Chemours sales up on higher volumes in 2018

Wilmington, Delaware — Fluorochemical company Chemours had sales of $6.64 bn in 2018, up 7.4 % on the previous financial year.

Sales in the company's fluoroproducts business grew by 7.84% between 2017 and 2018. They reached $2.86 bn in the 2018 financial year. This compares with $2.65 bn in the previous year.

The change in sales was the result of a 4% increase in volume, driven by the continued adoption of its Opteon refrigerants. Additionally, the company said a 3% increase in price and a 1% increase from favourable foreign currency movements helped the business.

However, these increases were partially offset by lower selling prices because of automotive contractual price declines, and lower volume for base refrigerants. Many of the company's base refrigerants are being phased out.

Adjusted EBITDA in the division was up 17.04% at $ 783m in 2018. This compares with $669m in 2017. As with sales, the company said the increase between the two years was caused by higher volumes and prices.

The company reports blowing agents in its fluorochemicals segment.

According to a presentation in March 2018, the company assessed the global size of the blowing agent market at $700m in 2016.

The market could be worth $900 m by 2025, it said. During that time, HFOs are expected to grow at a 31% CAGR. This will take their share from $50m in 2016 to $650m in 2025, the company said. The market for conventional blowing agents will be sluggish in comparison; 5% CAGR will take it from $300 m to $500 m in that time.

'Our results for the fourth quarter and full year 2018 reflect the strength of the full Chemours portfolio and the disciplined execution of our strategy,' said CEO Mark Vergnano.