LOS ANGLES – The market for friction products worldwide was worth $9.50 billion in 2021 and is seen to increase at a compound annual growth rate (CAGR) of 4.50 percent per year to reach $12.90 billion in 2029 according to a recently published study by Prime Reports.
Products that minimize or stop motion between two surfaces are known as friction products. They have a wide range of uses, including engineering, production, and transportation. Static friction and kinetic friction are the two basic divisions of friction products.
Friction goods have a promising future.
Due to the advancing technologies in numerous industries, there is a rising demand for friction products. For instance, automation and robotics are becoming more and more popular in the manufacturing industry. Mechanisms that can move, interact, and do so fast and precisely are necessary for these technologies.
Market Segment and Regional Analysis
Friction products are divided into two main types: static friction and kinetic friction. The resistance to a motion brought on by the presence of a static force is known as static friction. Kinetic friction is the resistance to the motion brought on by the contact of two things.
Friction products are employed in numerous sectors for a range of objectives. To lessen the heat produced while the engine is running, automotive friction compounds are employed. This is crucial because it can shield the engine from damage-causing overheating. Additionally, friction products are utilized in railway systems to maintain a constant pace for the trains.
Around the world, a tendency known as the growth of Friction Products is becoming more prevalent. The usage of Friction Products as a fuel source has increased throughout the Asia Pacific, Europe, North America, South America, The Middle East, and Africa.
Prominent Key Players of the Friction Products Market
Some of the leading players in the global friction products market are Akebono Brake, Nisshinbo, Bosch, Continental, GMP Friction Products, Tenneco, Bendix, Sangsin Brake, BorgWarner, Shandong Longji, Shandong Gold Phoenix, Svendborg Brakes (Altra Motion), Carlisle Brake & Friction (CBF), Aisin Chemical Co., Schaeffler, Vulkan, BPW Group.
Key Market Segments Table: Friction Products Market
The Friction Products Market market is segmented into the following types of methods:
• Brake Pads
• Brake Linings
• Clutch Discs
• Brake Blocks
The market for Friction Products includes the following applications:
Detailed analyses of consumption, revenue, market share, growth rate, historical data, forecasts, and projections are included along with a general discussion of the following regions:
• Middle East
• America (North and South)
• Asia Pacific
Analysis of the impact of the Russia-Ukraine War and COVID-19
The Russia-Ukraine War has had a significant impact on the friction products market. Several key manufacturers have either been impacted directly or have seen their production lines shut down as a result of the hostilities.
The market for friction products has been significantly impacted by the COVID-19 pandemic. This is because a lot of friction goods are employed in the production of essential infrastructure like medical devices. Nevertheless, the business has proven resilient and is anticipated to develop at a healthy rate in the years to come.
Key Drivers & barriers in the Friction Products Market
Increasing industrialization and urbanization are some of the key factors driving this market. In addition, the growing demand for efficient and environmentally friendly systems is also propelling the growth of this market.
The market for “Friction Products” is faced with a number of significant obstacles. The ignorance of this category is one of the most significant. People are unaware of the various friction product categories or how they may benefit their companies.
Because of this, it’s critical for businesses to produce content that highlights the advantages of their friction-related products. The high cost of these goods presents another difficulty.
To view the entire announcement about the report, click HERE.