DUBLIN Ireland – The global friction products and materials market is expected to exceed $40 billion by the beginning of the next decade, according to Research and Markets new study Friction Products and Materials – Global Strategic Business Report.
The global market for such materials was valued at $28.4 billion in 2022, is on a trajectory of substantial expansion, projected to reach $43.6 billion by 2030. This growth is expected to occur at a steady compound annual growth rate (CAGR) of 5.5% during the analysis period.
Among the segments analyzed in the report, the brake-pads segment is set to achieve a CAGR of 6.7%, reaching a market size of $16.7 billion by the end of the analysis period.
The brake-lining segment is estimated to experience steady growth with a CAGR of 5.8% during the next eight years.
U.S. Market Estimated at $5.6 Billion, China Forecasted to Grow at 9.3% CAGR
In the United States, the friction products and materials market was estimated to be $5.6 billion in 2022.
China, the world’s second-largest economy, is forecasted to experience remarkable growth, with a projected market size of $11.3 billion by 2030, boasting an impressive CAGR of 9.3% in this period.
Other Noteworthy Geographic Markets
In addition to China and the United States, several other geographic markets exhibit noteworthy growth potential. Japan and Canada are each forecasted to grow at rates of 2.3% and 3.8%, respectively, over the 2022-2030 period. In Europe, Germany is expected to achieve approximately 3.3% CAGR. The Asia-Pacific region, led by countries such as Australia, India, and South Korea, is set to reach $7.2 billion by the year 2030.
Key Competitors in the Friction Products and Materials Market
The following companies are prominent players in the friction products and materials market:
- ADVICS Co., Ltd.
- Aisin Seiki
- Akebono Brake Industry
- Carlisle Brake & Friction
- Federal-Mogul Holdings
- Honeywell Corporation
- ITT, Inc.
- Japan Brake Industrial
- Nisshinbo Holdings
- Roulunds Braking
- Valeo Friction Materials India
- Yantai Hi-Pad Brake Technology
- ZF Friedrichshafen.
Economic Outlook and Market Sentiments
The global economic outlook is showing signs of improvement, with growth recovery anticipated in the near future. While challenges persist, including inflation concerns, governments are actively addressing these issues. The rise of new technologies, such as AI, machine learning, and renewable energy, is expected to drive growth and add value to the global GDP.