3G and 4G Refrigerant Price Report, Who Will Dominate The Future Market?

Price Increases of Common Third-Generation Refrigerants (2024 – May 2025)

R32

• In early 2024, the price was approximately $2,380/ton (17,000 CNY).

• By March 2025, it had risen to $6,370/ton (45,500 CNY), and by April 30, 2025, the price reached $6,860/ton (49,000 CNY).

• From early 2024 to April 2025, the price increased by over 188%.

R410A

• The 2024 starting price was around $2,800/ton (20,000 CNY), rising to $6,300/ton (45,000 CNY) by March 2025.

• In Q1 2025, the long-term contract price for R410A stabilized at $5,712/ton (40,800 CNY), a $602/ton increase (4,300 CNY) from the previous quarter.

• The cumulative price growth from early 2024 to March 2025 reached 125%.

R134a

• Starting at $3,500/ton (25,000 CNY) in early 2024, the price rose to $6,440/ton (46,000 CNY) in March 2025 and $6,650/ton (47,500 CNY) by April 30, 2025.

• This represents a 90% price increase from early 2024 to April 2025.

R125

• On January 3, 2025, the price was $5,880/ton (42,000 CNY), increasing to $6,300/ton (45,000 CNY) by April 30, 2025.

• While January–April 2025 saw a discernible increase, incomplete early 2024 price data precludes accurate calculation of the overall growth rate.

• Notably, January 2025 prices were 2.38% higher than late December 2024 levels.

Market Trends & Policy Context

1. Freeze and reduce HFC consumption/production by 2024.

2. Begin phased reductions starting in 2029.

3. Limit HFC use to 20% of baseline levels by 2045.