CHICAGO, October 4, 2018 /PRNewswire/ --
According to the new market research report "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", published by MarketsandMarkets™, 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%. Increasing demand for passenger and commercial vehicles has led to the rise in the consumption of automotive components, which is driving the growth of the Friction Materials Market.
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Among products, the pads segment is projected to lead the overall Friction Materials Market during the forecast period.
Based on product, the pads segment led Friction Materials Market in 2017. Pads are metal backing plates surfaced with friction materials. Pads are exposed to high abrasion, which leads to wear and tear. Friction pads are widely used in disc brake systems across various end-use industries. Therefore, the growth of end-use industries such as automotive is fueling the demand for friction materials in the pads segment.
Based on business type, the aftersales segment is projected to witness a higher CAGR during the forecast period.
The aftersales segment is expected to register a faster growth rate in Friction Materials Market during the forecast period. Aftersales friction materials products comprise consumable friction products, which are witnessing high demand from end-use industries. the market in the original equipment (OE) segment is also expected to witness significant growth during the forecast period.
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The brakes application segment is expected to lead the overall Friction Materials Market between 2018 and 2023.
Based on application, the brakes segment led the overall Friction Materials Market in 2017. The growing demand for friction brake systems such as disc brakes and drum brakes, particularly from the automotive industry, has fueled the market in this segment. The rising trend regarding the adoption of disc brakes for better brake system performance has led to the high demand for friction brakes.
Based on end-use industry, Friction Materials Market is projected witness the highest CAGR in the automotive industry during the forecast period.
The automotive industry is expected to be the fastest growing end user in the overall Friction Materials Market during the forecast period. Rising penetration of passenger and commercial vehicles has fueled the demand for friction materials in the automotive industry, which is the largest consumer of friction materials. High demand for replacement components is also fueling the growth of Friction Materials Market in the automotive end-use industry.
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Asia Pacific region is projected to be the largest market for friction materials between 2018 and 2023.
The Asia Pacific region is the largest consumer of friction materials across the globe and is also projected to lead the market during the forecast period. The growth of Friction Materials Market in Asia Pacific can be attributed to the economic growth of emerging economies such as China, India, and South Korea, among others. Improving economic conditions and rising demand for personal vehicles have led to the increased demand for friction products in the Asia Pacific region.
The key players operating in 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).
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