Global magneto rheological fluid market will expand substantially during 2021-2027 led by the growing R&D expenditure and continuous technological advancements worldwide. Magneto rheological fluid (MR fluid) technology has witnessed considerable development over the years. New applications of these fluids are constantly emerging across different sectors including aerospace, automotive, robotics, optics, healthcare, and electronics, among many others.
A magneto rheological fluid is a type of smart fluid with an oil as a carrier fluid. It is a smart material whose rheological properties can be varied rapidly by applying a magnetic field. The fluid can instantly respond to varying levels of a magnetic field which makes them highly suitable for energy dissipating applications.
Considering the application landscape, the aerospace sector is expected to capture a considerable share of the magneto rheological fluid industry by 2027. In aerospace applications, dampers based on MR fluids are used in military and commercial aircraft seats as a safety mechanism in the event of a crash. They can reduce the shock delivered to the spinal column of passengers and minimize the risk of permanent injury during an aircraft crash. The presence of strict passenger safety regulations, growing number of air travelers, and the increasing aircraft production worldwide will augment the overall market expansion.
In terms of the geographical outlook, North America is anticipated to be a highly lucrative market for magneto rheological fluids during the analysis period 2021-2027. The regional market trends will be driven by the widespread adoption of robotics and automation technology where MR fluids are prominently used. The deployment robotics and automated systems is increasing across nearly every industry vertical. These factors along with the presence of major automakers, aircraft manufacturers, electronics companies, and healthcare firms will positively impact the regional outlook.
LORD Corp., QED Tech, Liquids Research, Ioniqa Tech, and Arus MR Tech are among the prominent players comprising the global magneto rheological fluids industry. MR fluids technology is constantly evolving as the market players lay a greater emphasis on research and development. Numerous manufacturers are also adopting approaches such as collaborations and acquisitions to boost their market presence and expand their product offerings.
The application potential of these fluids across industries is expanding continuously, creating a demand for more improved products and solutions. Increasing R&D efforts and technological advances will have a positive impact on the industry landscape.
Influence of COVID-19 pandemic on magneto rheological fluid market trends
The coronavirus pandemic has impacted the magneto rheological fluid industry forecast in numerous ways. This can be attributed to supply chain disruptions caused by the pandemic across key end-use verticals including automotive, aerospace, electronics, and others. With strict government measures enforced to curb the spread of the virus, the sectors have witnessed a slew of challenges. These include supply chain disruption, workforce shortage, and stringent protocols for operating amidst the pandemic.
Many major automakers, aerospace contractors, and electronics manufacturers were forced to halt manufacturing operations temporarily, causing a decline in the product demand. Globally, a sharp decline was witnessed in manufacturing and industrial activity, particularly in the first few months of the COVID-19 outbreak. As a result, the development, testing, and deployment of robotics and automation technologies has been affected.