In-depth analysis of the refrigerant industry: policy environment, supply-demand landscape, competitive structure, industrial chain, and related companies (produced by Huibo)

Third-generation refrigerants have been subject to a full ban on new construction or expansion projects; existing production capacity has thus become the core constraint on output for all enterprises. The quota-based system has established a long-standing industry barrier. Under the current market conditions, leading enterprises possessing multi-variant high production quotas, large-scale production lines, and robust R&D reserves across multiple refrigerant types are well-positioned to continuously capture market share. 4. Shift in Competitive Logic: From 'Quota Competition' to 'Technology Competition' The era of 'quota competition' in the refrigerant industry has ended. With new production lines restricted, the competitive landscape based on capacity and output is unlikely to change significantly. However, as downstream demand for refrigerants continues to expand and diversify—spanning high-end applications such as semiconductors and aerospace, as well as emerging sectors like AI-driven data center cooling—the technical requirements for refrigerants have risen substantially. Moreover, the competitive landscape for fourth-generation refrigerants remains undeveloped. Firms capable of overcoming R&D and cost barriers may achieve mass production first and seize early market share in fourth-generation refrigerants. Overall, competition in the refrigerant industry is gradually shifting toward 'technology competition'. 5. Enhanced Flexibility for Industry Leaders and Strengthening of the 'Strong-Get-Stronger' Effect Under the 2026 quota allocation scheme, the inter-variety quota conversion ratio—maintaining a constant total CO₂-equivalent volume—has increased from 10% in 2025 to 30%. This expanded flexibility in quota conversion among different third-generation refrigerant variants provides relatively greater maneuvering room for enterprises with comprehensive product portfolios, abundant quotas, and large-scale existing capacity. Cross-variety adjustments require holding quotas for multiple refrigerants; since new or expanded third-generation refrigerant facilities are prohibited (except where valid environmental impact assessment approvals were obtained prior to the ban), the scale of existing capacity also caps the upper limit of such adjustments. Consequently, leading enterprises with broad product coverage and high quota allocations enjoy superior market adjustment flexibility. VI. Industry Development Trends During the 15th Five-Year Plan period, against the backdrop of deepening environmental transformation in the refrigerant sector, the structure of third-generation refrigerants will be further optimized; fourth-generation and natural refrigerants will develop in parallel, potentially accelerating technological iteration and enhancing overall industrial capability. 1. Accelerated Deployment of Fourth-Generation Refrigerants According to Baichuan Yingfu, as of April 2025, patents for HFO products (e.g., R1234yf, R1234ze, R1233zd) are predominantly held by overseas firms, with U.S.-based Honeywell and Chemours being the primary producers. Per iFind, by end-2025, China’s domestic production capacity for fourth-generation refrigerant HFO-1234yf stood at approximately 21,700 tonnes, up 5.85% year-on-year. 2. Fluorinated New Materials Unveil a Second Growth Engine As industry prosperity spreads across the entire fluorine chemical value chain, high-end materials—including fluoropolymers, electronic-grade hydrofluoric acid, and fluorinated liquids—are rapidly emerging as fluorine chemistry’s second growth engine. 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 reached RMB 47,000/tonne, up 16.05% from January 1; the East China price for polyvinylidene fluoride (PVDF) powder (for coatings) reached RMB 58,000/tonne, up 13.71% from January 1. VII. Domestic Related Companies 1. Juhua Co., Ltd. The company offers first- through fourth-generation fluorinated refrigerants and holds a clear advantage in refrigerant production quotas.

Global Liquid-Cooled Data Centers — Top 30 Electronic Fluorinated Liquid Producers (Welcome to Save and Share)

Regionally, Europe is the world’s largest consumer market for electronic fluorinated liquids, accounting for 52% of global demand; the United States and China follow closely, representing 20% and 15% of the global market share, respectively. 06 Recommended Global Fluorinated Liquid Companies (30 Firms) 1. Solvay: A global leader in the fluorinated liquid sector, Solvay—alongside 3M and AGC—dominates approximately 80% of the high-end global fluorinated liquid market. It is a key supplier in immersion cooling for data centers. Its technical strength lies in deep R&D along the perfluoropolyether (PFPE) route. Representative products include the Galden® series (e.g., HT, D, LS/HS), which feature an ultra-wide operating temperature range (−70°C to 290°C), exceptional chemical inertness, high dielectric strength (40 kV), non-flammability (no flash point or autoignition point), and certifications including FM 6930 and NSF food-contact approval. In terms of application performance, Galden® fluorinated liquids demonstrate outstanding material compatibility and thermal stability in semiconductor manufacturing, data center cooling, and electronic testing—e.g., high-boiling grades minimize evaporation loss, while single-fluid system designs significantly reduce operational costs. Although its pricing exceeds that of domestic alternatives (3M’s comparable products sell for RMB 600,000–700,000/tonne; Solvay targets a similar premium segment), Solvay’s vertically integrated supply chain and scalable production capacity—including polymer capacity expansion at its Changshu, China facility—support reliable global supply. In partnerships, Solvay is deeply integrated into NVIDIA’s DGX server ecosystem and accesses the data center supply chain via thermal management leaders such as Vertiv. It also maintains long-term collaborations with top-tier chip manufacturers and packaging/test providers in the semiconductor sector. 2. Chemours: As one of the world’s three major fluorinated liquid suppliers, Chemours leverages its proprietary hydrofluoroolefin (HFO) technology route to lead in immersion cooling for data centers and cleaning applications in semiconductor manufacturing. Its Opteon™ product line features low global warming potential (GWP), non-flammability, high material compatibility, and excellent heat dissipation performance. Through phase-change cooling, it enables data center PUE values approaching 1.0. Though positioned in the premium segment—resulting in higher costs—it sustains competitiveness via vertical integration and large-scale production, including collaborative capacity in India and technical upgrades at its Changshu, China facility. Chemours holds international certifications from the U.S. EPA and UL, and maintains deep strategic partnerships with key clients including NVIDIA, Samsung Electronics, and Liquid Stack—continuously reinforcing its market leadership. 3. AGC (Asahi Glass Company): As one of the world’s three major fluorinated liquid suppliers, AGC maintains leadership in immersion cooling for data centers and semiconductor cleaning through dual technology routes—perfluoropolyether (PFPE) and hydrofluoroether (HFE). Its ASACHIKLIN™ product line offers non-flammability, low GWP, high compatibility, and precision-cleaning capabilities. While its premium positioning entails higher costs, AGC sustains competitiveness via integrated upstream-to-downstream operations and capacity expansions in Japan and its Changshu, China facility. Its products are certified to international standards including FM 6930 and NSF, and it maintains deep partnerships with NVIDIA, Vertiv, and leading semiconductor manufacturers—consistently consolidating its global market leadership.

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