Sarasota, FL -- (SBWire) -- 12/20/2018 --Global Magneto Rheological Fluid Market: Overview
Magneto rheological fluid or MR fluid is a controllable, non-colloidal fluid, which is a mixture of ferromagnetic particles dispersed randomly in water or oil. This fluid is mixed with surfactants for avoiding the settlement of the suspended particles. The demand and popularity of the magneto rheological fluid market on a global scale can be attributed to the rising number of innovative applications, such as engine mounting and haptic knobs across a wide range of industries, such as optics, robotics, and automotive.
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Global Magneto Rheological Fluid Market: Growth Factors
The major growth driver in the global magneto rheological fluid market is the increased product usage in various sectors, such as robotics, automotive, electrical and electronics, aerospace, and optics, among others. Several vehicle platforms, including Corvette and Cadillac, use fluid-based suspension systems that utilize MR. Additionally, the robotics sector utilizes magneto rheological fluid in damping and braking systems, whereas the aerospace sector uses it in landing gears. Huge investments made in research and development by key market players, universities, and government research organizations and increasing consumer awareness about the benefits of using MR fluid are contributing to the expansion of the magneto rheological fluid market across the world in the upcoming years.
However, the high cost of magneto rheological fluid might limit the magneto rheological fluid market on a global scale over the estimated time period.
Global Magneto Rheological Fluid Market: Segmentation
The global magneto rheological fluid market is classified into base fluid and application. By base fluid, this market includes water, hydraulic oil, paraffin oil, synthetic hydrocarbon oil, mineral oil, synthetic oil, and others. On the basis of application, this market is segmented into robotics, medical and prosthetics, electrical and electronics, optics, military and defense, building and construction, aerospace, automotive, and others.
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Global Magneto Rheological Fluid Market: Regional Analysis
The global magneto rheological fluid market is classified into Europe, North America, the Middle East and Africa, Latin America, and Asia Pacific. In 2017, the Asia Pacific magneto rheological fluid market dominated globally and is anticipated to maintain its position over the estimated period as well. This was due to the increase in the consumer awareness regarding the benefits of MR fluid usage. The North American and European regions are likely to show good rate of growth in this market over the estimated time period. When subjected to any type of magnetic field, MR fluids' viscosity rapidly increases, thus transforming into a viscoelastic solid. Similarly, in the absence of a magnetic field, the MR fluid transforms to its original state, i.e., liquid. Thus, the growing use of MR fluid in damping, braking, and clutching systems in varied industries, such as aerospace, building and construction, automotive, military and defense, robotics, and optics. Developed countries in both the regions, such as the U.S., Canada, Germany, etc., are making huge investments for developing new technology, which, in turn, is likely to further drive this market in the future.
Global Magneto Rheological Fluid Market: Competitive Players
Some of the most important market players in the global magneto rheological fluid market include Kolektor Group, MRF Engineering, QED Technologies International, Ioniqa Technologies, Liquids Research Limited, CK Materials Lab, ArProDEC, Industrial Metal Powders, Arus MR Tech, and Lord Corporation, among others.
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Magneto Rheological Fluid Market: Global Industry Analysis, Size, Share, Growth, Trends, and Forecasts 2018–2026