데이터센터용 D2C(Direct-to-Chip) 냉각액 : 시장 점유율 분석, 업계 동향 및 통계, 성장 예측(2026-2031년)

According to Mordor Intelligence, the data center direct-to-chip cooling fluids market size is estimated at USD 161.56 million in 2025 and is estimated to grow from USD 190.72 million in 2026 to USD 546.83 million by 2031, at a CAGR of 23.45% during the forecast period (2026-2031).

This report is Segmented by Fluid Type (Water-Based Coolants and More), Cooling Technology (Single-Phase Direct-To-Chip Cooling and More), Component Cooled (CPU Cooling and More), Data Center Type (Hyperscale Data Centers and More), and Geography (Asia-Pacific, North America, Europe and More). The Market Forecasts are Provided in Terms of Value (USD).

Global Data Center Direct-to-Chip Cooling Fluids Market Trends and Insights

AI and HPC Workload Expansion

AI training clusters use thousands of tightly connected GPUs and generate sustained thermal loads. NVIDIA's B200 SXM6 GPU operates at a 1,000 W thermal design power, and an 8-GPU server can require more than 8 kW under sustained load. NVIDIA guidance does not support air cooling for B200 configurations, which rely on liquid-cooling infrastructure. This requirement increases demand in the data center direct-to-chip cooling fluids market as GPU installations expand. Colocation operators are adapting their facilities because AI tenants increasingly require direct-to-chip-compatible space. As operators create liquid-ready zones, surrounding legacy equipment may also require related cooling upgrades. This work includes distribution hardware, monitoring practices, and coolant selection, extending fluid demand beyond the initial AI server installation.

Rising Data Center Rack Power Density

According to the Association for Data Center Professionals (AFCOM)'s State of the Data Center Report 2026, average rack density reached 27 kW in 2026, up from 16 kW in 2025. Rack densities above 20 kW can exceed the practical operating range of rear-door heat exchangers and chilled-aisle containment. Direct-to-chip cold plates provide a pathway for the 50-132 kW rack range, which is entering large-scale deployments. NVIDIA GB200 NVL72 systems operate at 120 kW to 132 kW rack-level thermal design power, while successor configurations are projected to reach 142 kW per rack. These operating conditions make coolant selection a key part of infrastructure planning in the data center direct-to-chip cooling fluids market. They also support new facilities designed from the outset with liquid distribution in mind. Planning for these loads changes pipe routing, cooling distribution unit sizing, and maintenance processes. It also reduces the practical value of temporary air-cooling upgrades.

High Retrofit and Deployment Costs

Retrofitting an air-cooled row for direct-to-chip liquid cooling costs USD 50,000 to USD 150,000 per row. Cooling distribution unit installation, pipe routing, manifold integration, and commissioning extend project timelines. These costs can exceed the 3- to 4-year refresh cycle that many operators use. Enterprise facilities also need staff training, leak-monitoring equipment, and fluid disposal processes. Colocation operators must fund liquid-ready zones before AI tenants commit to capacity. This timing issue can delay addressable demand for data center direct-to-chip cooling fluids at smaller facilities. Integration requires additional planning, with air-cooled equipment and operating procedures remaining in place. Operators also need validated leak detection and fluid compatibility before conversion.

Other drivers and restraints analyzed in the detailed report include:

1. Sustainability and Energy-Efficiency Mandates
2. OCP-Compatible Coolant Standardization
3. Per- and Polyfluoroalkyl Substances (PFAS) Restrictions and Two-Phase Fluid Replacement Uncertainty

For complete list of drivers and restraints, kindly check the Table Of Contents.

Segment Analysis

Water-based coolants accounted for 44.08% of the segment in 2025, supported by the established use of glycol-water loops and proven corrosion-inhibitor chemistry. Their compatibility with OCP-specified metals and elastomers supported procurement practices. Shell launched its propylene glycol-based DLC Fluid S3 in June 2025 and stated that it met all OCP PG25 requirements. The product offers a fluid life of more than six years and can improve PUE by up to 27% compared with air cooling. This installed base supports water-based formulas in the data center direct-to-chip cooling fluids market. Glycol-based and synthetic hydrocarbon fluids address overlapping thermal requirements in some installations. Bio-based and specialty fluids remain smaller options, shaped by enterprise sustainability requirements.

Fluorinated fluids are projected to record a CAGR of 24.29% through 2031. They support two-phase applications where latent heat transfer enables cold-plate heat flux above 500 W/cm2. Chemours' Opteon 2P50 was qualified by Samsung Electronics for a fourth-generation Solid-State Drive (SSD) in 2025. The qualification provides a reference point for other component and system developers. Low-global-warming-potential formulas may help suppliers address performance needs and regulatory requirements in the data center direct-to-chip cooling fluids market. Their value depends on successful qualifications across server components and fluid distribution equipment. This process can help suppliers build a differentiated product portfolio.

Single-phase direct-to-chip cooling held 62.16% of the segment in 2025 and remains the operating standard. It benefits from established water-glycol practices and broad compatibility with existing cooling distribution systems. Google's Project Deschutes cooling distribution unit has been used across four Tensor Processing Unit (TPU) generations and has reported fleet-wide availability of 99.99% since 2020. OCP's 30°C supply-temperature standard also aligns with single-phase water-glycol operating conditions. These conditions support continued demand for data center direct-to-chip cooling fluids. Operators value established reliability when planning facilities that cannot tolerate thermal interruptions. The technology also fits greenfield projects built around a common coolant temperature.

Two-phase direct-to-chip cooling is expected to grow at a CAGR of 28.08% through 2031. Operators are considering it for platforms where cold-plate heat flux exceeds 500 W/cm2. The architecture can manage high GPU loads but requires vapor containment, compatible cooling distribution units, and stable fluid performance. Vertiv acquired Strategic Thermal Labs in April 2026, indicating continued investment in advanced liquid-cooling capabilities. Deployment is likely to remain concentrated at hyperscale sites with strong engineering capacity. This trend creates a specialized growth path for the data center direct-to-chip cooling fluids market. The approach is most relevant when single-phase systems cannot meet the required heat flux. It therefore serves a narrower but faster-moving group of AI deployments.

Complete Report Scope:

• By Fluid Type
  • Water-Based Fluids
  • Glycol-Based Fluids
  • Synthetic Hydrocarbon Fluids
  • Fluorinated Fluids
  • Others (Bio-Based Cooling Fluids, Specialty Fluids)
• By Cooling Technology
  • Single-Phase Direct-to-Chip Cooling
  • Two-Phase Direct-to-Chip Cooling
• By Component Cooled
  • CPU Cooling
  • GPU and AI Accelerator Cooling
  • Memory and Storage Cooling
  • Others (ASICs, FPGAs, Power Electronics)
• By Data Center Type
  • Hyperscale Data Centers
  • Colocation Data Centers
  • Enterprise Data Centers
  • Others (Edge Data Centers, High-Performance Computing Facilities)
• By Geography
  • Asia-Pacific
    • China
    • India
    • Japan
    • South Korea
    • Rest of Asia-Pacific
  • North America
    • United States
    • Canada
    • Mexico
  • Europe
    • Germany
    • United Kingdom
    • France
    • Italy
    • Rest of Europe
  • South America
    • Brazil
    • Argentina
    • Rest of South America
  • Middle-East and Africa
    • Saudi Arabia
    • South Africa
    • Rest of Middle-East and Africa

Geography Analysis

North America held 39.78% of the data center direct-to-chip cooling fluids market in 2025. The region benefits from a high concentration of U.S. hyperscale campuses. North American hyperscalers also contribute significantly to OCP cooling specifications, and their procurement requirements influence coolant qualifications worldwide. The Environmental Protection Agency (EPA) rule on certain high-global-warming-potential refrigerants is expected to spur investments in the reformulation of glycol and low-global-warming-potential synthetic fluids starting in 2027. This regulatory environment may influence fluid selection before equipment enters service and strengthen the need for documented compliance with formulations.

Asia-Pacific is forecast to expand at a CAGR of 26.45% through 2031. China requires many data centers to maintain a Power Usage Effectiveness (PUE) below 1.3, supporting the adoption of direct-to-chip and immersion systems. Alibaba Cloud, Tencent Cloud, and Huawei Cloud must meet these efficiency requirements in their domestic operations. Chinese cooling distribution unit suppliers, including Envicool and Lingyi iTech, have increased production to meet domestic and export demand. Reuters reported in March 2026 that Google was in discussions with Envicool and other Chinese cooling suppliers regarding purchases. India's capacity is projected to grow from 1.5 GW to 3 GW to 3.5 GW within five years. Closed-loop direct-to-chip systems can reduce water losses associated with evaporative cooling in water-constrained urban areas. This capability makes cooling design relevant to local water-management priorities and creates a separate rationale for liquid-loop investment beyond rack density.

Europe contributes to the data center direct-to-chip cooling fluids market, with Germany, the United Kingdom, and France leading the region. Germany's Energy Reuse Factor requirement is 10% for data centers commissioned on or after July 1, 2026. The requirement will rise to 20% in 2028, favoring warm-water direct-to-chip operation. Suppliers that maintain performance at supply temperatures of 30°C to 40°C are well positioned for these projects. South America, the Middle-East, and Africa remain early-stage regions. DataVolt signed a strategic agreement with Chemours in May 2025 to develop liquid-cooling solutions using Opteon dielectric fluids. The agreement indicates that Gulf sovereign AI programs are being designed with direct-to-chip cooling from the outset. These projects can avoid some integration barriers found in older facilities and create opportunities for suppliers that enter design discussions early.

1. Arteco
2. Castrol Limited
3. CLARIANT
4. Dober
5. Dow
6. Dynalene, Inc.
7. Engineered Fluids
8. Hydratech
9. Inventec Performance Chemicals
10. Kilfrost Ltd.
11. LANXESS
12. Lubrizol
13. Recochem Corporation
14. Shell plc
15. The Chemours Company
16. Valvoline Global Operations

Additional Benefits:

• The market estimate (ME) sheet in Excel format
• 3 months of analyst support

TABLE OF CONTENTS

1 Introduction

• 1.1 Study Assumptions and Market Definition
• 1.2 Scope of the Study

2 Research Methodology

3 Executive Summary

4 Market Landscape

• 4.1 Market Overview
• 4.2 Market Drivers
  • 4.2.1 AI and HPC Workload Expansion
  • 4.2.2 Rising Data Center Rack Power Density
  • 4.2.3 Sustainability and Energy-Efficiency Mandates
  • 4.2.4 OCP-Compatible Coolant Standardization
  • 4.2.5 Warm-Water Cooling Adoption in Existing Facilities
  • 4.2.6 Chip-Level Thermal Bottlenecks from Advanced Packaging
• 4.3 Market Restraints
  • 4.3.1 High Retrofit and Deployment Costs
  • 4.3.2 Integration Complexity in Air-Cooled Facilities
  • 4.3.3 Fluid Compatibility and Leakage Risk
  • 4.3.4 PFAS Restrictions and Two-Phase Fluid Replacement Uncertainty
• 4.4 Value Chain Analysis
• 4.5 Porter's Five Forces Analysis
  • 4.5.1 Threat of New Entrants
  • 4.5.2 Bargaining Power of Suppliers
  • 4.5.3 Bargaining Power of Buyers
  • 4.5.4 Threat of Substitutes
  • 4.5.5 Competitive Rivalry

5 Market Size and Growth Forecasts (Value)

• 5.1 By Fluid Type
  • 5.1.1 Water-Based Fluids
  • 5.1.2 Glycol-Based Fluids
  • 5.1.3 Synthetic Hydrocarbon Fluids
  • 5.1.4 Fluorinated Fluids
  • 5.1.5 Others (Bio-Based Cooling Fluids, Specialty Fluids)
• 5.2 By Cooling Technology
  • 5.2.1 Single-Phase Direct-to-Chip Cooling
  • 5.2.2 Two-Phase Direct-to-Chip Cooling
• 5.3 By Component Cooled
  • 5.3.1 CPU Cooling
  • 5.3.2 GPU and AI Accelerator Cooling
  • 5.3.3 Memory and Storage Cooling
  • 5.3.4 Others (ASICs, FPGAs, Power Electronics)
• 5.4 By Data Center Type
  • 5.4.1 Hyperscale Data Centers
  • 5.4.2 Colocation Data Centers
  • 5.4.3 Enterprise Data Centers
  • 5.4.4 Others (Edge Data Centers, High-Performance Computing Facilities)
• 5.5 By Geography
  • 5.5.1 Asia-Pacific
    • 5.5.1.1 China
    • 5.5.1.2 India
    • 5.5.1.3 Japan
    • 5.5.1.4 South Korea
    • 5.5.1.5 Rest of Asia-Pacific
  • 5.5.2 North America
    • 5.5.2.1 United States
    • 5.5.2.2 Canada
    • 5.5.2.3 Mexico
  • 5.5.3 Europe
    • 5.5.3.1 Germany
    • 5.5.3.2 United Kingdom
    • 5.5.3.3 France
    • 5.5.3.4 Italy
    • 5.5.3.5 Rest of Europe
  • 5.5.4 South America
    • 5.5.4.1 Brazil
    • 5.5.4.2 Argentina
    • 5.5.4.3 Rest of South America
  • 5.5.5 Middle-East and Africa
    • 5.5.5.1 Saudi Arabia
    • 5.5.5.2 South Africa
    • 5.5.5.3 Rest of Middle-East and Africa

6 Competitive Landscape

• 6.1 Market Concentration
• 6.2 Strategic Moves
• 6.3 Market Share (%)/Ranking Analysis
• 6.4 Company Profiles (includes Global Overview, Market Overview, Core Segments, Financials as available, Strategic Information, Products and Services, and Recent Developments)
  • 6.4.1 Arteco
  • 6.4.2 Castrol Limited
  • 6.4.3 CLARIANT
  • 6.4.4 Dober
  • 6.4.5 Dow
  • 6.4.6 Dynalene, Inc.
  • 6.4.7 Engineered Fluids
  • 6.4.8 Hydratech
  • 6.4.9 Inventec Performance Chemicals
  • 6.4.10 Kilfrost Ltd.
  • 6.4.11 LANXESS
  • 6.4.12 Lubrizol
  • 6.4.13 Recochem Corporation
  • 6.4.14 Shell plc
  • 6.4.15 The Chemours Company
  • 6.4.16 Valvoline Global Operations

7 Market Opportunities and Future Outlook

• 7.1 White-Space and Unmet-Need Assessment