Friction Products and Materials Market Research Insights 2022-28
The global friction products and materials market size was valued at USD 20,436.5 million in 2021 and is poised to grow at a significant CAGR of 4.7% during the forecast period 2022–2028. The primary driver of the expansion of the global friction products and materials market is the growing global demand for passenger and commercial vehicles.
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The global friction products and materials market segmentation:
1) By Product: Blocks, Discs, Lining, Pads and Others.
2) Business Type: Aftersales and Original Equipment (OE).
3) Application: Brakes, Clutches, and Industrial Brake & Transmission Systems.
4) End User: Aerospace & Marine, Automotive, Construction, Railway and Others.
Automotive Segment to Dominate the Friction Products and Materials Market
Automotive segment is expected to account for a larger revenue share in the global friction products and materials market, with a value share worldwide. These friction goods are highly sought after across a variety of industries, particularly the automobile industry, due to their propensity for wear and tear. As a result, the market for friction goods and materials is likely to grow throughout the course of the forecast period, and this growth is expected to be accelerated by the expansion of the automotive sector. In order to boost their income and market share during the forecast period, manufacturers are also focusing on other end-use industries besides the automotive sector.
Asia Pacific Friction Products and Materials Market
The Asia Pacific market is expected to increase in the global friction products and materials market over the forecast period. It is projected to grow at a CAGR of 4.9% in the coming years. The need for friction products and materials has increased in the Asia-Pacific region due to growing population and rising demand for automobiles. The area is renowned for being the centre of manufacturing for the automotive, industrial, and machinery industries, among many other sectors.
The global friction products and materials market further reveals that the key players are increasingly adopting strategies such as the launch of newer products, product launches, and long-term alliances to improve market revenue share and gain significant geographic presence across the region.
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Key players in the friction products and materials market report are ABS FRICTION CORP., Akebono Brake Industry, Carlisle Brake & Friction (CBF), European Friction Industries Ltd, Fras-le, GMP Friction Products, Hindustan Composites Ltd., MIBA AG, Nisshinbo Holdings Inc., and Tenneco (Federal-Mogul Holding).
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