HFC Refrigerants (R-404A / R-507A)

China's largest fluorochemical company (SHEX: 600160) based in Quzhou, Zhejiang; produces R-32, R-125, R-410A, and other HFC refrigerants at ~15% global HVAC refrigerant market share. Effectively locked out of US market by antidumping duties (101-216%) and 2024 circumvention rulings. China's largest HFC exporters (Juhua, Dongyue, Sinochem Lantian) supply Asian, European, and Latin American HVAC markets. Also produces HF acid, fluoropolymers, and PVDF — same Juhua Quzhou complex that produces HBM memory substrate chemicals also makes most of Asia's air conditioning refrigerant.

China's second largest fluorochemical company; major HFC refrigerant producer; also makes fluorinated membranes for fuel cells and electrolyzers.

U.S. specialty chemicals company (NYSE: CC, HQ Wilmington DE); spun off from DuPont in 2015, inheriting DuPont's century-old fluorochemicals business that invented Freon (CFCs) in 1930. Now the world's largest HFO refrigerant producer under the Opteon™ brand. Operates world's largest HFO facility in Ingleside, Texas (near Corpus Christi): $300M investment opened June 2019, >3x capacity; expanded further in 2022. Jointly holds patents on R-1234yf (automotive AC) and R-454B (Opteon XL41, HVAC) with Honeywell. R-454B became mandatory for new U.S. HVAC equipment from January 1, 2025 (EPA AIM Act), triggering an active supply shortage with 4-8 week lead times and cylinder prices rising from $345 (2021) to $2,000+ (2025).

Charlotte, NC-based division of Honeywell International Inc. (NYSE: HON). Produces HFC and HFO refrigerants under the "Genetron" brand (HFCs including R-404A components) and "Solstice" brand (HFOs — next-generation low-GWP refrigerants: Solstice N40/R-448A, Solstice N41/R-449A, Solstice L40X/R-454B). Primary production for HFCs and HFOs at Geismar, Louisiana. Honeywell is strategically transitioning away from high-GWP HFCs (like R-404A with GWP 3,922) toward HFO-based alternatives as the AIM Act production quota reductions take effect. As of the AIM Act framework, Honeywell holds a significant US HFC production allowance that it is progressively converting to next-generation Solstice products. Also produces HFOs at Baton Rouge, Louisiana. Honeywell is the co-inventor of HFO-1234yf (in patent dispute with Arkema) and the developer of Solstice refrigerant line.

Mexico City-based diversified specialty chemical company (BMV: ORBIA); formed from Mexichem + Wavin + Netafim + other businesses. Fluorochemicals operations through the Koura brand (formerly Mexichem Fluor). Primary HFC production at Runcorn, Cheshire, UK (Koura Runcorn) — produces HFCs including R-404A components and HFO-1234ze alternatives. Also has fluorochemicals operations in Mexico (San Luis Potosí) and the US. Koura is one of the world's largest fluorochemical companies; the UK Runcorn site produces HCFCs, HFCs, and HFOs. As EU F-Gas Regulation phases out high-GWP HFCs, Koura/Orbia is transitioning its product portfolio toward HFOs. Orbia also makes water infrastructure products (Wavin), precision irrigation (Netafim), and data solutions.