LONDON--(BUSINESS WIRE)--The new Friction Products Market Research from Technavio indicates Neutral & Inferior growth in the short term as the business impact of COVID-19 spreads.
"One of the primary growth drivers for this market is the increasing number of aging automobiles,” says a senior analyst for Industrials at Technavio. “Friction products, such as brake pads, brake cushions, and brake linings, are in demand from both automotive OEMs and the aftermarket segment of the automotive industry. Although the sales of friction products from automotive OEMs have witnessed a slow growth in recent years due to a decline in demand for passenger and commercial vehicles, the large number of older vehicles that are still in use have provided high growth opportunities for the vendors in the aftermarket segment. Vehicle components are subjected to continuous wear and tear, with age. The worn-out components of vehicles must be replaced to achieve optimum in-vehicle safety and comfort. Brake linings and brake pads that are prone to severe wear and tear have shorter replacement cycles, which has increased the aftermarket demand for friction products in the passenger vehicle and commercial vehicle segments. Therefore, the massive number of aging automobiles is driving the friction products market growth. As the markets recover Technavio expects the friction products market size to grow by USD 4.27 billion during the period 2020-2024.
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Friction Products Segment Highlights for 2020
- The friction products market is expected to post a year-over-year growth rate of 2.97%.
- Automotive industry dominated the market in 2019. The growth of the global friction products market in the automotive industry is attributed to the stringent government regulations that promote safe driving.
- Vehicle manufacturers must ensure the use of certified brake friction materials, which are free from metals that are harmful to the environment.
- The friction products market growth by the automotive segment will be faster than the growth of the market by the other segment.
- 46% of the growth will originate from the APAC region.
- Factors such as the high use of automobiles and the increasing orders for new-generation aircraft will significantly drive friction products market growth in this region over the forecast period.
- China and Japan are the key markets for friction products in APAC.
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- The friction products market size is expected to accelerate at a CAGR of almost 4% during the forecast period.
- The friction products market is segmented by product (dry friction materials and wet friction materials), end-user (automotive, industrial, aerospace, and others), and geography (APAC, Europe, North America, MEA, and South America).
- The market is concentrated due to the presence of a few established vendors holding significant market share.
- The research report offers information on several market vendors, including Aisin Seiki Co. Ltd., Akebono Brake Industry Co. Ltd., Carlisle Companies Inc., Continental AG, Delphi Technologies Plc, Fras-Le SA, ITT Inc., Nisshinbo Holdings Inc., Robert Bosch GmbH, and Tenneco Inc.
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COVID-19, Friction Products, Dry Friction Materials and Wet Friction Materials