Fluorochemicals and refrigerants: Production
Why quotas, not plants, now decide refrigerant supply
What this tab covers Who makes it and how much: world capacity and output, utilisation, the top producing countries and companies globally and in India, concentration, new capacity coming, and each region's position.| Measure | Figure | Detail | Source |
|---|---|---|---|
| World capacity | not published globally; Chinese AHF capacity about 2.8 Mt/yr (2025) feeds most fluorocarbons | Faxian Gongchang (2026) | |
| World output | about 2.5-3 Mt fluorocarbons a year (indicative) | derived from hydrofluoric acid tile (indicative) | |
| Capacity utilisation | set by quota, not capacity | China's HFC production quotas, about 1.8 billion t CO2e a year for 2024-2028 by one account, are below plant capacity, so plants run at quota (Faxian Gongchang 2026, indicative). | Faxian Gongchang (2026) |
| Concentration | China over 80% of world HFC quotas; in China the top three hold over 70% and the top five over 90% of R32, R134a and R125 quotas | Quota shares: Juhua 46% (R32), 36% (R134a), 38% (R125); Sanmei 24% (R134a). HFO patents and technology sit with Honeywell and Chemours. | 36Kr (Jun 2026) |
| New capacity | HFO and R32 additions in India and China to 2028 | SRF: 20 kt/yr HFO (1234yf, 1234ze, 1233zd) and 30 kt/yr HF in Odisha, about Rs 2,300 crore, about February 2028; Dahej HFC debottlenecking about Rs 88 crore. Navin: 15 kt/yr R32 (Rs 240 crore, Q3 FY2027) and a Rs 120 crore project for Chemours. China: R1234yf capacity projected 15-20 kt/yr by 2027, with Juhua phase 3 at 6,000 t/yr. | SRF FY2026 via Multibagg; ICICI Direct (Apr 2026); Faxian Gongchang (2026) |
Top producing countries
China 70% · holds over 80% of global HFC refrigerant quotas (36Kr, Jun 2026) United States 8% · Chemours, Honeywell (Solstice), Arkema, Koura (indicative) India 7% · SRF (HFC capacity above 65 kt/yr after debottlenecking), Navin Fluorine, Gujarat Fluorochemicals European Union 6% · Chemours, Arkema, Koura, Daikin, Solvay (indicative) Japan 5% · Daikin, AGC, Kanto Denka (indicative) Others 4% · Korea, Mexico (Koura), Russia (indicative) 36Kr (Jun 2026); share of output indicative; indicative; SRF FY2026 via Multibagg; share indicativeLargest producers: global
| Company | Country | Volume | Year | Source |
|---|---|---|---|---|
| Zhejiang Juhua largest quota holder; gross margin rose from 17.5% (2024) to 34.4% | China | 3.78 RMB billion net profit | 2025 | 36Kr (Jun 2026) |
| Zhejiang Sanmei 24% of China's R134a quota | China | 35.7% net margin | Q1 2026 | 36Kr (Jun 2026) |
| Dongyue Group about 12% of quota by one account; integrated into PTFE | China | not published | 2025 | Faxian Gongchang (2026) |
| Chemours Opteon HFOs and Freon; co-holder of HFO-1234yf patents | US | not published | 2025 | Chemours 10-K FY2025 |
| Honeywell / Solstice Advanced Materials Solstice HFOs; advanced materials spun off as Solstice Advanced Materials in 2025 (indicative); buys from Navin Fluorine under contract | US | not published | 2025 | indicative |
| Daikin Industries launched R32 air conditioners in 2012; integrated gases and equipment | Japan | not published | 2025 | fluoropolymers tile |
| Arkema Forane refrigerants | France | not published | 2025 | indicative |
| Orbia (Koura) integrated from fluorspar; propellants for medical inhalers | Mexico | not published | 2025 | hydrofluoric acid tile |
Largest producers: India
| Company | Country | Volume | Year | Source |
|---|---|---|---|---|
| SRF EBIT Rs 2,263 crore (29.1% margin); HFC capacity above 65 kt/yr; HFO plant due about Feb 2028 | India | 7,779 Rs crore chemicals segment revenue | FY2026 | SRF FY2026 results via Multibagg |
| Navin Fluorine International refrigerants and inorganic fluorides 49% of revenue; EBITDA margin 32.6%; R32 expansion 15 kt/yr by Q3 FY2027 | India | 3,314 Rs crore revenue | FY2026 | ICICI Direct (Apr 2026) |
| Gujarat Fluorochemicals (GFCL) refrigerant revenue up 52% YoY on R32; adding R134a | India | 1,574 Rs crore chemical segment revenue (quarter) | Q1 FY2027 | GFCL investor presentation (Aug 2026) |
| Tanfac Industries HF and inorganic fluorides; capacity not published | India | not published | 2025 | hydrofluoric acid tile |
India is a net exporter of HFCs and fluorospecialties. SRF, Navin and GFCL make HF from imported fluorspar (India took 27% of acid-grade fluorspar imports by value in 2024, fluorspar tile). The government's HFC quota allocation rules for 2028 were still uncertain in 2026 (SRF FY2026).
Position by region
| Region | Position |
|---|---|
| US | AIM Act phase-down from the 2011-2013 baseline: 10% cut 2022, 40% 2024, 70% 2029, 80% 2034, 85% 2036 (US EPA; Kigali non-Article 5 schedule). Chemours and Honeywell lead HFOs. |
| EU | F-gas Regulation (EU) 2024/573 phases HFC supply out by 2050 and bans F-gases in many new appliances; PFAS restriction could cover HFOs (indicative). |
| India | Kigali Group 2: baseline 2024-2026, freeze 2028, cuts of 10% (2032), 20% (2037), 30% (2042) and 85% (2047) (MoEFCC office memorandum, 1 Apr 2026, citing the Kigali Amendment). From that memorandum, no environmental clearance is given for HFC capacity that cannot start production by 31 December 2027. The India Cooling Action Plan (2019) expects cooling demand to grow about eight times by 2037-38 (indicative). |
| China | Kigali Group 1: freeze 2024 at baseline, cuts of 10% (2029), 30% (2035), 50% (2040) and 80% (2045) (Kigali Amendment, Article 5 Group 1 schedule). Quotas turned an oversupplied market into a tight one. |
| Japan | Non-Article 5 schedule; Daikin and Japanese makers drove R32 and are moving to lower-GWP options. |
| Middle East | Gulf states are high-ambient Group 2 countries on India's schedule; big air-conditioning importers with no major production. |