on-year growth, benefiting from raw material cost pressures and increasing volumes of high-end products. Prices for fluorinated fine chemicals and food packaging materials also rose year-on-year, reflecting upstream cost pass-through. Concurrently, proactive industrial restructuring—including impairment recognition and shutdown of cyclohexanone and caprolactam production facilities last year—led to lower revenue from petrochemical materials, though marginal profitability improved. The upward trend in third-generation refrigerant profitability remains intact, positioning the company to fully benefit. Since the implementation of the production quota system in 2024, HFCs—as functional agents and ‘essential consumer goods’—have increasingly adopted a global ‘franchise-style’ business model. Consequently, product prices have continued recovering, gross margins have surged significantly, and price increases are expected to persist into 2026. Per Baichuan Yingfu data, as of August 26, 2026, domestic average market prices for the company’s key third-generation refrigerants—R32, R125, and R134a—stood at RMB 64,500/ton, RMB 55,000/ton, and RMB 64,500/ton, respectively—up 2.38%, 14.58%, and 11.21% from the beginning of the year.

Chemours secures injunctions over HFO refrigerant patent infringement

Oct 21, 2026

Chemours obtained injunctions against four firms for infringing patents on hydrofluoroolefin (HFO) refrigerant blends, reinforcing its commitment to protecting advanced refrigerant technology investments.

Climate Control News

2026-10-19

Chemours and Local Officials Take Action to Protect Refrigerant Intellectual Property at Chillventa

2026-10-20

Moore Law PLLC Investigates Chemours Over Inventory, Guidance Cut

2026-10-20

Investor Action Notice: Moore Law PLLC Encourages Investors in The Chemours Company to Contact Law Firm

2026-10-21

Chemours secures injunctions over HFO refrigerant patent infringement

Chemours secures injunctions over HFO refrigerant patent infringement

FAQ