Friction Pads Market to Surpass Valuation Of US$ 7.97 Bn By 2031; Rise in Automobile Production & Increase in Demand from Aftermarket Sector to Fuel Growth of Market, says TMR

- The booming electric vehicle sector offers lucrative growth prospects for the global friction pads market due to the use of regenerative braking system

- Use of environment-friendly materials in the development of friction pads has acquired a lot of popularity, which is likely to drive the market

ALBANY, N.Y., Oct. 18, 2021 /PRNewswire/ -- Friction pads are parts of disc brakes utilized in vehicles and many other purposes. Steel backing plates with friction material attached to the surface that confronts the disc brake rotors make up friction pads. Through friction, these friction pads transform a vehicle's kinetic energy into heat energy. Friction pads are utilized in a wide variety of sectors, such as aerospace, automotive, railroads, agricultural, and others. The extensive use across several end-use industries is expected to bolster the growth of the global friction pads market in the near future.

The brake contains two friction pads, one on each side of the rotor. The calliper squeezes or clamps the two pads together onto the spinning rotor when the brakes are applied hydraulically to slowdown and halt the vehicle. When a brake pad warms up from contact with the rotor, minute quantities of friction material are transferred to the disc, producing a dull grey covering.

The global friction pads market is projected to expand at a CAGR of 4.4% during the forecast period, from 2021 to 2031. The market is anticipated to cross the value of US$ 7.97 Bn through 2031.

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Key Findings of Market Report

• Growing Popularity of Regenerative Braking in Electric Vehicles to Drive Demand

Sales of electric vehicle are rapidly growing all over the world. These automobiles employ a regenerative braking system. This technique allows braking energy to be recovered. The kinetic energy of a vehicle is turned into electrical energy via regenerative braking. As a result of these factors, the global friction pads market is growing at a rapid rate. The San Francisco Municipal Transportation Agency has placed an order for 30 El Dorado hybrid buses with regenerative braking systems. This technique is used in almost all electric cars. As a result, these factors are likely to help in driving the friction pads market.

• Rise in Automobile Manufacturing to Propel Demand for Friction Pads

Consistent increase in employment, corporate investment, and industrial productivity have led to a steady rise in GDP and real disposable income. The sale of commercial as well as passenger cars for the movement of people and commodities has increased as per capita income and industrialization have increased. In order to meet the growing demand for automobiles, OEMs have boosted their production activity. The global need for friction pads is expected to rise as vehicle manufacturing rises across the world. The number of miles travelled per vehicle is growing all across the world. Annual car miles driven in the U. S. have grown by 0.28 trillion miles in the last 10 years, according to figures from the U.S. Department of Energy. As the number of kilometers travelled rises, there will be an increase in the wear and tear of friction pads, thereby necessitating their replacement on a frequent basis. As a result, the global friction pads market is being propelled by the rising demand for friction pads from OEMs and aftermarket segments.

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Friction Pads Market: Growth Drivers

• A metallic friction pad is made of different forms, sizes, quantities, and combinations of different metals such as iron, copper, steel, and other composite alloys. High resistance as well as thermophysical characteristics such as thermal conductivity and specific heat are provided by these key components. With the inclusion of metallic content, the thickness of friction pads rises, making them less porous. In high-performance or high-speed automobiles, metallic friction pads are commonly utilized.
• Growing demand for ceramic as well as sinter metallic friction pads across the globe have resulted in a considerable increase in friction pad use. The global friction pads market is projected to be primarily driven by rise in production and demand for non-asbestos organic friction pads. The need for friction pads is being driven by the expansion of the agriculture, aerospace, railway, and automotive industries.

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Friction Pads Market: Key Competitors

Some of the key market players are

• Brake Parts Inc. LLC.
• Robert Bosch GmbH
• ZF Friedrichshafen AG
• Carlisle Brake & Friction, Inc.
• Brembo S.p.A
• Japan Brake Industrial Co., Ltd

Friction Pads Market: Segmentation

Product Type

• Metallic
• Sinter Metallic
• Low Metallic
• Non-Asbestos Organic [NAO]
• Ceramic

Business Type

• Original Equipment
• Aftersales

Application Type

• Brakes
• Clutches

End Use

• Automotive
• Railways
• Construction
• Mining
• Aerospace
• Agriculture

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