The expansion in the automotive and railway sectors, along
with increased global automobile sales, is driving the growth of
the friction materials market, as these industries require
high-performance materials for brakes and clutches.
WILMINGTON, Del., July 18,
2024 /PRNewswire/ -- The global friction materials
market stood at US$ 5.6
billion in 2023, and the global market is projected
to reach US$ 8.9 billion in
2034. The Friction Materials market is anticipated to
expand at a CAGR of 4.4% between 2024 and 2034.
The global friction materials market in the chemicals and
materials sector is experiencing robust growth, driven by various
factors across multiple industries. Primarily, the expansion of the
automotive and railway sectors is significantly contributing to
this market's growth.
As these industries evolve, the demand for high-performance
friction materials, essential for the production of brakes,
clutches, and other components, continues to rise. This demand is
further bolstered by the increasing sales of automobiles worldwide,
necessitating advanced friction materials to ensure safety and
efficiency in vehicle operations.
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Friction materials are composite materials with complex
multi-ingredient combinations, resulting in intricate formulations.
Their formulation is influenced by manufacturing parameters such as
mixture sequence and duration, molding pressure, time, temperature,
and heat treatment time.
Friction materials primarily include organic fibers like resin,
rubber, and aramid; sintered metals such as steel, brass, and
copper; and ceramics. Nowadays, environmental concerns have shifted
focus towards using alternative fibers in friction products.
Manufacturers are increasingly eyeing on replacing asbestos and
other carcinogenic materials with eco-friendly alternatives in
composite friction materials.
According to some key players in friction material industry, the
shift towards environmentally friendly friction materials has
inspired significant research into utilizing natural waste as
reinforcement. The current trend in friction material industry is
to use animal or agricultural waste as raw materials for
high-performance friction composites. Agricultural fibers, derived
from waste, are attractive particularly due to their low cost, high
resistance, availability, environmental friendliness, and
durability. These fibers have proven effective in manufacturing
composite materials for friction products.
The growing number of vehicles and congestion in road traffic
are driving the demand for global friction material market. The
Asia Pacific region, particularly,
is experiencing rapid growth in the automotive and transportation
sectors, with China and
India leading this growth in
demand for friction materials
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Additionally, the ongoing migration toward urban centers in
developing countries is playing a crucial role in the market's
expansion. As urbanization progresses, the need for transportation
infrastructure and personal vehicles increases, leading to a higher
consumption of friction materials.
The growing capacity of people in these regions to afford
automobiles also supports this trend, driving market growth. As
more individuals purchase vehicles, the automotive industry's
demand for friction materials escalates, thereby fostering market
progress.
Technological advancements in the production of friction
materials are another key factor propelling market growth.
Innovations in material science have led to the development of
advanced friction materials that offer superior performance,
durability, and safety.
These advancements are crucial in meeting the stringent
regulatory standards imposed by governments worldwide, aimed at
enhancing vehicle safety and reducing emissions. Consequently,
manufacturers are investing heavily in research and development to
create friction materials that comply with these regulations while
delivering optimal performance.
Furthermore, the increasing focus on sustainability and
environmental impact is shaping the friction materials market. The
shift toward eco-friendly and non-toxic materials is becoming more
prominent, with manufacturers striving to develop sustainable
alternatives without compromising on performance. This trend aligns
with the global push for greener technologies and practices,
further driving the market's growth.
Friction Materials Market Report Scope:
Report
Coverage
|
Details
|
Forecast
Period
|
2024-2034
|
Base
Year
|
2020-2022
|
Size in 2023
|
US$ 5.6 Bn
|
Forecast (Value) in
2034
|
US$ 8.9 Bn
|
Growth Rate
(CAGR)
|
4.4 %
|
No. of
Pages
|
326
Pages
|
Segments
covered
|
By Product Type, By
Business Type, By Application, By End-use, By Region
|
Key Takeaways of Market Report
- Global friction materials market to generate absolute dollar
opportunity worth US$ 8.9 billion
until 2034.
- Global friction materials market is valued at US$ 5.6 billion in 2023.
- Asia Pacific is forecasted to
hold the largest share in 2023.
Friction Materials Market: Growth Drivers
- The rapid urbanization in developing regions has spurred
significant population migration to urban centers, straining
existing transport infrastructures. This influx often leads to
congestion and increased demand for reliable transportation
solutions.
- The global automotive industry has witnessed substantial
growth, with 94 million vehicles manufactured in 2023, marking a
10% increase from 2022. This surge in vehicle production
underscores the growing global fleet of automobiles, contributing
to heightened demand for friction materials.
Friction Materials Market: Regional Landscape
- The rapid urbanization in developing regions has spurred
significant population migration to urban centers, straining
existing transport infrastructures. This influx often leads to
congestion and increased demand for reliable transportation
solutions. As cities expand, the need for vehicles rises,
exacerbating traffic management challenges and fueling demand for
friction materials in automotive applications.
- The expansion of railway networks in China and India is further bolstering the dynamics of
the friction materials market in Asia
Pacific. China is actively
involved in building inter-country railway networks across
Asia, while several countries in
the region are investing in high-speed railway projects. These
infrastructure expansions necessitate advanced friction materials
for railway applications, contributing significantly to the
market's growth in Asia
Pacific.
Friction Materials Market: Key Players
- In 2023, Aisin Corporation advanced its position in the
friction materials market by introducing innovative friction
materials designed to enhance the performance and efficiency of
automotive braking systems. Aisin's new materials focus on reducing
brake wear and improving heat dissipation, catering to the
increasing demand for high-performance automotive components
globally.
- In 2023, Robert Bosch GmbH made significant strides by
expanding its portfolio of friction materials with sustainable
alternatives. Bosch's developments included friction materials made
from recycled materials and eco-friendly compounds, aligning with
global sustainability goals.
Friction Materials Market: Segmentation
Product Type
- Metallic
- Sinter Metallic
- Low Metallic
- Non-asbestos Organic
- Ceramic
- Others
Business Type
- Original Equipment
- Aftersales/Aftermarket
Application
- Brakes
- Disc Brakes
- Drum Brakes
- Others
- Clutches
- Others
End Use
- Automotive
- Railway
- Construction
- Mining
- Aerospace
- Agriculture
- Others
Region
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa
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