Automotive Brake Shims Market Analysis and Forecast to 2031: By Material Type (Rubber Coated, PSA Material, Thermoset Material, Others), Application (Two-Wheeler, Passenger Vehicle, Commercial Vehicle), and Region
The global automotive brake shims market was valued at US$ 0.5 billion in 2021 and it is anticipated to grow up to US$ 0.8 billion by 2031, at a CAGR of 3.7% during the forecast period.
Automotive brake shims are used in the disc brakes system to control the excessive noise generated by the disc to stop the movement of the wheel hub. Automotive brake shims are used in all vehicles, including two-wheelers, cars, and commercial vehicles. An automotive disc brake can be installed front, rear, or both sides in wheel hubs. Automotive brake shims are designed to provide a multifunction noise control system and act as a component attached to the friction pad backing plate. Nowadays, manufacturers are focusing on high-quality brake shims made up of advanced technological materials or various grades of metals, such as viscoelastic polymers/bonding materials, elastomeric rubbers, and fiberglass.
Market Drivers and Trends
The trend of urbanization is growing rapidly, increasing the average disposable income of the urban population and allowing people to enhance their lifestyles. The transformed lifestyles further boost the demand for passenger cars, thus, propelling the manufacturers to uplift their production to fulfill customers’ requirements. Production of vehicles, including passenger cars and commercial vehicles, registered steady growth in developed and developing economies in the post-recession era since 2010. Lowered interest rates on loans have also favored the growth of the automobile industry.
In the past few years, consumer behavior toward intercity and intracity transit has changed. With an increase in the disposable income of individuals and the stable economic structure of countries, the production of vehicles has been boosted exponentially. With the rising demand for cars globally, car production has increased, creating the requirement for automotive brake shims, thereby increasing the growth in the global automotive brake shims market.
Market Restraints and Challenges
The high initial and installation cost of automotive disc brake systems in automobiles can act as a restraint for the sales of the automotive brake shims market. Moreover, rising prices of vehicles, along with high cost incurred in design and testing, is also estimated to hamper the global automotive brake shims market growth.
Global Automotive Brake Shims Market Segmental Overview
The report analyses the global automotive brake shims market based on material type, application, and region.
Global Automotive Brake Shims Market by Material Type
Based on material type, it is segmented into rubber coated, PSA material, thermoset material, and others. The others segment is expected to be the largest segment in the automotive brake shims market in 2021. High-quality brake shims usually start with a high-quality metal or fibrous material. The shim manufacturer will select a grade of material with the right hardness, thickness, and dampening properties. The elastomeric materials categorized in others segment can be applied to the steel in a controlled process that ensures the correct depth. These materials are then vulcanized to the metal to ensure that they will endure the harsh environment of the braking system. Due to these factors mentioned above, the others segment is expected to hold a major market share in 2021.
Global Automotive Brake Shims Market by Application
Based on application, it is segmented into two-wheeler, passenger vehicle, and commercial vehicle. The passenger vehicle segment is expected to be the largest segment in the automotive brake shims market in 2021. The growing demand of automotive brake shims in passenger cars segment can be primarily attributed to the increased sales of these vehicles when compared to two-wheeler and commercial vehicle are boosting the growth of the market. Thus, the passenger vehicle segment will likely hold a major market share in 2021.
Geographical Analysis of Global Automotive Brake Shims Market
Region-wise, it is studied across North America, Europe, Asia Pacific, and the Rest of the World. The Asia Pacific market is expected to hold the majority of the market share in 2021 owing to increasing disposable income of the middle class population with high living standard as well as increasing number of premium segments vehicle sales. This, in turn, boosts the demand for automotive brake shims in the Asia Pacific region.
Major Players in the Global Automotive Brake Shims Market COVID-19 Impact
In 2020, the COVID-19 pandemic forced governments across the globe to implement stringent lockdown and ban the import-export of essential raw material items for most of 2020 and a few months in 2021. This led to a sudden decline in the availability of important raw materials for vehicle components. As a result of interrupted supply chains and production schedules caused by the COVID-19 pandemic, aviation production, and sales suffered severely, which, in turn, negatively impacted the market for automotive brake shims market in 2020.
However, in 2021 and 2022, the production of automobiles increases globally. Similarly, the manufacturing of automotive brake shims rises as per increased vehicle demand. Both these factors have led to positive market growth.
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