Eco-Friendly and Electric Vehicle Demand Propel China's Friction Products Market with 9.3% CAGR, U.S. Valued at $5.6 Billion in 2022: Market Trends Unveiled

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Oct 17, 2023, 21:30 ET

DUBLIN, Oct. 17, 2023 /PRNewswire/ -- The "Friction Products and Materials - Global Strategic Business Report" report has been added to ResearchAndMarkets.com's offering.

The global market for Friction Products and Materials, valued at US$28.4 billion in 2022, is on a trajectory of substantial expansion, projected to reach a remarkable size of US$43.6 billion by 2030. This impressive growth is expected to occur at a steady compound annual growth rate (CAGR) of 5.5% during the analysis period spanning from 2022 to 2030. Key segments within the market are also poised for substantial growth.

Pads Segment to Lead with a 6.7% CAGR, Reaching US$16.7 Billion

Among the segments analyzed in the report, the Pads segment is set to achieve a remarkable CAGR of 6.7%, reaching a substantial market size of US$16.7 billion by the end of the analysis period.

Strong Growth in the Lining Segment with a 5.8% CAGR

The Lining segment is estimated to experience steady growth with a CAGR of 5.8% over the next 8 years.

U.S. Market Estimated at $5.6 Billion, China Forecasted to Grow at 9.3% CAGR

In the United States, the friction products and materials market is estimated to be worth US$5.6 billion in 2022. Meanwhile, China, as the world's second-largest economy, is forecasted to experience remarkable growth, with a projected market size of US$11.3 billion by 2030, boasting an impressive CAGR of 9.3% from 2022 to 2030.

Other Noteworthy Geographic Markets

In addition to China and the United States, several other geographic markets exhibit noteworthy growth potential. Japan and Canada are each forecasted to grow at rates of 2.3% and 3.8%, respectively, over the 2022-2030 period. In Europe, Germany is expected to achieve approximately 3.3% CAGR. The Asia-Pacific region, led by countries such as Australia, India, and South Korea, is set to reach US$7.2 billion by the year 2030.

Key Competitors in the Friction Products and Materials Market

The following companies are prominent players in the friction products and materials market:

ADVICS Co., Ltd.
Aisin Seiki
Akebono Brake Industry
Carlisle Brake & Friction
Federal-Mogul Holdings
Fras-Le
Honeywell Corporation
ITT, Inc.
Japan Brake Industrial
Miba
Nisshinbo Holdings
Roulunds Braking
Valeo Friction Materials India
Yantai Hi-Pad Brake Technology
ZF Friedrichshafen.

Economic Outlook and Market Sentiments

The global economic outlook is showing signs of improvement, with growth recovery anticipated in the near future. While challenges persist, including inflation concerns, governments are actively addressing these issues. The rise of new technologies, such as AI, machine learning, and renewable energy, is expected to drive growth and add value to the global GDP.

Despite short-term challenges, businesses and leaders who demonstrate resilience and adaptability will find opportunities in this evolving landscape.

What`s New?

Special discussions on the global economic climate and market sentiment
Coverage on global competitiveness and key competitor percentage market shares
Market presence analysis across multiple geographies - Strong/Active/Niche/Trivial
Online interactive peer-to-peer collaborative bespoke updates
Access to digital archives and research platform
Complimentary updates for one year
Access to curated YouTube video transcripts of market sentiments shared by CEOs, domain experts and market influencers via interviews, podcasts, press statements and event keynotes

Key Topics Covered:

I. METHODOLOGY

II. EXECUTIVE SUMMARY

1. MARKET OVERVIEW

Encouraging Demand from Diverse Industry Verticals Drives Growth Momentum in Global Friction Products and Materials Market
Global Economic Update
Although Declining for the First Time Since the Russia-Ukraine War, Global Oil Prices Still Remains Higher Than 2019 Levels Which In Turn Will Take Inflation Longer Than Expected to Fall: Global Average Annual Brent Crude Oil Price (In US$ Per Barrel) for Years 2017 through 2024
Slower Than Anticipated Decline Makes Inflation a Stickier Than Expected Problem to Solve in 2023: Global Inflation Rates (In %) for the Years 2019 through 2024
Global Economy Faces a Tough Climb Towards Recovery Made Rockier by the War, Persistent Challenges & Slower Decline in Underlying Core Inflation: World Economic Growth Projections (Real GDP, Annual % Change) for the Years 2020 Through 2024
Friction Products and Materials - Global Key Competitors Percentage Market Share in 2023 (E)
Friction Products and Materials Competitor Market Share Scenario Worldwide (in %): 2022E
Competitive Market Presence - Strong/Active/Niche/Trivial for Players Worldwide in 2023 (E)
Friction Materials: An Overview
Product Types
Friction Materials Guidelines Hold Strict Stance over Toxic Materials
Recent Market Activity

2. FOCUS ON SELECT PLAYERS

3. MARKET TRENDS & DRIVERS

Braking Systems Line up Ahead with Innovative Friction Materials
New Hybrid Friction Material Composites for Evolving Powertrain Requirements
Automobile Production Dynamics Influences Demand Patterns of Friction Materials
Global Light Vehicle Production (In Million Units) for Years 2019 through 2025
Importance of New Friction Materials in the Evolving Vehicular Landscape
Strong Outlook for Automotive Aftermarket to Benefit Demand
Global Opportunity for Automotive Aftermarket (In US$ Billion) for Years 2023, 2025 and 2027
Aging Vehicle Fleet Drives Opportunities in the Aftermarket
With Several Governments Imposing 15 Years as the Retirement Age for Vehicles, the Growing Age of Vehicles is Poised to Benefit Demand for Replacements Parts: Average Age of Cars & Light Trucks in the United States (In Years) for the Years 1980, 1990, 2000, 2015, 2020 and 2022
Average Age of Light Vehicles (Car & Light Commercial Vehicles) in the US for Years 2010, 2018 and 2022
Rising Demand for Electric Vehicles Drive Need for Specialized Friction Products
World Electric Vehicles (EVs) Annual Sales in Thousand Units for Years 2020, 2022, 2024, and 2026
Electronic Braking Breakthroughs Push EV Safety & Autonomous Driving Forward
Bringing Down Environmental Impacts and Improving Sustainability
Advances in Materials Science and Technology Continue to Drive Improvements in Friction Products used in Aerospace Applications
Aerospace Sector Glides Towards Modern Sustainable Aircraft Brakes
Encouraging Recovery of the Aerospace Industry to Spur Opportunities for Friction Products and Materials
New Route Expansion Signals a Good Return to Business & a Strong Business Case for New Aircraft Orders & Deliveries: Number of New Aircraft Demanded (In Units) as a Result of New Air Route Expansion by 2041
New Railway Projects Present Growth Prospects for Friction Products and Materials
Glass Fibers for Greater Friction Performance of Train Brake Shoes
Growth Momentum in the Global Construction End-Use Sector Lined with Cautious Optimism

4. GLOBAL MARKET PERSPECTIVE

III. MARKET ANALYSIS

IV. COMPETITION

For more information about this report visit https://www.researchandmarkets.com/r/e9r5s3

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