Producer
Honeywell Performance Materials & Technologies
Honeywell's specialty chemicals division (Nasdaq: HON); produces Solstice® and Genetron® refrigerant brands including Solstice 454B (R-454B) — mandatory new U.S. HVAC refrigerant from January 2025. Co-holds patents on R-1234yf and R-454B with Chemours. In April 2025, Honeywell imposed a 42% price surcharge on R-454B (following 15% in February and 8% in March), citing domestic production cannot meet demand. Primary production at Geismar, Louisiana. Honeywell also acquired Johnson Matthey's Catalyst Technologies business (May 2025, £1.8B) — the company that controls next-gen HVAC refrigerant supply also controls a large share of petroleum refinery catalysts.
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Solstice Next-Gen Refrigerants (HFO)
40%Genetron Legacy HFC Refrigerants
25%UOP Catalyst Technologies (acquired May 2025)
25%Advanced Materials & Other
10%
Intelligence
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Incident2025
R-454B (Solstice 454B) became the mandatory refrigerant for new US residential and commercial HVAC equipment from January 1, 2025 under EPA AIM Act phase-down rules. Honeywell (with Chemours) co-invented R-454B and holds key patents. In the months following the mandate's effective date, Honeywell imposed consecutive price surcharges on R-454B: 8% in March 2025, 15% in February 2025, and 42% in April 2025 -- citing insufficient domestic production to meet mandated demand. HVAC contractors, distributors, and equipment manufacturers faced a federally mandated refrigerant transition with inadequate supply and rapid price escalation from the primary patent holder simultaneously. The AIM Act created demand by regulatory fiat; Honeywell captured supply by patent position; the result was 65% cumulative price increases in 4 months for a refrigerant that the law required everyone to buy.
ACHR News ↗Did you know2025
Honeywell Performance Materials & Technologies holds patent rights on R-454B (the mandatory new US HVAC refrigerant from 2025) co-held with Chemours, AND acquired Johnson Matthey's refinery catalyst business in May 2025 -- becoming simultaneously: (1) the dominant supplier of the refrigerant that must be used in every new US air conditioner and heat pump, and (2) a major supplier of the hydrotreating catalysts used in oil refineries to produce diesel and jet fuel. The HVAC industry (residential and commercial air conditioning) and the petroleum refining industry (diesel and jet fuel production) share a US specialty chemicals company that holds mandated supply positions in both. The same company that imposes price surcharges on mandated HVAC refrigerant also charges refinery operators for the catalysts that produce the diesel fuel running generator backup when HVAC systems fail during peak demand events.
Honeywell International Inc. ↗