The global MR fluid market is projected to expand at an exponential rate during the forecast period, driven by its increased uptake in end-user industries. These properties are highly useful in applications such as damping and braking and clutching systems.
A fresh report has been added to the wide database of Market Research Report Search Engine (MRRSE). The research study is titled “Magneto Rheological Fluid Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2018 - 2026” which encloses important data about the production, consumption, revenue and market share, merged with information related to the market scope and product overview.
The report anticipates that Magneto Rheological Fluid Market would rise at a positive CAGR during the period 2018-2026.
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Magneto rheological fluid (MR fluid or MRF) can be defined as smart and controllable fluid.
It is a non-colloidal mixture of ferromagnetic particles randomly dispersed in oil or water, along with surfactants used to avoid the settling of suspended particles. MR fluid, when subjected to magnetic field, quickly increases its apparent viscosity and becomes a viscoelastic solid.
Similarly, MR fluid changes back to its original liquid state when the magnetic field is removed. These properties are highly useful in applications such as damping and braking and clutching systems.
Increasing number of automotive applications is a major factor driving the global MR fluid market
MR fluid was first used in the automotive industry for damping and braking and clutching systems. Currently, several vehicle platforms such as the Cadillac and Corvette employ MR-based suspension systems.
Nearly half of all automotive dampers are expected to use MR fluid in the next 15 to 20 years. Furthermore, applications of MR fluid are being developed for usage in a wide range of industries.
For example, MR fluid can be used in damping systems in civil infrastructure projects and household appliances. It can also be used to absorb the impact of bullets in body armors in the military industry.
MR fluid can be employed in damping and braking, and clutching systems in robotics and medical & prosthetics industries. It can also be used for the development of landing gears in the aerospace industry.
Furthermore, MR fluid can be employed for superior polishing of optical surfaces. It can also be used for the development of haptic knobs in electrical & electronic products.
Thus, development of a large range of applications is anticipated to drive the MR fluid market.
High price of MR fluid is likely to hamper the global MR fluid market
MR fluid is still in the nascent stage of research. The production volume of this fluid is much lower than that of the conventional oil, which it aims to replace.
Hence, the price of MR fluid cannot yet benefit from the scale of its production. This is an important reason for the high price of MR fluid.
However, the MR fluid market is expanding at a rapid pace. Thus, production of MR fluid is also estimated to increase, thereby bringing down the price as it starts benefitting from the scale of production.
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Lack of consumer awareness regarding the benefits of MR fluid, including its high effectiveness and long life, is a major threat facing the global MR fluid market. Consumers who consider MR fluid as a costly product, without understanding its technological benefits, generally do not adopt it.
However, consumer knowledge about the product is projected to improve during the forecast period. Companies manufacturing MR fluid are taking the lead in educating consumers about the various cost and other related benefits of the fluid.
Key Takeaways of Study
- The report provides an extensive analysis of the MR fluid market trends from 2017 to 2026 to identify market opportunities and industry development
- The report provides consumption and production of MR fluids by base fluid, application, region, and country to help understand the manufacturing opportunities and developments
- The report also provides key industry developments of various manufacturing companies operating in the MR fluid market
- The report identifies key factors responsible to build upcoming opportunistic roadmap for the MR fluid market at the global, regional, and country level
- It provides comprehensive analysis with respect to investments, regulatory scenario, and price trend that are likely to impact the outlook and forecast of the global MR fluid market between 2018 and 2026
- The report provides details of various stakeholders in the value chain to understand the opportunities for them as well as their role in the market
- It offers a detailed competition landscape for key players dominating the industry to understand the competition level and the leading players in the world
- Porters’ Five Forces and SWOT analysis highlight the potency of buyers and suppliers to enable stakeholders to make profit-oriented business decisions and analyze the strength and weakness to gain strategic position in the market.
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