I have not done a demand-analysis and looked into segmental revenues of GFL and SRF, but here are the broad stokes.
- SRF is obtaining tech for their PTFE grade from a Chinese manufacturer. Per what I have been able to understand by the recent reports made after the Dahej plant visit, is that SRF is going to start with commodity grade PTFE. They will certainly upgrade to high value grades and have opened an application development center for that, but it will take time. GFL on the other hand is already not competing in commodity grade PTFE, and have presence in assorted FPs which include PVDF and FKM.
- SRF’s main strength at the moment is coming from their spec chem and ref gas business, while for GFL is their fluoropolymer business.
- GFL owns fluorspar mine in Morocco, while SRF is importing all of it for their slated production of fluoropolymers. This would automatically translate into better margins for GFL.
- GFL will be commissioning a battery chemicals plant under their 100% owned subsidiary GFL EV Products, while SRF has not yet indicated any such plans for EV space.
- GFL will be venturing into proton exchange membrane business used in fuel cells and hydrogen electrolyzers. No such announcement from SRF.
SRF is a major player in agri intermediate and ref gases space and GFL is establishing itself into high value fluoropolymers space. While there’s a overlap in the space where the two play, but SRF looks like it wants to go where GFL is and going.
I understand that this is probably not the answer you were looking for, and I will try to throw some numbers in there to help us see a trend in margin realizations and volumes for both the companies.
Disc: Invested in both
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