ALBANY, New York, April 17, 2018 /PRNewswire/ --
The Global Magneto Rheological Fluid Market was valued at US$ 5.1 Bn in 2017 and is anticipated to expand at a CAGR of ~24% from 2017 to 2026, according to a new report by Transparency Market Research (TMR) titled "Magneto Rheological Fluid Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2018-2026."
MR fluid can be defined as smart and controllable fluid. It is a non-colloidal mixture of ferromagnetic particles randomly dispersed in oil or water, along with surfactants used to avoid the settling of suspended particles. MR fluid, when subjected to magnetic field, quickly increases its apparent viscosity and becomes a viscoelastic solid. Similarly, MR fluid changes back to its original liquid state when the magnetic field is removed. These properties are highly useful in applications such as damping and braking and clutching systems. MR fluid requires state-of-the-art technology and is a capital intensive market. Therefore, just a few companies operate in the MR fluid market. However, increase in consumer awareness about the benefits of the MR fluid technology is anticipated to boost the usage of the fluid during the forecast period.
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MR fluid market to be driven by innovative applications in various industries such as automotive, robotics, optics, and electrical & electronics
MR fluid was first used in the automotive industry for damping and braking and clutching systems. Currently, several vehicle platforms such as the Cadillac and Corvette employ MR-based suspension systems. The production volume of this fluid is much lower than that of the conventional oil, which it aims to replace. Hence, the price of MR fluid cannot yet benefit from the scale of its production. This is an important reason for the high price of MR fluid. However, the MR fluid market is expanding at a rapid pace. Thus, production of MR fluid is also estimated to increase, thereby bringing down the price as it starts benefitting from the scale of production.
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Manufacturing of a large range of products, including robots, in Asia Pacific offers lucrative opportunities to MR fluid market
Robotics is a new field for the MR fluid market, where it is being used for making the robots more efficient and effective in their movements. This is done by using MR fluid-based damping and braking systems. As a consequence, robots are being used in an increasing number of industries, from warehousing and military to manufacturing and healthcare. This increased usage of robots is expected to further drive the consumption of MR fluid during the forecast period. Similar to robotics, the healthcare industry has started experimenting with the usage of MR fluid in prosthetic devices like prosthetic knees and exoskeletons. However, this research is relatively new and holds considerable potential during the forecast period.
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The global MR fluid market can be segmented based on base fluid, application, and region. In terms of base fluid, the global MR fluid market can be divided into silicon oil, mineral oil, synthetic hydrocarbon oil, paraffin oil, hydraulic oil, water, and others. Based on application, the market can be segregated into automotive, aerospace, building & construction, military & defense, optics, electrical & electronics, medical & prosthetics, robotics, and others. In terms of region, the market can be split into North America (the U.S. and Canada), Latin America (Brazil, Mexico, and Rest of Latin America), Europe (Germany, the U.K., France, Italy, Spain, Russia & CIS, and Rest of Europe), Asia Pacific (China, India, Japan, ASEAN, and Rest of Asia Pacific) and Middle East & Africa (GCC, South Africa, and Rest of Middle East & Africa).
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MR Fluid Market, by Base Fluid
- Silicon Oil
- Mineral Oil
- Synthetic Hydrocarbon Oil
- Paraffin Oil
- Hydraulic Oil
MR Fluid Market, by Application
- Building & Construction
- Military & Defense
- Electrical & Electronics
- Medical & Prosthetics
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