The market size of immersion cooling fluids is estimated to grow from USD 1.7 billion in 2022 to USD 2.6 billion by 2027, at a CAGR of 8.1% during the forecast period.
The immersion cooling fluids market is expected to grow for the next five years, owing to rapid technological advancements and expansion in the demand for transformers, data center and batteries used in electric vehicle. Key players operating in the immersion cooling fluids market are Nynas AB (Sweden), Ergon, Inc. (US), PetroChina Company Limited (China), APAR Industries (India), and Sinopec Lubricant Company (China), among others.
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Substantial investments have been made in the past few years by the key players to address the growing demand for immersion cooling fluids. These players have been focusing on product launches, expansion, joint venture and investments to cater to the increasing demand for immersion cooling fluids in the market.
Nynas AB is a manufacturer and distributor of refined petroleum products. The company’s main business is to manufacture specialty oils such as transformer oils, base oils, rubber oils, process oils, and bitumen for paving and industrial applications. In March 2020, Nyans AB Launched NYTRO BIO 300X which is renewable transformer oil. The oil has low viscosity and has great oxidation stability which has superior cooling property. The company majorly operates in European region.
Ergon, Inc. is an oil and gas company involved in refining and marketing specialty oils, asphalts, thermoplastic resins and petrochemicals. The company in October 2020, increased its storage capacity at the Antwerp terminal in Belgium to 39,000 m3. This expansion will help them to maintain constant supply of specialty oils used as immersion cooling fluids for transformers. The company has its presence in Asia Pacific, Europe, North America, South America and Middle East & Africa.
PetroChina Company Limited is one of the largest oil & gas companies in the world. China National Petroleum Corporation (CNPC) is its parent company. The company in September 2020 expanded its crude oil processing capacity at the Daqing refinery, situated in the Heilongjiang province, China. The refinery’s capacity was expanded to 10 million tons per annum from 6.5 million tons. The expansion was part of an RMB 4.45 billion (USD 651 million) investment. This will help the company to meet demand for growing demand for mineral oils which are used as immersion cooling fluids. The company has its major regional presence in Asia Pacific region.
Immersion Cooling Fluids Market by Type (Mineral oil, Fluorocarbon-based fluids, Synthetic fluids), End Use (Transformers, Data Center, EV batteries, Solar PV), Technology (Single-phase cooling, Two-phase cooling) & Region - Global Forecast to 2027
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