Friction Modifiers Market size is forecast to reach $960 Million by 2025, after growing at a CAGR of 3.4% during 2020-2025. The purpose of a lubricant is to reduce the amount of friction between two surfaces. Owing to this with the rise in machine components, the Friction Modifiers market is witnessing an increase in demand. Growing various end use industries which involves mechanical components, will further enhance the overall market demand for Friction Modifiers during the forecast period.
Type – Segment Analysis
Organic friction modifiers segment holds the largest share in the Friction Modifiers market, because of its versatility and environment-friendliness. A wide range of high performance organic friction modifiers, ranging from conventional products such as glycerol mono-oleate to novel polymer based friction modifiers. Organic friction modifiers are molecules that have a polar group and an oil-soluble backbone. They are added to lubricants for the purpose of reducing asperity contacts between opposing surfaces thus reducing friction. The polar head group is responsible for the friction modifier adsorbing onto the metal surface, whilst the hydrocarbon-based backbone or tail is key to oil solubility and ensuring film forming properties of the additive.
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Application – Segment Analysis
Transportation Lubricants holds the largest market share in the friction modifiers market. The increase in the overall transportation industry has resulted in the rise in the use of lubricants across the globe, thereby widening the scope of the friction modifiers market. Furthermore, the growth of the automotive industry is expected to increase the demand for friction modifiers market. The main purpose of lubricants in cars is to smoothen the moving parts of the automobile to reduce friction and wear and tear by providing trouble free performance for a longer span of time. A lubricant is a blend of base oils and performance-enhancing additives as required by car engine, gear box and other functional areas.
Geography – Segment Analysis
APAC dominated the Friction Modifiers market with a share of more than xx%, followed by North America and Europe. The increasing demand for friction modifiers from emerging economies such as India and South Korea is expected to fuel the growth of the friction modifiers market across the globe. Countries in South East Asia are witnessing high growth in the aviation and automotive industries. According to OICA, APAC automotive sales witnessed a growth of over 6.52% during 2012-2018, with South East Asian countries having huge potential to grow. Owing to this with the growing automotive industry the demand for lubricants will increase and hence the market demand for friction modifiers market will grow.
Drivers – Friction Modifiers Market
Growing automobile industry and auto parts
Engine oil is the most important of the all the lubricants. Lubricants for gasoline and diesel engine are different as the load cycles and fuels are different. Other than reducing friction, the oil in a car engine helps such as Seal the high-pressure combustion gases inside the cylinders, Impede the corrosion of metal parts, Absorb some of the harmful by-products of combustion, and Transfer heat from one part of the engine to another. Owing to this, the market demand for Friction modifiers will grow.
Low Cost with Efficient work
Energy and Technology has been constantly innovating new-age energy-efficient industrial lubricants with cross-sectoral applications. High-performing lubricants can play an important role in helping industrial operators improve energy efficiency and reduce the total cost of equipment ownership. The range of synthetic industrial lubricants has a proven track record of extending oil life, reducing downtime, enhancing productivity and, consequently, lowering energy bills.
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Challenges – Friction Modifiers Market
Impact of COVID 19
The rapid spread of coronavirus has had a major impact on global markets as, major economies of the world are completely lockdown due to this pandemic. Because of this major lockdown, suddenly all the consumer market has started to show zero interest towards purchasing any goods. One of the major difficulties, market is facing are the shutdown of all kinds of transportation. Global crisis for all sectors including shipping, which was hit by slowing demand in goods’ production and exports had slowdown the market for friction modifiers.
Technology launches, acquisitions and R&D activities are key strategies adopted by players in the Friction Modifiers market. In 2019, the market of Friction Modifiers has been consolidated by the top five players accounting for xx% of the share. Major players in the Friction Modifiers Market are Akzonobel N.V, Abitec Corporation, Adeka Corporation, Multisol Ltd., Wynn’s, Archoil,among others.
In July 2019, AkzoNobel has acquired French aerospace coatings manufacturer Mapaero. The intended acquisition will strengthen AkzoNobel’s global position in aerospace coatings, notably in the structural and cabin coating sub-segments, and contribute directly towards delivering the company’s 2020 guidance.
Asia-Pacific dominates the Friction Modifiers market owing to increasing demand from various end use industries such as automotive, aviation industries, Electrical & Electronics among others.
Friction modifiers, often referred to as boundary lubrication additives i.e, oil soluble chemicals used in lube oils as additives for transmissions and internal combustion engines, which is likely to aid in the market growth of friction modifiers.
Growing various end use industries which involves mechanical components, will further enhance the overall market demand for Friction Modifiers during the forecast period.
Increasing demand for battery electric vehicles and the ban on diesel and gasoline vehicles going forward will create hurdles for the Friction Modifiers market.
Related Reports :
A. Lubricant Additives Market
B. Friction Modifier Additives Market
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