As AI data centers continue to expand, the thermal management market, which focuses on efficiently handling server heat dissipation, is emerging as a new growth area for the refining industry.

Refining companies are pushing beyond the boundaries of traditional lubricant operations, moving into high-value thermal management materials required for AI infrastructure, including refrigerants, refrigeration oils, and immersion cooling fluids.

According to data released by market research firm Verified Market Research on the 23rd, the global immersion cooling market is projected to grow from approximately 400 billion KRW in 2024 to around 2 trillion KRW by 2031, with a compound annual growth rate (CAGR) of 22.5%.

Immersion cooling works by submerging servers and heat-generating components directly into an insulating cooling fluid to dissipate heat.

On the 23rd, SK Enmove and LG Electronics signed a memorandum of understanding (MOU) at the SK Seorin Building in Jongno-gu, Seoul, to jointly develop next-generation thermal management technologies, with the goal of creating next-generation refrigerants to meet global environmental regulations.

The two companies will also conduct joint research on immersion cooling technology for AI data centers and industrial thermal management systems.

As the number of high-heat-generating AI servers continues to rise, immersion cooling is drawing significant attention as a next-generation thermal management solution that can complement traditional air-cooling methods.