Rockville, Dec. 21, 2022 (GLOBE NEWSWIRE) -- As of 2022, the global magneto rheological fluids (MRF) market enjoys a valuation of US$ 1.5 billion and is forecasted to rise at a high-value CAGR of 18% over the next ten years.
Increasing digitization and advancements in technology have resulted in high demand for smart materials that are capable of changing one or more properties when acted upon by external stimuli, and this is set to primarily bolster the sales of magneto rheological fluids over the coming years. The development of magnetorheological fluid-based braking, clutching, and damping systems for the automotive industry is also expected to majorly influence magneto rheological fluid demand through 2032.
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Other factors such as advancements in robotics technology, high sales of vehicles, rising investments in research and development of new smart materials, and use of advanced mechanisms in the manufacturing sector are expected to guide MRF market development in the long run.
Key Takeaways from Market Study
- At present, the global magneto rheological fluids market is valued at US$ 1.5 billion.
- Demand for MRF is anticipated to rise at an impressive CAGR of 18% through 2032.
- The market for magneto rheological fluids is estimated to rake in sales revenue valued at US$ 7.9 billion by 2032-end.
- Increasing use in automotive braking and damping systems, growing demand for automation, advancements in robotics technology, and rising scope of application in the biomedical industry are some key drivers of the market.
- Lack of awareness among consumers about the benefits of magnetorheological liquids is expected to hamper growth potential in the future.
- The China MRF market is forecasted to evolve at an astronomical CAGR of 21.5% CAGR over the next ten years.
- Sales of magneto rheological fluids in Canada are predicted to increase at 16.5% CAGR across the forecast period.
- Shipments of synthetic hydrocarbon oil are estimated to increase at 19% CAGR account for a US$ 1.6 billion market valuation by the end of 2032.
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Winning Strategy
Magneto rheological fluid manufacturers are expected to deploy innovative marketing strategies to increase consumer awareness regarding the benefits of MR liquids. Magnetorheological liquid companies are also expected to focus on the innovation of new products by increasing investments in research and development divisions.
Know what strategies major and minor market players are adopting to maximize growth potential from this latest magneto rheological fluids market survey by Fact.MR, a market research and competitive intelligence provider.
Competitive Landscape
Key players in the magneto rheological fluids market are expected to focus on mergers, acquisitions, and collaborations that will help them advance their research scope and expand their product portfolio. These strategies will also help magneto rheological fluid providers bolster their market presence.
- In March 2022, Aequita, a German industrial group announced its plans to acquire ZF Friedrichshafen AG’s electronic interfaces product line. The company aims to acquire and unlock potential associated with actuator technology involving magnetorheological fluids for haptic control.
Key Companies Profiled
- QED Technologies
- CK Materials Lab Co. Ltd.
- ArProDEC
- Liquid Research Limited
- MRF-ENGINEERING
- Kolektor Group
- KURIMOTO Ltd.
- Liquids Research Limited
- Ioniqa Technologies
- Akebono Brake Industry Co. Ltd.
- Lord Corporation
- Arus MR Tech
- Industrial Metal Powders (India) Pvt. Ltd.
- Anton Paar GmbH
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Segments of Magneto Rheological Fluids Industry Research
- By Base Fluid :
- Silicon Oils
- Mineral Oils
- Synthetic Hydrocarbon Oils
- Paraffin Oils
- Hydraulic Oils
- Water
- Others
- By Application :
- Automotive
- Aerospace
- Building & Construction
- Military & Defense
- Optics
- Electrical & Electronics
- Medical & Prosthetics
- Robotics
- Other Industries
- By Region :
- North America
- Latin America
- Europe
- APAC
- MEA
More Valuable Insights on Offer
Fact.MR, in its new offering, presents an unbiased analysis of the global magneto rheological fluids market, presenting historical demand data (2017-2021) and forecast statistics for the period of 2022-2032.
The study divulges essential insights on the market on the basis of base fluid (silicon oils, mineral oils, synthetic hydrocarbon oils, paraffin oils, hydraulic oils, water, others) and application (automotive, aerospace, building & construction, military & defense, optics, electrical & electronics, medical & prosthetics, robotics, other applications), across five major regions (North America, Latin America, Europe, Asia Pacific, and the Middle East & Africa).
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