Torrance, California, USA – According to the latest study from MarkWide Research Magnetorheological Fluids Market Between 2022 and 2030, the industry is expected to grow at a compound annual growth rate (CAGR) of 20.51%.

Magnetorheological fluids are magnetizable liquids whose magnetic properties are changed by external magnetic fields. These fluids have been discovered to have a number of uses, such as in oil and gas exploration, in wind turbine rotors and in automotive braking systems.

Market trends influenced by the COVID-19 pandemic

A number of factors have impacted the forecast for magnetorheological fluids as a result of the coronavirus pandemic.

• This can be explained by supply chain disruptions caused by the pandemic across a number of key end-use industries including automotive, aerospace, electronics and others.
• The sectors faced a number of challenges due to government measures to contain the spread of the virus. There are several disruptions to operations due to the pandemic, including disruptions in supply chains, labor shortages and strict operational protocols.
• It has been reported that several major automakers, aerospace companies and electronics manufacturers have experienced a drop in demand for their products as a result of the closures, which have caused production disruptions and production delays.
• After the COVID-19 outbreak hit numerous parts of the world earlier in the year, industrial and manufacturing activity in many parts of the world fell sharply for several months, particularly in the first few months after the outbreak. Consequently, due to these difficulties, robots and automation technologies have encountered many problems when they are developed, tested, and deployed.

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