Friction Modifiers Market Size – Industry Structure Evaluation, Demand Drivers Analysis, Regional Growth Analysis and Identification, Competitive Positioning Review & Global Market Size Forecast to 2029
Overview
Friction Modifiers Market size was valued at US$ 999.37 Mn in 2022 and the total revenue is expected to grow at 3.7 % through 2022 to 2029, reaching nearly US$ 1288.78 Mn.
The global Friction Modifiers market report is a comprehensive analysis of the industry, market, and key players. The report has covered the market by demand and supply-side by segments. The global Friction Modifiers report also provides trends by market segments, technology, and investment with a competitive landscape.
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Friction Modifiers Market Overview:
The raw materials used for the manufacturing of friction modifiers are petrochemicals-derived products including solvents, carbon black, resins, mineral oils, and intermediates. Because of the rise in machine components, the Friction Modifiers market is observing an increasing demand. Growth in various end-use industries which involve mechanical components is further propels the friction modifiers market demand.
Friction Modifiers Market Dynamics:
Rising automotive industry coupled with the increasing requirement for fuel-efficient lubricants like engine oil are a key factor drive the global friction modifiers industry. Friction modifiers are found its applications in digital printing including the printing of texts, images, and other graphics digitally on a various range of media substrates. Friction modifiers are widely utilized for fine arts, advertising, and promotions.
Energy and technology is constantly inventing new-age energy-efficient industrial lubricants with cross-sectorial applications. High-performing lubricants play a vital role in helping industrial operators improve energy efficiency and reduce the total equipment ownership cost. The range of synthetic industrial lubricants has a proven track record of extending oil life, reducing downtime, improving productivity, and consequently, lowering energy bills. This factor is expected to drive the friction modifier's market growth during the forecast period.
Increasing demand for substitute fuels hampers the market growth. Stringent government regulations and technological advancement in friction modifiers are expected to create lucrative opportunities for market growth during the forecast period.
Friction Modifiers Market Segment Analysis:
By Type of Modifiers, the friction modifiers market is segmented into organic friction modifiers, organomolybdenum friction modifiers, polymer friction modifiers. The organic friction modifiers segment held the largest market share in 44% in 2019 thanks to its environment-friendly and versatility properties. High-performance organic friction modifiers include conventional friction modifiers to novel polymer-based products. These modifiers are diverse with lubricants to reduce friction and wear and tear between the opposing surfaces.
By Compound Type, the market is segmented into organic, inorganic. The inorganic segment is expected to register CAGR of xx% in the friction modifiers industry during the forecast period. This growth is attributed to the outstanding performance and friction reduction provided by inorganic friction modifiers. Also, these additives are cheaper than organic friction modifiers. The inorganic friction modifiers segment is expected to grow at a rapid pace during the forecast period. Strict norms on using inorganic modifiers which contain phosphorus, sulfur, and molybdenum are estimated to hamper the revenue growth of the segment
By Application, the market is segmented into transportation lubricants, automotive, engineering vehicles. The transportation lubricants segment is widely used in friction modifiers is expected to register the highest growth xx% during the forecast period. Rising sales of vehicles including passenger and commercial vehicles drive the increased consumption of lubricants. Moreover, the continuous increase in seaborne trade attributed to lower freight rates than airborne trade has led to rising demand for marine lubricants. These factors boost the segment growth in the market.
Friction Modifiers Market Regional Insights:
Asia Pacific is expected to dominate the Friction Modifiers Market
The highly developed automotive industry in India, China, and Japan, along with the marine and industrial sector are the major factors that drive the market demand in the region. The Asia Pacific is the major lubricant consumer in the region across the globe, followed by Europe. The advancement of the marine industry in the Asia Pacific is expected to boosts the friction modifiers market demand during the forecast period. According to Marine Insight, South Korea, China and Japan are major countries in the manufacturing and usage of various ships for different purposes.
According to the OICA, the Asia Pacific leading global automobile production during the forecast period. China is the largest producer of automobiles globally along with a production volume of 25.73 million vehicles in 2019 and reached 25.21 million vehicles in 2020, registering a decreasing rate of 2%, thereby drive the slight decrease in the consumption of lubricants, this in turn negatively impacts the market demand for friction modifier additives. Friction modifiers also help the aerospace sector in enhancing fuel efficiency. The aerospace industry in the Asia Pacific has expected to witness significant growth during the forecast period.
The objective of the report is to present a comprehensive analysis of the Global Friction Modifiers market to the stakeholders in the industry. The past and current status of the industry with the forecasted market size and trends are presented in the report with the analysis of complicated data in simple language. The report covers all the aspects of the industry with a dedicated study of key players that include market leaders, followers, and new entrants.
PORTER, SVOR, PESTEL analysis with the potential impact of micro-economic factors of the market have been presented in the report. External as well as internal factors that are supposed to affect the business positively or negatively have been analysed, which will give a clear futuristic view of the industry to the decision-makers.
The report also helps in understanding the Global Friction Modifiers market dynamics, structure by analyzing the market segments and project the Global Friction Modifiers market size. Clear representation of competitive analysis of key players by product, price, financial position, product portfolio, growth strategies, and regional presence in the Global Friction Modifiers market make the report investor’s guide.
Friction Modifiers Market Scope: Inquire before buying
| Friction Modifiers Market | |||
|---|---|---|---|
| Report Coverage | Details | ||
| Base Year: | 2022 | Forecast Period: | 2023-2029 |
| Historical Data: | 2017 to 2022 | Market Size in 2022: | US $ 999.37 Mn. |
| Forecast Period 2023 to 2029 CAGR: | 3.7 % | Market Size in 2029: | US $ 1288.78 Mn. |
| Segments Covered: | by Type of Modifiers | • Organic Friction Modifiers • Organomolybdenum Friction Modifiers • Polymer Friction Modifiers |
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| by Compound Type | • Organic • Inorganic |
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| by Application | • Transportation Lubricants • Automotive • Engineering Vehicles |
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Friction Modifiers Market, by Region
• North America (United States, Canada and Mexico)
• Europe (UK, France, Germany, Italy, Spain, Sweden, Austria and Rest of Europe)
• Asia Pacific (China, South Korea, Japan, India, Australia, Indonesia, Malaysia, Vietnam, Taiwan, Bangladesh, Pakistan and Rest of APAC)
• Middle East and Africa (South Africa, GCC, Egypt, Nigeria and Rest of ME&A)
• South America (Brazil, Argentina Rest of South America)
Friction Modifiers Market, Key Players are:
• Lubrizol
• Afton
• Infineum
• Chevron Oronite
• Croda
• Chemtura
• BASF
• Kings Industries
• BRB International
• Vanderbilt Chemicals
• Royal Dutch Shell
• Lukoil
• Exxon Mobil
• BP
• Total
• Others
Frequently Asked Questions:
1. Which region has the largest share in Global Friction Modifiers Market?
Ans: Asia Pacific region held the highest share in 2022.
2. What is the growth rate of Global Friction Modifiers Market?
Ans: The Global Friction Modifiers Market is growing at a CAGR of 3.7 % during forecasting period 2023-2029.
3. What is scope of the Global Friction Modifiers Market report?
Ans: Global Friction Modifiers Market report helps with the PESTEL, PORTER, COVID-19 Impact analysis, Recommendations for Investors & Leaders, and market estimation of the forecast period.
4. Who are the key players in Global Friction Modifiers Market?
Ans: The important key players in the Global Friction Modifiers Market are – Lubrizol, Afton, Infineum, Chevron Oronite, Croda, Chemtura, BASF, Kings Industries, BRB International, Vanderbilt Chemicals, Royal Dutch Shell, Lukoil, Exxon Mobil, BP, Total, Others
5. What is the study period of this Market?
Ans: The Global Friction Modifiers Market is studied from 2022 to 2029.