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Ferro Fluids Market to Approach US$ 73.9 Mn by 2025
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Ferro fluids aid in the recovery of non-ferrous metals from solid wastes such as in automobiles, electrical appliances or other solid waste. The system used for separation consists of an electromagnet, separation chambers, and the means for recovering and removing the magnetic fluid coating is employed in the recovered materials.
Ferro fluids are used in variety of applications such as loudspeaker audio, industrial equipment design, biomedical and domain detection, solenoids, sensors, and switches, aerospace and defense, analytical equipment, and magnetic separation. Some of the companies manufacturing and providing Ferro fluids are Ferrotec Holdings Corporation, Liquids Research Limited, America Elements Corporation, Ioniqa Technologies, and Reade International Corporation.
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Companies are opting for mergers and acquisitions and are focusing on increasing their product portfolio in order to cater to the growing market needs and to also stay competitive in the global market. According to the report, the global Ferro fluids market is expected to witness a CAGR of 5.5% from 2017 to 2025. The market was worth US$ 48.2 Mn in 2017 and is expected to touch a valuation of US$ 73.9 Mn by the end of 2025.
Growing Penetration of Smart Audio Devices to Increase Adoption
The demand for wireless audio devices is expected to increase due to growing adoption of wireless technology enabled products, rising adoption of infotainment devices, increase in demand for mobile phones and related accessories and rapid urbanization, which is creating new markets for smart audio devices. All these factors will directly drive the global market for Ferro fluids.
Moreover, the demand for Ferro fluids will be highly driven by the medical sector as Ferro fluids are ideal for a wide variety of bio-medical tests due to their superior particle distribution. Ferro fluids offer a wide variety of performance characteristics that can be optimized for specific assays or diagnostic processes. The current research in the area of diagnostic tests and medical therapies often requires magnetic nanoparticles for successful implementation. The other area of use for magnetic nanoparticles is site-specific delivery to the site of concern in case of hyperthermia therapy.
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Consumers Switching to Internal Production Coupled With Limited Usage to Obstruct Consumption Rate
Ferro Fluids are mostly used for developing vacuum feed in the rotating parts of equipment design. Furthermore, a number of Ferro fluids are also used for developing semiconductor equipment. As a result, the demand for Ferro fluidics from semiconductor manufacturers may decline if consumers decide to switch to internal production rather than buying from suppliers at a higher price.
Nevertheless, the technological know-how for developing superior quality Ferro fluids is anticipated to offset the negative impact on the demand. Although Ferro fluids have wide application, the amount used in each product is small. Owing to limited consumption in terms of volume, the size of the market is limited.
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The impact of limited consumption is likely to get overshadowed by the high prices of specific and tailored Ferro Fluid products. As a result, significant opportunities for key players will exist if they develop high grade Ferro fluids, such as those for highly reactive gas environments.
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