Market Size Projection (2024 - 2030)

The global magnetorheological fluids market, valued at USD 1.8 billion in 2023, is anticipated to attain a valuation of USD 6.87 billion by 2030, marking a compound annual growth rate (CAGR) of 21% over the forecast period spanning from 2024 to 2030.

Overview of Magnetorheological Fluids

Magnetorheological fluids, referred to as MR fluids, exhibit the capability to adjust their viscosity upon exposure to a magnetic field. These fluids comprise magnetizable particles suspended within a base fluid, typically an oil variant. Upon encountering a magnetic field, the MR fluid undergoes a rapid transition from a liquid to a solid state, facilitating swift interfacing between electronic components and mechanical systems. Their versatile properties find applications across various industries, including aerospace, automotive, hydraulics, and medical sectors, among others.

Comprising micromagnetic particles suspended in carrier liquids like mineral oil, synthetic oil, water, or ethylene glycol, magnetorheological fluids consist of three primary constituents. These include a non-magnetic base fluid serving as a lubricant and shock absorber, magnetizable metal particles suspended within the base fluid, and stabilizing additives regulating fluid properties. Typically ranging between 1μm to 7μm in size, the metal particles, fabricated from materials such as carbonyl iron, powder iron, or iron-cobalt alloys, are carefully controlled to prevent settling. The synergistic combination of these components dictates the behavior of MR fluids, necessitating precise formulation to achieve desired characteristics.

Market Drivers

The escalating integration of MR fluids in cable-stayed bridges serves as a pivotal driver for the global magnetorheological fluids market.

These fluids find application in dampening vibrations induced by wind across cable stays and mitigating seismic activity, as exemplified by the Dongting Bridge in China. Additionally, the rising demand for MR fluids in pneumatic artificial muscles, aimed at attenuating vibrations during robotic interactions, further propels market growth.

Market Challenges

Challenges confronting the global magnetorheological fluids market predominantly include particle sedimentation and high production costs. Particle sedimentation, leading to uneven distribution and diminished efficacy of MR fluids, poses a significant obstacle. Moreover, the quality degradation of MR fluids over time, necessitating high-quality formulations, escalates production expenses, impeding market expansion.

COVID-19 Impact

The COVID-19 pandemic profoundly impacted the global magnetorheological fluids market, disrupting manufacturing operations, supply chains, and workforce availability. Lockdown measures and travel restrictions hampered production and distribution activities, exacerbating the shortage of magnetorheological fluids. Despite these setbacks, the market is poised for recovery, buoyed by increasing industrial applications across automotive, aerospace, medical, robotics, and construction sectors.

Recent Developments

Recent advancements include the expansion of Akebono Brake Corporation's ProACT Ultra-Premium Disc Brake Pad line in March 2024 and the development of aircraft shock-struts utilizing magnetorheological fluid by researchers at the Naval Air Warfare Center's Aircraft Division in November 2020.

Global Magnetorheological Fluids Market Segmentation: By Base Fluid

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

In 2022, the segment with synthetic hydrocarbon oil as the base fluid demonstrated the highest market share. This growth is attributable to the escalating demand across various sectors like aerospace, automotive, medical, prosthetics, and robotics. Synthetic hydrocarbon oil, serving as a base fluid, presents several advantages, including heightened thermal stability, diminished volatility, reduced engine hydrocarbon emissions, elevated viscosity index, and fire resistance.

The mineral oil segment is expected to register the swiftest expansion during the forecast period owing to its superior solubility with additives, robust tolerance for extreme temperatures and conditions, and cost-effectiveness.

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 sector secured the highest market share. This growth is attributed to the mounting demand for magnetorheological fluids in various automotive applications, including suspension systems, clutches, brakes, shock absorbers, steering systems, and engine mounts, due to their inherent benefits such as superior durability, noise and vibration reduction, and enhanced ride comfort.

The medical and prosthetics segment is projected to witness the fastest expansion during the forecast period, driven by the increasing adoption of magnetorheological fluids in prosthetic knees and pneumatic artificial muscles, aiding in overcoming vibration-related limitations.

Global Magnetorheological Fluids Market Segmentation: By Region

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

In 2022, North America emerged as the dominant region in the global magnetorheological fluids market. This growth can be ascribed to the escalating demand for these fluids across diverse industries such as automotive, robotics, medical, and prosthetics, coupled with the growing emphasis on automation and rising investments in research and development. Furthermore, North America hosts several prominent market players including LORD Corporation, MRF Engineering, QED Technologies International, Inc., ABM Nano LLC, and FerroLabs, Inc.

The Asia-Pacific region is poised to witness the most rapid growth during the forecast period, fueled by increasing demand for automotive applications, ongoing technological advancements in the manufacturing sector, and the substantial presence of key market players like 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)