The Global Electric Vehicle (EV) Dielectric Fluid Market was valued at USD 1.82 Billion in 2024 and is projected to reach USD 5.14 Billion by 2030, growing at a Compound Annual Growth Rate (CAGR) of 18.9% during the forecast period (2024–2030). This explosive growth is being driven by the rapid global transition to electric mobility, increasing demand for high-performance battery thermal management systems, and advancements in power electronics requiring sophisticated cooling solutions.

As the automotive industry undergoes its most significant transformation in a century, the critical role of dielectric fluids in ensuring the safety, efficiency, and longevity of EV components is coming to the forefront. These specialized fluids are essential for cooling batteries, motors, and onboard chargers. In this blog, we profile the Top 10 Companies in the EV Dielectric Fluid Industry—a mix of chemical giants, lubricant specialists, and innovative material science firms shaping the future of electric drivetrains.

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🔟 1. ExxonMobil Corporation

Headquarters: Irving, Texas, USA
Key Offering: Mobil™ Thermal Management Fluids for EVs

ExxonMobil is a leading global energy and chemical company with a robust portfolio of advanced fluids for the electric vehicle sector. Their dielectric fluids are engineered to provide superior thermal conductivity and electrical insulation, directly cooling high-voltage battery packs and power electronics to enhance performance and safety.

Innovation Initiatives:

• Development of synthetic dielectric fluids with high fire resistance

• Strategic partnerships with major automotive OEMs for fluid integration

• Investment in R&D for next-generation direct cooling technologies

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

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9️⃣ 2. Shell plc

Headquarters: London, United Kingdom
Key Offering: Shell E-Fluids portfolio

Shell’s E-Fluids division is dedicated to creating advanced lubricants and dielectric coolants for hybrid and electric vehicles. Their products are designed to manage extreme temperatures in e-motors and battery systems, contributing to extended component life and improved energy efficiency.

Innovation Initiatives:

• Global launch of a dedicated e-fluids product line

• Collaboration with automotive manufacturers on bespoke fluid formulations

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8️⃣ 3. Croda International Plc

Headquarters: Snaith, United Kingdom
Key Offering: Synergel™ and other specialty dielectric fluids

Croda International is a specialty chemicals company with a strong focus on sustainability and high-performance materials. Their dielectric fluids are known for excellent thermal stability and eco-friendly profiles, making them ideal for next-generation EV battery thermal management systems.

Innovation Initiatives:

• Focus on bio-based and readily biodegradable dielectric fluid formulations

• R&D in nano-enhanced fluids for superior heat transfer capabilities

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7️⃣ 4. BASF SE

Headquarters: Ludwigshafen, Germany
Key Offering: Specialty coolants and dielectric fluids for e-mobility

BASF, a global chemical leader, offers a comprehensive range of products for the EV market, including advanced dielectric fluids. Their solutions are integral to managing the thermal loads of high-density battery systems, ensuring operational safety and performance under demanding conditions.

Innovation Initiatives:

• Development of fluids compatible with immersion cooling technology

• Integration of dielectric fluids with battery cell chemistry expertise

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6️⃣ 5. 3M Company

Headquarters: Saint Paul, Minnesota, USA
Key Offering: 3M™ Novec™ Engineered Fluids

3M is a world-renowned innovator in material science, and its Novec™ engineered fluids are a benchmark in the dielectric cooling space. These fluids are non-flammable, have low global warming potential, and are exceptionally effective for direct immersion cooling of EV batteries and power electronics.

Innovation Initiatives:

• Pioneering the use of dielectric fluids in battery immersion cooling systems

• Commitment to developing sustainable fluids with low environmental impact

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

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5️⃣ 6. FUCHS Petrolub SE

Headquarters: Mannheim, Germany
Key Offering: FUCHS e-fluids and thermal management fluids

FUCHS is one of the world’s largest independent lubricant manufacturers, with a rapidly expanding portfolio for electric vehicles. Their dielectric fluids are designed to meet the stringent requirements of e-axles, batteries, and power electronics, offering long-term stability and corrosion protection.

Innovation Initiatives:

• Establishment of a dedicated e-mobility business unit

• Global production network for localized EV fluid supply

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4️⃣ 7. Castrol (a bp brand)

Headquarters: London, United Kingdom
Key Offering: Castrol ON EV Fluids

Castrol, a bp company, has launched its Castrol ON range, specifically formulated for electric vehicles. Their dielectric fluids aim to unlock greater efficiency, manage thermal loads, and reduce total cost of ownership for EV fleet operators and consumers.

Innovation Initiatives:

• Strategic testing partnerships with Formula E racing teams for performance validation

• Development of fluids that enable faster charging by improving thermal management

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3️⃣ 8. Repsol S.A.

Headquarters: Madrid, Spain
Key Offering: Repsol ElexCool™ Dielectric Fluids

Repsol is a leading energy company with a strong commitment to the energy transition. Their ElexCool™ dielectric fluids are part of a comprehensive e-mobility solution, focusing on enhancing battery life and ensuring the safety of high-voltage components in electric vehicles.

Innovation Initiatives:

• Investment in circular economy projects for fluid recycling

• Collaboration with European OEMs to co-develop tailored fluid solutions

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2️⃣ 9. MIVOLT (A Subsidiary of M&I Materials Ltd)

Headquarters: Manchester, United Kingdom
Key Offering: MIVOLT dielectric immersion cooling fluids

MIVOLT specializes in advanced dielectric cooling fluids, notably its biodegradable MIVOLT fluids derived from esters. These are particularly suited for direct immersion cooling of battery packs, a technology gaining traction for its superior thermal management capabilities.

Innovation Initiatives:

• Leader in biodegradable ester-based dielectric fluids for immersion cooling

• Active participation in industry consortia to set safety and performance standards

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1️⃣ 10. GVS S.p.A.

Headquarters: Zola Predosa, Italy
Key Offering: Advanced filtration systems integrated with dielectric fluid management

GVS is a global leader in filtration technology, providing critical components for EV battery and thermal management systems. While not a pure-play fluid manufacturer, their expertise in filtering dielectric fluids is essential for maintaining system purity and longevity in EV cooling circuits.

Innovation Initiatives:

• Development of specialized filters for dielectric fluid circuits in EVs

• Systems approach, integrating filtration with overall thermal management design

Get Full Report Here: EV Dielectric Fluid Market – View in Detailed Research Report

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🔋 Outlook: The Future of EV Dielectric Fluid Is Intelligent and Integrated

The EV dielectric fluid market is evolving from a niche component to a critical enabling technology. As electric vehicles demand higher power densities, faster charging, and greater safety, dielectric fluids are becoming more sophisticated, moving from passive cooling to active thermal management roles.

📈 Key Trends Shaping the Market:

• Rapid adoption of direct immersion cooling for high-performance EVs

• Development of multifunctional fluids that cool and provide corrosion inhibition

• Increasing demand for sustainable, bio-based, and readily biodegradable formulations

• Integration of dielectric fluid systems with predictive maintenance and digital monitoring

Get Full Report Here: EV Dielectric Fluid Market – View in Detailed Research Report

The companies listed above are not only supplying a critical component—they are enabling the technological evolution of the electric vehicle industry, ensuring that the cars of the future are safer, more efficient, and more powerful.