The Global Thermal Management EV Fluid Market was valued at USD 1.2 Billion in 2023 and is projected to reach USD 3.5 Billion by 2030, growing at a Compound Annual Growth Rate (CAGR) of 16.5% during the forecast period (2023–2030). This growth is being driven by the rapid expansion of electric vehicle adoption worldwide, increasing demand for advanced battery cooling solutions, and the push toward sustainable automotive technologies in both passenger and commercial sectors.

As the electric vehicle industry accelerates toward enhanced performance, safety, and longevity of battery systems, the focus turns to innovative fluid providers who are pioneering efficient thermal management. These fluids are crucial for regulating temperatures in EV batteries, motors, and electronics, preventing overheating and ensuring optimal operation. In this blog, we profile the Top 10 Companies in the Thermal Management EV Fluid Industry—a blend of chemical giants, specialty lubricant firms, and EV-focused innovators shaping the future of electric mobility.

---

🔟 1. ExxonMobil Corporation

Headquarters: Irving, Texas, USA
Key Offering: Synthetic coolants, dielectric fluids, and bio-based thermal management solutions for EV batteries

ExxonMobil stands as a global leader in advanced lubricants and fluids, with its Mobil brand extending into EV thermal management. The company’s solutions are designed to handle the high thermal loads of lithium-ion batteries, providing superior heat transfer and electrical insulation. Serving major automakers like Tesla and General Motors, ExxonMobil’s R&D emphasizes low-viscosity fluids that enhance battery life and vehicle range. Because of their extensive global network, they ensure reliable supply chains even as EV production scales up rapidly.

Sustainability Initiatives:

• Development of recyclable, low-global-warming-potential fluids

• Partnerships with EV manufacturers to reduce carbon footprints

• Commitment to net-zero operations by 2050, including sustainable sourcing for EV fluids

Download FREE Sample Report: Thermal Management EV Fluid Market – View in Detailed Research Report

---

9️⃣ 2. BASF SE

Headquarters: Ludwigshafen, Germany
Key Offering: High-performance glycols, phase-change materials, and integrated thermal fluids for EV systems

BASF, a chemical powerhouse, offers a comprehensive portfolio of thermal management fluids tailored for electric vehicles. Their products focus on indirect cooling systems, ensuring precise temperature control in battery packs. With a strong presence in Europe and Asia, BASF collaborates with OEMs to develop fluids that meet stringent automotive standards, improving efficiency in high-power density applications. However, as EV architectures evolve, BASF continues to innovate to address emerging challenges like ultra-fast charging.

Sustainability Initiatives:

• Bio-based and recycled content integration in fluid formulations

• Collaborations for circular economy practices in EV supply chains

• Aim to achieve carbon neutrality across production by 2030

---

8️⃣ 3. Shell plc

Headquarters: London, United Kingdom
Key Offering: Advanced dielectric coolants, hybrid thermal fluids, and EV-specific lubricants

Shell leverages its expertise in energy solutions to provide thermal management fluids that support the transition to electrification. Their offerings include single-phase and two-phase cooling fluids, optimized for both passenger cars and commercial EVs. Operating globally, Shell fuels innovation through joint ventures with battery producers, addressing challenges like thermal runaway prevention. Furthermore, their focus on hybrid systems bridges the gap between traditional and all-electric vehicles.

Sustainability Initiatives:

• Investment in low-emission fluid technologies

• Partnerships to promote biofuel-derived EV coolants

• Targets for 100% renewable energy in manufacturing by 2025

---

7️⃣ 4. Castrol (BP Lubricants)

Headquarters: Pangbourne, United Kingdom
Key Offering: ON Lubricants for EVs, immersion cooling fluids, and direct battery cooling solutions

Castrol, under BP, has pioneered EV-specific thermal fluids like its groundbreaking immersion cooling products. These fluids enable direct contact cooling for battery cells, significantly improving heat dissipation. Castrol’s solutions are adopted by leading EV brands, enhancing performance in demanding conditions such as fast-charging scenarios. Because immersion cooling reduces the need for complex hardware, it offers cost savings and higher efficiency over time.

Sustainability Initiatives:

• Development of biodegradable EV fluids

• EV fluid recycling programs with automotive partners

• Goal to support 20% of global EV production with sustainable fluids by 2030

Download FREE Sample Report: Thermal Management EV Fluid Market – View in Detailed Research Report

---

6️⃣ 5. 3M Company

Headquarters: St. Paul, Minnesota, USA
Key Offering: Fluorinated thermal fluids, Novec engineered solutions for EV cooling

3M excels in specialty chemicals, providing non-conductive, high-boiling-point fluids ideal for two-phase immersion cooling in EVs. Their Novec series offers excellent thermal stability and compatibility with electronics, making them suitable for next-gen solid-state batteries. 3M’s global reach ensures supply chain reliability for automakers worldwide. However, they are actively working to minimize environmental impacts associated with fluorinated compounds.

Sustainability Initiatives:

• Transition to lower-GWP fluorochemicals

• Closed-loop recycling systems for thermal fluids

• Commitment to science-based emissions reductions

---

5️⃣ 6. Repsol S.A.

Headquarters: Madrid, Spain
Key Offering: Bio-lubricants, synthetic coolants for EV powertrains and batteries

Repsol is advancing sustainable mobility with its range of EV thermal management fluids, focusing on European and Latin American markets. Their products emphasize energy efficiency and reduced environmental impact, supporting hybrid and full-EV architectures. Repsol’s innovation centers drive ongoing improvements in fluid performance for extreme temperatures. Furthermore, their bio-based formulations help meet EU regulatory demands for greener automotive components.

Sustainability Initiatives:

• Expansion of renewable-based fluid production

• Collaborations with EU EV projects for green chemistry

• Net-zero emissions target by 2050 with focus on transport sector

---

4️⃣ 7. Croda International Plc

Headquarters: East Yorkshire, United Kingdom
Key Offering: Bio-derived glycols, specialty additives for EV thermal systems

Croda specializes in sustainable specialty chemicals, offering plant-based thermal fluids that outperform traditional petroleum-derived options. Their solutions are used in indirect cooling loops for passenger EVs, providing corrosion protection and thermal conductivity. Croda’s commitment to green chemistry positions it as a key player in eco-friendly EV advancements. Because plant-based fluids lower dependency on fossil resources, they align well with the broader sustainability goals of the auto industry.

Sustainability Initiatives:

• 100% bio-content fluids in development pipeline

• Supply chain traceability for sustainable sourcing

• Carbon footprint reduction across all product lines

Download FREE Sample Report: Thermal Management EV Fluid Market – View in Detailed Research Report

---

3️⃣ 8. FUCHS Petrolub SE

Headquarters: Mannheim, Germany
Key Offering: TITAN Fluids for EVs, high-efficiency coolants and heat transfer oils

FUCHS is a dedicated lubricant specialist with a strong EV focus, providing fluids that ensure reliable thermal regulation in electric drivetrains. Their products cater to commercial vehicles, offering durability under heavy loads. With manufacturing in over 40 countries, FUCHS supports global EV scaling efforts effectively. However, their expertise in heavy-duty applications makes them particularly valuable for fleet operators transitioning to electrification.

Sustainability Initiatives:

• Bio-lubricant innovations for EV applications

• Energy-efficient production processes

• Partnerships for end-of-life fluid management

---

2️⃣ 9. MIVOLT

Headquarters: San Francisco, California, USA
Key Offering: Immersion cooling fluids, dielectric liquids for high-performance EVs

MIVOLT is an emerging leader in immersion cooling technology, developing proprietary fluids that submerge battery components for maximal heat transfer. Tailored for high-end performance EVs, their solutions boost range and safety. As a startup innovator, MIVOLT is rapidly gaining traction through pilot programs with luxury automakers. Furthermore, their agile approach allows for quick adaptations to new battery chemistries.

Sustainability Initiatives:

• Non-toxic, recyclable fluid formulations

• Focus on reducing material use in cooling systems

• Collaborations with clean-tech accelerators

---

1️⃣ 10. Valvoline Inc.

Headquarters: Lexington, Kentucky, USA
Key Offering: Synergy EV fluids, multi-vehicle thermal management solutions

Valvoline delivers versatile thermal fluids compatible with a wide range of EV models, from compact cars to trucks. Their emphasis on aftermarket and OEM supply ensures accessibility. Valvoline’s fluids excel in maintaining consistent performance across varying climates, supporting the mainstream adoption of EVs. Because of their broad compatibility, they reduce the complexity for service networks worldwide.

Sustainability Initiatives:

• Sustainable packaging and fluid recycling initiatives

• Investment in low-volatility, eco-friendly bases

• Global net-zero ambitions aligned with automotive industry goals

Read Full Report: Thermal Management EV Fluid Market – View in Detailed Research Report

---

🌍 Outlook: The Future of Thermal Management EV Fluids Is Smarter and Greener

The thermal management EV fluid market is evolving rapidly amid the electrification boom. Traditional coolants are giving way to advanced, sustainable alternatives that enhance battery efficiency and vehicle sustainability. Industry investments are pouring into R&D for next-generation fluids capable of handling ultra-fast charging and extreme conditions.

Because EVs now represent a significant portion of new vehicle sales globally, the demand for reliable thermal solutions has never been higher. However, challenges like supply chain disruptions and regulatory pressures for low-toxicity materials are pushing companies to innovate. Furthermore, the integration of AI for predictive thermal management promises even greater efficiencies.

📈 Key Trends Shaping the Market:

• Shift toward immersion and two-phase cooling systems in premium EVs

• Regulatory mandates for eco-friendly fluids in Europe and North America

• Growth in bio-based and recycled fluid adoption across Asia-Pacific

• Strategic alliances between fluid makers and battery giants for integrated solutions

Read Full Report: Thermal Management EV Fluid Market – View in Detailed Research Report

The companies profiled here are not only cooling the hearts of electric vehicles—they’re accelerating the green revolution on roads worldwide. As EV adoption surges, these leaders will continue to drive innovation, ensuring safer, longer-lasting, and more efficient mobility for all.

At 24 Chemical Research, we provide in-depth market intelligence to help businesses navigate complex industries. Our reports offer actionable insights derived from rigorous analysis, empowering stakeholders to make informed decisions.