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. 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.
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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.
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.
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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.
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.
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