Widening Applications of Magneto Rheological (MR) Fluid to Fuel Market Growth
Over the past decade, magneto rheological fluid technology has witnessed significant development. Magneto-rheological fluids are increasingly being used in an array of applications, including robotics, aerospace, military & defense, electrical & electronics, building & construction, and automotive, among others. In addition, the magneto-rheological fluid technology is largely deployed in numerous low to high volume applications. Structures based on magneto-rheological fluids are likely to be the future, as the design of products in which accuracy, density, and the overall dynamic performance are important features. Since the discovery of magneto-rheological fluids in the late 1940s, research and development activities have played an imperative role in the development and growth of the magneto rheological (MR) fluid market.
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Owing to the numerous benefits of magneto-rheological fluids, its scope of applications is expanding. The meteoric progress made by the robotics industry in the last decade has presented significant opportunities for market players to expand their footprint in the global magneto rheological fluid market landscape. In addition, due to the unique properties of magnetorheological fluids, it has garnered significant popularity as a smart material in recent times.
Increasing applications of magneto rheological fluids in dampers, fluid clutches, aerospace, and pneumatic artificial muscles is expected to generate significant demand for the same during the forecast period (2019-2027). Due to these factors, the global magneto rheological fluid market is expected to reach a value of ~US$ 4.3 Bn by the end of 2027.
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Surge in Demand for Magneto Rheological Fluid in Biomedical Field
Materials that change one or more than one of their properties, including color, size, and shape due to external factors such as stress, temperature, moisture, or magnetic fields are classified as ‘smart materials’. These materials play a significant role in the functioning of a device. Magneto rheological fluids have emerged as one of the most important smart materials in recent times, and research activities to discover new applications of these fluids are expected to fuel the growth of the magneto rheological fluid market.
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Moreover, magneto rheological fluid is increasingly being used in the biomedical field in a range of applications, including design of prosthetic devices, design of dental implant devices, and development of rehabilitation devices and the teleoperation technology. The demand for these fluids for the development and design of biomedical equipment is expected to grow during the forecast period. Within the magneto rheological (MR) fluid market, despite having a 5% market share in 2020, the medical & prosthetics application segment is projected to grow at a CAGR of ~20% during the forecast period – presenting stakeholders, in the current market landscape, with lucrative growth avenues.
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