The Refrigerant Industry Is Expected To Maintain A High Prosperity

Donghai Securities released a research report stating that second-generation refrigerant quotas will be reduced in 2025, while the total production quota for third-generation refrigerants will remain at the baseline value. The supply and demand relationship between second- and third-generation refrigerants will remain tight. Refrigerant prices have been steadily rising since 2025, with continued increases in August and September. According to Baichuan Yingfu data, as of September 19, 2025, the prices of third-generation refrigerants R32, R134a, and R125 have increased by 44.19%, 22.35%, and 8.33%, respectively, this year.

As of August 29, 2025, according to Baichuan Yingfu data, the prices of the third-generation refrigerants R32, R125, and R134a were 60,000 yuan/ton, 45,500 yuan/ton, and 51,500 yuan/ton, respectively, up 9.09%, 0.00%, and 3.00% from the end of July. As of August 29, 2025, the price of R22 was 35,500 yuan/ton, up 1.43% from the previous month and 18.33% from the same period last year; the price difference was 27,166.5 yuan/ton, up 1.21% from the end of the previous month.