Friction Modifiers Market by Type (Organic and Inorganic), Application (Transportation Lubricants (Commercial Vehicle, Passenger Vehicle, Aviation, Marine), and Industrial Lubricants), and Region - Global Forecast to 2022
“Increasing transportation in emerging economies such as China, South Korea, and India are driving the growth of the friction modifiers market across the globe.”
The friction modifiers market is projected to grow from USD 843.0 million in 2017 to USD 1,004.3 million by 2022, at a CAGR of 3.6% during the forecast period. Friction modifiers are also termed as antifriction additives. APAC is the manufacturing hub for automotive due to the increasing vehicle production in China and India. The growth of the friction modifiers market can be attributed to the continuous growth of the transportation industry in these emerging economies. In addition, governments in these countries are focusing on infrastructural developments such as building new road highways, ports, airports, railway infrastructure, and social infrastructure. Such factors are expected to impact the friction modifiers market in industrial as well as transportation lubricants applications. However, the introduction of electrical vehicles and alternate fuels act as challenges for the growth of the friction modifiers market.
“Among types, the inorganic segment is expected to lead the friction modifiers market between 2017 and 2022 in terms of value.”
Inorganic friction modifiers are the most widely used type of friction modifiers, as they enhance the life as well as the quality of lubricants wherein they are applied. Inorganic additives are cheaper than organic friction modifiers. Molybdenum compounds subsegment is estimated to account for the largest share of the inorganic friction modifiers in 2017.
“Among applications, the transportation lubricants segment is expected to lead the friction modifiers market during the forecast period, in terms of value.”
The transportation lubricants segment is further segmented into commercial vehicle, passenger vehicle, aviation, and marine. The passenger vehicle subsegment is expected to grow at the highest CAGR between 2017 and 2022. The high growth of the friction modifiers market is expected due to the increasing environmental and safety concerns. The increasing use of friction modifiers in transportation lubricants can help reduce greenhouse gas emissions and other types of environmental pollution.
“The friction modifiers market in APAC is projected to grow at the highest CAGR between 2017 and 2022 in terms of both, value and volume.”
The friction modifiers market has been studied for North America, Europe, Asia Pacific, South America, and the Middle East & Africa. The Asia Pacific region is expected to lead the friction modifiers market during the forecast period, owing to the increasing demand from emerging economies such as China, India, and South Korea due to the growing transportation sector and industrialization. Furthermore, due to the presence of major lubricant manufacturing companies in the region, the friction modifiers market is expected to witness significant growth in the region. The Asia Pacific friction modifiers market is also projected to grow at the highest CAGR between 2017 and 2022, in terms of value.
Breakdown of Primaries:
Primary interviews have been conducted with a number of industry experts to obtain information related to the friction modifiers market. The breakdown of primary interviews has been depicted below:
By Company: Tier 1 - 30%, Tier 2 - 43%, and Tier 3 - 27%
By Designation: C-Level Executives - 21%, Directors - 23%, and Others - 56%
By Region: North America – 30%, Europe - 18%, Asia Pacific - 41%, and RoW - 11%
Key companies supplying friction modifiers are:
Chevron Oronite (US)
Kings Industries (US)
BRB International (Netherlands)
Vanderbilt Chemicals (US)
This report segments the friction modifiers market on the basis of type, application, and region. It provides estimations for the overall value of the friction modifiers market and its subsegments across various regions. A detailed analysis of key players operating in the friction modifiers market has been conducted to provide insights into their businesses, products & services offered by them, key growth strategies adopted by them, and recent developments such as expansions, new product launches, and acquisitions undertaken by them.
Reasons to Buy the Report:
This report is expected to help leaders/new entrants in the friction modifiers market in the following ways:
Provide a better understanding of the friction modifiers market
Provide information on drivers, challenges, and opportunities influencing the growth of the friction modifiers market
Gain insights regarding competitors and their positions in the friction modifiers market
Learn how to effectively navigate the market research process to help guide your organization on the journey to success.Download eBook