Data Center Cooling Fluids Market Size, Share & Forecast to 2035

The Data Center Cooling Fluids Market covers the coolants and heat transfer fluids that fill data center liquid cooling systems: propylene glycol-based coolants such as PG25 and other water-based coolants in direct-to-chip and rear-door loops, dielectric fluids for single-phase immersion tanks, and fluorocarbon and hydrofluoroolefin (HFO) fluids for two-phase cooling. DC Market Insights values the global Data Center Cooling Fluids Market at USD 348.67 million in 2025 and forecasts USD 1.85 billion by 2035, a CAGR of 18.19%. The 2025 value is built from the fluid itself: about 3.92 GW of new liquid-cooled IT capacity filled at USD 40.30 thousand per MW for direct-to-chip loops and USD 266.00 thousand per MW for immersion tanks gives USD 240.24 million of first-fill sales, and top-ups and replacement on an installed liquid-cooled base of about 16.0 GW at the start of 2025 add USD 108.43 million. Two-phase cooling is the fastest-growing segment at 27.94% a year because DC Market Insights expects two-phase cold plates and HFO immersion fluids to move from qualification to commercial supply, and the Middle East and Africa is the fastest-growing region at 21.02% a year as the United Arab Emirates and Saudi Arabia add liquid-cooled AI capacity from a small base.

Executive Summary

The Global Data Center Cooling Fluids Market size was valued at USD 114.36 million in 2020, reached USD 348.67 million in 2025, and is anticipated to reach USD 1.85 billion by 2035, at a CAGR of 18.19% during the forecast period.

Report attribute	Details
Historical Period	2020-2024
Base Year	2025
Forecast Period	2026-2035
Data Center Cooling Fluids Market Size 2025	USD 348.67 Million
Data Center Cooling Fluids Market, CAGR	18.19%
Data Center Cooling Fluids Market Size 2035	USD 1.85 Billion

The market grew at 24.98% a year between 2020 and 2025, and 2025 alone added 41.0% over 2024 as graphics processing unit (GPU) racks built for liquid cooling moved from pilots into volume deployments. DC Market Insights forecasts growth of 24.93% a year from 2025 to 2030, when the market reaches USD 1.06 billion, slowing to 11.81% a year from 2030 to 2035 as fluid volume per MW falls with rising rack density and new liquid-cooled capacity grows more slowly.

Spending shifts from first fill to the aftermarket: top-ups and replacement rise from 31.1% of value in 2025 to 46.8% in 2035 as the installed liquid-cooled base reaches about 147.3 GW.

Market Scope: What Does the Data Center Cooling Fluids Market Cover?

The Data Center Cooling Fluids Market covers every coolant and dielectric fluid sold to fill or maintain the liquid side of data center IT cooling, valued at first sale in current US dollars, with 2025 as the base year and forecasts to 2035. DC Market Insights sizes the market at USD 348.67 million in 2025.

Included. Inhibited propylene glycol coolants (PG25 and similar blends) and treated water or other water-based coolants used in the technology cooling system (TCS) loop between coolant distribution units (CDUs), manifolds and cold plates; coolant in rear-door heat exchanger and in-row liquid loops; single-phase immersion fluids (synthetic hydrocarbons and polyalphaolefins (PAO), mineral and gas-to-liquid (GTL) oils, bio-based esters); fluorocarbon and HFO fluids for two-phase immersion and two-phase cold plates; first fill of new systems and aftermarket top-up and replacement fluid.

Excluded. Refrigerants charged into chillers and other facility heat rejection equipment, glycol in the facility water system outside the TCS loop, fluid testing and filtration services sold separately, the cooling hardware itself, and fluids for cryptocurrency mining farms outside data center operators’ estates.

How the segments fit together. The cooling technology, fluid type, sales type and end-user splits each re-cut the same USD 348.67 million. The hardware these fluids fill is sized in our Data Center Liquid Cooling Market report.

Market Drivers: What Drives the Data Center Cooling Fluids Market?

New liquid-cooled IT capacity rises almost fivefold, from 3.92 GW in 2025 to 19.03 GW a year by 2035 in the DC Market Insights model, and every MW of it needs a first fill and a lifetime of fluid make-up.

Liquid-Cooled Capacity Additions Rise from 3.92 GW to 19.03 GW a Year

DC Market Insights models new data center capacity rising from 12.0 GW in 2025 to 27.0 GW in 2035, with AI halls taking 35% of new capacity in 2025 and 66% by 2035. About 70% of 2025 AI capacity was built for liquid cooling, rising to 97% by 2035 in the model. NVIDIA describes its GB200 NVL72 as a system that connects 36 Grace CPUs and 72 Blackwell GPUs in a rack-scale, liquid-cooled design; DC Market Insights treats rack-scale GPU systems of this kind as liquid-cooled by default. First-fill sales rise from USD 240.24 million in 2025 to USD 986.46 million in 2035 in the DC Market Insights model.

Data Center Electricity Use Is Set to More Than Double to About 945 TWh by 2030

The International Energy Agency (IEA) estimates that data centers used about 415 terawatt-hours (TWh) in 2024, around 1.5% of the world’s electricity, and expects consumption to more than double to around 945 TWh by 2030. Most of that heat has to leave the chip through a fluid: DC Market Insights expects the installed liquid-cooled base to grow from about 20.0 GW at the end of 2025 to about 147.3 GW at the end of 2035.

PG25 Becomes the Default Direct-to-Chip Coolant

A common specification turns coolant into a repeat-purchase product. A bulletin from Technical Committee 9.9 of the American Society of Heating, Refrigerating and Air-Conditioning Engineers (ASHRAE), as reported in trade press in August 2026, states that most single-phase deployments are designed around a nominal 25% propylene glycol mix (PG25), and the Open Compute Project (OCP) selects PG25 inhibited fluid for its thermal stability, corrosion protection, biostatic nature and compatibility with common cooling loop materials. A Motivair by Schneider Electric engineer writes that the industry has settled on PG25, which performs nearly as well as deionized water with far less fluid maintenance. Propylene glycol-based coolants are worth USD 174.59 million in 2025 and USD 1.12 billion by 2035 in the DC Market Insights model.

Market Trends: How Is the Data Center Cooling Fluids Market Changing?

Lubricant and chemical majors are entering data center cooling, fluids are being qualified against chip and server warranties, and suppliers are wrapping coolant in service programs; top-ups and replacement grow 23.12% a year in the DC Market Insights model.

Lubricant and Chemical Majors Launch Data Center Fluid Lines

Castrol launched Castrol ON Direct Liquid Cooling PG 25, a propylene glycol-based fluid designed for direct-to-chip cooling, in December 2024. Shell launched Shell DLC Fluid S3, which meets OCP PG25 coolant specifications, in June 2025. ExxonMobil launched its data center immersion fluids at the OCP Global Summit in 2023, and in June 2026 Valvoline Global Operations introduced Beyond by Valvoline, a fluid platform for advanced thermal management. FUCHS was recognized by OCP as the first supplier to offer an OCP Inspired single-phase immersion coolant, RENOLIN FECC 5 SYNTH.

Chip and Server Qualification Removes the Warranty Barrier

In May 2025, Intel worked with Shell to validate “Intel Data Center Certified for Immersion Cooling,” using Supermicro servers and Submer immersion hardware, and Shell says its immersion cooling fluids were the first to receive official certification from a major chip manufacturer. In February 2026, Chemours and 2CRSi joined forces after Chemours’ Opteon two-phase immersion cooling fluid was qualified in current-generation 2CRSi servers. DC Market Insights values synthetic hydrocarbon and PAO fluids, the largest immersion fluid type, at USD 65.24 million in 2025.

Coolant Is Sold with Service Programs

Dow launched the Dow Coolant Care Network in May 2026, an end-to-end service model for direct-to-chip systems that use DOWFROST LC and DOWFROST HD heat transfer fluids. Vertiv’s liquid cooling services portfolio includes coolant sampling, laboratory testing, contamination prevention and disposal. DC Market Insights expects top-ups and replacement to rise from USD 108.43 million in 2025 to USD 868.04 million in 2035, when they reach 46.8% of the market.

Market Challenges: What Holds the Data Center Cooling Fluids Market Back?

Restrictions on per- and polyfluoroalkyl substances (PFAS) and uneven fluid quality practice are the two constraints that DC Market Insights expects to slow the Data Center Cooling Fluids Market, keeping two-phase cooling at 5.9% of value in 2035.

PFAS Rules Narrow the Choice of Two-Phase Fluids

3M committed to exit PFAS manufacturing and work to discontinue the use of PFAS across its product portfolio by the end of 2025, and trade press reported in February 2023 that two-phase cooling may face a difficult future after 3M said it would phase out Novec by 2025. In the European Union, the Committee for Risk Assessment (RAC) has adopted an opinion supporting strict EU-wide PFAS restrictions, and the Committee for Socio-economic Analysis (SEAC) is expected to finalize its opinion by the end of 2026. In the United States, the Environmental Protection Agency was still reviewing Chemours’ Opteon 2P50 in September 2026. DC Market Insights keeps two-phase cooling at USD 9.35 million in 2025, 2.7% of the market, because regulatory approval and fluid supply remain open questions.

22% of Surveyed Respondents Use Direct Liquid Cooling

The Uptime Institute Cooling Systems Survey 2025 found that 22% of respondents use direct liquid cooling, and respondents named a lack of standardization across systems (39%), high cost (38%) and reliability concerns (35%) among the main barriers. DC Market Insights grows enterprise data centers only 15.77% a year and HPC and research centers 11.13% a year, the two slowest buyer groups.

Market Opportunities: Where Are the New Revenue Pools?

The aftermarket, growing at 23.12% a year to USD 868.04 million by 2035, is the largest new revenue pool, followed by low-carbon and low-GWP fluids, where bio-based esters grow 20.79% a year in the DC Market Insights model.

Top-Up and Replacement Fluid Grows to USD 868.04 Million by 2035

Every liquid-cooled loop loses fluid during maintenance and degrades over time, and the OCP PG25 guidelines strongly recommend sidestream filtration for systems with more than 250 gallons of heat transfer fluid. DC Market Insights models annual make-up and replacement at 17% of first-fill value for direct-to-chip loops, 6.8% for immersion tanks and 15% for two-phase systems. Pumps and CDUs that move these fluids are covered in our Data Center Coolant Distribution Units Market report.

Bio-Based and Low-GWP Fluids Gain Share

Cargill’s NatureCool 2000 immersion fluid is made from at least 90% vegetable oil, and Chemours describes its Opteon two-phase immersion fluid as having an ultra-low global warming potential (GWP) of 10. DC Market Insights forecasts bio-based ester fluids to grow from USD 11.98 million in 2025 to USD 79.20 million by 2035, and fluorocarbon and HFO fluids to grow 20.69% a year to USD 143.22 million, as buyers favor fluids that meet both sustainability goals and PFAS rules.

Pricing: How Much Cooling Fluid Does a Data Center Buy per MW?

A direct-to-chip hall buys about USD 40.30 thousand of coolant per MW of liquid-cooled IT load at first fill in 2025, and a single-phase immersion hall buys about USD 266.00 thousand per MW. These are DC Market Insights estimates built from fill volume per MW and fluid price per liter.

First-fill fluid value per MW (USD thousand)	2020	2025	2030	2035
Direct-to-chip single-phase loop	42.0	40.3	38.7	37.1
Single-phase immersion	309.4	266.0	228.7	196.6
Two-phase cooling	184.6	150.8	123.2	100.6
Rear-door and in-row loop	22.2	21.8	21.5	21.2

The direct-to-chip figure assumes about 4,800 liters of coolant per MW, including CDU, manifold, hose and cold plate volume and commissioning overfill, at USD 8.40 per liter for qualified PG25 in 2025. One US distributor lists inhibited PG25 data center coolant at USD 19.87 per gallon in a 55-gallon drum and USD 14.99 per gallon in a 275-gallon tote. Immersion fill assumes about 14,000 liters per MW at USD 19.00 per liter, and two-phase about 2,600 liters per MW at USD 58.00 per liter. Fill volume per MW falls about 2% a year as rack density rises.

Standards and Regulation: Which Rules Shape Data Center Cooling Fluids?

Four sets of rules shape data center cooling fluids: Open Compute Project fluid guidelines, ASHRAE TC 9.9 guidance, European rules on fluorinated gases and PFAS, and US chemical review of new fluids.

OCP PG25 guidelines. The OCP Guidelines for Using Propylene Glycol-Based Heat Transfer Fluids in Liquid Cooled Racks, Revision 2.0, dated September 15, 2026, define PG25 as 24.5% to 27.5% propylene glycol, with inhibitors and water making up about 75% of the formulation, and set annual lab testing of each TCS loop as a minimum. OCP’s Cold Plate sub-project also runs a coolant fluids workstream on single-phase and two-phase fluid specification, testing and material compatibility.

OCP immersion requirements. The OCP Immersion Requirements document (Rev. 2.0, 2022) describes the dielectric liquid as thermally conductive and electrically insulating, which makes direct contact with electronic components feasible, and states that mineral oils should be avoided. DC Market Insights therefore grows mineral and GTL oils at only 9.88% a year, the slowest fluid type.

ASHRAE TC 9.9. An ASHRAE TC 9.9 bulletin on TCS coolant integrity, as reported in trade press, states that glycol should meet TC 9.9’s minimum quality guidance or the IT equipment manufacturer’s specification.

EU fluorinated gas and PFAS rules. Regulation (EU) 2024/573 of 7 February 2024 on fluorinated greenhouse gases sets the EU framework for F-gases, and the EU-wide group restriction on PFAS has passed its final consultation, which closed on 25 May 2026, with the SEAC opinion expected by the end of 2026.

US chemical review. The US Environmental Protection Agency was still reviewing Chemours’ Opteon 2P50 two-phase fluid in September 2026, which DC Market Insights treats as the main timing risk for two-phase growth in North America.

Market Segmentation: Which Segment Leads the Data Center Cooling Fluids Market?

Direct-to-chip single-phase cooling leads the Data Center Cooling Fluids Market with 54.4% of 2025 value, propylene glycol-based coolants lead fluid types with 50.1%, and hyperscale data centers lead buyers with 38.4%. Two-phase cooling is the fastest-growing segment at 27.94% a year, because DC Market Insights expects HFO fluids to reach commercial supply and two-phase cold plates to enter AI racks from a small base.

By Cooling Technology: Direct-to-Chip Single-Phase Cooling Leads with 54.4%

Cooling technology	2025 (USD billion)	Share 2025	2035 (USD billion)	CAGR 2025-2035
Direct-to-Chip Single-Phase Cooling	0.19	54.4%	1.23	20.55%
Single-Phase Immersion Cooling	0.13	36.5%	0.46	13.78%
Two-Phase Cooling	0.01	2.7%	0.11	27.94%
Rear-Door and In-Row Liquid Loops	0.02	6.4%	0.05	8.89%

Direct-to-chip fluid is worth USD 189.74 million in 2025 and USD 1.23 billion by 2035, reaching 66.3% of the market as cold plates become the default for rack-scale GPU systems. Single-phase immersion fluid is worth USD 127.42 million in 2025: immersion cools only about a tenth of new liquid-cooled capacity, but each MW holds far more fluid. Two-phase cooling grows from USD 9.35 million to USD 109.87 million.

By Fluid Type: Propylene Glycol-Based Coolants Lead with 50.1%

Fluid type	2025 (USD billion)	Share 2025	2035 (USD billion)	CAGR 2025-2035
Propylene Glycol-Based Coolants	0.17	50.1%	1.12	20.38%
Treated Water and Other Water-Based Coolants	0.04	10.7%	0.17	16.05%
Synthetic Hydrocarbon and PAO Fluids	0.07	18.7%	0.25	14.55%
Mineral and Gas-to-Liquid Oils	0.04	10.8%	0.10	9.88%
Bio-Based Ester Fluids	0.01	3.4%	0.08	20.79%
Fluorocarbon and HFO Fluids	0.02	6.3%	0.14	20.69%

Propylene glycol-based coolants gain 10.1 points of share by 2035 as PG25 displaces treated water and other water-based coolants in new direct-to-chip loops.

By Sales Type: First Fill Leads with 68.9%

First fill of new systems accounts for USD 240.24 million (68.9%) of 2025 value and grows at 15.17% a year to USD 986.46 million by 2035. Top-up and replacement fluid accounts for USD 108.43 million (31.1%) and grows faster, at 23.12% a year, to USD 868.04 million as the installed base ages.

By End-user: Hyperscale Data Centers Lead with 38.4%

End-user	2025 (USD billion)	Share 2025	2035 (USD billion)	CAGR 2025-2035
Hyperscale Data Centers	0.13	38.4%	0.76	19.02%
Colocation Data Centers	0.07	19.7%	0.40	19.23%
GPU and Neocloud Providers	0.06	16.2%	0.33	19.17%
HPC and Research Centers	0.04	11.3%	0.11	11.13%
Enterprise Data Centers	0.03	9.1%	0.14	15.77%
Edge and Telecom Sites	0.02	5.3%	0.11	20.06%

Edge and telecom sites grow fastest among buyers at 20.06% a year, because sealed immersion units suit small sites with little room for air handling.

DC Exclusive: The Fluid Fill per MW Model and Cooling Technology × Buyer Matrix

At USD 86.98 million in 2025, hyperscale direct-to-chip coolant is the single largest cell of the matrix and 24.9% of all data center cooling fluid spending. The matrix below cross-tabulates what cooling technology the fluid fills and who buys it. The matrix is a DC Market Insights model, not a shipment count, built from 64 inputs: 32 capacity cohorts (16 years of conventional and AI halls), 2 AI and liquid share curves, 4 technology share curves, 4 fill volume curves, 3 fluid price curves, 4 aftermarket rates, 4 installed base starting values, 6 buyer splits and 5 regional splits.

2025, USD million	Direct-to-Chip	Immersion	Two-Phase	Rear-Door and In-Row	Total
Hyperscale Data Centers	86.98	40.06	2.98	3.87	133.89
Colocation Data Centers	36.93	23.20	1.06	7.50	68.69
GPU and Neocloud Providers	31.47	22.40	1.62	1.00	56.49
HPC and Research Centers	17.11	17.20	3.12	1.96	39.39
Enterprise Data Centers	12.75	11.74	0.44	6.80	31.73
Edge and Telecom Sites	4.50	12.82	0.13	1.03	18.48
Total	189.74	127.42	9.35	22.16	348.67

Hyperscale buyers put 65.0% of their fluid budget into direct-to-chip coolant, while edge and telecom sites put 69.4% into immersion fluid. HPC and research centers carry the highest two-phase share at 7.9%, and enterprise data centers spend 21.4% of their fluid budget on rear-door and in-row loops, a legacy of retrofitting liquid into air-cooled halls.

The fluid fill per MW model has three inputs that any reader can check: new liquid-cooled capacity delivered each year (3.92 GW in 2025), the share of it that uses immersion (9.8% in 2025) and the fluid volume and price per MW. The model and its assumptions are explained on our research methodology page.

Regional Insights: Which Region Leads the Data Center Cooling Fluids Market?

North America leads the Data Center Cooling Fluids Market with 43.6% of 2025 value, and the Middle East and Africa is the fastest-growing region at 21.02% a year, because the United Arab Emirates and Saudi Arabia add liquid-cooled AI capacity from a small base in a hot climate.

North America Leads with 43.6% Share

DC Market Insights estimates that North American operators spent USD 152.03 million on cooling fluids in 2025, and the region is forecast to reach USD 730.67 million by 2035, a CAGR of 17.00%. The United States holds 89.4% of the regional total in 2025, and Canada grows faster at 18.36% a year.

Asia Pacific Holds 28.3% Share

Asia Pacific is worth USD 98.67 million in 2025 and USD 586.02 million by 2035 in the DC Market Insights model, a CAGR of 19.50%, and gains 3.3 points of share. China is the largest market in the region at USD 36.01 million in 2025, and India grows fastest at 25.42% a year. In December 2025, ITOCHU, ITOCHU Techno-Solutions and Castrol signed a memorandum of understanding under which Castrol will provide data center cooling fluids and related technical services in Japan.

Europe Holds 19.4% Share

Europe is worth USD 67.64 million in 2025 and USD 339.37 million by 2035 in the DC Market Insights model, a CAGR of 17.50%. The PFAS restriction process keeps European buyers focused on single-phase fluids, and Germany and the United Kingdom together account for 42.2% of regional value.

Latin America Holds 4.2% Share

Latin America is worth USD 14.64 million in 2025 and USD 92.73 million by 2035 in the DC Market Insights model, a CAGR of 20.27%, led by Brazil at USD 6.88 million in 2025.

Middle East and Africa Holds 4.5% Share and Grows Fastest

The Middle East and Africa is worth USD 15.69 million in 2025 and USD 105.71 million by 2035 in the DC Market Insights model, the fastest growth of any region at 21.02% a year. Saudi Arabia grows 22.84% a year and the United Arab Emirates 21.59% a year. Chemours and DataVolt announced a strategic agreement in May 2025 covering two-phase direct-to-chip and two-phase immersion cooling using Opteon fluids.

Country Analysis: Which Countries Spend the Most on Data Center Cooling Fluids?

The United States is the largest country market for data center cooling fluids at USD 135.91 million in 2025, 39.0% of global value, followed by China at USD 36.01 million (10.3%) and Canada at USD 16.12 million (4.6%). The 12 largest countries account for 80.6% of 2025 spending.

Rank	Country	Region	2025 (USD billion)	Share 2025	2035 (USD billion)	CAGR 2025-2035
1	United States	North America	0.14	39.0%	0.64	16.83%
2	China	Asia Pacific	0.04	10.3%	0.19	18.30%
3	Canada	North America	0.02	4.6%	0.09	18.36%
4	Japan	Asia Pacific	0.02	4.3%	0.08	18.18%
5	Germany	Europe	0.01	4.2%	0.07	17.06%
6	United Kingdom	Europe	0.01	4.0%	0.07	16.79%
7	Singapore	Asia Pacific	0.01	2.7%	0.04	16.04%
8	France	Europe	0.01	2.4%	0.04	17.78%
9	South Korea	Asia Pacific	0.01	2.4%	0.05	19.07%
10	Australia	Asia Pacific	0.01	2.3%	0.05	20.36%
11	India	Asia Pacific	0.01	2.2%	0.08	25.42%
12	Netherlands	Europe	0.01	2.1%	0.03	16.51%

India is the fastest-growing large country market at 25.42% a year, ahead of Australia at 20.36%. Outside the top 12, Brazil holds 2.0% of 2025 spending and grows 20.02% a year. The country figures are a DC Market Insights allocation of the regional totals, weighted by each country’s estimated share of installed and new liquid-cooled capacity.

Forecast Scenarios: How Could the 2035 Forecast Change?

The Data Center Cooling Fluids Market reaches USD 1.85 billion by 2035 in the base case, with a range of USD 1.44 billion to USD 2.23 billion across the low and high scenarios.

Scenario	Assumption from 2026	2035 (USD billion)	CAGR 2025-2035
Low	Capacity additions 15% below base; liquid share of AI capacity reaches 90%; two-phase share 2.5%; aftermarket rates 8% lower	1.44	15.25%
Base	Additions rise to 27.0 GW a year; liquid share of AI capacity reaches 97%; two-phase share 3.5%	1.85	18.19%
High	Additions 15% above base; liquid share of AI capacity reaches 99%; two-phase share 4.5%; aftermarket rates 6% higher	2.23	20.37%

The low case reflects a two-year pause in AI capital spending and longer fluid change intervals. PFAS regulation is the main swing factor for the fluid mix, and AI capacity additions for the total.

Competitive Insights: Who Leads the Data Center Cooling Fluids Market?

• Shell
• ExxonMobil
• Castrol (bp)
• Dow
• Chemours
• FUCHS
• Valvoline Global Operations
• Cargill
• SK Enmove
• Navin Fluorine
• Submer
• Vertiv
• Schneider Electric (Motivair)

DC Market Insights estimates that the five largest fluid suppliers, Shell, ExxonMobil, Castrol, Dow and Chemours, together hold about 40% of the Data Center Cooling Fluids Market in 2025; the share is a DC Market Insights model allocation because none of these companies reports data center fluid sales separately. Shell supplies both immersion fluids certified by Intel and Shell DLC Fluid S3 for direct-to-chip loops. Castrol sells Castrol ON Direct Liquid Cooling PG 25, and Dow sells DOWFROST LC and DOWFROST HD fluids with its Coolant Care Network. Chemours’ data center fluid offer centers on two-phase Opteon fluids, including Opteon 2P50, a proprietary HFO dielectric fluid, which Navin Fluorine will manufacture under a strategic agreement. FUCHS, Valvoline, Cargill and SK Enmove compete in immersion and thermal fluids, while Submer, Vertiv and Schneider Electric’s Motivair influence fluid choice through their systems and services.

Recent Developments

• In December 2025, ITOCHU, ITOCHU Techno-Solutions and Castrol signed a memorandum of understanding under which Castrol will provide data center cooling fluids and related technical services (Source: ITOCHU news release).
• In February 2026, Chemours and 2CRSi joined forces after Chemours’ Opteon two-phase immersion cooling fluid was qualified in current-generation 2CRSi servers (Source: Chemours press release).
• In February 2026, Infosys expanded its collaboration with ExxonMobil to develop and deploy immersion cooling solutions (Source: CRN Asia news report).
• In May 2026, Dow launched the Dow Coolant Care Network, an end-to-end service model for direct-to-chip systems that use DOWFROST LC and DOWFROST HD fluids (Source: Dow press release).
• In June 2026, Valvoline Global Operations introduced Beyond by Valvoline, a fluid platform for advanced thermal management (Source: StorageReview news report).
• In September 2026, OCP issued Revision 2.0, dated September 15, 2026, of its guidelines for propylene glycol-based heat transfer fluids in liquid cooled racks (Source: Open Compute Project guideline document).

We follow these deals, launches and capacity announcements as they happen in our data center industry updates.

Methodology: How We Built the Data Center Cooling Fluids Market Model

DC Market Insights built this market bottom-up from 16 annual capacity cohorts (2020 to 2035), each split into conventional and AI halls. Each AI cohort was multiplied by the share built for liquid (40% in 2020, 70% in 2025 and 97% in 2035), and conventional cohorts by a liquid share of 11.0% to 19.0%. Liquid-cooled capacity was split into direct-to-chip, single-phase immersion, two-phase and rear-door or in-row loops, and each MW was given a first-fill fluid value from fill volume (4,800 liters per MW for direct-to-chip, 14,000 for immersion and 2,600 for two-phase in 2025) and fluid price per liter. Top-ups and replacement were added on the installed liquid-cooled base, which starts at about 9.5 GW at the end of 2019, at 17% of first-fill value a year for direct-to-chip, 12% for rear-door loops, 6.8% for immersion and 15% for two-phase systems. Every split sums to its total. Because no company discloses data center fluid sales, the result was tested against three bounds: it sits at 6.0% of our Data Center Liquid Cooling Market estimate of USD 5.80 billion in 2025 and within 3.6% of that model’s coolants and fluids component of USD 336.57 million; the immersion fluid segment of USD 127.42 million sits 2.1% below the USD 130.19 million dielectric coolant line of our Data Center Immersion Cooling Market report; and the water-based first fill of USD 133.15 million sits above a floor of USD 62.77 million calculated at one US distributor’s 275-gallon tote list price for PG25. The analyst named on this page built the model, and the reviewer checked the arithmetic, sources and dates.