DUBLIN--(BUSINESS WIRE)--The "Friction Material Market - Growth, Trends, COVID-19 Impact, and Forecasts (2021 - 2026)" report has been added to ResearchAndMarkets.com's offering.
The Global Friction Material Market is projected to register a CAGR of over 6% during the forecast period (2021-2026).
Companies Mentioned
- ABS Friction
- ANAND Group
- AKEBONO BRAKE INDUSTRY CO., LTD.
- Brembo S.p.A.
- ITT INC.
- Japan Brake Industrial Co., Ltd
- Miba AG
- Nisshinbo Holdings Inc.
- Tenneco Inc.
- Yantai Haina Brake Technology Co., Ltd.
Key Market Trends
Automotive Industry Dominated 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, amongst 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 550C due to repeated engagement and disengagement of the clutch. This heat resistance property makes them ideal for racing applications and is also used 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 the automobiles has declined in 2020 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 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 show a significant impact on the market in the coming years.
Asia-Pacific Region to Dominate the Market
- Asia-Pacific is expected to dominate the global market owing 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 through the years.
- The growing demand for trucks, buses, trains, industrial machines, and robots in China and India increases the demand for friction materials in various applications.
- 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 has 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 the 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 that were produced in 2019, witnessing a decline rate of about 25%.
- Friction material also finds its application in the railways. According to IBEF, Indian Railways operates one of the world's largest rail networks, with a route length of 1,23,236 kilometers and 13,523 passenger trains, and 9,146 freight trains transporting 23 million passengers.
- The aerospace manufacturing sector is also growing rapidly in India and China and is expected to increase the demand for the market. According to Boeing Commercial Market Outlook 2020-2039, around 17,485 new aeroplane deliveries will be made in the Asia-Pacific region during the period 2020-2039. With this addition, the total aeroplane fleet volume in the region will reach about 18,770 units by 2039, thereby is expected to enhance the demand for friction material.
Key Topics Covered:
1 INTRODUCTION
2 RESEARCH METHODOLOGY
3 EXECUTIVE SUMMARY
4 MARKET DYNAMICS
4.1 Drivers
4.1.1 Growing Need for Industrial Machinery
4.1.2 Other Drivers
4.2 Restraints
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
5 MARKET SEGMENTATION
5.1 Type
5.2 Material
5.3 Application
5.4 End-user Industry
5.5 Geography
6 COMPETITIVE LANDSCAPE
7 MARKET OPPORTUNITIES AND FUTURE TRENDS
7.1 Growing Demand for High Thermal Resistant Friction Materials
7.2 Other Opportunities
For more information about this report visit https://www.researchandmarkets.com/r/9jjyyh
