Magneto Rheological (MR) Fluid Market: Introduction
The magneto rheological (MR) fluid market was valued at ~US$ 818 Mn in 2018 and is expected to expand at a CAGR of ~21% during the forecast period. Based on base fluid, the synthetic hydrocarbon oil segment held a dominant share of the magneto rheological (MR) fluid market in 2018. Synthetic hydrocarbon oil is an extensively used base fluid in magneto rheological fluids, due to its relatively eco-friendly nature and low viscosity & low vapor pressure.
In terms of application, the automotive segment accounted for a major share of the magneto rheological (MR) fluid market in 2018. Technological advancements in design of dampers to control vibration is anticipated to fuel the segment during the forecast period.
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Magneto-rheological fluid is employed in dampers to control the damping force. Magneto-rheological fluid offers the reliability of passive systems and the facility of active control systems with small power supply. The magneto rheological (MR) fluid market in Asia Pacific is likely to expand at a significant pace during the forecast period, owing to the growth in investments in the automotive sector.
Competition Landscape of Magneto Rheological (MR) Fluid Market
Key players operating in the magneto rheological (MR) fluid market are Lord Corporation, Arus MR Tech, Liquid Research Limited, QED Technologies, Industrial Metal Powders (India) Pvt. Ltd., CK Materials Lab Co., Ltd., Ioniqa Technologies, MRF-ENGINEERING, Kolektor Group, KURIMOTO, LTD., Akebono Brake Industry Co., Ltd., and Anton Paar GmbH.
Key Drivers of Magneto Rheological (MR) Fluid Market
Magneto rheological fluid can be used in a wide range of industries other than the automotive industry. Magneto-rheological fluid can be used in damping systems employed in civil infrastructure projects such as bridges; body armors developed by military to help prevent piercing of bullets; household appliances such as washing machines; braking and damping systems employed in medical prosthetics such as prosthetic knees; development of landing gears in the aerospace industry; development of haptic knobs of various electric and electronic products; various applications such as damping and braking in industrial and other robots; and superior polishing of optical surfaces.
Research is also being conducted to develop magneto rheological fluid for usage in applications such as railways; high-tension wires; vibration-based security systems; ventilator shafts; motor shafts in special conditions such as mines; and elements of bioreactors and chemical reactors. Development of a wide range of applications is expected to drive the magneto rheological fluid market during the forecast period.
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North America to Lead Magneto Rheological (MR) Fluid Market
North America led the magneto rheological (MR) fluid market in 2018, due to the increase in demand for industrial robots to enhance efficiency and effectiveness in several industries such as automotive, electrical & electronics, metal & machinery, plastics & chemical products, and food & beverages.
Key industry players such as Lord Corporation and Exonetik are investing in research & development activities for the production of magneto-rheological fluid based systems and equipment. This is likely to boost the magneto-rheological fluid market during the forecast period.
Major Developments in Magneto Rheological (MR) Fluid Market
In 2019, Lord Corporation inaugurated a state-of-the-art manufacturing facility worth US$ 12 Mn in Pont de l’Isère, France. The move is anticipated to strengthen the company’s presence across the globe. In the third quarter of 2018, CK Materials Lab Co., Ltd. inaugurated a factory in Ansan, South Korea. This step is projected to strengthen the company’s presence in the region.
In February 2014, QED Technologies (QED) introduced Q-flex 300, the next-generation MRF polishing system, under its Q-flex product line. Q-flex systems offer a platform that allows quick changes in configuration and provides high manufacturing capabilities, especially for difficult spheres and free-form optics. Q-flex 300 can polish a range of precision optics up to 300 millimeters in diameter.
Global Magneto Rheological (MR) Fluid Market: Segmentation
Magneto Rheological (MR) Fluid Market, by Base Fluid
- Silicon Oil
- Mineral Oil
- Synthetic Hydrocarbon Oil
- Paraffin Oil
- Hydraulic Oil
- Water
- Others (including Proprietary Magneto-rheological Fluids)
Magneto Rheological (MR) Fluid Market, by Application
- Automotive
- Aerospace
- Building & Construction
- Military & Defense
- Optics
- Electrical & Electronics
- Medical & Prosthetics
- Robotics
- Others (including Research, Mining, Power Generation Infrastructure, Railways, and Chemical)
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Lack of Awareness among Consumers to Hamper Magneto Rheological Fluid Market
- Magneto rheological fluid is a new product. Consumers are not yet aware of all the benefits associated with the product. Therefore, adoption of the fluid is low. Thus, lack of consumer awareness is adversely affecting the magneto rheological fluid market.
- Consumer knowledge about the product is expected to improve during the forecast period, as manufacturers of magneto-rheological fluids are taking initiatives to educate consumers about its cost-related and other benefits
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