In-depth Analysis of the Liquid Cooling Industry: Market Outlook, Technical Pathways, Industrial Chain, and Key Companies [Produced by Huibo]

Mineral oil offers advantages in cost and environmental friendliness, but suffers from relatively poor long-term reliability. Mineral oils are obtained through complex refining processes—including fractional distillation and purification—applied to crude oil. When used in immersion liquid cooling, mineral oil’s main advantages are low cost, environmental compatibility, and good electrical insulation properties. Its disadvantages include relatively weak thermal conductivity, high viscosity, poor compatibility with sulfur-containing materials, and a tendency to leave residues on equipment surfaces and within piping. Over time, such residue accumulation can impair heat dissipation efficiency and increase maintenance and cleaning complexity—hence its inferior long-term reliability. Synthetic oils demonstrate clear performance advantages, though material compatibility requires careful attention. Hydrocarbon-based synthetic base oils are chemically synthesized hydrocarbons. Their benefits include excellent low-temperature fluidity and oxidation stability, low volatility, biodegradability, and generally favorable material compatibility. However, certain low-viscosity polyalphaolefins (PAOs) may cause swelling or aging of specific sealing materials; thus, matching PAOs with compatible sealants is critical during application. (3) Fluorinated Liquids: Perfluoropolyethers (PFPEs) Occupy the High-End Segment; PFO-Based Solutions Show Promising Growth Immersion cooling fluids can be classified into four categories based on molecular structure: saturated fluorinated compounds (e.g., hydrofluorocarbons [HFCs], hydrofluoroethers [HFEs]), unsaturated fluorinated compounds (e.g., hydrofluoroolefins [HFOs], unsaturated HFEs), fully saturated perfluorinated compounds (e.g., perfluoroalkanes, perfluoroamines, perfluoropolyethers [PFPEs]), and fully unsaturated perfluorinated compounds (e.g., perfluoroolefins, perfluoroalkylamines, perfluoroalkylethers). Three key metrics—dielectric constant, global warming potential (GWP), and synthesis difficulty—are difficult to optimize simultaneously. A high dielectric constant indicates strong molecular polarization, which risks degrading signal integrity in high-frequency electronic components and connectors immersed in the fluid—thus severely limiting practical applications. Common fluorinated cooling fluids used in data centers include PFPEs, HFEs, HFCs, HFOs, and perfluoroamines. U.S.-based 3M and Belgium’s Solvay have successively launched low-dielectric-constant, high-thermal-conductivity perfluoroamines and PFPEs as fluorinated electronic cooling fluids, achieving initial market adoption. Immersion liquid cooling research has consequently become one focal area in fluorochemical science. Hydrofluoroethers (HFEs) are primarily employed in single-phase immersion cooling, yet their technical specifications remain suboptimal. As a class of hydrogen–fluorine compounds, HFEs are suited for applications where dielectric constant requirements are less stringent. According to "Research Progress on Immersion Cooling Fluids for Data Centers", products such as Novec™ 7000 (boiling point: 34–98°C) are mainly used in two-phase immersion cooling, whereas Novec™ 7500 and Novec™ 7700 (boiling point ≥128°C) are designated for single-phase immersion. HFEs offer high dielectric strength, good heat transfer performance, and low GWP—but most exhibit excessively high dielectric constants and low volume resistivity, failing to meet ideal immersion cooling fluid specifications. Perfluoropolyethers (PFPEs) stand out primarily in two dimensions: safety and environmental compliance. First, they are non-flammable, non-explosive, and exhibit extremely low toxicity. Second, they enjoy strong regulatory compliance: no re-registration is required in major regions including Europe, Japan, South Korea, and Taiwan—resulting in low market-entry barriers.

PFAS—The Eternal Molecule

Most people are well aware of the hazards posed by white pollution—but the dangers of a particular class of everyday chemicals have remained largely overlooked. Once manufactured, these substances cannot degrade naturally in the environment and are therefore dubbed “eternal molecules” by the American Chemical Society—PFAS. These chemicals have been linked to cancer and immune system suppression. They are not only present in our homes but have already infiltrated nearly every corner of the natural world. Over several decades, PFAS contamination has affected regions worldwide. A film inspired by this real-world incident—Dark Waters—received an impressive rating of 8.6. In recent years, 3M has faced allegations of mass-producing and using a class of chemicals known as PFAS without adequately disclosing or mitigating their environmental and human health impacts—leading the company to pay $12.5 billion in compensation and commit to phasing out all PFAS from its product portfolio by the end of 2025. So what exactly are PFAS—and why did they trigger such massive liabilities for 3M? Let’s take a closer look. PFAS (per- and polyfluoroalkyl substances) constitute a large group of synthetic organic compounds not found in nature. First synthesized in laboratories in the 1940s as a byproduct of the Manhattan Project—the U.S. nuclear weapons program—PFAS were later licensed by 3M, who recognized their unique properties: oil-repellency, water-repellency, and exceptional chemical stability—coupled with low production costs. Consequently, PFAS have been widely applied across numerous industries. Typical examples include PFOA, PFOS, PFNA, and PFHxS. The molecular architecture of PFAS features a hydrophilic functional group paired with a fluorine-rich, hydrophobic alkyl side chain. The former imparts water- and oil-repellent behavior; the latter—anchored by exceptionally strong carbon–fluorine (C–F) bonds—confers outstanding stability, flame resistance, and persistence. This distinctive dual-structure underpins PFAS’s unique properties and enables broad industrial deployment. Fluorine, the most electronegative element, induces extreme polarization and extraordinarily high bond energy in the C–F bond—endowing PFAS-treated materials with superior thermal and chemical stability. Accordingly, PFAS are extensively used in firefighting foams, food packaging, cosmetics, machinery manufacturing, and semiconductor fabrication. Their excellent water- and oil-repellent properties also make them indispensable in textiles, leather goods, detergents, kitchenware—even non-stick cookware and grease-resistant paper. Thanks to these outstanding functional properties, PFAS entered widespread use as early as the last century. Yet insufficient understanding and inadequate management at the time led to a series of tragic incidents. In 1975, DuPont—the manufacturer of PFAS—discharged PFAS-laden wastewater and sludge directly into local rivers, resulting in the deaths of over 200 cattle in the vicinity. Local residents experienced unusually high cancer rates, and a couple responsible for wastewater treatment gave birth to a child with severe congenital deformities.

3M’s “Forever Chemicals” Bill Just Grew by Billions

23 hours ago

3M agreed to a $7.35 billion settlement over nine years for PFAS-related personal injury claims involving AFFF firefighting foam, covering nearly all plaintiffs while maintaining its 2026 financial guidance.

24/7 Wall St.

2026-11-04

3M’s “Forever Chemicals” Bill Just Grew by Billions

3M’s “Forever Chemicals” Bill Just Grew by Billions

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