Low-GWP shift lifts sales for Chemours Opteon brand 

Chemours reported a 14 per cent increase in sales of its Opteon HFO refrigerants and low-GWP blends in 2024, reaching $810 million (A$1.25 billion).

Growth was particularly strong in the fourth quarter, with a 23 per cent year-on-year rise, as customers prepared for the U.S. AIM Act, which took effect in 2024 and mandates the phase-down of high-GWP refrigerants.

In contrast, sales of Chemours’ older refrigerants, including R134a and R410A, fell by 15 per cent, totaling $614 million (A$949 million).

This decline was primarily due to lower prices and an oversupply in the market, as demand for these refrigerants decreased in response to the new regulations.

In May 2024, Chemours also ceased US sales of certain high-GWP products, including R404A and R507, to comply with the AIM Act’s phase-down targets.

To better meet the growing demand for low-GWP alternatives, Chemours completed a planned expansion at its Corpus Christi facility in Texas in 2024, increasing production capacity for R1234yf by 40 per cent.

While Opteon refrigerants saw sales growth, Chemours’ Thermal and Specialised Solutions (TSS) segment experienced a 16 per cent decrease in operating income, falling to $576 million (A$884 million). This decline was largely due to lower prices for Freon-branded refrigerants, increased costs for low-GWP refrigerants sourced outside the Corpus Christi facility, and other market factors.

As a result, Chemours’ total sales for 2024 decreased by five per cent, to total $5.78 billion (A$8.88 billion), while the company reported a net income of $86 million (A$132 million), reversing a loss from the previous year.