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Electrorheological Fluids Market - Forecast(2023 - 2028)
Electrorheological Fluids Market Overview
The Electrorheological Fluids Market size is estimated to grow at a CAGR of 18.6% during the
forecast period 2022-2027. Electrorheological fluids are smart fluids consisting
of solid particles dispersed in an insulating fluid. These fluids such as
dielectric fluids have high electrical resistivity and low viscosity like silicone
oil or hydrocarbon and offer superior features such as good sealing effect, fewer
magnetic fields, prolong life service, and minimal tear, thereby having a high
demand for applications in brakes, hydraulic valves, rollable keypads, and
others. The growing applicability of electrorheological fluids in major
industries is thereby acting as a driving factor in the Electrorheological Fluids Market. In addition, the growing automotive production and advancements
in automation technology are propelling the growth in the market. The covid-19
outbreak resulted in major disruption in the Electrorheological Fluids Market due to logistics restrictions, closure of automotive and electronic production,
and other lockdown restrictions. However, significant recovery in major end-use
sectors such as automotive, electronics, aerospace, and others industry post-pandemic
are boosting the demand for electrorheological fluids. Thus, the electrorheological
fluids industry is anticipated to grow rapidly and contribute to the Electrorheological Fluids Market size during the forecast period.
Electrorheological Fluids Market Report Coverage
The “Electrorheological
Fluids Market Report – Forecast (2022-2027)”, by IndustryARC, covers an in-depth
analysis of the following segments in the Electrorheological Fluids Industry.
By Type: Positive ER Fluids and Negative ER
Fluids
By
Carrier Fluids: Silicone Oil, Mineral Oil, Dielectric
Fluid, Grease, Olefins, and Others
By Application: Hydraulic Valves, Clutches, Brakes, Abrasive
Polishing, Rollable Keypads, Screens, and Others
By
End-Use Industry: Electronics (Flexible Electronics and
Consumer Electronics), Automotive (Passenger Vehicles, Light Commercial
Vehicles, and Heavy Commercial Vehicles, Aerospace & Defense (Military and
Commercial), and Others
By
Geography: North America (USA, Canada, and Mexico),
Europe (UK, Germany, France, Italy, Netherlands, Spain, Belgium, and Rest of
Europe), Asia-Pacific (China, Japan, India, South Korea, Australia, and New
Zealand, Indonesia, Taiwan, Malaysia, and Rest of APAC), and Rest of the World
(Middle East, South America, and
Africa)
Key Takeaways
- The Asia-Pacific dominates the Electrorheological Fluids Market, owing to its rising demand in the automotive, aerospace, and others, along with the latest advancements in automation technology, thereby propelling the growth of electrorheological fluids in this region.
- The flourishing automotive industry is propelling the demand for electrorheological fluids for various applications involving braking systems, abrasive polishing, clutches, and others, thereby boosting growth prospects for the electrorheological fluids industry and influencing the growth in the Electrorheological Fluids Market size.
- The demand for silicone oil is high over dielectric fluid, hydraulic oil, grease, and others owing to its superior features such as non-flammability, lubrication, thermal stability, and viscosity, thereby having leading growth prospects in the Electrorheological Fluids Market.
- However, the issues associated with the sedimentation effect and lack of consumer awareness of the ER fluid technology act as a major challenge for the industry.
Electrorheological Fluids Market Segment Analysis – By Carrier Fluid
The Silicone oil segment held a significant
Electrorheological Fluids Market share in 2021 and is forecasted to grow at a
CAGR of 18.4% during the forecast period 2022-2027. The growth of silicone oil
as a major liquid base is influenced by its superior properties such as
viscosity, thermal stability, non-flammability, and lubricating features over
other carrier fluids such as dielectric fluid, grease, hydraulic oil, mineral
oil, and others. The high composition of silicone oil in electrorheological fluids
for dispersing and offering superior ER properties is a major factor
influencing its growth. Thus, owing to superior features and major demand as a
carrier fluid in electrorheological fluids, the silicone oil segment is
anticipated to grow rapidly during the forecast period.
Electrorheological Fluids Market Segment Analysis – By End-Use Industry
The automotive segment held a significant Electrorheological
Fluids Market share in 2021 and is
forecasted to grow at a CAGR of 18.8% during the forecast period 2022-2027. The
growing demand for electrorheological fluids in the automotive industry for a wide
range of applications in hydraulic valves, brakes, clutches, and others, along
with a growing base for automotive production. This is due to superior
properties of ER such as sealing effect, low magnetic fields, long service
life, and tear resistance. The automotive industry is significantly flourishing
owing to growth factors such as urbanization, initiatives for vehicle
electrification, and rising demand for passenger vehicles among the middle-class
segment. For instance, according to the International
Organization of Motor Vehicles Manufacturers (OICA), the total automotive
vehicle global production increased from 77,621,582 units in 2020 to 80,145,988
units in 2021. With the increase in automotive
vehicle production, the applicability of electrorheological fluids in hydraulic
valves, braking systems, and others is rising, which, in turn, is anticipated
to boost the demand and growth for electrorheological fluids in the automotive
sector during the forecast period.
Electrorheological Fluids Market Segment Analysis – By Geography
The Asia-Pacific held the largest Electrorheological Fluids Market share in 2021 up to 42%. The robust growth of these smart fluids in this region is due to growing major industries such as automotive and aerospace, along with high technological advancement in this region. The automotive industry in Asia-Pacific is rapidly growing owing to factors such as rising demand for fuel-efficient vehicles, initiatives for vehicle electrification, and urbanization trends. For instance, according to the International Organization of Motor Vehicle Manufacturers (OICA), automotive vehicle production increased by 3% in China, 30% increase in India, 8% increase in Taiwan, and 63% growth in Indonesia for the year 2021 compared to 2020. According to the Society of Indian Automobile Manufacturers (SIAM), the production of passenger vehicles, commercial vehicles, three-wheelers, two-wheelers, and quadricycles increased from 22,655,69 units in 2020-21 to 22,933,230 units in 2021-22 in India. With the fast-paced production for automotive vehicles in APAC, the demand for electrorheological fluids for applications in clutches, hydraulic valves, brakes, and others is growing, which, in turn, is anticipated to boost the growth opportunities for the electrorheological fluids industry in Asia-Pacific region during the forecast period.
Electrorheological Fluids Market Drivers
Flourishing Growth of the Aerospace Industry:
The demand for electrorheological fluids
or smart fluids is growing rapidly for a wide range of applications in the aerospace
industry for aircraft components such as suspension systems, hydraulic system
valves, shock absorbers, and others. The
aerospace industry is rapidly flourishing owing to growth factors such as
rising air traffic, spiking aircraft production, and rising income. For
instance, according to the Federation Aviation Administration (FAA), the US
aviation aircraft fleet is expected to grow from 205,870 aircraft in 2021 to 208,790
aircraft by 2041. According to the Boeing Market Outlook (BMO), the aerospace
sector accounted for US$9 trillion in 2021, up from US$8.5 trillion in the year
2020. Thus, with the rise in production for the aerospace & defense sector,
the applicability of electrorheological fluids in aircraft hydraulic system
valves, braking systems, suspension, and others increased, which, in turn, is
driving the market and providing growth in the Electrorheological Fluids Market.
Bolstering Growth in the Electronics Sector:
The demand for electrorheological fluids in electronics
is growing rapidly due to the increasing applicability for flexible electronics
and consumer electronics items such as rollable keypads, screens, mobile
devices, and others. The electronics sector is significantly growing owing to
growth factors such as rising demand for consumer electronics for work-from-home
culture, growing electrical production, and rising disposable income. For
instance, according to the India Brand Equity Foundation (IBEF), the consumer
electronics and home appliance sector in India accounted for US$9.84 billion in
2021 and is expected to reach US$21.18 billion by 2025. According to the Japan
Electronics and Information Technology Industries Association (JEITA), the
production of the global electronics sector was estimated to rise by 7%
year-on-year in 2021 to reach US$ 3,175.6 billion over US$2,972.7 billion respectively in
2020. According to Oberlo, the global consumer electronics sector is
expected to account for US$755 billion in revenue in 2022, a 3.9% increase over the previous year. With the increase in electronics device production and demand,
the applications of electrorheological fluids in mobile devices, computers,
screens, and others are rising, which, in turn, is offering major growth
opportunities and driving the Electrorheological Fluids Market.
Electrorheological Fluids Market Challenges
Sedimentation Issues and Lack of Consumer
Awareness:
The issues with the particle sedimentation of
the ER fluids create a major challenge in the Electrorheological Fluids Market.
The separation of base fluid and settling renders the electrorheological fluid
properties and create ineffectiveness. This hampers the functioning of the ER
fluid and poses a major threat to the growth prospects. Moreover, the lack of
consumer awareness regarding the applicability and functioning of
electrorheological fluids also hampers its adoption across various target
sectors. Thus, due to issues associated with settling and base fluid
separation, also known as the sedimentation effect for ER fluids and
insufficient awareness of its applicability hinders growth opportunities,
thereby the Electrorheological Fluids Market is anticipated to face major
challenges and slowdown.
Electrorheological Fluids Industry Outlook
Technology launches, acquisitions, and R&D
activities are key strategies adopted by players in the Electrorheological
Fluids Market. The top 10 companies in the Electrorheological Fluids Market are:
1. Fludicon
2. Smart Technology
Limited
3. BASF SE
4. Hydraulik Technik
5. IBL Lottechnik GmbH
6. Anton Paar GmbH
7. CK Material Lab
8. Akebono
BrakeIndustry Co., Ltd.
9. Ioniqa
Technologies
10. Liquid Research
Limited
Relevant
Reports
Metalworking
Fluids Market – Forecast (2022 - 2027)
Report Code: CMR 0107
Report Code: CMR 33930
Report Code: CMR 56704
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