The Global Single Phase Immersion Cooling Fluids Market was valued at USD 312.7 million in 2025 and is projected to reach USD 752.8 million by 2032, growing at a Compound Annual Growth Rate (CAGR) of 13.4% during the forecast period (2025–2032). This remarkable growth is being driven by the exponential rise in data generation, the surging power density of artificial intelligence and high-performance computing hardware, and the urgent need for energy-efficient thermal management solutions across hyperscale and enterprise data centers worldwide.

As the data center industry transforms toward low-emission operations and sustainable infrastructure, the spotlight falls on the key fluid manufacturers and chemical innovators who are driving performance, efficiency, and cleaner cooling pathways. In this blog, we profile the Top 10 Companies in the Single Phase Immersion Cooling Fluids Industry—a mix of global chemical giants, specialty fluid developers, and emerging technology pioneers shaping the future of data center thermal management.

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📺 1. 3M Company

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

3M is widely recognized as the global market leader in single-phase immersion cooling fluids, primarily through its Novec and Fluorinert product lines. These dielectric fluids are engineered for direct submersion of IT hardware, offering exceptional thermal stability, non-flammability, and compatibility with sensitive electronic components. 3M serves hyperscale data centers, HPC operators, and specialized research facilities across the globe.

Innovation Highlights:

• Extensive portfolio of low-global-warming-potential (GWP) dielectric fluids

• Active R&D in next-generation fluorinated cooling solutions

• Longstanding partnerships with major data center infrastructure providers

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✏️ 2. Solvay S.A.

Headquarters: Brussels, Belgium
Key Offering: Galden PFPE Fluids, Specialty Fluorochemicals

Solvay is a leading European specialty chemical company with a strong presence in the immersion cooling fluids segment through its Galden perfluoropolyether (PFPE) fluids. These products are valued for their exceptional chemical inertness, wide operating temperature range, and zero ozone depletion potential, making them highly suitable for mission-critical data center environments.

Innovation Highlights:

• PFPE-based fluids with superior thermal and chemical stability

• Commitment to reducing environmental footprint across product lines

• Collaboration with data center operators in Europe and North America

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🔢 3. AGC Inc.

Headquarters: Tokyo, Japan
Key Offering: Asahiklin AE-3000, Fluorinated Dielectric Fluids

AGC is a major Japanese specialty chemicals and glass manufacturer that has established a notable footprint in the immersion cooling space through its fluorinated fluid offerings. AGC's dielectric fluids are recognized for their low toxicity profile, electrical insulation properties, and stable performance under continuous thermal loads, making them a preferred choice among Asian data center operators and OEMs.

Innovation Highlights:

• Strong manufacturing infrastructure across Asia-Pacific markets

• Fluorinated solutions with low environmental impact targets

• Growing portfolio of cooling fluids designed for high-density server applications

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🔡 4. The Chemours Company

Headquarters: Wilmington, Delaware, USA
Key Offering: Opteon SF Dielectric Fluids

The Chemours Company, a global leader in titanium technologies and fluoroproducts, has developed its Opteon line of dielectric fluids specifically for single-phase immersion cooling. These fluids are formulated to deliver high thermal performance while adhering to increasingly stringent environmental regulations governing fluorinated compounds. Chemours actively engages with data center developers and hyperscale operators to advance sustainable cooling deployments.

Innovation Highlights:

• Opteon SF fluids with low global warming potential

• Regulatory-compliant formulations aligned with evolving EPA and EU chemical directives

• Active participation in industry consortia focused on immersion cooling standardization

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Single Phase Immersion Cooling Fluids Market – View in Detailed Research Report

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🔠 5. Shell Chemicals

Headquarters: The Hague, Netherlands
Key Offering: Shell Diala Transformer Oils, Mineral Oil-Based Dielectric Fluids

Shell, through its specialty chemicals division, offers a range of mineral oil-based dielectric fluids that have found application in single-phase immersion cooling deployments, particularly in cost-sensitive enterprise and colocation data center environments. Shell's established global supply chain and deep expertise in lubricants and process fluids give it a competitive edge in scaling fluid availability across markets.

Innovation Highlights:

• Mineral oil formulations with proven dielectric and thermal properties

• Global distribution network supporting consistent fluid supply across regions

• Ongoing development of bio-based and lower-carbon-footprint fluid alternatives

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🔟 6. Honeywell International Inc.

Headquarters: Charlotte, North Carolina, USA
Key Offering: Solstice Dielectric Fluid, HFO-based Cooling Fluids

Honeywell has entered the immersion cooling fluids market through its Solstice product family, leveraging its deep expertise in hydrofluoroolefin (HFO) chemistry. These fluids are designed to provide strong thermal performance alongside significantly lower global warming potential compared to traditional hydrofluorocarbon alternatives. Honeywell's sustainability credentials and regulatory experience make it a credible player as environmental compliance becomes a central procurement criterion.

Innovation Highlights:

• HFO-based fluids with ultra-low GWP ratings

• Alignment with F-Gas regulations in the European Union and North America

• Cross-industry application expertise spanning electronics to aerospace thermal management

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🔞 7. Engineered Fluids

Headquarters: Midland, Texas, USA
Key Offering: BitCool, ElectriCool Dielectric Fluids

Engineered Fluids is a specialized manufacturer that has carved out a distinctive niche in the immersion cooling market, particularly for high-performance computing and cryptocurrency mining applications. Its BitCool and ElectriCool fluid families are formulated from non-toxic, biodegradable hydrocarbons, offering a compelling combination of performance and environmental responsibility. The company has built a loyal customer base among blockchain operators and AI infrastructure providers.

Innovation Highlights:

• Non-toxic, biodegradable hydrocarbon fluid formulations

• Purpose-built fluids for GPU-intensive workloads and blockchain mining operations

• Transparent fluid performance data supporting operator decision-making

Download FREE Sample Report:
Single Phase Immersion Cooling Fluids Market – View in Detailed Research Report

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🔝 8. Capchem Technology Co., Ltd.

Headquarters: Shenzhen, China
Key Offering: Electronic Grade Dielectric Fluids, Fluorinated Cooling Solutions

Capchem is a leading Chinese specialty chemical manufacturer with a growing presence in the immersion cooling fluids market. The company benefits from China's rapidly expanding data center sector and government-backed initiatives to promote energy-efficient cooling infrastructure. Capchem's cost-competitive positioning and domestic supply chain integration make it a key supplier for Chinese hyperscalers and regional colocation operators expanding across Asia-Pacific.

Innovation Highlights:

• Competitive electronic-grade dielectric fluid manufacturing at scale

• Strong alignment with China's national data center energy efficiency policies

• Expanding R&D investment in advanced fluorinated and hydrocarbon-based cooling chemistries

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🔜 9. M&I Materials Ltd.

Headquarters: Manchester, United Kingdom
Key Offering: MIVOLT Dielectric Fluids, Midel Ester Fluids

M&I Materials is a UK-based specialty materials company best known for its Midel synthetic ester transformer fluids and its MIVOLT range designed for electronic cooling applications. The company has leveraged its established expertise in dielectric fluids to address the growing demand for immersion cooling solutions in European data centers, telecom facilities, and research institutions. Its focus on biodegradable, fire-safe fluid formulations resonates strongly with sustainability-driven operators.

Innovation Highlights:

• Biodegradable ester-based fluids with high fire point ratings

• Strong European market presence and regulatory compliance expertise

• Technical support services for fluid selection, monitoring, and maintenance programs

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🔛 10. Zhejiang Noah Fluorochemical Co., Ltd.

Headquarters: Zhejiang, China
Key Offering: Fluorinated Electronic Cooling Fluids, HFE-based Dielectric Solutions

Zhejiang Noah Fluorochemical is an emerging Chinese fluorochemical producer that has gained market share in the single-phase immersion cooling fluids segment through its competitively priced hydrofluoroether (HFE)-based products. As data center construction accelerates across Southeast Asia and China, Noah Fluorochemical is positioned to meet regional demand with domestically manufactured, performance-grade dielectric fluids that increasingly challenge the dominance of Western chemical giants in price-sensitive markets.

Innovation Highlights:

• HFE-based fluids offering strong thermal and electrical insulation properties

• Cost-competitive manufacturing supporting broader regional market penetration

• Expanding export capabilities targeting Southeast Asian and Middle Eastern data center markets

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Single Phase Immersion Cooling Fluids Market – View in Detailed Research Report

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🌎 Outlook: The Future of Single Phase Immersion Cooling Fluids Is Smarter and Greener

The single phase immersion cooling fluids market is undergoing a profound transformation. While mineral oil-based solutions continue to hold relevance in cost-conscious deployments, the industry is channeling significant investment into advanced fluorinated formulations, biodegradable hydrocarbon alternatives, and next-generation dielectric chemistries that meet both performance and environmental criteria simultaneously.

📈 Key Trends Shaping the Market:

• Rapid expansion of hyperscale and AI-dedicated data centers driving demand for high-performance dielectric fluids

• Regulatory pressure to phase out high-GWP fluorinated compounds accelerating fluid innovation cycles

• Growing adoption of waste heat recovery systems integrated with immersion cooling infrastructure

• Increasing interest from edge computing and modular data center operators in compact immersion cooling deployments

• Industry standardization efforts gaining momentum through consortia such as the Open Compute Project (OCP)

Get Full Report Here:
Single Phase Immersion Cooling Fluids Market – View in Detailed Research Report

The companies profiled above are not only cooling the world’s most powerful computing infrastructure—they are spearheading the sustainable transformation of global data center operations, one immersion tank at a time.