The friction materials market size is projected to reach USD 57.04 million by 2023, at a CAGR of 5.0%
NEW YORK, Oct. 11, 2018 /PRNewswire/ -- The friction materials market size is projected to reach USD 57.04 million by 2023, at a CAGR of 5.0%.
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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%. The market is driven by rising demand for passenger and commercial vehicles, which leads to the growth of friction materials consumption in auto components. However, lack of friction materials market development across end-use industries in the Middle East & Africa region may restrain the growth of the market.
Pads product segment is projected to lead the friction materials market during the forecast period.
Based on product, the pads segment is projected to lead the overall friction materials market from 2018 to 2023.Pads are used in brake systems and are exposed to significant friction, which leads to wear and tear.
Friction pads are less prone to release dust on abrasion and can withstand high temperature.
Friction materials market is projected to witness highest CAGR in brakes application during the forecast period.
The market for friction materials projected to witness the highest CAGR in the brakes application segment between 2018 and 2023.Brake systems are essential to decelerate or control acceleration of vehicle or machinery.
The high demand for friction brakes from end-use industries such as automotive and railway is driving the growth in brakes application segment.
Asia Pacific friction materials market is projected to witness the highest growth during the forecast period.
The Asia Pacific friction materials market is projected to witness the highest growth between 2018 and 2023.Emerging economies such as China and India are high-growth markets for automotive, railway, and construction industries, which are the major consumers of friction materials in the region.
In addition, the economic growth of these countries and increased consumers spending on automobiles have led to the development of a major auto components market in the region. All these factors are expected to drive the growth of the Asia Pacific friction materials market during the forecast period.
Breakdown of the profiles of primary participants:
-- By Company Type: Tier 1 - 20%, Tier 2 - 36%, and Tier 3 - 44%
-- By Designation: Director-Level - 12%, C-Level - 40%, and Others - 48%
-- By Region: Asia Pacific - 36%, Europe - 24%, North America - 20%, South America -12%, and Middle East & Africa - 8%
Major companies profiled in this report 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), among others.
Research Coverage
This report offers an overview of the trends, drivers, restraints, challenges, and opportunities with respect to the friction materials market.It also provides a detailed overview of the friction materials market across 5 regions, namely, Asia Pacific, Europe, North America, the Middle East & Africa, and South America.
The report categorizes the friction materials market based on product, business type, application, and end-use industry. A detailed analysis of the leading players of the friction materials market, along with key growth strategies adopted by them, is also covered in the report.
Reasons to Buy the Report
This report covers the following key aspects:
-- Size of the friction materials market by 2023 and its CAGR during the forecast period from 2018 to 2023
-- Key trends in the friction materials market
-- Factors expected to drive the growth of the friction materials market during the forecast period
-- Challenges expected to impact the growth of the friction materials market during the forecast period
-- Key players operating in the friction materials market
Read the full report: https://www.reportlinker.com/p05587811
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