MagnetoRheological (MR) Fluid Market: Introduction
The magnetorheological (MR) fluid market was valued at ~US$818 Mn in 2018 andis expected to expand at a CAGR of ~21% during theforecast period. Based on base fluid, the synthetic hydrocarbon oil segmentheld a dominant share of the magneto rheological (MR) fluid market in 2018.Synthetic hydrocarbon oil is an extensively used base fluid in magnetorheological fluids, due to its relatively eco-friendly nature and low viscosity& low vapor pressure.
In terms ofapplication, the automotive segment accounted for a major share of the magnetorheological (MR) fluid market in 2018. Technologicaladvancements in design of dampers to control vibration is anticipated to fuelthe segment during the forecast period. Magneto-rheological fluid is employedin dampers to control the damping force. Magneto-rheological fluid offers thereliability of passive systems and the facility of active control systems withsmall power supply. The magneto rheological (MR) fluid market in Asia Pacificis likely to expand at a significant pace during the forecast period, owing tothe growth in investments in the automotive sector.
Key Drivers of Magneto Rheological(MR) Fluid Market
Magnetorheological fluid can be used in a wide range of industries other than theautomotive industry. Magneto-rheological fluid can be used in damping systemsemployed in civil infrastructure projects such as bridges; body armorsdeveloped by military to help prevent piercing of bullets; household appliancessuch as washing machines; braking and damping systems employed in medicalprosthetics such as prosthetic knees; development of landing gears in theaerospace industry; development of haptic knobs of various electric andelectronic products; various applications such as damping and braking inindustrial and other robots; and superior polishing of optical surfaces.
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Research isalso being conducted to develop magneto rheological fluid for usage inapplications such as railways; high-tension wires; vibration-based securitysystems; ventilator shafts; motor shafts in special conditions such as mines;and elements of bioreactors and chemical reactors. Development of a wide rangeof applications is expected to drive the magneto rheological fluid marketduring the forecast period.
North America to Lead MagnetoRheological (MR) Fluid Market
NorthAmerica led the magneto rheological (MR) fluid market in 2018,due to the increase in demand for industrial robots to enhance efficiency andeffectiveness 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 areinvesting in research & development activities for the production ofmagneto-rheological fluid based systems and equipment. This is likely to boostthe magneto-rheological fluid market during the forecast period.
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MajorDevelopments 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 anticipatedto 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. Thisstep is projected to strengthen the company’s presence in the region. In February2014, QED Technologies (QED) introduced Q-flex 300, thenext-generation MRF polishing system, under its Q-flex product line. Q-flexsystems offer a platform that allows quick changes in configuration andprovides high manufacturing capabilities, especially for difficult spheres andfree-form optics. Q-flex 300 can polish a range of precision optics up to 300millimeters in diameter.
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Competition Landscape of MagnetoRheological (MR) Fluid Market
Key playersoperating 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 AntonPaar GmbH.
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