PUNE, India, May 3, 2018 /PRNewswire/ --
The report "Friction Modifiers Market by Type (Organic and Inorganic), Application (Transportation Lubricants (Commercial Vehicle, Passenger Vehicle, Aviation, Marine), and Industrial Lubricants), and Region - Global Forecast to 2022", published by MarketsandMarkets™, the Friction Modifiers Market is projected to grow from USD 843.0 Million in 2017 to USD 1,004.3 Million by 2022, at a CAGR of 3.6% during the forecast period. The increasing demand for fuel-efficient lubricants from the automotive industry in emerging economies such as China, India and Brazil are expected to fuel the growth of the Friction Modifiers Market across the globe.
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Among types, the organic segment of the Friction Modifiers Market is projected to grow at the highest CAGR during the forecast period, in terms of value.
Among types, the organic segment of the Friction Modifiers Market is projected to grow at the highest CAGR from 2017 to 2022, in terms of value. The organic segment includes fatty acids, esters & amides, and functional polymers. Organic friction modifiers are versatile and environment-friendly. These additives have a high potential to replace inorganic additives in sectors where the consequences of lubricant discharge are hazardous.
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Among applications, the transportation lubricants segment is projected to account for the largest share of the Friction Modifiers Market by 2022, in terms of value.
Based on application, the transportation lubricants segment is estimated to account for the largest share of the Friction Modifiers Market in 2017, in terms of value. The demand for friction modifiers in public transport and passenger vehicles is expected to increase with growing environmental concerns. The demand for friction modifiers is also expected for aviation turbine engine oils. The marine industry holds several opportunities and will be the major growth driver for the Friction Modifiers Market in the future.
The Asia Pacific Friction Modifiers Market is projected to grow at the highest CAGR during the forecast period, in terms of value.
The Friction Modifiers Market has been studied for North America, Europe, Asia Pacific, South America, and the Middle East & Africa. The Asia Pacific Friction Modifiers Market is projected to grow at the highest CAGR during the forecast period, in terms of value. The growth of the Friction Modifiers Market in the Asia Pacific region can be attributed to the increased demand for friction modifiers from various countries such as China, India, and South Korea. Countries of the Asia Pacific region have witnessed increased demand for friction modifiers in the automotive industry, which, in turn, has led to the growth of the Asia Pacific Friction Modifiers Market.
Key players operating in the Friction Modifiers Market include Lubrizol (US), Afton (US), Infineum (UK), Chevron Oronite (US), Croda (UK), Chemtura (Germany), BASF (Germany), Kings Industries (US), BRB International (Netherlands), and Vanderbilt Chemicals (US).
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