Market Research Report
Global Magnetorheological Fluid Market - 2019-2026
|Global Magnetorheological Fluid Market - 2019-2026|
Published: January 1, 2020
Delivery time: 2 business days
Global Magnetorheological Fluid Market Overview
The global magnetorheological fluid market was worth $XX billion in 2018 and is forecasted to reach $XX billion by 2026, at a CAGR of xx% during the forecast period.
The magnetorheological ﬂuid belongs to a class of smart controllable materials since their ﬂow properties, such as viscosity and stiffness. It is a non-colloidal composition of ferromagnetic particles randomly spread in oil or water, along with surfactants used to get rid of the settling of suspended particles. Magnetorheological fluid when subjected to a magnetic field, it gets converted into a semi-solid state. Similarly, magnetorheological fluid changes back to its original liquid state when the magnetic field is removed.
Global Magneto-Rheological Fluid Market - Market Dynamics
Magnetorheological fluids are most commonly used in used in the automotive industry for damping, braking and clutching systems in automobiles. Furthermore, applications of magnetorheological fluid are being deployed in several industries like damping systems in civil infrastructure projects. Also, these fluids can be applied in damping and braking, and clutching systems in robotics and medical & prosthetics industries. The development of applications of these fluids in automotive and aerospace industry are boosting the market and rise in robotic adoptions in various sectors, from warehousing and military to manufacturing and healthcare in the recent days are also driving the market. For instance, below statistics have given information about the size of the industrial robot market from 2017 to 2023. By 2023, the industrial robots market is expected to reach approximately USD 73.5 billion.
Few limitations of magnetorheological fluid like high density, due to the presence of iron, makes them heavy and magnetorheological fluid is still in the emerging stage of research. Production of this fluid is much lower than that of the conventional oil hence, the price of this fluid cannot yet benefit from the scale of its production. This is an essential reason for the high price of the magnetorheological fluid. Moreover, lack of consumer awareness regarding the benefits of the magnetorheological fluid including its high effectiveness and long life is a significant threat facing the global magnetorheological fluid market.
Global Magneto-Rheological Fluid Market - Segment Analysis
Based on the application the global magnetorheological fluid market is broadly segmented as automotive, aerospace, military, robotics and others. Among all these automotive segments occupied the significant share in the market. Due to their use in the automotive industry for damping, braking and clutching systems is driving this segment. Also, the surge in the automobile industry is boosting the market. This statistic gives the information about automobile production globally between 2000 and 2017. In 2017, approximately 73.5 million cars were produced.
Global Magneto-Rheological Fluid Market - Geographical Analysis
The global magnetorheological fluid market is segmented by geographic region which includes North America, South America, Europe, Asia-Pacific, and Middle East & Africa. Europe occupies the dominant share in this market. In the forecast period, the market in Europe is expected to grow at a CAGR of XX%. Because magnetorheological fluid is employed in an increasing number of products like automobiles, robots, washing machines, and in other electronic appliances.
The Asia Pacific is considered as the manufacturing hub of the world. This region is predicted to maintain its leading position in terms of consumption of magnetorheological fluid in the near future. It is also estimated to be the fastest growing consumer of magnetorheological fluid based on manufacturing capability. For instance, this region is also home to some of the largest light vehicle producers in the world with China, Japan, and Korea comprising just over 37 million units of production or 42% of the global automotive production market.
Global Magneto-Rheological Fluid Market - Competitive Analysis
Prominent players in global magnetorheological fluid market are Arus MR Tech, Liquids Research Limited, Lord Corporation, QED Technologies International Inc., Ioniqa Technologies BV, and Industrial Metal Powders Pvt. Ltd., CK Materials Lab Co. Ltd., ArProDEC and others. Product launches, partnerships, and expansions are some of the strategies adopted by players to increase their market share. For instance, in