VALLEY COTTAGE, New York, July 19, 2016 /PRNewswire/ --
Global demand for friction modifiers additives will reach about 174 thousand tonnes in 2016, up from 167 thousand tonnes in 2015. This will represent a market value of US$ 1,027 Mn, an increase of US$ 62 Mn from 2015. While wide-ranging applications, most prominently as lubricants in automotive sector, will continue to fuel demand, availability of affordable alternatives, such as dispersant additives, corrosion inhibitors and detergent additives will continue to pose challenges.
By product type, inorganic friction modifier additives will continue to outsell organic, reaching about 597 thousand tonnes in 2016. Among the inorganic friction modifier additives, MoDTC will continue to account for the highest demand, reaching 275 thousand tonnes in 2016. Among the three types of organic friction modifier additives-polymers, fatty acids, and esters & amides-polymers are witnessing high demand from the automotive sector in North America and Western Europe. This trend is expected to gain further momentum in 2016, propelling the growth of the overall market.
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Automotive lubricants will continue to be the largest application segment for friction modifier additives in 2016, witnessing a growth rate of about 6% over 2015, representing a market value worth US$272 Mn.
Asia Pacific excluding Japan (APEJ) will maintain its numero uno position in 2016, with total demand expected to reach around 48 thousand tonnes. Demand will be supported by the region's expansive automotive sector, especially in the populous countries of China and India. These two countries will remain key to the growth of the global friction modifiers additives market in 2016 and beyond, as consumers in these countries put a lot of emphasis on the fuel efficiency of a vehicle while making buying decisions. In addition to the region's behemoth automotive industry, strong demand from the plethora of end-use industries in the region will continue to support demand. North America will continue to remain the second largest market for friction modifiers additives, representing a 22.5% share of global revenues.
Key players operating in the global friction modifiers additives market are Chemtura Corporation, Multisol, Archoil, International Lubricants, Inc., Afton Chemical Corporation, and Wynn's.
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Long-term Outlook: The long-term outlook on the friction modifiers additives market remains positive with global volume witnessing a CAGR of 5.1% through 2026, whereas global revenues expanding at 6.9% through 2026.
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SOURCE Future Market Insights