Friction Materials Market Size, Opportunities, Key Growth Factors, Revenue Analysis, For 2017–2027
The global friction materials market is forecast to reach USD 70.2 Million by 2027, according to a new report by Reports and Data. The global market for frictional materials is growing with the increasing sales in passenger and commercial vehicles. These vehicles include brakes and clutches that require frictional materials. These safe braking solutions provide reliable, effective, and safe braking for vehicles. Frictional materials are used for clutch systems as well as in transmissions. Asbestos was widely used as a frictional material until its usage was banned.
Materials with a high coefficient of friction have high thermal conductivity and heat capacity. They must also be corrosion resistant, and suitable for industrial production as well as concurring to the aspects of cheap manufacturing. With the utility of frictional materials in aerospace as well as in the mining industry, the development of this market is pronounced.
The above-mentioned factors collectively create opportunities for the market growth, while factors such as unfavorable effects of friction materials pose limitations in the market. Lack of friction materials across the end-user industries in certain regions lead to restraints in the market. These restraints can be overcome by spread of knowledge regarding frictional materials, such that the industry verticals may adopt these cost-effective methodologies.
The demography of the Asia Pacific region has been shifting towards the young population, and the purchasing potential of this young population is also increasing. Most of the developing countries are looking at India and China as the global market because of the growing demand for automobiles. APAC observes the highest market share of 35.1% in the year 2019. Along with automobiles, the industries producing heavy machinery are in demand because of the rapid urbanization in this region. These apparatuses require frictional materials for stopping as well as braking functionality.
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Key participants Akebono Brake Industry, European Brake Company, ABS Friction, Yantai Hi-Pad Brake Technology, Brembo, GAMA, Japan Brake Industrial, Miba, Aisin Seiki, and Bendix Commercial Vehicles Systems, among others.
Further key findings from the report suggest
- In the industry of frictional materials, the brakes segment is set to observe the highest CAGR of 5.3% in the forecast period. High demand for brakes from end-use industries like automotive and railway are driving the growth of the friction materials market in the brakes application segment.
- Brake pads are expected to witness the highest CAGR of 5.4% in the forecast period. These pads are used in brake systems where there is a presence of high friction, which leads to wearing and tearing of the system. Hence, these products are treated to release less dust and are less prone to weathering from high temperatures.
- In automobiles, disc brakes are frequently employed. These brakes make the system safer for the rider. Hence, the adoption of these brakes boost the market, and they share the second-highest share of 28.8% in the year 2019.
- The scenario for aftermarket products in the frictional materials market is expected to witness the highest CAGR of 5.3% through the forecast period. Aftersales friction materials comprise of consumable friction product, which is under high demand in the end-user industry.
- Asia Pacific is forecasted to grow with the highest CAGR of 5.4% during the forecast period. Countries like India, China, and Japan are rapidly catching up with the growth in the automobile market. Frictional material consumption has shifted from North America to Asia owing to the rising sales in personal as well as commercial vehicles.
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For the purpose of this report, Reports and Data have segmented into the global Friction Materials market on the basis of product type, business type, application type, end-user, and region:
Product Type Outlook (Volume, Kilo Tons; Revenue, USD Million; 2017-2027)
Business Type Outlook (Volume, Kilo Tons; Revenue, USD Million; 2017-2027)
- Original Equipment
Application Type Outlook (Volume, Kilo Tons; Revenue, USD Million; 2017-2027)
End-User Outlook (Volume, Kilo Tons; Revenue, USD Million; 2017-2027)
To summarize, the report titled ‘Global Friction Materials Market’ provides a detailed report of the market by extensive research about the companies involved, current market status, drivers and constraints, and current and future COVID-19 oriented scenario. The study explores the historical years to provide insights into market estimation and fruitful opportunities for key players and new ventures.
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Key insights presented in the report:
- Market revenue shares by major business players, by type, application, and market scope of global Friction Materials market
- Sales revenue by key players and new entrants
- Competitive analysis of key players, including company overview, product or services specification, vendors, and buyers.
- Recent mergers, acquisitions, product launches, recent investments, and joint ventures
- Regional analysis to provide insight into recent trends and opportunities
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