LONDON — Future Market Insights’ analysis reveals that the automotive brake shims market is estimated at $562 million 2022 and is projected to reach a valuation of $930 million by 2032 at a compound annual growth rate (CAGR) of 5.2% during 2022-2032. The market during this period is projected to witness an absolute dollar opportunity of $368 million.
The global brake shims market was valued at $540.8 billion in 2021 and is expected to reach $930.0 million by 2032, finds Future Market Insights (FMI) in a recent market survey. As per the findings of the report, revenue through rubber material grew at 3.8% during 2017-2021 and is expected to witness a 4.8 % CAGR during the forecasted period of 2022-2032.
Owing to its excellent properties of being heat resistant and high insulation for vibration and noise are driving the demand for rubber-coated material in brake shims.
China to Dominate the brake shims market in Asia-Pacific throughout the Analysis Period
China is expected to account for 31% of the market share in global automotive brake shims by 2032. The expected market size in brake shims is expected to reach $64.6 million by 2032.
China achieved a growth rate of 3.2% in automotive brake shims during 2017-2021 and is set to witness 4.5% during the forecast period.
Market growth in China can be attributed to global automotive components manufacturers extending their production facilities in China. For instance, Meneta has one of its production facilities in China.
Besides Brembo has set up a new production hub in China, next to the existing plant where brake discs and brake shims are manufactured. In addition, due to the rapid increase in sales of brake shims, backing plates, and NRS, NUCAP has extended its current production facility to triple its existing manufacturing facilities in automotive braking shims.
The absolute dollar opportunity growth in China is projected to reach a valuation of $23 million by 2032.
“Automotive manufacturers are continuously engaging in expanding their production capacities throughout the world. Combining titanium with other elements will assist in cutting down the manufacturing cost and benefit the aftermarket sales during the forecasted period,” Comments an analyst at Future Market Insights.
Automotive brake shim manufacturers are largely aiming at setting up manufacturing facilities, investing in R&D, innovating their products, and focusing on the development of brake pads that will prove to be optimal and increase the life of vehicles. The key companies operating in the automotive brake shims market are Vibracoustic USA, Inc.
Akebono Brake Corporation, Brickham Stampting Company, Inc., Bosch Auto Parts, Avery Dennison Corporation, Brembo S.p.A, Trelleborg Group, Delphi Technologies, Meneta, Super Circle Auto Ltd, NUCAP, Brake Performance, Textar Brake Technology, Stanztechnik Schulte GmbH, and Util Group.
Some of the recent developments:
• In April 2022, EBC Brakes Racing launched titanium motorsport brake pad shims. It is suited for extreme temperatures arising from motorsport and is made available for a range of high-performance car applications.
• In March 2022, NUADI Group expanded its market in North America. The new facilities will be in Querétaro, Mexico, and aims to manufacture brake shims, backing plates, and electrical wear sensors.
• In November 2021, NRS Brakes expanded its product line by introducing galvanized brake pads for Mitsubishi Outlander PHEV. NRS brakes for Outlander PHEV will feature noise-canceling piston cushions and shims.
• In July 2021, Bosch released 38 high-quality braking parts that included Bosch Blue Disc Brake Pads. It covers multi-layer shims, which will help noise dampening, occurring from braking parts.
• In February 2020, Delphi announced the launch of its new brake pads for its new Volkswagen Golf. It is called Five Layers of Quality, which will focus on original-equipment noise-absorbing under-layer technology, shims chamfers, and slots for better performance.
• In June 2017, TMD Friction developed Textar Q+, an innovative dampening shim to reduce the noise effect. The texture is designed with a unique adhesive and will prevent direct contact between brake pistons and the backing plate, thereby reducing vibration transfer.