The global MR fluid market is projected to grow at a significant CAGR during the forecast period. MR fluid is a smart fluid used as a carrier fluid, which increases its viscosity in the presence of a magnetic field. The MR fluid consists of micro and nano-sized magnetized iron particles suspended in a base fluid. The fluid can be used to design devices for different applications such as in the automotive sector, it is an extensively used braking and clutching system. Major advantages of MR fluid include easy controllability, direct interface with electronics, easy construction of devices, and power efficiency and quick response. MR fluid has varied applications in the automotive sector. It can be used in shock absorbers, dampers, and brakes in a vehicle. Major automotive companies such as General Motors, Chevrolet, Porsche, Acura, Audi have used MR fluid in their models. Moreover, the MR fluid has increasingly being used in civil infrastructure and household appliances.
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Besides, there are factors that are hampering the growth of the MR fluid market such as the limited availability of commercial products and the high cost of high-quality MR fluid products. Lack of consumer awareness regarding the benefits of MR fluids, which includes its longevity, can be considered as another major threat acting in the growth of the market. However, the MR fluid is finding application in several military applications such as damper of military vehicles, bulletproof jackets, which act as an opportunity for the growth of the market in the near future. Several research projects are being carried out to find the effectiveness of MR fluid as a protective element against earthquakes in the building. Furthermore, the high investment made by the key players and research institutes in the R&D of MR fluid is further regarded as a major factor in the growth of the global MR fluid market in the future.
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- Market Coverage
- Market number available for – 2023-2029
- Base year- 2022
- Forecast period- 2023-2029
- Segment Covered- By Source, By Product Type, By Applications
- Competitive Landscape- Archer Daniels Midland Co., Ingredion Inc., Kerry Group Plc, Cargill
- , and others
Global MR Fluid Market Report Segment
By Carrier Fluid
- Silicon Oil
- Mineral Oil
- Paraffin Oil
- Hydraulic Oil
- Synthetic Oil
- Others
By Application
- Automotive
- Electrical & Electronics
- Aerospace& Defense
- Medical & Prosthetics
- Others
Global MR Fluid Market Report Segment by Region
North America
- United States
- Canada
Europe
- UK
- Germany
- Italy
- Spain
- France
- Rest of Europe
Asia-Pacific
- China
- India
- Japan
- South Korea
- Rest of Asia-Pacific
Rest of the World
The Report Covers
- Market value data analysis of 2019 and forecast to 2026.
- Annualized market revenues ($ million) for each market segment.
- Country-wise analysis of major geographical regions.
- Key companies operating in the global Magneto-Rheological (MR) Fluid market. Based on the availability of data, information related to new product launches, and relevant news is also available in the report.
- Analysis of business strategies by identifying the key market segments positioned for strong growth in the future.
- Analysis of market entry and market expansion strategies.
- Competitive strategies by identifying ‘who-stands-where’ in the market.
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