Core Insights - The article emphasizes the rapid evolution of cooling technologies in data centers, particularly the shift from traditional water cooling to advanced refrigerants and fluorinated liquid cooling systems, driven by the increasing demand for AI computing power and high-density servers [2][24]. Group 1: Industry Trends - The global market for liquid cooling is transitioning from a "validation phase" to an "application explosion phase," with significant policy support in China, including the recognition of liquid cooling technology as a key component of AI computing infrastructure [2]. - IDC predicts that the market size for liquid cooling servers in China will reach $16.2 billion by 2029 [2]. Group 2: Traditional Refrigerants Evolution - Traditional refrigerants have undergone three generations of evolution, with environmental considerations being the core driving force for this transition [4]. - Major players in the inorganic refrigerants market include Linde, A-Gas, and Sinochem, while the fluorocarbon segment is dominated by companies like DuPont and Honeywell [7][8]. Group 3: Rise of Fluorinated Liquids - Fluorinated liquids are emerging as a crucial alternative to traditional refrigerants, particularly in data centers and electric vehicles, due to their excellent insulation and efficient heat dissipation properties [13][24]. - The article highlights that fluorinated liquids, such as perfluorocarbons (PFCs) and hydrofluoroethers (HFEs), are gaining traction due to their safety, efficiency, and environmental benefits [13]. Group 4: Key Players in Fluorinated Liquids - 3M has a historical advantage in fluorinated liquid technology, but recent environmental concerns have led the company to announce its exit from the production of certain fluorinated substances by 2025, creating opportunities for domestic companies [14]. - Other notable companies in the fluorinated liquid market include Solvay, AGC, and Chemours, each offering specialized products for data center cooling applications [15][16]. Group 5: Market Dynamics - The traditional refrigerant market is characterized by competition between international giants like Linde and Honeywell and local Chinese firms such as Sinochem and Juhua Group [24]. - The article suggests that domestic companies are rapidly advancing in the fluorinated liquid sector, leveraging cost advantages and technological breakthroughs to challenge foreign dominance [24].