Market Size of Friction Modifiers Industry
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| CAGR | > 3.00 % |
| Fastest Growing Market | Asia Pacific |
| Largest Market | Asia Pacific |
| Market Concentration | High |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Need a report that reflects how COVID-19 has impacted this market and its growth?
Friction Modifiers Market Analysis
The friction modifiers market is projected to register a CAGR of over 3% during the forecast period (2021-2026).
The market was negatively impacted by COVID-19 in 2020. Friction modifiers are additives that are mainly used in lubricants of the automotive industry. Owing to the pandemic scenario, the passenger air traveling facility was temporarily stopped during the lockdown, and even after the lockdown, people were not opting to travel frequently through airlines or personal vehicles. Thus, this led to a decrease in the consumption of aviation lubricants, as well as automobile lubricants, which, in turn, negatively impacts the demand for lubricant additives like friction modifiers.
- Over the short term, increasing applications for fuel-efficient lubricants are expected to drive the market's growth.
- The declining automotive industry, growing usage of electric vehicles, and the negative impact of the COVID-19 pandemic are expected to hinder the market's growth.
- The Asia-Pacific region is expected to dominate the market, and it is also likely to witness the highest CAGR during the forecast period.
