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In this article, motivated by novel nanofluid solar energy coating systems, a mathematical model of hybrid magnesium oxide (MgO) and nickel (Ni) nanofluid magnetohydrodynamic (MHD) stagnation point flow impinging on a porous elastic stretching surface in a porous medium is developed. The hybrid nanofluid is electrically conducted, and a magnetic Reynolds number is sufficiently large enough to invoke an induced magnetic field. A Darcy model is adopted for the isotropic, homogenous porous medium. The boundary conditions account for the impacts of the velocity slip and thermal slip. Heat generation (source)/absorption (sink) and also viscous dissipation effects are included. The mathematical formulation has been performed with the help of similarity variables, and the resulting coupled nonlinear dimensionless ordinary differential equations have been solved numerically with the help of the shooting method. In order to test the validity of the current results and the convergence of the solutions, a numerical comparison with previously published results is included. Numerical results are plotted for the effect of emerging parameters on velocity, temperature, magnetic induction, skin friction, and Nusselt number. With an increment in nanoparticle volume fraction of both MgO and Ni nanoparticles, the temperature and thermal boundary layer thickness of the nanofluid are elevated. An increase in the porous medium parameter (Darcy number), velocity slip, and thermal Grashof number all enhance the induced magnetic field. Initial increments in the nanoparticle volume fraction for both MgO and Ni suppress the magnetic induction near the wall, although, subsequently, when further from the wall, this effect is reversed. Temperature is enhanced with heat generation, whereas it is depleted with heat absorption and thermal slip effects. Overall, excellent thermal enhancement is achieved by the hybrid nanofluid.