The Global Friction Modifiers Market is projected to register a CAGR of over 3% during the forecast period
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 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.
– Asia-Pacific region is expected to dominate the market and is also likely to witness the highest CAGR during the forecast period.
Click Here to Download Sample Report >> https://www.sdki.us/sample-request-113814
Key Market Trends
Increasing Usage in Industrial Sector
– Friction Modifiers are additives that are commonly used in lubricant applications to reduce the coefficient of friction and improve lubricity and energy efficiency in machines.
– Friction modifiers are also called boundary lubrication additives. Esters, fatty acids, and other solid materials such as graphite and molybdenum are used for friction reduction purposes.
– Inorganic friction modifiers are in high demand and are being used for different industrial applications. According to the National Bureau of Statistics of China, Chinese industrial production was increased by about 2.4% in 2020 compared to the previous year. Furthermore, the industrial production was increased by 7.3% year-on-year in December 2020, following an increase of 7% year-on-year in the previous month, thus led to an increase in the demand for friction modifiers for various industrial applications.
– Friction modifiers are added to lubricants that are being used in internal combustion engines and transmissions. Key applications of friction modifiers include automatic and manual transmissions, hydraulic systems, shock absorbers, and metalworking applications.
Asia Pacific Region to Dominate the Market
– Asia-Pacific is expected to dominate the global market owing to the highly developed automotive sector in China, India, and Japan, coupled with the marine and industrial sectors in the region in recent years.
– Asia-Pacific is the largest lubricant consumer in the region, and the world, followed by Europe. The outbreak of COVID-19 has affected the economic growth of all the countries at present, as almost all the manufacturing and service sectors have been halted due to lockdown.
– The expansion of the marine industry in Asia-Pacific is expected to increase the demand for friction modifiers. According to Marine Insight, South Korea, China, and Japan are leading countries in the production and usage of various ships for different purposes.
– According to the OICA, Asia-Pacific dominated global automobile production in recent years. China is the largest producer of automobiles globally, with a production volume of 25.75 million vehicles in 2019 and reached 25.23 million vehicles in 2020, registering a decline rate of about 2%, thus led to a slight decrease in the consumption of lubricants, which in turn negatively impacts the market demand for friction modifier additives.
Friction Modifiers Market Size Trends, Growth Rate, Application, Marketing Strategy, and Outlook Analysis to 2022-2031
High-Performance Polyamides Market Size & Share by Top 10 Players | Covered Major Segments, Regions and Key Drivers Outlook 2022-2031
Non-Woven Glass Fiber Prepreg Market Size, Share, Global Industry Trends, Growth, Opportunities, Emerging Demand and Forecast 2022-2031
3D Printing Powder Market Size Challenges, Drivers, Outlook, Development, Key Opportunities And Analysis of Key Players To 2031
Condition Monitoring Equipment Market Size Share with Top Countries Data, Industry Trends, Growth, Opportunities and Forecast to 2022-2031