Friction Materials Market to Hit US$ 8.9 Billion by 2034, Fueled by Global Automotive Expansion and Road Congestion Challenges | Report by Transparency Market Research, Inc.
The expansion in the automotive and railway sectors, along with increased global automobile sales, is driving the growth of the friction materials market, as these industries require high-performance materials for brakes and clutches.
WILMINGTON, Del., July 18, 2024 /PRNewswire/ -- The global friction materials market stood at US$ 5.6 billion in 2023, and the global market is projected to reach US$ 8.9 billion in 2034. The Friction Materials market is anticipated to expand at a CAGR of 4.4% between 2024 and 2034.
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The global friction materials market in the chemicals and materials sector is experiencing robust growth, driven by various factors across multiple industries. Primarily, the expansion of the automotive and railway sectors is significantly contributing to this market's growth.
As these industries evolve, the demand for high-performance friction materials, essential for the production of brakes, clutches, and other components, continues to rise. This demand is further bolstered by the increasing sales of automobiles worldwide, necessitating advanced friction materials to ensure safety and efficiency in vehicle operations.
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Friction materials are composite materials with complex multi-ingredient combinations, resulting in intricate formulations. Their formulation is influenced by manufacturing parameters such as mixture sequence and duration, molding pressure, time, temperature, and heat treatment time.
Friction materials primarily include organic fibers like resin, rubber, and aramid; sintered metals such as steel, brass, and copper; and ceramics. Nowadays, environmental concerns have shifted focus towards using alternative fibers in friction products. Manufacturers are increasingly eyeing on replacing asbestos and other carcinogenic materials with eco-friendly alternatives in composite friction materials.
According to some key players in friction material industry, the shift towards environmentally friendly friction materials has inspired significant research into utilizing natural waste as reinforcement. The current trend in friction material industry is to use animal or agricultural waste as raw materials for high-performance friction composites. Agricultural fibers, derived from waste, are attractive particularly due to their low cost, high resistance, availability, environmental friendliness, and durability. These fibers have proven effective in manufacturing composite materials for friction products.
The growing number of vehicles and congestion in road traffic are driving the demand for global friction material market. The Asia Pacific region, particularly, is experiencing rapid growth in the automotive and transportation sectors, with China and India leading this growth in demand for friction materials
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Additionally, the ongoing migration toward urban centers in developing countries is playing a crucial role in the market's expansion. As urbanization progresses, the need for transportation infrastructure and personal vehicles increases, leading to a higher consumption of friction materials.
The growing capacity of people in these regions to afford automobiles also supports this trend, driving market growth. As more individuals purchase vehicles, the automotive industry's demand for friction materials escalates, thereby fostering market progress.
Technological advancements in the production of friction materials are another key factor propelling market growth. Innovations in material science have led to the development of advanced friction materials that offer superior performance, durability, and safety.
These advancements are crucial in meeting the stringent regulatory standards imposed by governments worldwide, aimed at enhancing vehicle safety and reducing emissions. Consequently, manufacturers are investing heavily in research and development to create friction materials that comply with these regulations while delivering optimal performance.
Furthermore, the increasing focus on sustainability and environmental impact is shaping the friction materials market. The shift toward eco-friendly and non-toxic materials is becoming more prominent, with manufacturers striving to develop sustainable alternatives without compromising on performance. This trend aligns with the global push for greener technologies and practices, further driving the market's growth.
Friction Materials Market Report Scope:
Report Coverage
Details
Forecast Period
2024-2034
Base Year
2020-2022
Size in 2023
US$ 5.6 Bn
Forecast (Value) in 2034
US$ 8.9 Bn
Growth Rate (CAGR) 4.4 %
No. of Pages
326 Pages
Segments covered By Product Type, By Business Type, By Application, By End-
use, By Region
Key Takeaways of Market Report
-- Global friction materials market to generate absolute dollar opportunity
worth US$ 8.9 billion until 2034.
-- Global friction materials market is valued at US$ 5.6 billion in 2023.
-- Asia Pacific is forecasted to hold the largest share in 2023.
Friction Materials Market: Growth Drivers
-- The rapid urbanization in developing regions has spurred significant
population migration to urban centers, straining existing transport
infrastructures. This influx often leads to congestion and increased
demand for reliable transportation solutions.
-- The global automotive industry has witnessed substantial growth, with 94
million vehicles manufactured in 2023, marking a 10% increase from 2022.
This surge in vehicle production underscores the growing global fleet of
automobiles, contributing to heightened demand for friction materials.
Friction Materials Market: Regional Landscape
-- The rapid urbanization in developing regions has spurred significant
population migration to urban centers, straining existing transport
infrastructures. This influx often leads to congestion and increased
demand for reliable transportation solutions. As cities expand, the need
for vehicles rises, exacerbating traffic management challenges and
fueling demand for friction materials in automotive applications.
-- The expansion of railway networks in China and India is further
bolstering the dynamics of the friction materials market in Asia
Pacific. China is actively involved in building inter-country railway
networks across Asia, while several countries in the region are
investing in high-speed railway projects. These infrastructure
expansions necessitate advanced friction materials for railway
applications, contributing significantly to the market's growth in Asia
Pacific.
Friction Materials Market: Key Players
-- In 2023, Aisin Corporation advanced its position in the friction
materials market by introducing innovative friction materials designed
to enhance the performance and efficiency of automotive braking systems.
Aisin's new materials focus on reducing brake wear and improving heat
dissipation, catering to the increasing demand for high-performance
automotive components globally.
-- In 2023, Robert Bosch GmbH made significant strides by expanding its
portfolio of friction materials with sustainable alternatives. Bosch's
developments included friction materials made from recycled materials
and eco-friendly compounds, aligning with global sustainability goals.
Friction Materials Market: Segmentation
Product Type
-- Metallic
-- Sinter Metallic
-- Low Metallic
-- Non-asbestos Organic
-- Ceramic
-- Others
Business Type
-- Original Equipment
-- Aftersales/Aftermarket
Application
-- Brakes
-- Disc Brakes
-- Drum Brakes
-- Others
-- Clutches
-- Others
End Use
-- Automotive
-- Railway
-- Construction
-- Mining
-- Aerospace
-- Agriculture
-- Others
Region
-- North America
-- Europe
-- Asia Pacific
-- Latin America
-- Middle East & Africa
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