Reports and Data estimates the global Friction Modifiers competitive landscape is highly fragmented with numerous players operating on a global and regional scale. The key companies in the market are engaged in mergers and acquisitions, joint ventures, collaborations, and product launches to gain a robust revenue growth over the forecast period. The report considers 2020-2021 as historic years, 2020 as the base year, and 2022-2028 as the forecast period. The report offers CAGR and market size for the global Friction Modifiers during the forecast period.
The report also offers key insights about the top companies operating in the market and their market share and global position along with product portfolio and advancements. The top companies in the market include Lubrizol Corporation, Croda International PLC, Vanderbilt Chemicals, LLC, BASF SE, Chevron Corporation, F.I.L.A. Group, BRB International BV, Kings Industries, Inc., Afton Chemical Corporation, and LANXESS.
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Compound Type Outlook:
Among the compound type segments, the organic friction modifiers segment accounted for the largest revenue share of 44.1% in 2020, owing to its environment-friendly and versatility properties. High performance organic friction modifiers include conventional friction modifiers (glycerol mono oleate) to novel polymer-based products. These modifiers are mixed with lubricants for reducing friction and wear and tear between the opposing surfaces.
The inorganic friction modifiers segment is expected to register considerable revenue growth rate during the forecast period. Stringent regulations on using inorganic modifiers which contain phosphorus, sulfur, and molybdenum is expected to hamper revenue growth of this segment to a certain extent.
Region Outlook:
The Asia Pacific market size was USD 356.3 Million in 2020, attributed to rapidly growing automotive industry and increasing number of manufacturing units. The markets in China, India, and South Korea are expected to contribute larger revenue share as compared to other countries to the Asia Pacific market, thereby driving global market growth. Automotive industry is growing rapidly in the developing economies due to rising disposable income levels, and inclination towards technologically advanced vehicles. The passenger on-road, commercial, and heavy-duty off-road vehicles are in high demand for transportation and trading purposes in the developing countries in the region. Adoption of friction modifiers are directly proportional to production and sales of automotive, as friction modifiers help reduce carbon dioxide emissions, increase mechanical fluidity of vehicles, and energy efficiency.
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For the purpose of this report Reports and Data has segmented global Friction Modifiers market on the basis of type, application, and region:
By Modifier Type Outlook
- Organic Friction Modifiers (OFM)
- Organomolybdenum Friction Modifiers (MoFM)
- Polymer Friction Modifiers (PFM)
- Dispersed Nanoparticles
By Compound Type Outlook
- Organic
- Inorganic
By Application Outlook
- Automotive
- Engineering Vehicles
- Aviation
- Marine
- Railway
- Machinery
- Others
Key Regional Markets Covered in the Report:
- North America (U.S.A., Canada, Mexico)
- Europe (Italy, U.K., Germany, France, Rest of Europe)
- Asia Pacific (India, China, Japan, South Korea, Australia, Rest of Asia Pacific)
- Latin America (Chile, Brazil, Argentina, Peru, Rest of Latin America)
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Key Questions answered by the Report:
- What is the expected year-on-year growth of the Friction Modifiers during the forecast period?
- What key trends are expected influence revenue growth of the market going ahead?
- Which region is expected to account for largest revenue share over the forecast period?
- Which key companies are profiled in the report?
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