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- A New Generation of Smart Fluids With the Ability to Alter Viscosity, Magneto Rheological Fluids to Reach US$2.8 Billion by 2027
- The global market for Magneto Rheological (MR) Fluids is expected to reach US$2.8 billion by the year 2027, trailing a post COVID-19 CAGR of 17.2% over the analysis period 2020 through 2027. Amid the ongoing rampage of COVID-19 pandemic, it requires very little speculation to measure the pandemic’s impact on discrete and process industries. The impact on manufacturers will mean crunch on capital resources; workforce layoffs/reduction and loss in productivity; supply chain disruptions; difficulties with funding; and increase in cybersecurity risks and fraud. Unlike IT services where work is being carried out remotely via internet and cloud platforms, for the manufacturing industry, plant activities and production cannot be carried remotely and therefore remains worst affected. The slower economic activity means reduced demand for industrial and consumer goods and lower manufacturing orders. Plant closures both full and partial are expected to continue into the coming months. Manufacturers, especially automotive producers with complex supply chains will be hard hit as transportation, trade and movement of goods continue to remain crippled. Social distancing norms are being strictly implemented with manufacturers under pressure to reduce worker density in factories. This will require proactive investments in automation technologies such as collaborative robotics, 3D manufacturing, autonomous materials movement, and industrial internet of things (IIoT). Access to financial resources and maintaining cash-flow liquidity will remain key challenges during this period. Several vectors of manufacturing have been severely impacted except for production of critical public healthcare products such as drugs, gowns, masks, gloves, hand sanitizers, ventilators and other hospital ICU equipment.
- With the commercial aerospace industry collapsing under the travel bans and restrictions, aircraft manufacturing is set to receive the worst ever setback sending knock-on effects across the upstream supply chain. Without government intervention and financial support, several low cost airline companies in developed and developing countries are expected to file for bankruptcies, directly impacting fleet expansion plans and new aircraft procurements. With consumers not seen as likely to spend on automobiles anytime soon, automobile demand and production will decline impacting profitability and revenues of manufacturers including job shops handling activities under a contractual basis. As consumers reduce spending on digital technologies such as connected smart home devices, smartwatches, smartphones, tablets, video game consoles, among others, electronics manufacturing will also weaken. A fall-out of this general weakness in industrial and consumer consumption will result in decline in manufacturing and assembly line operations. As capital and corporate cost budgets are revised based on dwindling new orders and, falling plant capacity utilization rates, spending on plant upgrades will be delayed. Asset strategies, for instance, will be impacted as budgets for equipment upgrades and new equipment purchases will be either repurposed or cancelled to manage the financial pressure posed by the current economic climate. In the manufacturing and industrial sectors, heavy capital investments are being put on hold. Against this backdrop, demand for MR fluids has taken a hit.
- In the post COVID-19 period, growth will make a comeback supported by emerging new uses for MR fluids in a wide variety of applications, due to their ability to change properties in controlled manner under simulated conditions such as variable current, heat, force, magnetization, deformation and stress. MR materials form part of a category of smart materials termed rheological materials, which are capable of changing their attributes when exposed to magnetic field. Rabinow discovered MR materials in 1948, and since then the materials have become focus on numerous research studies. There are three main types of MR materials namely MR fluids, MR elastomers and MR foams. Of these, MR fluids are a widely researched category and are being deployed in several applications. The versatile application base of MR fluids is on account of their faster field responsiveness, relative insensitivity to small contaminants, noiseless operation and easy control. The ability to physically change fluid from liquid to semi-solid form under magnetic field is leading to the fluid’s use in several applications including active vibration control and brakes. For several years, limitations related to sedimentation, temperature effects and stability issues have presented challenges for developing and commercializing MR devices. However, researchers are focused on resolving these challenges to ensure effective use of MR devices. Rheology refers to the science of material flow under external load conditions. Magneto-rheological fluid (MR fluid) refers to fluid that witnesses increase in apparent viscosity following application of magnetic field. The MR fluid is known to change from liquid to solid state on being exposed to magnetic field within fraction of a second. Such a property allows faster response interface between electronic components and mechanical systems. MR fluids find applications in several fields including automotive, aerospace and medical sectors.
Select Competitors (Total 18 Featured) -
- Akebono Brake Industry Co., Ltd.
- Anton Paar GmbH
- Arus MR Tech Pvt Ltd.
- CK Materials Lab Co., Ltd.
- Industrial Metal Powders (I) Pvt Ltd.
- Ioniqa Technologies B.V.
- Kurimoto, Ltd.
- Liquids Research Limited
- LORD Corporation
- MRF Engineering
- QED Technologies International, Inc.