Market Research Report
Magneto-Rheological Fluids (MRF)
|Magneto-Rheological Fluids (MRF)|
Published: February 1, 2022
Global Industry Analysts, Inc.
Content info: 165 Pages
Delivery time: 1-2 business days
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Global Magneto-Rheological Fluids (MRF) Market to Reach $2.4 Billion by 2026
Magneto rheological fluid (MR fluid) represents a mix of ferromagnetic particles that are randomly dispersed in water or oil. Given its non-colloidal and controllable nature, the MR fluid finds use in a wide range of applications including braking, damping, and clutching systems in sectors such as robotics, optics, military and defense, building and construction, aerospace, and automotive. Growth in the global is set to be fueled by growing use in applications in various end-use industries such as warehousing and robotics, defense, aerospace, prosthetics and medical, electrical appliances, and automotive. The advantages of MR fluids such as low energy consumption, simple system configuration, and quicker response time are expected to foster their demand. Market growth is also favored by rising interest in smart materials, increasing R&D investments, and growing efforts for developing MR fluid-based systems and equipment, particularly in Europe and North America. The growing focus on automation among producers, increasing adoption of robots, and surging usage of MR fluid in robotics in braking and damping systems are also supporting market growth. MR fluid is also registering rising use in prosthetic devices such as exoskeletons and knees due to the increased adaptability of the product to various gait conditions.
Amid the COVID-19 crisis, the global market for Magneto-Rheological Fluids (MRF) estimated at US$927.6 Million in the year 2020, is projected to reach a revised size of US$2.4 Billion by 2026, growing at a CAGR of 17.2% over the analysis period. Synthetic Hydrocarbon Oil, one of the segments analyzed in the report, is projected to grow at a 18.2% CAGR to reach US$978.4 Million by the end of the analysis period. After a thorough analysis of the business implications of the pandemic and its induced economic crisis, growth in the Water segment is readjusted to a revised 17.7% CAGR for the next 7-year period. This segment currently accounts for a 21.3% share of the global Magneto-Rheological Fluids (MRF) market.
The U.S. Market is Estimated at $356.5 Million in 2021, While China is Forecast to Reach $273.7 Million by 2026
The Magneto-Rheological Fluids (MRF) market in the U.S. is estimated at US$356.5 Million in the year 2021. The country currently accounts for a 34.85% share in the global market. China, the world`s second largest economy, is forecast to reach an estimated market size of US$273.7 Million in the year 2026 trailing a CAGR of 20.8% through the analysis period. Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at 15.3% and 15.6% respectively over the analysis period. Within Europe, Germany is forecast to grow at approximately 16.3% CAGR while Rest of European market (as defined in the study) will reach US$330 Million by the end of the analysis period. North America and Europe represent the leading regional markets for MR fluids. In North America, the MR fluids market is being driven by the increasing use of automation technology in the manufacturing sector, growing adoption of robots in several industries, and existence of established infrastructure. Strong growth in Europe market is due to rising demand for automobiles, robots, electronic appliances, and washing machines. In Asia-Pacific region, growth is being driven by flourishing robotics market, wherein the product is employed to augment effectiveness and efficiency.
Silicon Oil Segment to Reach $413.8 Million by 2026
In the global Silicon Oil segment, USA, Canada, Japan, China and Europe will drive the 16.8% CAGR estimated for this segment. These regional markets accounting for a combined market size of US$136.4 Million in the year 2020 will reach a projected size of US$404.5 Million by the close of the analysis period. China will remain among the fastest growing in this cluster of regional markets. Led by countries such as Australia, India, and South Korea, the market in Asia-Pacific is forecast to reach US$39.8 Million by the year 2026.
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