Magneto Rheological Fluid Market Size, Industry Analysis Report, Regional Outlook, Application Development Potential, Price Trends, Competitive Market Share & Forecast, 2020 - 2026
Report ID: GMI3464
Magneto Rheological Fluid Market size is predicted to rise significantly to 2025 owing to growing applications in automotive, electrical appliances, medical & prosthetics, aerospace, defense, robotics and warehousing industries. Magneto rheological (MR) fluid is a smart liquid which exhibits increasing viscosity when an electrical or magnetic field is applied to it and exhibits a behavior similar to a viscoelastic solid.
Increasing product use in dampening, braking, and clutching systems in addition to the product’s fast action, simple interface between its electrical input section & mechanical power output section and high controllability may also contribute to rising demand of magneto rheological fluid market.
Magneto rheological fluid finds increasing use in vehicle suspension systems and has been adopted by manufacturers such as Chevrolet and Corvette. The product should witness widespread adoption in automotive dampeners within the next 10 to 20 years. Global sales of passenger cars surpassed 70 million units in 2017 and may rise further, owing to economic growth, market expansion and rising demand from construction sector, which should accelerate magneto rheological fluid market adoption.
Magneto rheological fluid is facing increasing adoption in prosthetic devices such as knees and exoskeletons in the medical sector owing to the product’s high adaptability to different gait conditions. This technology is used in a dampener which controls the movement of an artificial limb based on the inputs obtained by a sensor. However, product use is low owing to the emerging nature of the market. Global robotic prosthetics market size is likely to surpass USD 1.75 billion by the end of the forecasted timeframe pertaining to the rising number of amputations caused by vascular disease and trauma, which indicates ample growth opportunities for magneto rheological fluid market size.
Magneto rheological fluid is routinely adopted in damping technologies in civil construction, bullet resistant vests in the military, dampers in aircraft landing gears, haptic knobs in electrical appliances, polishing technologies for optical surfaces and variable damping systems in washing machines.
Magneto rheological fluid contains iron particles suspended in water or oil together with some surfactants which prevents these particles from settling down. The magnetic particles align to form particle chains when a magnetic field is applied, which limits movement and increases viscosity. This effect is reversed after removal of the field.
Magneto rheological fluid market comprises of the paraffin, silicon, mineral, synthetic hydrocarbon and hydraulic oil segments. Silicon-based products are manufactured by mixing silicon oil with grease with a mechanical stirrer for an hour followed by the addition of powdered iron.
North America magneto rheological fluid market led by the U.S., Canada and Mexico should witness substantial gains owing to widespread adoption of automation technology by regional manufacturing sector and presence of established infrastructure. This fluid is commonly used in electric brakes pertaining to its excellent controllability and responsiveness which makes it ideal for automated automobiles. Regional autonomous vehicle market size should surpass USD 25 billion in the predicted period owing to their improved safety which is likely to promote regional magneto rheological market growth.
Europe led by UK, France, Spain and Germany magneto rheological fluid market size is predicted to witness significant growth owing to upsurge in demand from washing machines, electronic appliances, robots and automobiles. This product allows damper adjustment for different washing cycles of washing machines, reduces tub movement and eliminates noise at high speeds. Regional household appliances market size exceeded USD 20 billion in 2018 on account of growing demand for innovative & multifunctional products which should stimulate magneto rheological fluid market growth.
Asia Pacific, led by India, South Korea, Japan and China magneto rheological fluid market size may exhibit strong growth owing to the booming robotics sector where the product is used to improve efficiency and effectiveness. This technology is routinely used in robot braking and damping systems. Growing adoption of robotics technology in various industries such as defense, manufacturing and warehousing is likely to further accelerate growth of the market. Japan robotics market comprised over 55% pf global market share in 2017, owing to rising adoption by manufacturing, healthcare and resources industries, which should increase product demand.
High magneto rheological fluid cost on account of its low production volume coupled with consumer misconceptions, high research costs and advanced technological requirements may hamper product demand. However, efforts to ramp up the production volume by manufacturers may reduce product cost in future thereby accelerating market growth. Moreover, manufacturers and universities are attempting to educate consumers about product advantages such as high effectiveness and long life, which may further increase product demand.
Magneto rheological fluid market share is less competitive and consolidated between a few participants such as Arus MR Tech, LORD Corp., Liquids Research, Ioniqa Tech. and QED Tech. Prominent manufacturers prefer to target specific industries to capture market size. For instance, LORD Corp. and Arus MR Tech target the automotive, robotics, military and medical industries, while CK Materials Lab prefers to target the building & construction and automotive industries, which is predicted to boost the market growth.
By Type, 2014-2025 (Tons) (USD Million)
- Silicon oil
- Synthetic hydrocarbon oil
- Paraffin oil
- Mineral oil
By Application, 2014-2025 (Tons) (USD Million)
- Electrical & electronics
- Medical & prosthetics
The above information is provided for the following regions and countries:
- North America
- Asia Pacific
- South Korea
- Latin America
- Middle East & Africa
- South Africa
- Saudi Arabia
- Ioniqa Technologies
- Industrial Metal Powders (India) Pvt. Ltd
- LORD Corp.
- Arus MR Tech
- Liquids Research
- QED Technologies
- Kurimoto, Ltd.
- Liquids Research Limited
- CK Materials Lab
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