NEW YORK, March 9, 2023 /PRNewswire/ — The global immersion cooling fluids market to reach $3.81 billion by 2032.
Global Immersion Cooling Fluids Market for EVs: Industry Overview
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The global immersion cooling fluids market for EVs is projected to reach $3,837.0 million by 2032 from $205.8 million in 2021, growing at a CAGR of 30.78% during the forecast period 2022-2032. The growth in the global immersion cooling fluids market for EVs is expected to be driven by increasing sales of immersion cooling system-fitted electric vehicles worldwide.
Market Lifecycle Stage
Immersion cooling fluids used in electric vehicles are advancing technologically and are expected to grow faster in the forecast period. Key market development activities are expected to be boosted by ongoing research and development activities in manufacturing high-performance immersion cooling fluids.
The global immersion cooling fluids market for EVs is still in the growth phase.An increasing fleet of electric vehicles is propelling the sales of immersion cooling fluids in the market.
As a result, the global immersion cooling fluids market for EVs is expected to flourish in the forecast period.
Impact
- The federal government and agencies are investing heavily in subsidies and infrastructure development to promote electric vehicles and reduce carbon dioxide emissions. These investments are propelling the growth of immersion cooling fluids.
- In 2021, the German government doubled its share of the environmental bonus as a new premium, which increased the subsidies for purchasing new EVs. Promoting green mobility, the German government announced the upgraded subsidy scheme, i.e., buyers of BEV and PHEV would get a subsidy of up to around $9,713 (9,000 euros) and around $7,285 (6,750 euros), respectively.
Market Segmentation:
Segmentation 1: by Propulsion Type
- Battery Electric Vehicles (BEVs)
- Hybrid Electric Vehicles (HEVs)
- Plug-in Hybrid Electric Vehicles (PHEVs)
Based on the propulsion type segment, the global immersion cooling fluids market for EVs is expected to be dominated by the battery electric vehicles segment during the forecast period.
Segmentation 2: by Vehicle Type
- Passenger Vehicles
- Light Commercial Vehicles
- Heavy Commercial Vehicles
In terms of vehicle type, passenger vehicles will dominate the global immersion cooling fluids market for EVs due to the expected growth in the fleet of these vehicles during the forecast period.
Segmentation 3: by Application
- EV Batteries
- EV Motors
- Power Electronics
The EV batteries segment is expected to lead the market in the forecast period under the application segment, as more than four-fifths of the total immersion cooling fluid goes into EV batteries.
Segmentation 4: by Product Type
- Single-Phase Coolant
- Two-Phase Coolant
The single-phase coolant segment is expected to dominate the immersion cooling fluids market for EVs as it is one of the most efficient and safe methods of controlling heat rejection for EV batteries, EV motors, and power electronics.
Segmentation 5: by Chemistry
- Mineral Oils
- Synthetic Oils and Esters
For the year 2021, the synthetic oils and esters segment dominated the global immersion cooling fluids market for EVs and is also expected to be the predominant segment throughout the forecast period.
Segmentation 6: by Region
- North America
- Asia-Pacific and Japan
- China
- Europe
- U.K.
- Rest-of-the-World
Europe is home to a number of immersion cooling fluids manufacturers. The region is expected to dominate the immersion cooling fluids market for EVs during the forecast period.
Recent Developments in the Immersion Cooling Fluids Market for EVs
- In June 2022, FUCHS acquired the lubricants business of Gleitmo Technik AB in Kungsbacka, Sweden, and will integrate it into its subsidiary FUCHS LUBRICANTS SWEDEN AB as of July 1, 2021, to strengthen its specialty business.
- In November 2021, Williams Advanced Engineering (WAE) and Castrol Limited entered a five-year technical partnership to co-develop high-performance electric vehicle (EV) fluids.
- In January 2021, MIVOLT and Faraday Future (FF), which is a worldwide shared intelligent mobility ecosystem company, entered a partnership to develop a fully submerged battery cooling system for its FF 91 luxury electric vehicle.
- In October 2022, Shell plc extended its globally available specialized fluids portfolio by introducing Shell E-Fluids to support battery electric (BEV) as well as fuel cell electric (FCEV) powertrains for commercial light, medium, and heavy goods vehicles.
- In July 2021, TotalEnergies SE launched a dedicated hybrid transmission fluid for Great Wall Motors. Great Wall Motors, China’s leading car manufacturer, is a key player in the development of electric vehicles.
Demand – Drivers and Limitations
The following are the demand drivers for the immersion cooling fluids market for EVs:
- Rising Acceptance of Electric Vehicles
- Need to Increase the Driving Range of Electric Vehicles
- Thermal Management in Electric Vehicles
- Growing Need for Enhanced Electrification Components
- Immersion Cooling for the Electric Vehicle Batteries
The market is expected to face some limitations due to the following challenges:
- Higher Cost of Immersion Cooling Fluids for EVs
- Developing Environment-Friendly Electric Vehicle Fluids
- Complex Battery Chemistry and Amount of Immersion Cooling Fluid Needed
- Changes Required to be Made in the Construction of EV Batteries
- Lack of Knowledge About the Advantages of Immersion Cooling
Analyst View
According to Dhrubajyoti Narayan, Principal Analyst, BIS Research, “The immersion cooling fluids market for EVs is in the early stage and is expected to grow substantially in the forecast period.The rapid ongoing research and development activities are pushing the market growth significantly.
Immersion cooling fluids producers are partnering with immersion cooling system manufacturers to enhance the performance of electric vehicle battery systems by optimizing fluid and hardware. A surge in battery electric vehicle sales growth is anticipated to boost the immersion cooling fluids market for EVs growth in the forecast period.”
How can this report add value to an organization?
Product/Innovation Strategy: The product segment helps the reader understand the different types of electric vehicle immersion cooling fluids products available by propulsion type (battery electric vehicles (BEVs), hybrid electric vehicles (HEVs), and plug-in hybrid electric vehicles (PHEVs)), vehicle type (passenger vehicles, light commercial vehicles, and heavy commercial vehicles), application (EV batteries, EV motors, and power electronics), product type (single-phase coolant and two-phase coolant), and chemistry (mineral oils and synthetic oils and esters).Increasing demand for electric vehicles worldwide is pushing the sales of immersion cooling fluids.
Therefore, the immersion cooling fluids business is a high-investment and high-revenue generating model.
Growth/Marketing Strategy: The global immersion cooling fluids market for EVs is exponentially growing, with enormous opportunities for the market players.Some strategies covered in this segment are product launches, partnerships and collaborations, business expansions, and investments.
The companies’ preferred strategy has been product launches, partnerships, and collaborations to strengthen their positions in the global immersion cooling fluids market for EVs.
Competitive Strategy: Key players in the global immersion cooling fluids market for EVs analyzed and profiled in the study involve immersion cooling fluids-based product manufacturers and immersion cooling system manufacturers.Moreover, a detailed competitive benchmarking of the players operating in the global immersion cooling fluids market for EVs has been done to help the reader understand how players stack against each other, presenting a clear market landscape.
Additionally, comprehensive competitive strategies such as partnerships, agreements, and collaborations will aid the reader in understanding the untapped revenue pockets in the market.
Key Market Players and Competition Synopsis
The companies that are profiled have been selected based on inputs gathered from primary experts and analyzing coverage, product portfolio, and market penetration.
Key Companies Profiled
Company Type 1: Immersion Cooling Fluids Manufacturers
- FUCHS
- The Lubrizol Corporation
- 3M
- Castrol Limited
- M&I Materials Ltd.
- Engineered Fluids
- Shell plc
- TotalEnergies SE
- Cargill, Incorporated
- Dober
- LANXESS
Company Type 2: Immersion Cooling System Providers
- XING Mobility
- MAHLE GmbH
- Kreisel Electric
- E-MERSIV
Company Type 3: Electric Vehicle Manufacturers Customer Outlook
- Tesla Inc.
- Volkswagen AG
- SAIC Motors
- BYD Co. Ltd.
- Stellantis N.V.
- General Motors
- Ford Motor Company
- Hyundai Motor Company
- Honda Motor Co., Ltd.
- Groupe Renault
- Toyota Motor Corporation
- Bayerische Motoren Werke AG
Countries Covered
- North America
- U.S.
- Canada
- Mexico
- Europe
- Germany
- France
- Italy
- Spain
- Rest-of-Europe
- U.K.
- China
- Asia-Pacific and Japan
- Japan
- South Korea
- India
- Australia
- Rest-of-Asia-Pacific and Japan
- Rest-of-the-World
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