Magnetic nanofluids are a different class of fluids exhibiting magnetic properties. Magnetic nanofluids are generated by suspending nanoparticles of magnetic nature in any base fluids. Magnetic nanofluids have been a topic of interest for researchers because of their highly useful and manipulatable properties. With the use of these fluids, heat transfer and flow characteristics can be controlled by applying external magnetic fields. This paper reviews recent investigations in the field of magnetic nanofluids with the purpose of assessing the effects of various parameters on the heat transfer and flow characteristics of magnetic nanofluids. The objective is to assess the work done in this field of study and understand the level at which this technology stands with all it’s opportunities and challenges. The review has been classified into experimental and numerical simulation work. Investigations in the presence and absence of magnetic field have been discussed under experimental work. Investigations with consideration of nanofluid as single phase and multiphase has been classified under numerical simulation work. Some novel applications of magnetic nanofluids have also been discussed. It has been concluded that research in the field of magnetic nanofluids is still in preliminary stages and further work needs to be done, both experimental and simulation. The physical process needs to be understood better to create better models for simulation. In spite of the challenges, research in this field of study has given exciting results and it has vast potential applications.
Keywords: MNF’s = Magnetic nanofluids, Heat transfer, Nanoparticles
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