Magnetorheological Fluids Market Size (2024 - 2030)

Global Magnetorheological Fluids Market was evaluated to be worth USD 1.8 Billion in 2022 and is projected to reach a value of USD 6.87 Billion by the end of 2030, growing at a CAGR of 21% during the forecast period 2024-2030.

Magnetorheological Fluids are fluids that can change their viscosity when a magnetic field is applied to them. These fluids, also known as MR fluids, contain magnetizable particles suspended in the base fluid, which is usually a type of oil. When exposed to a magnetic field, the MR fluid changes from a liquid state to a solid state in a matter of seconds. This property makes a quick response interface between electronic components and mechanical systems possible. The magnetorheological fluid has numerous application possibilities in a variety of industries, including aerospace, automotive, hydraulic, and medical industries, among others.

Magnetorheological fluids are made up of micromagnetic particles, usually ferrous, that are suspended in a carrier liquid like mineral oil, synthetic oil, water, or ethylene glycol. These fluids have three main components - the non-magnetic base fluid that serves as a natural lubricant and shock absorber, the magnetizable metal particles that are suspended in the base fluid, and stabilizing additives that control the properties of the fluid. The metal particles used in MR technology are very small, typically ranging from 1μm to 7μm, and can be made from carbonyl iron, powder iron, or iron-cobalt alloys. Additives like surfactants and stabilizers control the settling rate of the metal particles. The behavior of the MR fluid is determined by the combination of these three components, and any variation in their amounts will lead to changes in the controlling and MR properties of the fluid. Therefore, it is important to have the proper combination of these components to achieve the fluid's desired properties.

Global Magnetorheological Fluids Market Drivers:

The rising adoption of MR fluids in cable-stayed bridges is fueling the growth of the global magnetorheological fluids market.

Magnetorheological fluid dampers are utilized to manage the vibrations caused by wind that blows across strings. They are also employed to mitigate seismic activity. The Dongting Bridge is an example of a cable-stayed bridge that is situated at the junction of Dongting Lake and the Yangtze River in South-Central China. It is the first cable-stayed bridge to incorporate MR dampers to absorb the vibrations triggered by wind and rain. As a result, the bridge structure experiences a noteworthy reduction in vibrations. Therefore, this factor drives the demand for MR fluids.

The increasing demand for MR fluids in pneumatic artificial muscles is another factor contributing to the growth of the global magnetorheological fluids market.

The magnetorheological fluid is used to dampen the vibrations caused by artificial muscle use. The robots are required to safely contact humans. As a result, pneumatically based artificial muscle is attracting a lot of attention. This actuator has a high-power density and is lightweight and flexible. However, under high loads, they can produce vibrations that need to be addressed. This is where magnetorheological (MR) fluid comes in. To address this issue, a control method has been proposed for MR brakes that take into account the energy of the manipulator system. By dissipating energy in this way, the MR brake can effectively reduce vibrations and achieve the intended result. Therefore, this factor also drives the demand for MR fluids.

Global Magnetorheological Fluids Market Challenges:

The global magnetorheological fluids market is encountering challenges, primarily in terms of particle sedimentation and high cost. Sedimentation is a frequent issue that impacts the consistency and efficiency of MR fluids. Essentially, sedimentation refers to the magnetic particles sinking to the bottom of the container under the influence of gravity, causing the particles to form a layer at the bottom of the container. As a result, the particles are not evenly dispersed throughout the fluid, resulting in inconsistencies in the MR fluid's rheological characteristics, reducing its effectiveness. Moreover, the MR fluid quality deteriorates as the metal particles tend to set after long-term use. To solve this issue, high-quality fluids are required, which can be costly. Thus, these challenges inhibit the growth of the global magnetorheological fluids market.

COVID-19 Impact on the Global Magnetorheological Fluids Market:

The outbreak of the COVID-19 pandemic substantially impacted the global magnetorheological fluids market. The implementation of strict lockdowns, traveling restrictions, and social distancing measures across several nations hindered many companies' manufacturing capacities and caused a shortage of skilled workforce. The pandemic caused disruptions in supply chains and distribution of goods and services, which highly affected the production and distribution of magnetorheological fluids. Moreover, several manufacturing companies specializing in the manufacturing of magnetorheological fluids were forced to shut down or reduce their operations owing to the worldwide lockdown, which further worsened the demand for magnetorheological fluids. These factors negatively impacted the growth of the global magnetorheological fluids market. Despite these challenges, the global magnetorheological fluids market is projected to recover and grow in the coming years owing to their increasing industrial applications, including automotive, aerospace, medical and prosthetics, robotics, and buildings and construction.

Global Magnetorheological Fluids Market Recent Developments:

• In March 2023, Akebono Brake Corporation, a Japan-based manufacturer of brake components, unveiled the expansion of its ProACT Ultra-Premium Disc Brake Pad line.
• In November 2020, a group of researchers based in Patuxent River, Maryland at the Naval Air Warfare Center's Aircraft Division, developed a new device, Aircraft shock-struts (dampers), that utilizes magnetorheological (MR) fluid.

MAGNETORHEOLOGICAL FLUIDS MARKET REPORT COVERAGE:

Global Magnetorheological Fluids Market Segmentation:

Global Magnetorheological Fluids Market Segmentation: By Base Fluid

• Hydraulic Oil 
• Mineral Oil
• Paraffin Oil
• Silicon Oil
• Synthetic Hydrocarbon Oil
• Water
• Others

In 2022, the synthetic hydrocarbon oil segment held the highest market share. The growth can be attributed to the increasing demand for high-performance magnetorheological fluids in a wide range of industries, including aerospace, automotive, medical and prosthetics, and robotics. Synthetic hydrocarbon oil as a base fluid offers a number of advantages, including increased thermal stability, low volatility, lower engine hydrocarbon emissions, higher viscosity index, and fire resistance.

The mineral oil segment is anticipated to expand at the fastest rate over the forecast period owing to its better solubility with additives, great tolerance for extreme temperatures and environments, and lower cost.

Global Magnetorheological Fluids Market Segmentation: By End-Use Industry

• Aerospace
• Automotive
• Building & Construction
• Electrical & Electronics
• Medical & Prosthetics
• Military & Defense
• Optics
• Robotics 
• Others

In 2022, the automotive segment held the highest market share. The growth can be attributed to the increasing demand for magnetorheological fluids in a variety of automotive applications, including suspension systems, clutches, brakes, shock absorbers, steering systems, and engine mounts, as they offer advantages, such as high durability, reduced noise and vibration, and enhanced ride comfort.

The medical and prosthetics segment is anticipated to expand at the fastest rate over the forecast period owing to the increasing applications of magnetorheological fluids in the prosthetic knee and pneumatic artificial muscles as they assist in overcoming the limitation of vibration issues.

Global Magnetorheological Fluids Market Segmentation: By Region

• North America
• Europe
• Asia-Pacific
• South America
• Middle East & Africa

In 2022, the region of North America held the largest share of the global magnetorheological fluids market. The growth can be attributed to the increasing demand for magnetorheological fluids in several industries, including automotive, robotics, and medical and prosthetics, the rising emphasis on automation, and the increasing investments in research and development activities. In addition, the region is home to several significant market players, including LORD Corporation, MRF Engineering, QED Technologies International, Inc., ABM Nano LLC, and FerroLabs, Inc.

The region of Asia-Pacific is anticipated to expand at the fastest rate over the forecast period owing to the increasing demand for automotive applications, continued technological innovations in the manufacturing sector, and the strong presence of major market players, including Arus MR Tech, Industrial Metal Powders (I) Pvt. Ltd., and Akebono Brake Industry Co., Ltd. 

Global Magnetorheological Fluids Market Key Players:

1. LORD Corporation (United States)
2. MRF Engineering (United States)
3. Arus MR Tech (India)
4. Liquid Research Limited (United Kingdom)
5. QED Technologies International, Inc. (United States)
6. Kolektor Group (Slovenia)
7. Industrial Metal Powders (I) Pvt. Ltd. (India)
8. Anton Paar GmbH (Austria)
9. Kurimoto, Ltd. (Japan)
10. Akebono Brake Industry Co., Ltd. (Japan)