Increase in adoption of friction materials in automotive, aerospace, and machinery industries along with growth of the oil & gas, forestry, and mining sectors in emerging countries drive the growth in the global friction products & materials market
PORTLAND, Oregon, May 13, 2019 /PRNewswire/ -- Allied Market Research published a report, titled, "Friction Products and Materials Market by Product (Pads, Lining, discs, blocks, and Others), Business Type (Original Equipment and Aftersales), End User (Brakes, Clutches, and Industrial Brake & Transmission Systems), and Application (Automotive, Railway, Construction, Aerospace & Marine, and Others): Global Opportunity Analysis and Industry Forecast, 2018–2025." According to the report, the global friction products and materials market garnered $17.04 billion in 2017, and is expected to garner $24.53 Billion by 2025, registering a CAGR of 4.7% from 2018 to 2025.
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Surge in demand for friction materials in aerospace, automotive, and machinery industries along with development of the oil & gas, forestry, and mining sectors in emerging countries drive the growth in the market. However, technological advancements in brakes and clutches restrict the market growth. On the other hand, rise in demand for electric and hybrid vehicles in developing nations along with availability of cost-effective & efficient production facilities specifically in Asia-Pacific region create new opportunities in the market.
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Pads segment to maintain its dominating position in terms of revenue by 2025
Based on product type, the pads segment accounted for nearly two-fifths of the total share and is expected to maintain its dominating position in terms of revenue throughout the forecast period. Moreover, this segment is estimated to grow at the fastest CAGR of 5.4% from 2018 to 2025. This segment presents lucrative opportunities due to rise demand for friction pads in braking systems with the growth in the automotive industry. The research also analyzes lining, discs, blocks, and others.
Brakes segment to offer lucrative opportunities
Based on application, the brakes segment held the major share in 2017, contributing more than half of the total market share. This segment will maintain its lead in terms of revenue by 2025. Moreover, This segment is expected to accrue the fastest growth rate with a CAGR of 5.1% from 2018 to 2025. It is a lucrative segment, owing to advancements in technology along with rise in adoption of commercial and passenger vehicles. The report explores clutches and industrial brake & transmission systems.
Asia-Pacific to dominate during the forecast period
Asia-Pacific accounted for nearly half of the total share in terms of revenue in 2017 and will maintain its lead in terms of revenue during the forecast period. This region is expected to grow at the fastest rate with a CAGR of 5.3% from 2018 to 2025. This dominance is due to rise in penetration of friction products along with high concentration of suppliers. The research also discusses North America, Europe, and LAMEA.
Leading market players
Leading market players analyzed in the research include Akebono Brake Industry, ABS Friction Corp., European Friction Industries Ltd., Carlisle Brake & Friction (CBF), Hindustan Composites Ltd., Fras-le, GMP Friction Products, Nisshinbo Holdings Inc., MIBA AG, and Tenneco (Federal-Mogul Holding).
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