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

As industry prosperity spreads across the entire refrigerant value chain, high-end fluorinated materials—including fluoropolymers, electronic-grade hydrofluoric acid, and fluorinated liquids—are rapidly emerging as the second growth engine for the fluorine chemical industry. Driven by trends such as AI computing power expansion and domestic semiconductor self-sufficiency, 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, up 16.05% from January 1; the East China price for polyvinylidene fluoride (PVDF) powder (for coatings) was RMB 58,000 per ton, up 13.71% from January 1. VII. Domestic Relevant Companies 1. Juhua Co., Ltd. The company produces first- through fourth-generation fluorinated refrigerants and holds a clear production quota advantage in the refrigerant sector. It is a global leader in refrigerants and the only domestic enterprise manufacturing the full spectrum of first- to fourth-generation fluorinated refrigerants. It also produces novel fluorinated refrigerants—including hydrogen-fluoro-ethers (D-series), perfluoropolyethers (JHT-series), hydrocarbon refrigerants (35,000 tons/year), and various blended refrigerants. Beyond its leading domestic fluorinated refrigerant production quota, in H1 2026, its wholly owned subsidiary Quhua Fluorination Co., Ltd. successfully commenced trial operation of its 10,000-ton/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/year H-R1234yf facility under construction and plans a 15,000-ton/year T-R1234yf facility. According to the National Administration’s 2026 HCFC/HFC Production and Import Quota Allocation List, the company (including subsidiaries) was allocated 38,400 tons of HCFC-22 production quota—26.30% of the national total—with its domestic-use quota accounting for 31.55%, ranking first nationwide. Its HFC production quota stands at 299,900 tons, representing 37.58% of the national HFC total. Sustained improvement in core business profitability, coupled with ongoing industrial restructuring, has supported steady earnings growth in the first half of 2026. As the cornerstone of the company’s earnings, the refrigerant business continues to benefit from improved supply-demand dynamics under the production quota system, driving a rational and sustained recovery in product pricing—and thus steady earnings growth. According to company disclosures, in H1 2026, average refrigerant selling price and external sales volume were RMB 45,500/ton and 156,000 tons, up 15.6% and 0.9% year-on-year, respectively. For fluoropolymer materials, both sales volume and average price rose double-digit year-on-year, driven by raw material cost increases and growing volumes of high-end products. Prices for fluorinated fine chemicals and food packaging materials also rebounded year-on-year, reflecting upstream cost pass-through. Meanwhile, revenue from petrochemical materials declined year-on-year due to the company’s proactive industrial restructuring—including impairment recognition and shutdown of cyclohexanone and caprolactam production facilities last year—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 for HFCs in 2024, HFCs’ functional nature and status as “essential consumer goods,” together with the gradual emergence of a global “franchise-style” business model, have driven continuous recovery in prices and sharp gross margin expansion. This upward pricing trend is expected to continue into 2026. According to Baichuan Intelligence data, as of August 26, 2026, domestic market average 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.

Comprehensive Analysis of the Refrigerant 'Patent Minefield': Your Low-GWP Product May Infringe Immediately Upon Launch!

01 Battlefield Landscape: The Patent Fortress of Three Giants Currently, the patent battlefield for low-GWP blended refrigerants is dominated by three foreign giants: Honeywell, Chemours, and Daikin. Through systematic, 20–30-year strategic patent deployments, they have erected formidable, nearly insurmountable patent barriers around critical component combinations and application scenarios. These patents cover not only traditional markets such as the U.S. and Europe but also extend comprehensively into emerging markets—including China and India—via PCT filings or direct national applications. Crucially, patent protection often extends with surgical precision to specific compositional ratio ranges and particular end-use applications. 02 High-Risk Alert: These Popular Formulations Carry the Highest Infringement Risk We conducted infringement analyses on multiple widely watched low-GWP refrigerants and identified the following formulations as especially high-risk: R454 Series (R32 / HFO-1234yf blend) A leading candidate for replacing R410A—but densely seeded with patent landmines: R454C (21.5% R32 / 78.5% HFO-1234yf): ・ In China, it falls entirely within the claims scope of Chemours’ CN102215917A (protecting ≥78% HFO-1234yf + ≤22% R32), presenting high infringement risk. ・ In Europe, it is covered by Chemours’ EP2367601A2 (same protection scope: ≥78% HFO-1234yf + ≤22% R32). Although this patent underwent opposition and re-examination procedures resulting in partial invalidation, its core claims remain valid. ・ In the U.S., over six granted patents held by Honeywell and Chemours cover the 20–30% R32 + 70–80% HFO-1234yf ratio range—posing extremely high risk. R454B (68.9% R32 / 31.1% HFO-1234yf): ・ In the U.S., its composition precisely falls within Honeywell’s US10676656B2 (protecting 68.6–75.6% R32 + 24.4–31.4% HFO-1234yf), entailing extremely high infringement risk. ・ In Europe, no patent currently covers this exact ratio—relatively safer—but risks remain under the doctrine of equivalents. ・ No infringement risk currently exists in China. R454A (35% R32 / 65% HFO-1234yf): ・ In the U.S., it faces explicit protection of the ‘35/65’ ratio under Honeywell’s US12203028B2 and US11214720B2—high risk. ・ No infringement risk currently exists in China or Europe. R513 Series (R134a / HFO-1234yf blend) As an R134a replacement, this series is likewise deeply entrenched in patent thickets: ・ R513A (56% HFO-1234yf / 44% R134a) ・ R513B (58.5% HFO-1234yf / 41.5% R134a) ・ In China, both are constrained by Chemours’ CN102844400A (protecting 6–70% HFO-1234yf and ~30–94% R134a). ・ In the U.S. and Europe, they face tight coverage respectively by Honeywell’s US11027249B2 (protecting ~43.38–65.16% HFO-1234yf) and Chemours’ EP3929265A1 (protecting 51–67% HFO-1234yf). ・ Core risk: The compositional ratios of these two blends closely match preferred embodiments disclosed in multiple giants’ patents—making them prime targets for monitoring and enforcement action.

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

1 day ago

Chemours obtained court injunctions against four companies for infringing its hydrofluoroolefin (HFO) refrigerant patents at Chillventa 2026. This action underscores Chemours' commitment to protecting intellectual property and maintaining fair competition in the refrigerants industry.

PR Newswire

2026-10-19

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

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

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