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What's driving the Magneto Rheological Fluid Market Growth? | Kay Players are Arus MR Tech, LORD Corp., Liquids Research, Ioniqa Tech. and QED Tech
Magneto Rheological Fluid Market
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.
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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.
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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.
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
• Others
By Application, 2014-2025 (Tons) (USD Million)
• Robotics
• Aerospace
• Automotive
• Optics
• Electrical & electronics
• Medical & prosthetics
• Others
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Arun Hegde
Corporate Sales, USA
Global Market Insights, Inc.
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About Global Market Insights
Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider; offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy and biotechnology.
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