Friction Material Market Size
|Study Period||2018 - 2028|
|Base Year For Estimation||2022|
|CAGR||> 6.00 %|
|Fastest Growing Market||Asia Pacific|
|Largest Market||Asia Pacific|
*Disclaimer: Major Players sorted in no particular order
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Friction Material Market Analysis
The friction material market is projected to register a CAGR of over 6% during the forecast period (2021-2026).
The market was negatively impacted by COVID-19 in 2020. During the pandemic scenario, automotive manufacturing activities were stopped temporarily during the lockdown, thereby decreasing the consumption of friction materials used in vehicles' clutches, gears, braking systems, and others. Furthermore, the passenger train and air transport facilities were halted during the pandemic for a long duration of time, which decreased the consumption of friction materials used in the braking systems of trains and clutches, brakes, and gears of aircraft. However, freight trains were running at full pace. For instance, the total freight loading through Indian railways amounted to about 57.47 million ton till August 19, 2020, with a growth rate of 6.6% compared to the same period of 2019, which has enhanced the demand for friction materials used in the braking systems of freight trains.
Over the short term, the growing need for friction material products for various industrial machinery is expected to drive the market's growth.
On the flip side, the high cost and maintenance of friction materials are expected to hinder the market growth.
The Asia-Pacific region is expected to dominate the market during the forecast period due to the huge consumption from countries such as China, India, and Japan.
Friction Material Market Trends
This section covers the major market trends shaping the Friction Material Market according to our research experts:
The Automotive Industry Dominates the Market
Friction materials have been increasingly used in both light- and heavy-duty vehicles. In vehicles, friction materials find their applications in clutches, brakes, and gears, among others.
Friction brakes are used to decelerate a vehicle by transforming the kinetic energy of the vehicle to heat via friction and dissipating that heat to the surroundings.
Among all the materials used, sintered metal materials are well-suited for heavy-duty applications, such as mining vehicle transporters.
Ceramic material clutches can withstand considerable heat, and they can operate without fading at temperatures up to 550°C due to repeated engagement and disengagement of the clutch. This heat resistance property makes them ideal for racing applications and for use in brake technology in various high-end automobiles.
The automotive industry has seen a slowdown in the past three years. According to the International Organization of Motor Vehicle Manufacturers (OICA), automotive production witnessed a 15.8% decline from 92,175,805 units in 2019 to 77,621,582 units in 2020. Also, the sales of automobiles declined from 90.42 million units in 2019 to 77.97 million units in 2020.
The decline is majorly attributed to the reduced production in the major automotive hubs such as the United States, China, Japan, and Germany. In 2020, these countries witnessed a decline of 19%, 2%, 17%, and 24%, respectively, compared to 2019.
Therefore, the aforementioned factors are expected to significantly impact the market in the coming years.
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The Asia-Pacific Region is Expected to Dominate the Market
Asia-Pacific is expected to dominate the global market due to the vast industrial and automotive sectors in China and India, coupled with the continuous investments done in the region to advance the construction sector.
The growing demand for trucks, buses, trains, industrial machines, and robots in China and India drives the demand for friction materials in various applications.
The Chinese automotive manufacturing industry is the largest in the world. The industry witnessed a slowdown in 2018, wherein production and sales declined. A similar trend continued, with production witnessing a 7.5% decline in 2019. Additionally, the production volume reached 25.23 million vehicles in 2020, registering a decline rate of about 2% compared to 2019.
As the pandemic spread, many auto companies across the country shut down their manufacturing activities due to the nationwide shutdown. In addition to the auto companies based in Hubei, Tesla's new factory in Shanghai was shut down and postponed the production date of its Model 3. Moreover, Volkswagen postponed production at all of its Chinese plants that run in partnership with SAIC.
Additionally, around 3.39 million vehicles were produced in India during 2020 compared to 4.52 million vehicles produced in 2019, witnessing a decline rate of about 25%.
Friction materials also find applications in the railways. According to IBEF, the Indian Railways operates one of the world's largest rail networks, with a route length of 1,23,236 kilometers, 13,523 passenger trains and 9,146 freight trains, and transporting 23 million passengers.
The aerospace manufacturing sector is also growing rapidly in India and China, which is expected to increase the demand in the market. According to Boeing Commercial Market Outlook 2020-2039, around 17,485 new airplane deliveries will be made in the Asia-Pacific region during the period of 2020-2039. With this addition, the total airplane fleet volume in the region will reach about 18,770 units by 2039, which is expected to enhance the demand for friction materials.
Therefore, the aforementioned factors are expected to have a significant impact on the market in the coming years.
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Friction Material Industry Overview
The friction material market is partially consolidated in nature, with a few major players dominating a significant portion of the market. Some of the key players include Nisshinbo Holdings Inc., Akebono Brake Industry Co. Ltd, ITT Inc., Miba AG, and ANAND Group, among others.
Friction Material Market Leaders
Nisshinbo Holdings Inc.
AKEBONO BRAKE INDUSTRY CO., LTD.
*Disclaimer: Major Players sorted in no particular order
Friction Material Market News
In November 2020, Brembo SpA signed an agreement to acquire a 100% stake in SBS Friction AS, a manufacturer of sintered and organic material brake pads for motorbikes. The agreement was expected to be completed by the first quarter of 2021, which will enhance the company's product portfolio.
In October 2018, Tenneco Inc. completed the acquisition of Federal-Mogul LLC, a manufacturer of friction material, thereby enhancing the company's product portfolio.
Friction Material Market Report - Table of Contents
1.1 Study Assumptions
1.2 Scope of the Study
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET DYNAMICS
4.1.1 Growing Need for Industrial Machinery
4.1.2 Other Drivers
4.2.1 High Maintenance and Cost of Friction Materials
4.2.2 Impact of COVID-19 Outbreak
4.2.3 Other Restraints
4.3 Industry Value Chain Analysis
4.4 Porter's Five Forces Analysis
4.4.1 Bargaining Power of Suppliers
4.4.2 Bargaining Power of Buyers
4.4.3 Threat of New Entrants
4.4.4 Threat of Substitute Products and Services
4.4.5 Degree of Competition
5. MARKET SEGMENTATION
5.1.5 Other Types
5.2.4 Sintered Metals
5.2.5 Aramid Fibers
5.2.6 Other Materials
5.3.1 Clutch and Brake Systems
5.3.2 Gear Tooth Systems
5.3.3 Other Applications
5.4 End-user Industry
5.4.5 Other End-user Industries
18.104.22.168 South Korea
22.214.171.124 Rest of Asia-Pacific
5.5.2 North America
126.96.36.199 United States
188.8.131.52 United Kingdom
184.108.40.206 Rest of Europe
5.5.4 South America
220.127.116.11 Rest of South America
5.5.5 Middle-East and Africa
18.104.22.168 Saudi Arabia
22.214.171.124 South Africa
126.96.36.199 Rest of Middle-East and Africa
6. COMPETITIVE LANDSCAPE
6.1 Mergers and Acquisitions, Joint Ventures, Collaborations, and Agreements
6.2 Market Share Analysis**/Ranking Analysis
6.3 Strategies Adopted by Leading Players
6.4 Company Profiles
6.4.1 ABS Friction
6.4.2 ANAND Group
6.4.3 Akebono Brake Industry Co. Ltd
6.4.4 Brembo SpA
6.4.5 ITT Inc.
6.4.6 Japan Brake Industrial Co. Ltd
6.4.7 Miba AG
6.4.8 Nisshinbo Holdings Inc.
6.4.9 Tenneco Inc.
6.4.10 Yantai Haina Brake Technology Co. Ltd
- *List Not Exhaustive
7. MARKET OPPORTUNITIES AND FUTURE TRENDS
7.1 Growing Demand for High Thermal-resistant Friction Materials
7.2 Other Opportunities
Friction Material Market Research FAQs
What is the current Friction Material Market size?
The Friction Material Market is projected to register a CAGR of greater than 6% during the forecast period (2023-2028).
Who are the key players in Friction Material Market?
Nisshinbo Holdings Inc., AKEBONO BRAKE INDUSTRY CO., LTD., ITT INC., Miba AG and ANAND Group are the major companies operating in the Friction Material Market.
Which is the fastest growing region in Friction Material Market?
Asia Pacific is estimated to grow at the highest CAGR over the forecast period (2023-2028).
Which region has the biggest share in Friction Material Market?
In 2023, the Asia Pacific accounts for the largest market share in the Friction Material Market.
Friction Material Industry Report
Statistics for the 2023 Friction Material market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. Friction Material analysis includes a market forecast outlook to 2028 and historical overview. Get a sample of this industry analysis as a free report PDF download.