$57 Million Friction Materials Market - Global Forecast to 2023
DUBLIN, Oct. 11, 2018 /PRNewswire/ --
The "Friction Materials Market by Product (Pads, Linings, Discs, Blocks), Business Type (OE and Aftersales), Application (Brakes, Clutches), End-use Industry (Automotive, Railway, Construction), and Region - Global Forecast to 2023" report has been added to ResearchAndMarkets.com's offering.
The friction materials market size is projected to grow from USD 44.65 million in 2018 to USD 57.04 million by 2023, at a CAGR of 5.0%.
The market is driven by the rising demand for passenger and commercial vehicles, which leads to the growth of friction materials consumption in auto components.
On the basis of product, the friction materials market for the pads segment is projected to witness the highest CAGR during the forecast period. Pads are used in brake systems and are exposed to significant friction, which leads to wear and tear. Friction pads are less prone to release dust on abrasion and can withstand high temperature.
Based on business type, the aftersales segment is expected to lead the overall friction materials market in 2018. The growth of this segment can be attributed to the increased demand for replacement friction products, particularly in the automotive industry.
Based on application, the friction materials market in the brakes segment is projected to register the highest CAGR between 2018 and 2023. Brake systems are essential to decelerate or control acceleration of vehicles or machiner. High demand for friction brakes from end-use industries such as automotive and railway is driving the growth of the friction materials market in the brakes application segment.
Based on end-use industry, the market is projected to witness the highest growth in the automotive industry during the forecast period. Friction materials are widely used in automotive applications such as brakes and clutches. Friction products such as pads, linings, discs, and blocks are consumable components that are used as original equipment as well as aftersales components. These friction products have high demand in the automotive industry as they are prone to wear & tear. Hence, the growth in automotive friction components is driving the growth of the friction materials market in the automotive end-use industry.
The Asia Pacific region is the largest consumer of friction materials across the globe. The friction materials market in Asia Pacific is projected to register the highest CAGR during the forecast period. Countries such as China, India, and South Korea are highly populated economies with rising preference for personal vehicles, which is fueling the growth of the friction materials market in the region.
However, advancements in braking technologies are estimated to eradicate the use of friction materials across the major end-use industries. Leading players operating in the friction materials market have initiated R&D for non-friction material brake products.
The key companies operating in the friction materials market include Akebono Brake Industry (Japan), Federal-Mogul Holdings (US), Miba (Austria), Fras-Le (Brazil), Nisshinbo Holdings (Japan), Aisin Seiki (Japan), Valeo Friction Materials India (India), Yantai Hi-Pad Brake Technology (China), and Carlisle Brake & Friction (US), among others.
Key Topics Covered:
1 Introduction
2 Research Methodology
3 Executive Summary
4 Premium Insights
4.1 Attractive Growth Opportunities In The Friction Materials Market
4.2 Friction Materials Market, By Region
4.3 Friction Materials Market, By Product And End-Use Industry
4.4 Friction Materials Market, By Country
4.5 Friction Materials Market, By End-Use Industry And Region
5 Market Overview
5.1 Introduction
5.2 Market Dynamics
5.2.1 Drivers
5.2.1.1 Upsurge In Worldwide Demand For Passenger And Commercial Vehicles
5.2.2 Restraints
5.2.2.1 Underdeveloped Friction Materials Market In Middle East & Africa Region In Automotive End-Use Industry
5.2.3 Opportunities
5.2.3.1 Demand For Lightweight Friction Products In Automotive End-Use Industry
5.2.4 Challenges
5.2.4.1 Advancements In Braking Technologies To Eradicate The Use Of Friction Materials
5.3 Porter's Five Forces Analysis
5.4 Value Chain Analysis
5.5 Friction Materials: Material Overview
5.5.1 Non-Asbestos Organic (Nao)
5.5.2 Low Steel
5.5.3 Semi-Metallic
5.5.4 Sintered Metals
5.5.5 Ceramic
5.5.6 Asbestos
5.5.7 Others (Aramid Fiber, Glass Fiber, Carbon Fiber, Rubber, Paper, etc.)
5.6 Macroeconomic Indicator
5.6.1 Automotive
5.6.2 Construction
6 Friction Materials Market, By Product
6.1 Introduction
6.2 Pads
6.3 Lining
6.4 Discs
6.5 Blocks
6.6 Others
7 Friction Materials Market, By Business Type
7.1 Introduction
7.2 Original Equipment (OE)
7.3 Aftersales
8 Friction Materials Market, By Application
8.1 Introduction
8.2 Brakes
8.3 Clutches
8.4 Industrial Brake & Transmission Systems
9 Friction Materials Market, By End-Use Industry
9.1 Introduction
9.2 Automotive
9.3 Railway
9.4 Construction
9.5 Aerospace & Marine
9.6 Others
10 Regional Analysis
10.1 Introduction
10.2 North America
10.2.1 US
10.2.2 Mexico
10.2.3 Canada
10.3 Asia Pacific
10.3.1 China
10.3.2 Japan
10.3.3 India
10.3.4 South Korea
10.3.5 Thailand
10.3.6 Rest Of Asia Pacific
10.4 Europe
10.4.1 Germany
10.4.2 France
10.4.3 UK
10.4.4 Spain
10.4.5 Italy
10.4.6 Belgium
10.4.7 Netherlands
10.4.8 Rest Of Europe
10.5 South America
10.5.1 Brazil
10.5.2 Argentina
10.5.3 Rest Of South America
10.6 Middle East & Africa
10.6.1 South Africa
10.6.2 Iran
10.6.3 Egypt
10.6.4 Rest Of Middle East & Africa
11 Competitive Landscape
11.1 Overview
11.2 Ranking Of Key Market Players
11.3 Competitive Scenario
11.3.1 New Product Development
11.3.2 Expansions
11.3.3 Acquisitions
11.3.4 Partnerships/Agreements/Contracts/Joint Venture
12 Company Profiles
12.1 Akebono Brake Industry
12.2 Federal-Mogul Holdings
12.3 Fras-Le
12.4 Nisshinbo Holdings
12.5 Aisin Seiki
12.6 ITT Inc.
12.7 Miba AG
12.8 Valeo Friction Materials India Private Limited
12.9 Carlisle Brake & Friction (CBF)
12.10 Yantai Hi-Pad Brake Technology
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