The global automotive brake friction materials market is forecast to grow at a CAGR of 5% during the period 2017-2021.
The report, Global Automotive Brake Friction Materials Market 2017-2021, has been prepared based on an in-depth market analysis with inputs from industry experts. The report covers the market landscape and its growth prospects over the coming years. The report also includes a discussion of the Key vendors operating in this market.
One trend in the market is emergence of copper-free brake friction materials. The US government in association with various automotive associations prohibits the use of heavy metals and copper for making brake friction materials. Copper offers benefits such as dissipation of heat. Braking generates a lot of heat, and the temperature can go up to 1112 Fahrenheit.
According to the report, one driver in the market is increase in global production of vehicles. The global production of commercial and passenger vehicles has increased. China is the leading manufacturer of vehicles, followed by the Americas and Europe. The increase in purchasing power drives the demand for passenger cars. The millennials, also known as generation Y, contribute significantly to the global passenger cars market. Familiarity with brands and inclination toward a luxurious lifestyle are the key factors that increase spending.
Further, the report states that one challenge in the market is emergence of counterfeit brake friction materials. The emergence of counterfeit brake materials poses a threat to the manufacturers. The average life of the cars is increasing, and the replacement period of cars has shortened. Auto parts manufactured by the OEMs are costly but of high quality. Counterfeit auto parts offered by third-party vendors or local companies are the exact replica of the auto parts and are affordable. However, these are of inferior quality. Several consumers buy these counterfeit products to save costs. Some customers are tricked into buying the fake products.