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Magneto Rheological Fluids Market

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The global magneto rheological fluids market faces stringent competition among established players. The seething demand is paving way for new companies to enter the market. To stay ahead in the league, existing players are expanding into new territo
Magneto Rheological Fluids Market to
Reach US$33 bn by 2026
The global magneto rheological fluids market faces stringent competition among
established players. The seething demand is paving way for new companies to enter
the market. To stay ahead in the league, existing players are expanding into new
territories. Introduction of innovative products is also impelling growth in the global
magneto rheological fluids market.
Technological advancements are helping companies explore new applications,
intensifying competition in the global magneto rheological fluids market. Some of the
prominent players in the global magneto rheological fluids market are MRF, CK
Materials Lab, Ioniqa Technologies, Arus MR Tech, and Lord Corporation.
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The global magneto rheological fluids market was valued at US$5.1 billion in 2017, a
Transparency Market Research report said. It also projects that the market will rise at
approximately 24.0% CAGR and to reach worth of US$33 billion by the end of 2026.
Geographically, Asia Pacific will continue to hold the highest share of the global
magneto rheological fluids market. The increasing awareness about numerous
technological benefits of magneto rheological fluids is escalating their use here.
Besides, Europe will continue to remain significant and will grow at a steady rate.
Among the various applications of magneto rheological fluids, automobiles and robotics
are gaining impetus. The rapid automation of several industries and the increasing
demand for premium automobiles will drive the uptake in these industries.
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Advent of New Technologies Bodes Well for Market
Advancements in science and technology have proved immensely worthy for the global
magneto rheological fluids market. New technology has helped identify applications in
robotics, electronics, automobiles, and optics. Magneto rheological fluids are
traditionally used in only clutching and braking systems. Today, leading automobile
manufacturers are using magneto rheological fluids-based suspension systems. In the
coming years, more automobile makers are expected to utilize magneto rheological
fluids-based suspension systems, boosting the global magneto rheological fluids
market.
Automation has become an integral part of every industry today. Movement is a key
aspect for successful functioning of a robot. To facilitate this, manufacturers are using
magneto rheological fluids. With demand for robots shooting up, the global magneto
rheological market is expected to grow significantly.
Similarly, magneto rheological fluids are also finding importance in healthcare. Their
ability to facilitate smooth movement makes them ideal for prosthetics.
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High Price a Challenge, Rapid Demand will Ramp Up Production
A wide range of magneto rheological fluids are in final stages of testing, thereby keeping
the production low. This has kept the pricing high. Besides, the market is quite nascent.
However, new products in the coming years will increase production volumes, therefore
lowering the price.
On the other hand, increasing utilization will instill awareness about the advantages of
the product. This will push the demand and bring down the cost, creating promising
prospects in the global magneto rheological fluids market.
The study presented here is based on a Transparency Market Research report titled
“Magneto Rheological Fluids Market (Base Fluid – Silicon Oil, Mineral Oil, Synthetic
Hydrocarbon Oil, Parffin Oil, Hydraulic Oil, and Water Application – Automotive,
Aerospace, Building & Construction, Military & Defense, Optics, Electrical & Electronics,
Medical & Prosthetics, and Robotics) - Global Industry Analysis, Size, Share, Growth,
Trends, and Forecast 2018–2026”.
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