The Global Thermal Management EV Fluid Market was valued at USD 1.85 Billion in 2024 and is projected to reach USD 5.92 Billion by 2030, growing at a Compound Annual Growth Rate (CAGR) of 21.4% during the forecast period (2024–2030). This explosive growth is driven by the rapid global adoption of electric vehicles, the increasing energy density of EV batteries requiring advanced cooling, and stringent regulations pushing for greater EV efficiency and range.

As the electric vehicle industry accelerates toward mainstream adoption, the critical role of thermal management systems in ensuring battery safety, performance, and longevity has taken center stage. In this blog, we profile the Top 10 Companies in the Thermal Management EV Fluid Industry—a dynamic mix of chemical giants, lubricant specialists, and technology innovators who are defining the thermal standards for the next generation of electric mobility.

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🔟 1. ExxonMobil Corporation

Headquarters: Irving, Texas, USA
Key Offering: Mobiltherm™ ECO Series, Advanced Dielectric Coolants

ExxonMobil is a foundational player in the EV thermal fluids market, leveraging its extensive expertise in lubricants and coolants. The company offers a range of dielectric fluids specifically engineered for battery electric vehicles (BEVs) and hybrid electric vehicles (HEVs), focusing on superior thermal conductivity and electrical insulation properties.

Innovation and Sustainability Initiatives:

• Development of low-viscosity, high-performance coolants for direct battery cooling systems

• Strategic partnerships with major automotive OEMs for fluid testing and implementation

• Commitment to reducing the carbon footprint of its product portfolio

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

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9️⃣ 2. BASF SE

Headquarters: Ludwigshafen, Germany
Key Offering: Glysantin® EV Coolants, Plurasafe® Dielectric Fluids

BASF is a leading chemical company with a strong focus on automotive solutions. Its Glysantin and Plurasafe brands offer advanced coolants and dielectric fluids tailored for the unique thermal management needs of electric powertrains, including batteries, power electronics, and electric motors.

Innovation and Sustainability Initiatives:

• Investment in bio-based and recyclable coolant technologies

• Comprehensive portfolio covering both direct and indirect cooling applications

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8️⃣ 3. Shell plc

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

Shell has aggressively expanded into the EV sector with its dedicated Shell E-Fluids range. These products are designed to manage extreme temperatures in high-performance EVs, enhancing battery life and enabling faster charging capabilities through efficient heat dissipation.

Innovation and Sustainability Initiatives:

• Focus on fluids that extend driving range and battery lifespan

• Collaborations with Formula E racing to develop and test cutting-edge thermal management solutions

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7️⃣ 4. Croda International Plc

Headquarters: Snaith, United Kingdom
Key Offering: Crodatherm™ Dielectric Fluids, Specialty Additives

Croda International specializes in high-performance chemicals and is a key supplier of advanced dielectric thermal fluids for EVs. Their Crodatherm™ series is known for excellent thermal stability and compatibility with sensitive electronic components, making it ideal for immersion cooling applications.

Innovation and Sustainability Initiatives:

• Pioneering sustainable, bio-based dielectric fluids

• Strong R&D focus on next-generation immersion cooling technologies

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

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6️⃣ 5. FUCHS Petrolub SE

Headquarters: Mannheim, Germany
Key Offering: EV Coolants, Thermal Management Fluids for E-Mobility

FUCHS is a global lubricants manufacturer that has developed a comprehensive line of thermal management fluids for electric vehicles. Their products are designed to meet the demands of various cooling systems, from traditional glycol-based loops to advanced direct cooling setups.

Innovation and Sustainability Initiatives:

• Global production network ensuring supply chain resilience

• Long-term supply agreements with European and Asian automotive manufacturers

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5️⃣ 6. Castrol (BP plc)

Headquarters: London, United Kingdom
Key Offering: Castrol ON EV Thermal Fluids, Advanced E-Fluids

Castrol, a BP brand, has rebranded its strategy to focus heavily on e-mobility. The Castrol ON range includes specialized thermal management fluids that help optimize the performance and efficiency of electric vehicle batteries and powertrains, particularly under fast-charging conditions.

Innovation and Sustainability Initiatives:

• Development of fluids that enable ultra-fast charging by managing thermal peaks

• Active participation in industry consortia to set new thermal fluid standards

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4️⃣ 7. 3M Company

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

3M is a pioneer in engineered dielectric fluids, with its Fluorinert and Novec brands being widely used in high-performance electronics cooling. These fluids are increasingly adopted for direct immersion cooling of EV battery packs and power electronics due to their non-conductive and non-flammable properties.

Innovation and Sustainability Initiatives:

• Leading innovator in two-phase immersion cooling technologies

• Focus on fluids with low global warming potential (GWP)

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3️⃣ 8. Repsol S.A.

Headquarters: Madrid, Spain
Key Offering: Repsol EV Fluids, Advanced Thermal Management Solutions

Repsol is transitioning from traditional energy to become a key player in the e-mobility ecosystem. The company has developed a range of EV thermal fluids as part of its broader strategy to support the decarbonization of transport, with a strong focus on the European market.

Innovation and Sustainability Initiatives:

• Investment in circular economy models for fluid production and recycling

• Partnerships with Spanish and European automotive OEMs

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2️⃣ 9. Valvoline Inc.

Headquarters: Lexington, Kentucky, USA
Key Offering: Valvoline Advanced EV Fluids, Thermal Management Coolants

Valvoline, a prominent name in automotive lubricants, has launched a dedicated line of fluids for electric vehicles. Their thermal management products are designed to address the complex cooling requirements of EVs, helping to maximize efficiency and protect expensive battery systems.

Innovation and Sustainability Initiatives:

• Rapid expansion of EV fluid offerings through internal R&D and acquisitions

• Focus on the North American aftermarket and OEM segments

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1️⃣ 10. Lanxess AG

Headquarters: Cologne, Germany
Key Offering: Specialty Cooling Additives, Custom Formulations

Lanxess is a specialty chemicals company that provides critical additives and formulations for EV thermal management fluids. Their products enhance the performance of base fluids, improving heat transfer efficiency, corrosion inhibition, and longevity of the thermal management system.

Innovation and Sustainability Initiatives:

• Expertise in developing high-performance additive packages for unique OEM specifications

• Strong foothold in the European automotive supply chain

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

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🌡️ Outlook: The Future of EV Thermal Management Is Smarter and More Integrated

The thermal management EV fluid market is undergoing a radical transformation. As EV architectures evolve, the demand for more sophisticated, efficient, and integrated thermal management solutions is surging. The shift is towards fluids that not only cool but also actively contribute to vehicle performance, safety, and sustainability.

📈 Key Trends Shaping the Market:

• Rapid adoption of direct cooling and immersion cooling technologies for high-density batteries

• Increasing importance of thermal fluids in enabling ultra-fast charging infrastructure

• Growing regulatory focus on battery safety, driving demand for non-flammable dielectric fluids

• Automotive OEM-fluid supplier collaborations for custom, application-specific formulations

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

The companies listed above are not only supplying essential fluids—they are actively engineering the thermal backbone of the electric vehicle revolution, ensuring that the future of mobility is both powerful and safe.