Friction Modifiers Additives Market 2018 - Global Market Size, Industry Share, Market Trends, Growth and Forecast to 2026
Organic Friction Modifiers is the New Revenue Pocket for Friction Modifiers Additives Market
According to the latest report published by Credence Research, Inc. “Global Friction Modifier Additives Market - Growth, Future Prospects, and Competitive Analysis, 2018-2026” the global friction modifier additives market expected to grow at the CAGR of 3.5% from 2018 to 2026.
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Friction modifier additives are mixed with various lubricants to alter the lubricant’s coefficient of friction when used between two rubbing surfaces. It prevents scoring, reduce wear and noise, and can help to prevent micro-pitting in industrial gear lubricants. Increase in the overall transportation industry boosted the demand for lubricants, thereby creating opportunities for friction modifier additives market.
Moreover, the increasing demand for friction modifiers from manufacturing economies such as China and India expected to catapult the friction modifier additives demand across the globe. Factors such as increasing demand for fuel-efficient lubricants, stringent regulations regarding fuel economy standards, and continuous development in technology for friction modifiers propelling the overall market growth.
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Advancement in tribology field owing to wastage of resources resulting from high friction and wear has led to the development of novel organic friction modifiers to attain exceptional friction properties as compared to other friction modifiers. Organic friction modifiers expected to witness the fastest CAGR during the forecast period. These are key additives in modern engine oils and are also employed in fuels.
This segment has a positive outlook in automotive and industrial end-use industry on account of the move towards greater efficiency materials while addressing the prevailing environment problem across the world. Inorganic friction modifiers held the largest share of friction modifier additives market by type in 2017. Features such as wide acceptance in various type of lubricants, cheaper price, and easy availability of the raw material driving the segment growth.
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Based on application, transportation lubricants accounted for the largest share in 2017. A rise in middle class, urbanization, and growing disposable income in developing countries have led to the surge in the automotive sale. Also, economic growth in these regions has promoted trade consequently leading to the growth of the transportation sector. Therefore, giving impetus to the transportation lubricants segment growth.
Based on the geography, Asia-Pacific dominated the market in 2017 by value and volume. Majority of the demand comes from economies such as India and China owing to booming industrialization and automotive industries, rising middle-class population with high disposable income, and rapid economic growth. North America closely follows Asia-Pacific region owing to the presence of a large number of established players, rising consumer awareness about the organic alternatives, and strict regulation regarding fuel efficiency in the automotive industry market.
Expansion is the preferred strategy adopted by key players to strengthen their market presence and get an edge over other players. Key manufacturers of friction modifier additives operating in the market include Lubrizol Corporation, Afton Chemical Corporation, Infineum International Limited, Chevron Oronite Company LLC, Croda International PLC, BASF SE, and Chemtura Corporation among others.