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
Wednesday, October 25, 2023
DUBLIN, Oct. 17, 2023 /PRNewswire/ -- The "Friction Products and Materials - Global Strategic Business Report" report has been added to ResearchAndMarkets.com's offering.
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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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