Ferrofluids, a distinctive class of nanofluid, consists of suspension of magnetic nanoparticles in a nonmagnetic base fluid. Flow and heat transport properties of such a fluid can be manipulated when subjected to external magnetic field and temperature gradient. This unique feature has fascinated researchers across the globe to test its capability as a coolant for miniature electronic devices. The proposed work presents an updated and comprehensive review on ferrofluids with emphasis on heat transfer enhancement of microdevices. Based on the research findings, a number of important variables that have direct bearing on convective heat transport ability of ferrofluid have been recognized. The paper also identifies the key research challenges and opportunities for future research. By critically resolving these challenges, it is anticipated that ferrofluids can make substantial impact as coolant in miniature heat exchangers.

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