The impact of COVID-19 pandemic can be felt across the chemical industry. The growing inability in the production and manufacturing processes, in the light of the self-quarantined workforce has caused a major disruption in the supply chain across the sector. Restrictions encouraged by this pandemic are obstructing the production of essentials such as life-saving drugs.
The nature of operation in chemical plants that cannot be easily stopped and started, makes the operational restrictions in these plants a serious concern for the industry leaders. Restricted and delayed shipments from China have created a price hike in the raw materials, affecting the core of the chemicals industry.
The slacking demand from different impacted industries such as automotive is negatively influencing the growth of the chemical industry. In light of the current crisis, the market leaders are focused to become self-reliant which is expected to benefit the economic growth of different economies in the longer term. Companies are triggering events to restructure and recover from the losses incurred during the COVID-19 pandemic.
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Persistence Market Research (PMR) has published a new research report on Ferro fluids. The report has been titled, “Ferro Fluids Market: Global Industry Analysis 2012-2016 and Forecast 2017-2025.” The report states that the impressive qualities of Ferro fluids are anticipated to increase its adoption across several vertical industries. Ferro fluids aid in the recovery of non-ferrous metals from solid wastes such as in automobiles, electrical appliances or other solid waste. The system used for separation consists of an electromagnet, separation chambers, and the means for recovering and removing the magnetic fluid coating is employed in the recovered materials.
Ferro fluids are used in variety of applications such as loudspeaker audio, industrial equipment design, biomedical and domain detection, solenoids, sensors, and switches, aerospace and defense, analytical equipment, and magnetic separation. Some of the companies manufacturing and providing Ferro fluids are Ferrotec Holdings Corporation, Liquids Research Limited, America Elements Corporation, Ioniqa Technologies, and Reade International Corporation. Companies are opting for mergers and acquisitions and are focusing on increasing their product portfolio in order to cater to the growing market needs and to also stay competitive in the global market. According to the report, the global Ferro fluids market is expected to witness a CAGR of 5.5% from 2017 to 2025. The market was worth US$ 48.2 Mn in 2017 and is expected to touch a valuation of US$ 73.9 Mn by the end of 2025.
Growing Penetration of Smart Audio Devices to Increase Adoption
The demand for wireless audio devices is expected to increase due to growing adoption of wireless technology enabled products, rising adoption of infotainment devices, increase in demand for mobile phones and related accessories and rapid urbanization, which is creating new markets for smart audio devices. All these factors will directly drive the global market for Ferro fluids. Moreover, the demand for Ferro fluids will be highly driven by the medical sector as Ferro fluids are ideal for a wide variety of bio-medical tests due to their superior particle distribution. Ferro fluids offer a wide variety of performance characteristics that can be optimized for specific assays or diagnostic processes. The current research in the area of diagnostic tests and medical therapies often requires magnetic nanoparticles for successful implementation. The other area of use for magnetic nanoparticles is site-specific delivery to the site of concern in case of hyperthermia therapy.
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