The market is expected to increase at CAGR of 30.78% during the forecast period 2022-2032
BIS Research, the global leader in providing market intelligence on deep technologies, has released its latest study titled Immersion Cooling Fluids Market for EVs – A Global and Regional Analysis.
According to this study, the global immersion cooling fluids market for EVs was valued at $262.2 million in 2022 and is projected to reach $3.83 billion by 2032.
The following factors are responsible for the increase in demand for immersion cooling fluids 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 detailed study is a compilation of 261 market data tables and 80 figures spread through 325 pages.
Check out the detailed table of content here:
Analyst’s Take on the Market Projection
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.”
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Major Existing Industry Leaders in the NDT Services for Aerospace and Defense Market
The companies that are profiled have been selected based on input gathered from primary experts and analyzing company coverage, product portfolio, and market penetration. Some of the established names in the market are:
- The Lubrizol Corporation
- Castrol Limited
- M&I Materials Ltd.
- Engineered Fluids
- Shell plc
- TotalEnergies SE
- Cargill, Incorporated
Battery Electric Vehicles Anticipated to Grow at a Significant Rate Between 2022-2032
The immersion cooling fluids market for EVs encompasses three major types of electric vehicles, which are hybrid electric vehicles (HEVs), plug-in hybrid electric vehicles (PHEVs), and battery electric vehicles (BEVs). These vehicle types are present in the form of both passenger and commercial vehicles.
While HEV and PHEV models have been present in the market for many years, the development of battery technology, along with government norms for increased vehicle efficiency, has led to an increase in the adoption of BEVs as they are powered solely by the battery systems in the vehicle.
The sales of BEVs are anticipated to increase as compared to HEVs and PHEVs due to the decreasing cost of such pure electric vehicles and the development of EV infrastructure in various countries. The rise of BEVs makes it more crucial for automotive OEMs to ensure that the immersion cooling fluids in the EVs are able to optimize the thermal management and driving system.
Recent Developments in the Global Immersion Cooling Fluids Market for EVs
- 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 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.
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About BIS Research:
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Our strategic market analysis emphasizes on market estimations, technology analysis, emerging high-growth applications, deeply segmented granular country-level market data, and other important market parameters useful in the strategic decision-making for senior management.
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